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TRADING UPDATES: CVS sells Dutch and Irish loss-making businesses

21st May 2024 21:50

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

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Kefi Gold and Copper PLC - Saudi Arabia and Ethiopia-focused exploration and development company - Issues around 178.0 million shares at 0.763 pence each to certain key advisers in consideration for services to support various "value-adding initiatives."

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CVS Group PLC - Norfolk, England-based veterinary services provider - Sells non-core operations in the Netherlands and the Republic of Ireland to Global Veterinary Excellence Ltd for EUR2. CVS is to also provide a GBP600,000 unsecured loan to Global Veterinary Excellence Ltd. Global Veterinary Excellence Ltd is owned by former director of these subsidiary entities, James Cahill. CVS explains both entities are loss-making. In the financial year to June 30, 2023 they had combined revenue of GBP19.4 million and pretax losses of GBP6.8 million, which included a GBP2.3 million exceptional write off. Forecast for the year to June 30, 2024 is a pretax loss of around GBP6.0 million. CVS expects to book a non-cash write-down in its financial accounts in relation to the disposals. Explains these operations have had a negative impact to the operating cash flow and would require significant management focus to address operational performance. Therefore, following their disposal, CVS expects that more capital and time will be able to be allocated to its growth strategy.

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Great Portland Estates PLC - London-based commercial property developer - Publishes an updated roadmap to Net Zero. Sets more ambitious absolute emissions targets for its Scope 1, 2 and 3 emissions, aiming to reduce emissions by 42% by 2030 and 90% by 2040 from its 2023 baseline. Sustainability and Social Impact Director Janine Cole comments: "In updating our Roadmap to Net Zero, we have increased the ambition and scope of our net zero targets. We now know that if we are to reduce our emissions in line with climate science, we must reach nearly zero before offsetting the balance."

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Capricorn Energy PLC - Egypt-focused oil and gas exploration company - Provides further details regarding the consolidation of Capricorn's ordinary share capital announced in April. Says the consolidation ratio will be 62 new ordinary shares for every 79 existing ordinary shares held.

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Upland Resources Ltd - Jersey-based oil and gas company focused on Sarawak, Malaysia - Provides further details on preliminary resource indicators for Block SK334. Says two studies confirm the prospectivity of SK334 and in particular the initial target sites for exploration and appraisal drilling. Each study has shown strong correlation between seismic interpretation and the surface geology, Upland says. Upland intends to conduct a Competent Persons Report in the near term. Chair & Chief Executive Bolhassan Di comments: "Preliminary resource estimates from the studies that Upland have conducted have been positive, exceeding our expectations. Our strategy is to progressively confirm the resources available in SK334. That of course means a campaign of exploration and appraisal drilling to improve our geological understanding, and to calibrate geophysical and drill engineering plans." Further, announces the lifting of the voluntary suspension in trading in its ordinary shares.

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Epwin Group PLC - Solihull, England-based building products' manufacturer - Issues trading statement ahead of Tuesday's annual general meeting. Says current trading remains in line with expectations and the group remains confident of delivering underlying operating profit for the year in line with recently increased market consensus expectations, as well as making further strategic and operational progress. Continues to carefully manage the balance between volume and margin, with revenue to date as expected. Expects share buyback programme to be completed by the of September.

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Portmeirion Group PLC - Stoke-on-Trent, England-based pottery maker - Decides to withdraw resolutions 14 and 15 from the agenda of the Annual General Meeting on Tuesday. Notes resolution 14 proposes the authority to allot shares subject to certain limits in compliance with the share capital management guidelines published by The Investment Association. Resolution 15 was a special resolution, which proposes the partial disapplication of pre-emption rights in order for the Board to allot equity securities and to sell treasury shares of up to 10% of the company's current share capital for cash. The decision follows indications from a small number of significant shareholders that they do not support the resolutions.

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Tribal Group PLC - Bristol-based educational software and services provider - At Tuesday's Annual General Meeting says special resolutions 10 and 11 were not passed. Tribal says it has engaged with the relevant shareholder to understand their concerns around approving these resolutions. Remains in active and positive dialogue with the shareholder. Resolution 10 relates to the disapplication of pre‐emption rights. Resolution 11 relates to the allotment of shares to be used only for the purposes of financing a transaction which the board determines to be either an acquisition or a specified capital investment.

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Says on Monday it receives a redemption notice from Avani Resources Pte Ltd, the company's largest shareholder. The redemption notice is for the redemption of the principal and outstanding interest pursuant to the around USD6.5 million of unsecured loan notes, Bens Creek issued to Avani in July 2023. Bens Creek reiterates it is unable to repay the amounts due to Avani. Continues to consider options available, which may include the board deciding to file notice to appointment administrators to the company. Shares remain suspended.

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Premier African Minerals Ltd - Africa-focused metals and mineral project developer - Announces a subscription for around 781.3 million shares to raise around GBP1.3 million at 0.16 pence per share. Funds to be used primarily for the Zulu Lithium and Tantalum project. Chief Executive George Roach says: "The company expects that periodic updates will be provided on the overall plant performance until such time as a steady of state of continuance production has been achieved, Premier expects thereafter to begin providing quarterly production reports for Zulu from Q3 of 2024."

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Libertine Holdings PLC - Sheffield, England-based developer of linear generator technology for distributed power and transport applications - Provides an update regarding the strategic review and formal sale process announced on April 29. Says it has met with a number of potential strategic and financial investors to support and extend the company's cash runway. Further meetings are scheduled in the period to early June. Likewise, outreach to potential strategic partners continues under the formal sale process. To date, reports no definitive progress on any option. Has cash reserves to maintain current operations through to mid-July. If no progress is made, may seek to wind the company down. Remains committed to the strategic review process.

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San Leon Energy PLC - oil and gas production company focused on Nigerian assets - Says it has been made aware of a petition by Ocean Pearl Maritime SA to wind up one of its subsidiaries, San Leon ELI Ltd. Explains that San Leon ELI Ltd is the subsidiary that holds San Leon's investments in Energy Link Infrastructure Ltd. The petition hearing is due to take place on Wednesday. Says the petition relates to San Leon's proposal to buy a further 13.5% of ELI's existing shares from Ocean Pearl for USD12 million. As previously announced, San Leon considers Ocean Pearl's petition to be both "aggressive and vexatious."

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Genedrive PLC - Manchester-based pharmacogenetic testing - Announces that a key milestone has been met in the Development and Validation of Technology for Time Critical Genomic Testing programme for its CYP2C19-ID kit. The programme has now passed the patient numbers required for a subsequent submission for an in vitro diagnostics CE certification, which is still anticipated in early 2025.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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