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TRADING UPDATES: M&C Saatchi sees revenue rise; Angus extends drilling

24th Jan 2023 20:47

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

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M&C Saatchi PLC - London-based advertising agency - Expects 2022 net revenue of GBP271 million, up 9% from GBP249 million posted in 2021. Attributes its revenue growth to a strong performance in the company's higher growth specialisms and in the UK and Americas. Anticipates a 14% rise in headline pretax profit to GBP31 million. Expects to announce its financial results in April 2023. "2022 was another record year for M&C Saatchi. We remained focused on delivery for our clients, resulting in excellent retention and new business wins. Investment in new capabilities and our unique specialist expertise position us well for 2023, and beyond," CEO Moray MacLennan says.

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National Grid PLC - London-based multinational electricity and gas utility company - Says that National Grid Gas is expected to add a lock-up undertaking for the benefit of each bondholder. This undertaking will restrict the company from making certain distributions in the event that the ratio of net debt to regulatory asset value were to exceed a pre-determined percentage value, expected to be set at 72.5%, it adds. This occurred around the time of the closing of the sale by National Grid PLC of a 60% stake in National Grid Gas PLC to a consortium comprising Macquarie Asset Management and British Columbia Investment Management Corp.

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Circle Property PLC - London-based buyer, developer and manager of regional office assets in UK - Exchanges contracts to sell its Victory House to Hilla Group Northampton Ltd at a sale price of GBP2.8 million. Expects the sale to be completed by mid-March 2023. Says that net proceeds from the disposal will be held as group cash and are expected to be returned to shareholders through the proposed issue of B shares.

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TP Group PLC - Wincanton, England-based consulting, software and engineering company - Says the court sanctioned the takeover by Science Group PLC. The takeover will be effective from Thursday.

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Tekcapital PLC - London-based intellectual property investor - Converts its outstanding loan note of USD1.35 million in Microsalt Inc for USD2.18 per share. This values MicroSalt at USD20.0 million.

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Angus Energy PLC - London-based oil and gas development company - Says that its drilling programme at Saltfleetby is likely to be extended by around 14 days due to drilling issues in the Westphalian reservoir. Says that it is preparing to mill a new window in the 7 inch casing, some 100 metres above the present cased depth of roughly 2,400 metres. Expects operations to mill the window to start on Wednesday. Appoints Richard Herbert as a non-executive director with immediate effect. "Richard brings broad and deep experience in the oil and gas sector and in particular of managing the challenging onshore drilling environment in the UK. Angus' Board is considerably stronger for his presence and we look forward to working with him," Chief Executive George Lucan comments.

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Amaroq Minerals Ltd - Greenland-focused mine development company - Confirms copper mineralisation across Kobberminebugt project in Greenland with the potential for significant tonnages at depth or along strike. "Kobberminebugt's high-grade nature is unsurprising given the historic small-scale mining in the area, and our team is now working closely to identify extensions and additional mineralised bodies to build a large exploration target through our future field programme. I look forward to presenting further positive results on this in the near future," Chief Executive Eldur Olafsson comments.

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Anglo Asian Mining PLC - London-based gold, copper and silver producer focused on Azerbaijan - Confirms an extension to the mineralisation reported by previous drilling with intercepts of up to 68 metres of continuous gold and copper mineralisation at its Gilar deposit. "Gilar continues to deliver exceptionally good grades of gold and copper over significant thicknesses of mineralisation. This will clearly increase the mineral resources of the deposit. The discovery of free gold at Gilar will mean adjusting our approach to processing the deposit, with preliminary metallurgical testwork planned to optimise the recovery of metals. The team are very excited to progress this project at pace and begin production," Vice-President Stephen Westhead comments.

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CPPGroup PLC - Leeds-based company, which provides products and services for financial services customers - Notes the recent rise in the company's share price and confirms that it knows of no reason for this increase.

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CyanConnode Holdings PLC - Cambridge, England-based designer and developer of narrowband radio frequency smart mesh networks - Raises GBP5.3 million, before expenses, through the placing of 30.9 million new shares at an issue price of 17 pence per share. "We recently announced an order for c. 1 million units, taking orders won this financial year to 2.3 million units. This shows significant growth compared to the previous year where we had won orders for a total of 1.3 million units in all years prior to 31 March 2022. There are currently tenders out in India for more than 100 million units. The funds raised by this placing will allow us to maintain momentum and win some of the large opportunities being presented to us at this time. On behalf of the board, I would like to thank all shareholders who have participated in this fundraising for their continued support," Executive Chair John Cronin comments.

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Eurasia Mining PLC - Russia-focused mining and mineral exploration company - Notes the recent share price increase and speculation regarding its Nyud licence. Notes that the Nyud exploration licence was granted to OOO Monchegorskoye in mid-December. It was established and owned by Rosgeo. The Nyud exploration licence is adjacent to the Company's mining permit in Monchegorsk, Kola Peninsula Russia, it says. Says OOO was established to build a joint venture to develop the Nyud project with Eurasia's 100% owned subsidiary Yuksporskaya Mining Co, following an agreement between Rosgeo and Eurasia in March 2021.

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Smiths News PLC - Swindon-based newspaper and magazine wholesaler - Reports that 21% of its shareholders voted against resolution 13 to give the board's authority to make political donations of up to GBP50,000. Adds that 17% of its shareholders voted against resolution 17 to give the board authority to call general meetings other than the annual general meeting with 14 clear days' notice.

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By Abby Amoakuh, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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