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TRADING UPDATES: Manolete Partners reports record new case investments

20th Apr 2023 20:02

(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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Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Announces resolutions regarding fundraise and acquisition of Hydraulic Authority 1 Ltd, the owner of Pirtek Europe Ltd were passed at the General Meeting today. As a result, both are expected to complete upon admission tomorrow. Stephen Hemsley, executive chair says: "The acquisition will expand the group's operations into ten countries and will significantly advance the board's ambition of creating a market-leading international B2B multi-brand franchisor that generates its income equally from the UK, North America and continental Europe."

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Tertiary Minerals PLC - Zambia and Nevada, US-focused explorer focusing on energy transition and precious metals - Announces the start of the 2023 Zambian exploration season and provides an update on its Lubuila Copper Project where a soil sampling programme is scheduled to commence next week. Says soil sampling contractor selected and tribal/community engagement being conducted this week. Executive Director Patrick Cheetham says: "Our interpretation of aeromagnetic imagery at Lubuila suggests that large areas of prospective Lower Roan lithologies remain untested by previous explorers and these areas are the focus of our first round of exploration."

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Ondine Biomedical Inc - Vancouver-based life sciences company innovating in the field of photodisinfection therapies - Reports photodisinfection is highly effective against key food-borne pathogens achieving complete elimination against Salmonella enterica and MRSA biofilm, exceeding food safety requirements.

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VinaCapital Vietnam Opportunity Fund Ltd - Reports Asia Investment and Finance Ltd, a subsidiary of VinaCapital Group, purchased 50,000 shares at a price of GBP4.25 per share, worth around GBP212,500. Following this transaction, VinaCapital Group holds 2.9 million shares, 1.80% of the company's total voting rights.

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Manolete Partners PLC - UK insolvency litigation financing company - Reports the final number of new case investments for financial year 2023 to March 31 was 263, 65% higher than the 159 new case investments for the previous financial year - Adds the total for financial 2023 is the highest Manolete has ever recorded. Explains increase reflects strong growth in the second half of the year when new case investments jumped 122% compared to the previous year. Points out new case enquiries increased by 48% to a record high of 798 in financial 2023, again driven by a particularly strong rise of 60% in the second half. As a result, expects to report a pretax profit of GBP1.6 million for the second half of the financial year, and to make a loss of GBP3.9 million for the financial year.

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Technology Minerals PLC - metals developer based in London - Notifies Jonathan Mark Swann holds voting rights over 6.99% of share capital. Previous interest was nil.

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Pembridge Resources PLC - UK mining company with investments in British Columbia, Canada - Minto Metals Corp, in which Pembridge has an investment releases statement regarding the Inspector's Direction issued to Minto by the Minister of Energy Mines and Resources, Government of Yukon, in respect of water storage. States Direction has been issued to Minto on the grounds that water has been and is being used in contravention of the conditions of Minto's water licence. Minto has been asked to undertake a number of remedial actions.

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Kendrick Resources PLC - mineral exploration and development company with vanadium, nickel and copper projects in Scandinavia - Announces its first set of results from its maiden diamond drill programme over the Stormyra Deposit in Espedalen, Norway. Executive Chair Colin Bird says: "The first round of results of our drilling programme in Norway, have been very satisfying and have confirmed our belief that there is very high potential for resource confirmation and addition."

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National Grid PLC - electricity infrastructure company - Subsidiary National Grid Electricity Distribution agrees to repurchase GBP115.8 million of the GBP800 million 5.75% instruments due April 2032 for cancellation. Notes the repurchase will settle on or around April 24. Following settlement of the repurchase, the amount of instruments outstanding will be GBP684.2 million.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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