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TRADING UPDATES: Develop North net asset value down amid rising rates

28th Mar 2024 10:28

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

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Develop North PLC - investor in residential and commercial property sector - Net asset value per share at November 30 year end falls 3.5% to 78.9 pence from 81.8p 12 months earlier. Taking into account dividends, this gives a 1.4% NAV total return, easing from financial 2022's 2.3%. "Once again the economic backdrop, especially with regard to real estate-linked investment, has been hallmarked by increases in interest rates, together with high but generally easing inflation figures as 2023 progressed," Develop North says. Maintains dividend for financial 2023 at 4.0p per share, in form of four 1.0p payouts.

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One Heritage Group PLC - residential developer focused on the north of England - Parent company and majority shareholder One Heritage Property Development Ltd agrees revised repayment terms of GBP14.0 million debt facility "in support of the company". One Heritage Group can extend repayment by up to 36 months until end of 2028.

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Infrastructure India PLC - infrastructure fund investing directly into assets in India - Shares restarted trading on Wednesday after publishing its annual results for the financial year ended March 31 on Tuesday. During this period, pretax loss widened to GBP59.2 million from GBP48.4 million a year earlier. The company says: "The group has prepared the interim results on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period."

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JPMorgan Emerging Europe, Middle East & Africa Securities PLC - investor focused on emerging European nations, the Middle East and Africa - Says Pandora Omaset, a portfolio manager, will pursue "other opportunities external to JPMorgan". "Oleg Biryulyov continues to be the company's investment manager supported by JPMorgan Asset Management's investment management team and the investment process for the company's portfolio management will remain unchanged," it adds.

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Onward Opportunities Ltd - UK smaller companies-focused investment firm - Raises GBP1.7 million from subscription by new and existing investors of 1.5 million shares at 110 pence each. "The board and portfolio manager continue to believe that there are compelling structural factors underpinning the investment strategy and that prevailing market conditions create an environment in which the portfolio manager has the ability to generate aggregated portfolio returns in excess of 15% per annum over the long term," Onward says, adding that the fundraise proceeds will provide it will "additional resources with which to pursue its stated investing policy".

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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - Says placing of entitlement offer shortfall shares raises AUD6.2 million, around GBP3.2 million. Botswana Public Officers Pension Fund increases shareholding in firm to just under 17%. "Funds received will be used to advance the Lesedi power project towards first power generation," Tlou adds.

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i3 Energy PLC - UK and Canada-focused oil and gas company - Says capital reduction is "highly desirable" and gives firm "maximum flexibility to continue the payment of dividends in line with its dividend policy". "The capacity of a UK company to make distributions is restricted by the sufficiency of distributable reserves. The board considers that it is to the benefit of shareholders that the significant value in the group is reflected in the parent company balance sheet and is represented by distributable profits to facilitate a sustainable dividend policy," it adds. i3 notes that there is GBP148.5 million standing in credit of transition reserve. It proposes capitalising that sum by creating capital reduction shares worth GBP0.1234 each. The newly-created capital reduction shares will be cancelled in a court-approved move. i3 adds that the GBP148.4 million standing in its share premium account following capital reduction bonus issue being cancelled.

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Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Raises GBP380,000 through issue of 584.6 million shares at 0.065 pence each, it says on Thursday. Proceeds will go towards "value-enhancing activities". On Tuesday, reports "exceptionally high-grade sampling results returned" from number 4 level at Lower Llechfraith workings, Alba's main target at its Clogau-St David's gold mine in north Wales. "Alba has taken more than 40 samples from No.4 Level at the Llechfraith target, and all have been put through the company's gravity processing plant to produce heavy mineral concentrates. Composites of the concentrates were then sent to a third-party refining facility," it says. "These composites have now returned exceptional gold grades."

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Arc Minerals Ltd - copper exploration company focused on mines in Africa - Buys back 22.5 million shares from Sveriges Larare, a Swedish trade union, for GBP405,715 in total. Each share was purchased at 1.8 pence each. These shares, which make up 1.5% of Arc's issued capital, will be cancelled.

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Ariana Resources PLC - precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Says reserves at Zenit mining operations in western Turkey are equivalent to around 10 years of further production. Reserves stand at 5.3 million tonnes, with metal content of 248,600 ounces of gold and 1.7 million ounces of silver. Ariana says "further economic and technical studies underway". The projects are operated alongside Proccea Construction Co and Ozaltin Holding AS, with Ariana owning just under 24%.

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Beowulf Mining PLC - minerals and metals exploration company with operations in the Nordics including the Kallak iron ore asset in northern Sweden - Says "highly prospective target for exploration at Parkijaur nr 7 licence in northern Sweden found. "Jokkmokk Iron completed geological mapping and boulder sampling during 2023 and has compiled and reprocessed historic geological, geophysical, soil geochemical and drilling data within the license area to identify 16 high priority target areas," Beowulf adds. "Re-processing of historic soil sampling data has identified an extensive area of anomalous copper in soil, including an anomalous zone striking up to 2 kilometres north-west to south-east and intersecting the largest target zone."

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Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Shenandoah South 1H well achieves "above commercial" average 60-day initial IP60 flow rate of 3.0 million cubic feet per day. "This augurs well for the initial development in the Shenandoah South area as these rates continue to track average flow rates seen in the Marcellus Shale basin in the US," Chief Executive Officer Philip O'Quigley says.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

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