28th Oct 2022 14:36
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Kingswood Holdings Ltd - London-based wealth and investment management firm - Makes second defered consideration of GBP5.3 million relating to the acquisition of Yorkshire-based financial adviser Sterling Trust from back in June, 2020. "A portion of the cash proceeds from the issue of convertible preference shares on December 31, 2021 have been used to make this deferred consideration payment," it says.
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Resolute Mining Ltd - Perth-based gold miner in Africa - In the third quarter, pours 90,387 ounces of gold, which is the highest since the final quarter of 2020, and up from 76,336 ounces a year before. It is also 1% ahead of the previous quarter. Total ore mined reached 1.7 million tonnes, comparred to 1.4 million a year before, but drops 1% from the second quarter. The mined grade comes in at 1.96 grammes per tonne, rising from 1.91 grammes a year before, and improving 4% from 1.88 grammes in the second quarter. Sells 90,404 tonnes of gold at an average price of USD1,809, comparing favourably to 89,326 tonnes at USD1,738 a year ago. "Resolute recorded its fourth consecutive quarter of increased production, despite a historically challenging wet season. Operations at Syama continue to progress, capitalising on the increased capacity of the Sulphide processing circuit," says CEO & Managing Director Terry Holohan. Maintains production guidance of 345,000 ounces at an all-in sustaining cost of USD1,425 per ounce for the full year.
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Tintra PLC - Windsor, Berkshire-based firm building banking and infrastructure technology systems - In the six months to July 31, records no revenue, compared to GBP596,000 year before. This was because the firm shifted "entirely into the development and build" of the technology and infrastructure for its new platform. Pretax loss narrows to GBP444,000 from GBP704,000. CEO Richard Shearer notes the firm is entering the "delivery phase", which he describes as the build out - with teams working a mixture of technology and regulation. "This next six months will see the award of further licences and further inventions in technology as we focus on delivery of our latest project execution in July 2023," he adds.
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DeepVerge PLC - Dublin-based environmental and life science group - Conditionally raises GBP10 million in oversubscribed fundraising. Places 471.7 million shares at 2 pence each, with a subscription of 28.3 million shares at the same price. Also announces broker offer at the same price for an initial expected value of GBP1.0 million, which may be extended to GBP2.5 million if the company agrees. The new shares will constitute around 74% of its enlarged share capital, if the broker offer is subscribed in full. Will use the funds to invest in Labskin/Skin Trust Club, repay in full its March 2022 loan facility, and as working capital.
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Trident Royalties PLC - London-based mining royalty and streaming company - Updates on developments in its Mimbula Copper Royalty in Zambia. Says the project operator Moxico Resources PLC expects first copper cathode production at the end of October from Mimbula via a standalone 10,000 copper tonne per annum heap leach and solvent extraction/electrowinning plant. "Based on JORC (2012) Reserves and production of 56,000 tonnes per annum, Mimbula has a mine life of 13 years and a C1 cash cost of approximately USD2,300 per tonne (exclusive of biproduct credits)," it says.
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Marula Mining PLC - Haywards Heath, England-based mining services investor - Raises GBP450,000 in gross proceeds of a placing of 22.5 million shares at 2p each. Additionally, agrees to issue GBP265,00 of secured convertible loan notes to Brahma Finance BVI Ltd, which are repayable within two years from issue date. Will use net proceeds as working capital, for investment, and ongoing exploration and development activities. Also says in "advanced discussions" with two African-focused mining investment funds for potential investments of up to GBP1.0 million. It hopes to finalise these in the next three weeks. Further, says it has secured USD5 million lithium pre-payment facility with Traxys SARL to fund Blesberg project, of which USD2.5 million has already been advanced.
Separately, says it is putting forward a resolution at its AGM in mid-November to change its investment strategy. The resolution would allow its directors to acquire majority interests in the share capital in the company's investments, projects and entities. "Currently we cannot acquire majority stakes in projects and are therefore limited in our operating activities, impacting the value we can deliver to shareholders," it says.
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MetalNRG PLC - London-based investor in natural resources and energy - Updating on its litigation with BritEnergy Holdings and BritNRG Ltd, says deadline for them to pay GBP1.1 million sum was Wednesday. "The company received a total of GBP250,001 before the payment deadline and were informed that further GBP250,000 had been remitted, although as at the current time the second payment has not actually been received, accordingly the defendants are currently in default in the sum of GBP972,960.85. Says it will issue statutory demands for the unpaid balance, and if not paid in full, it will petition for the winding up, or appointment of administrations of the defendants, on the grounds of insolvency.
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Mining Minerals & Metals PLC - acquisition vehicle looking for assets in natural resources sector - In the six months ended July 31, records no revenue, unchanged from a year before. Pretax loss narrows to GBP68,553 from GBP91,840. Shares remain suspended pending the publication of a prospectus regarding the proposed reverse takeover by Narnia Mauritius Gas Holdings Ltd. Via a 95% interest in Inert Gas Industries Ltd, Narnia holds exploration licenses for the Lindley Natural Gas project in South Africa. "The company has been made aware through the due diligence process that the project licence has not been renewed and that the project vendors are currently appealing the refusal to renew. The company does not know whether the appeal will succeed or how long it will take to be decided," Chair Roy Pitchford says.
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Seeing Machines Ltd - Canberra, Australia-based advanced computer vision technology company - In the year to June 30, says revenue rises to AUD54.4 million, around USD34.9 million, from AUD47.2 million a year before. Pretax loss widens to AUD25.3 million from AUD16.8 million. Says growth in original equipment manufacturer revenue increases 21% to AUD14.7 million. Reiterates it will report in US dollars from 2023, as over 60% of its revenue is now in dollars. "The results presented in the 2022 accounts are strong and the post-period announcement of our collaboration with Magna and its investment into the company has ensured that Seeing Machines is positioned to win more market share and secure our place as an industry-leading provider of [driver monitoring systems] and [occupant monitoring systems]," says Paul McGlone.
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Purplebricks Group PLC - Solihull, England-based online estate agent - Names Dominique Highfield as its new chief financial officer, effective from Tuesday. She joins with 15 years of experience in finance, including at J Sainsbury PLC, Amazon.com Inc, and most recently served as finance director at large privately-owned business housing retail brands Pentland Brands. CFO Steve Long will remain with the firm until the end of November to support the transition.
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By Elizabeth Winter; [email protected]
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