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TRADING UPDATES: Literacy Capital nets gain from investment disposal

17th Mar 2023 21:10

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

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Canadian Overseas Petroleum Ltd - international oil and gas exploration, production and development company, with production and development operations focused in Converse and Natrona Counties, Wyoming, US - Operating affiliate, COPL America, receives continued support from its senior lender as it restores production levels and makes up oil sales at its Wyoming Assets, following winter closures in January and February 2023. Executes a covenant waiver enabling the measurement date of its February 28 2023 liquidity covenant to be extended to March 22, 2023. The lender granted this waiver in response to the good progress in securing funding with the main bondholder for the July 2022 bonds offering. Says normal operating conditions have been restored at Barron Flats Shannon miscible flood, following recent storms.

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NB Global Monthly Income Fund Ltd - London-based closed-ended investment company - Redeems 43.2 million shares at 81 pence, around 20% of the company's shares. Compulsory redemption was announced on February 27. Payments of redemption monies are expected to be effected by March 27.

Following the redemption, the company has 254.6m shares in issue, of which 76.1 million are held in treasury and are not eligible to vote. Therefore, the total number of voting rights in the company is 178.5 million.

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Literacy Capital PLC - London-based investment trust focused on opportunities to invest for the long-term in growing private UK businesses - Reports sale of portfolio company, Kernel Global, at a 48.9% premium to carrying value. Literacy's interest valued at GBP28.6 million, resulting in a GBP9.4 million uplift to Literacy's net asset value. Receives GBP19 million in cash as part of the transaction, whilst it also retains a residual stake in the business. Proceeds to be used to repay the revolving credit facility and be recycled into new investments. Kernel Global was Literacy's fourth largest investment (7.6% of net asset value). Literacy expects cash proceeds received by the company in 2023 to be substantially higher than in previous years.

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Puma VCT 13 PLC - London based venture capital trust that invests in growing businesses with experienced management teams - Exercises over-allotment facility in relation to subscription offer announced in August 11 following strong demand. Subscription aimed to raise GBP40 million via offer of shares at GBP0.0005 with an over-allotment facility to raise up to a further GBP10 million. As a result the maximum amount the company can raise under the offer is increased to GBP50 million.

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EJF Investments Ltd - Mumbai, India-based closed-ended investment company investing in assets benefiting from regulatory and structural change in the financial services - Confirms it has no underlying exposure to SVB Financial Group or Signature Bank, which have been placed into receivership. Says it has a small underlying exposure to Silvergate Capital Corp. States exposure is equivalent to less than 2.5% of the company's most recently published net asset value. EJF had a NAV of GBP111.8 million as at January 31.

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Celadon Pharmaceuticals PLC - London-based pharmaceutical company focused on the research, cultivation, manufacturing and sale of breakthrough cannabis-based medicines - Reports that its current Home Office licence has been successfully updated to allow the commercial sale of its high 9-tetrahydrocannabinol product, following the company's recent registration as a Good Manufacturing Practices manufacturer by the UK Medicines and Healthcare products Regulatory Agency. The Directors believe Celadon has now become one of a limited number of companies globally with the approvals in place to cultivate and manufacture EU-GMP grade high-THC medicinal cannabis and is understood to be the first for high-THC API in the UK since medicinal cannabis was legalised in 2018. Within the UK, patients prescribed medicinal cannabis are reliant on imported product, often facing lengthy delays and high costs, and by becoming a UK-based producer, Celadon is in a prime position to alleviate the issues currently faced by patients.

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Doric Nimrod Air Two Ltd - Guernsey-based investment trust - Receives notification from Emirates that it is exercising the option to enable it to redeliver the Airbus A380-861 aircraft bearing manufacturer's serial number 109 in the minimum condition equivalent to "half-life" together with a cash sum, as opposed to delivery in full-life condition. In the event the aircraft is returned to the lessor, Emirates will pay the sum of USD12.0 million. The lease expiry date for the aircraft, bearing manufacturer's serial number 109 is November 9 2024. Notes that the above does not preclude the company from considering lease extension, sale or re-lease options for the aircraft with Emirates or other counterparties.

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Mode Global Holdings PLC - London-based financial technology company - States further to announcement of January 19 regarding the unsuccessful funding, the group has been winding down the operations of its subsidiaries, Fibermode Ltd, Greyfoxx Ltd and JGOO Ltd. Adds wholly owned subsidiary, Mode Global Ltd will not be able to recover the amounts due from the subsidiaries for the provision of these services. As a result, Mode Global Ltd cannot pay its liabilities as they fall due.

Accordingly, the board appointed Antony Batty of Antony Batty & Company LLP as a nominee of Company Voluntary Arrangement proposals. Meetings of creditors to consider the CVA will be held on April 5. Directors of Mode Global Holdings will continue to look for ways to extract value and seek out options for the future of the group.

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By Jeremy Cutler, Alliance News reporter

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