20th Nov 2023 18:23
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Ground Rents Income Fund PLC - London-based investor in long-term, income-generating assets across the UK - Responds to the UK government's consultation, "Modern leasehold: restricting ground rent for existing leases", published on November 9, which sought views on limiting the level of residential ground rent that leaseholders pay in England and Wales. Explains the consultation represents a shift in the government's approach to leasehold reform, which had previously focussed on capping the treatment of ground rent in the enfranchisement process. As a result, says the company's independent valuer, Savills, has confirmed they are likely to adopt a material valuation uncertainty clause for the whole portfolio until there is greater certainty on the outcome of the consultation and its impact on the ground rent market. Also confirms the MUC will not be retrospectively applied to the company's independent valuation as at September 30. Estimates if the MUC is applied to the company's portfolio valuation as at March 31 2024, this would extend the MUC scope beyond those properties already impacted by building safety related defects.
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Eqtec PLC - thermochemical conversion technology and engineering company - Announces proposed financial restructuring to enable the transition to revenue-led growth and regain momentum with execution of its business strategy. Alongside proposals to raise finds, plans annual cost savings of more than GBP1.5 million until revenue and cash flow are sufficient to support a return to growth and accommodation of a larger portfolio of projects. Further, seeks to recover GBP5 million in outstanding monies. In addition, certain investors agree to provide up to GBP3 million in financing with an initial advance of GBP950,000. Loan agreement worth GBP10 million with YA-RF Lenders in March 2022, which has an outstanding balance of around GBP4.5 million, will be cancelled and replaced with a new GBP10 million secured loan facility. Proposes extraordinary general meeting on December 18 to seek approval for measures from shareholders.
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Bradda Head Lithium Ltd - North America-focused lithium development company - Announces positive metallurgical heavy liquid separation results from test work undertaken on quartered drill core samples taken from its Jumbo Exploration Target at San Domingo District, Arizona. Despite the preliminary nature of this test-work programme, it was highly encouraging to see the medium-grade sample produce an 'in spec' lithium oxide concentrate product, company says. Currently undertaking a second drilling programme at the San Domingo Pegmatite District with approximately 75% of the programme being complete. Metallurgical test work is now currently on hold whilst Bradda collects more representative samples from this next phase of drilling.
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Financials Acquisition Corp - Cayman Islands-based special purpose acquisition company sponsored by FINSAC LLP - Appoints Interpath (Cayman) Ltd as an independent advisor to supervise the allocation of payments to creditors and the redemption of class A ordinary shares in the company. This follows announcement on November 13 as to the termination of the proposed business combination between London Innovation Underwriters Ltd and Financials Acquisition Corp.
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Bushveld Minerals Ltd - South Africa-focused vanadium producer and energy storage solutions provider - Starts sale process for its stake in CellCube, the grid scale and micro-grid energy storage battery manufacturer, headquartered in Austria. Explains the sale is in line with plans for simplifying the business and focusing on its core assets. Further, says BELCO construction and commissioning was completed in August, with the first batch of electrolyte undergoing qualification for compatibility with international customers. In addition, says Southern Point Resources buys 50% of Bushveld Vanchem (Pty) Ltd for USD21.3 million.
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Panther Metals PLC - Canada-focused mineral exploration company - Appoints Axis Capital Markets as its Joint Broker. Further raises GBP300,000 by the issue of 15% unsecured loan notes with a 12 month maturity and warrants attached on a one-for-one basis with an exercise price of 3.3 pence each. Proceeds will be used to fund the inaugural diamond drilling programme at the Manitou Lakes Project, targeting gold on the Eagle-Manitou-Wabigoon Greenstone Belt, in northwestern Ontario, Canada.
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By Jeremy Cutler, Alliance News reporter
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