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TRADING UPDATES: Carclo to close facility, Empire progresses drilling

25th Oct 2023 19:23

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Carclo PLC - West Yorkshire, England-based engineering solutions provider - Announces strategic decision to close its US Derry NH facility, acquired in 2016. Carclo acquired the facility to expand its toolmaking capabilities, then transitioned it into an injection moulding shop catering for short run business. Says that after "careful evaluation", it decided that the short run business and its associated projects do not align with its long-term strategic vision. Estimates closure will incur one-time expenses of around GBP800,000, and result in annualised savings of around GBP400,000 in unadjusted earnings before interest and tax.

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Belluscura PLC - London-headquartered medical device developer - Issues update regarding its possible offer for TMT Acquisition PLC. Says both companies have completed confirmatory due diligence, and expect to be able to announce a firm offer by October 31. Has revised offer terms, which will now comprise the issuance of three new Belluscura shares per four TMT shares, or 20.6 million Belluscura shares in total. Revised exchange ratio implies a valuation of 20.25 pence for each TMT share, or GBP5.6 million in total.

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Empire Metals Ltd - London-based minerals explorer and developer - Announces completion of two of the three planned diamond drill holes at the Pitfield project in Western Australia. Says drilling of the third and final diamond core drill hole is now underway. Empire says logging of the core from the first diamond drill hole has identified titanium mineralisation throughout the entire length; logging and sampling of drill core is ongoing with all assays pending. Says next phase of RC drilling is scheduled to begin later in the fourth quarter, and this will involve a "much larger" programme with approximately 40 holes.

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McBride PLC - Manchester, England-based manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning and hygiene markets - Announces termination of upside sharing mechanism agreed in financing arrangements previously announced in September 2022. Has agreed to pay out GBP5 million to the lender group in relation to the upside sharing fee in exchange for the lender group agreeing that, except in "very limited circumstances during the next 12 months only", no further amounts will become payable in respect of the fee.

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NB Global Monthly Income Fund Ltd - invests in traditional credit, such as bonds and loans, and in alternative credit, such as distressed credit and mezzanine - Says it intends to distribute GBP23.5 million to shareholders through a partial compulsory redemption of shares. Company says the redemption date is November 13, and that it will redeem about 41% of existing shares. The compulsory redemption will be effected at 80.77p per share, equal to the company's net asset value per share on October 23. NB Global also declares GBP0.021 per share interim dividend.

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By Emma Curzon, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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