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TRADING UPDATES: Wells Fargo joins LendInvest GBP200 million financing

28th Apr 2023 21:08

(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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LendInvest PLC - London-based non-bank mortgage lender - Says Wells Fargo & Co joins its GBP200 million financing syndicate with National Australia Bank Ltd to "support the continued growth" of its buy-to-let proposition. Says Wells Fargo joins other banks such as Lloyds Banking Group PLC, JPMorgan Chase & Co, HSBC Holdings PLC, Barclays PLC and Citigroup Inc. Chief Executive Officer Rod Lockhart says: "We are delighted to partner with Wells Fargo as we continue to grow and diversify our funding sources and further expand our buy-to-let business. This most recent partnership demonstrates the ongoing appetite from global financial institutions to invest in the buy-to-let sector, and we look forward to working closely with Wells Fargo. With our disruptive technology and full suite of property finance products, we are poised to capture an increasing share of the UK mortgage market and support the ongoing modernisation of UK property to support a cleaner, greener future."

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Ace Liberty & Stone PLC - London-based property investment company - One of its majority shareholders Libank SAL sells 1 million shares at a price of 40 pence each to Ace (EBT) Ltd for a total GBP400,000. Says the acquisition of shares by Ace EBT will allow Ace Liberty & Stone to further incentivise its employees by giving them a direct stake in the company and reward good performance.

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NB Global Monthly Income Fund Ltd - Guernsey-based closed-ended investment company - Intends to distribute to shareholders GBP38 million via partial redemption of shares on May 16, around 26% of share capital. The redemption will be effected at 80.22p per share. Following passing of shareholder resolutions at its extraordinary general meeting in late January, says the company's investment objective is to realise all existing assets in the company's portfolio in an orderly manner. It intends to make returns of capital to shareholders via several capital redistributions. All shares that are redeemed will be cancelled with effect from the compulsory redemption date.

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BP Marsh & Partners PLC - venture capital investor in financial services businesses - Buys 35% shareholding in Verve Risk Services Ltd. Provides GBP1 million of funding via a mixture of equity and a loan facility, which will be drawn down in full upon completion as part of a management buy-out. Says Verve specialises in professional and management liability business for the insurance industry in the US, Canada, Bermuda, Cayman Islands and Barbados. BP Marsh Chief Investment Officer Dan Topping says: "We are very pleased to partner with a motivated management team with a long-established business, a strong client base and significant upside potential. We look forward to working with Scott and Alan over the coming years in developing the business." Verve Co-Founders and Directors Scott Simmons and Alan Lambert say: "Over the coming years, Verve is looking to expand, diversifying its revenue streams across additional product lines, ultimately developing Verve into a highly specialised underwriting agency with wide market recognition. We see BP Marsh as the perfect partner to assist us in bringing about this growth."

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Valeura Energy Inc - Thailand and Turkey-focused oil and gas company - restarts oil production at the Wassana field, introducing crude oil into the field's processing facilities for the first time in nearly three years. Says production rates have started "ramping up" with the activation of additional wells shortly thereafter. Says operations are proceeding as intended with no deviations to the company's safe operating parameters. Also now holds 100% stake in Wassana licence G6/48, after 11% interest partner Palang Sophon Ltd opted to discontinue its participation in the licence, transferring its 11% working interest to Valeura. Says it will proceed with further Wassana oil field operations on a 100% working interest basis, including its planned infill drilling campaign which is scheduled to begin in the third quarter of 2023. Opts to divest its Rossukon licence G6/48 to its partner Northern Gulf Petroleum for USD5 million, payable at first oil from the Rossukon oil field, and a further 4.65% overriding royalty associated with the company's 43% working interest (2% of gross production) from the field thereafter. This is after assessing the potential for development of the oil field, and considering the project's "tight schedule requirements and an estimated capital requirement of approximately USD100 million (gross)".

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VinaCapital Vietnam Opportunity Fund Ltd - fund of investment manager VinaCapital, investing in listed, private equity state-owned enterprise assets in Vietnam - investment manager subsidiary Asia Investment & Finance Ltd buys 50,000 shares for GBP4.17 each on Thursday. Total aggregate value is GBP208,500.

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By Greg Rosenvinge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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