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TRADING UPDATES: Limitless Earth loss widens; Black Sea NAV rises

28th Jul 2023 20:46

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

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Limitless Earth PLC - makes investments in firms that show potential to generate returns through capital appreciation - Reports zero income in the year to January 31 compared to GBP22,426 the year before. Loss for the year widens to GBP475,730 from GBP412,079 with loss per share GBP0.00730 compared to GBP0.00630. Continues to focus on investing in opportunities highlighted by demographic trends. Intends to exit the current investments when conditions provide for a successful exit, in order to provide funds for reinvestment.

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Aberforth Split Level Income Trust PLC - investment trust - Reports net asset value per share at June 30 amounts to 77.2 pence, up from 73.0p the year prior. Pays second interim dividend of 3.30p, making the total payout for the year 5.0p, up 16% from 4.3p before. The board is conscious that ASLIT's capital performance over its life so far has not matched expectations at the time of launch. Accepts the near term risks are undeniable but feels so is the attractiveness of the valuations attributed to the portfolio's holdings by the stock market.

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Foresight Solar & Technology VCT PLC - investment firm - Reports net asset value per share at March 31 was 7.2 pence, 93% lower than 107.3p last year. As stated in March, the board sold the solar portfolio. The proceeds from the sale have been returned to shareholders via an interim dividend of 132.0p per share. A further interim dividend of 5.5p was paid on July 25. Thus, the net asset value total return at year-end was 185.2p compared to 153.3p the year before.

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Pantheon Resources PLC - Oil and gas company focused on onshore operations in the US - Provides operational update and refined management estimates of preliminary development costs for the Ahpun field. Expects to receive an independent expert report from Netherland, Sewell & Associates on recoverable resources from the Kodiak field in August. Planned date of September for mobilisation of workover rig for conducting the frac of the Shelf Margin Deltaic zone. Management modelling of the economics for 20 well development pads estimate robust returns with valuations of USD6-USD8 per barrel and rates of return of 33%-53% at prices of USD70-USD80 per barrel.

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Black Sea Property PLC - property developer in Bulgaria - Reports net asset value at December 31 was 1.59 euro cents, up 16% from 1.37 euro cents the year before. Revenue of EUR1.2 million was unchanged from the year prior, while pretax profit jumped 76% to EUR4.4 million from EUR2.5 million. Basic and diluted earnings per share rose to EUR0.22 from EUR0.14. Expectations for the tourist segment in 2023 are positive, despite the challenging environment arising from the war in Ukraine, company says. Is confident the business is well-equipped to withstand this near-term uncertainty.

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Braveheart Investment Group PLC - Barnsley, England-based investor in small- and medium-sized businesses - Updates on Paraytec Ltd, a company within the group's investment portfolio. Says results of a study into Paraytec's Covid-19 test successfully demonstrate the efficacy of the test. In a sample of 116 participants recruited within 4 days of symptom onset, the Paraytec test correctly identified 92.8% of all positive cases. Carl Smythe, from the University of Sheffield's School of Bioscience, who led the work with Paraytec, said: "These results indicate that the Paraytec test is highly effective in detecting the presence of SARS-CoV-2 in recently infected participants." Adds: "We are particularly impressed that this technology has the potential to be used in a point-of-care setting to rapidly detect the presence of viral particles in people with early symptoms of infection, without the need for sophisticated and expensive centralised laboratory-based PCR testing." Braveheart holds a 100% equity interest in Paraytec.

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Intuitive Investments Group PLC - closed-end investment company focussed on the life sciences and technology sectors - Announces that all resolutions were passed at today's general meeting. Receives shareholder approval for a number of proposals to support a shift in strategy to invest in a portfolio concentrating on fast-growing and / or high potential life sciences, healthcare and technology businesses operating predominantly in the UK, continental Europe, the US and Asia-Pacific, targeting an average return to shareholders of 20% capital growth per annum. Further, names Nigel Rudd as non-executive chair. Confirms a total of 62,049 shares have been tendered, around 0.1% of the company's issued share capital. In addition, says Turner Pope conditionally placed 12.9 million shares raising GBP671,742.

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By Jeremy Cutler, Alliance News reporter

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