13th Aug 2024 16:38
(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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Kavango Resources PLC - London-based, Botswana-focused metals exploration company - Says assay results for its recent diamond drilling programme at the Nara gold exploration project southern Zimbabwe confirm the presence of a gold mineralising system. The results highlight anomalous gold zones underneath and directly associated with surface artisanal gold-producing structures, Kavango says. Plans to now develop its understanding of these new zones before testing them with follow-up drilling. Kavango holds an option to acquire Nara until June 2025. Chief Executive Ben Turney says: "We believe this is shaping up to become an underground opportunity for Kavango Mining to pursue. We are encouraged both by the grades we have encountered and widespread gold mineralisation."
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VPC Specialty Lending Investments PLC - investor in asset-backed loans to businesses originated by non-bank lenders - VSL says on Monday its Investment Manager, Victory Park Capital, enters an agreement to sell a majority stake in its business to Janus Henderson Group, a global active asset manager. VPC advises that senior management team and personnel remain unchanged, and there will be no impact on the management and operations of the Investment Manager and VSL. The Investment Manager remains focused on liquidating the portfolio to maximise shareholder value, VSL comments. In June 2023, shareholders in VSL approved managed wind-down of the company.
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Integrated Diagnostics Holdings PLC - diagnostic services provider with operations in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia - Announces the opening of the EGX's special operations market through which EGX shareholders can tender their EGX shares to the company between August 18 and August 22. Company undertakes to purchase all EGX shares tendered during this period. This follows shareholder approval of plans to voluntary delist from the Egyptian Exchange.
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Safestay PLC - operates hostels in nations including the UK, Germany, Spain, Italy and Portugal - Buys leasehold city centre site in Budapest, Hungary. The acquisition adds around 150 beds to Safestay's portfolio, which numbers more than 3,580 beds across 18 sites. Once operational, Safestay expects the Budapest hostel to contribute revenue of around EUR350,000 and earnings before interest, taxes, depreciation and amortisation after rent of EUR50,000 during its first year of operation. This is expected to increase as the site matures. Safestay is seeking to obtain the required licence to operate the property as a hostel. Should this not be possible, the deal will be terminated.
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Light Science Technologies Holdings PLC - Derbyshire, England-based agricultural lighting and monitoring systems provider - Wins order worth GBP123,000 from the Richel Group, an agronomic solutions specialist, for its CEA nurturGROW lighting. Delivery will commence in January 2025, with the revenue being recognised in the first half of 2025. Chief Executive Simon Deacon comments: "This substantial order highlights the increased interest in our CEA solutions as we aim to convert our growing global quoted sales pipeline."
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Bluejay Mining PLC - metals mining company with operations in Greenland and Finland - Announces the start of low-cost and wide ranging programmes to evaluate possible significant deposits of geological hydrogen and helium in the Outokumpu Belt. Says historical drill hole and surface sampling will be undertaken using a portable hydrogen and helium detector to measure concentrations of these gases. Further, water samples will be collected from a selection of deep boreholes and groundwater flow rates will be measured. Managing Director Eric Sondergaard says: "These encouraging but preliminary indications of helium, hydrogen and industrial gasses in the Outokumpu Belt are very encouraging. They present a significant opportunity for shareholders."
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Sunrise Resources PLC - focused on industrial mineral projects in Nevada - Says that the phase 2 drilling and pitting programme at its Pioche Sepiolite Project in Nevada has been successfully completed. Drilling was carried out using the sonic drilling method by contractor Harris Exploration. Sunrise says 12 vertical holes were completed for a total of 460m over an area of 160 hectares. The drill programme was managed and funded by Tolsa US Inc, a subsidiary of Spanish sepiolite producer, Tolsa SA, the world's largest sepiolite producer. Sunrise says 107 separate drill samples and 6 pit samples have been sent to Tolsa's lab in Spain for sepiolite characterisation.
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African Pioneer PLC - natural resource explorer and developer focused on Sub-Saharan Africa - Issues a drawdown notice for GBP250,000 under its unsecured convertible loan funding facility agreement for up to GBP1.0 million with Sanderson Capital Partners Ltd, a long term shareholder. The drawdown is repayable in 12 months and convertible by the lender at 2.8 pence per share. Proposes to use the funds to advance its projects in Zambia, Namibia and Botswana and Zambia and the general working capital requirements of the group.
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By Jeremy Cutler, Alliance News reporter
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