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TRADING UPDATES: Wynnstay buys Tamar; abrdn Japan assets fall

17th Nov 2022 21:53

(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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Ten Lifestyle Group PLC - London-based lifestyle and travel services - Says a concierge programme for the premium cardholders of an issuing bank in Latin America is being upgraded. Expects that the programme will represent a "large contract" in 2023.

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Mosman Oil & Gas Ltd - Sydney-based oil and gas company with projects in Australia and the US - Says the Cinnabar well in Texas that was drilled in October 2022 and is now in the process of being completed and placed on production. The revised schedule for the next phase of site operations in now early in December, it adds. Anticipates initial production flow rates to be announced in mid-December.

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Future Metals NL - Perth-based platinum exploration company - Reports that the diamond drilling has intersected near-surface sulphide mineralisation. This provides further evidence for a large new nickel-copper PGE sulphide system at Panton project in Western Australia. Says that a down hole electromagnetics survey and a ground-based electromagnetic survey over gravity anomaly areas will start shortly. Further, drilling of the highly prospective keel position to begin immediately.

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East Star Resources PLC - gold and copper exploration company focused on Kazakhstan - Gets the results from the helicopter-borne electromagnetic survey conducted between May and July 2022 over its five volcanic-hosted massive sulphide licences in the belt in Kazakhstan. Generates five priority 1 targets, three priority 2 targets, and a further 40 targets. "We are extremely encouraged by these results. Our team has spent numerous hours on the EM data, satellite imagery and in the field to firm up these EM targets to drill-ready status. We have also progressed much of the approvals process to ensure we are ready to drill them in the new year as soon as practical," Chief Executive Alex Walker comments.

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Shanta Gold Ltd - Guernsey-based east Africa-focused gold producer, developer and explorer - Says that the phase 2 drilling programme was aimed at the conversion of its inferred resources to indicated at Isulu-Bushiangala at its West Kenya project. Identifies visible gold in 6 intersections from 7 holes drilled. Finds "spectacular occurrences" in 67 intersections across 165 diamond holes drilled at Isulu, Bushiangala and Kimingini. "I am delighted to say that the West Kenya project has continued to deliver high-quality drilling results. The results that we have announced this morning are some of the best that we have delivered to the market this year," Chief Executive Eric Zurrin says.

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Synergia Energy Ltd - Perth-based developer of natural gas assets in India, Indonesia and the UK, formerly called Oilex Ltd - Requests an immediate voluntary trading halt in its shares on the Australian Securities Exchange, pending an announcement regarding a proposed application to be removed from the Official List of the ASX.

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FW Thorpe PLC - Worcestershire-based lighting systems firm - Chair Mike Allcock says that orders and revenue since the beginning of the new financial year are in line with expectations and overall, ahead of the same period last year. Adds that manufacturing service levels have improved significantly in recent months. Notes that margin and price pressures continue. "In light of current economic conditions, the longer-term outlook is more difficult to predict but our diverse market, geographical coverage and low carbon solutions mean we are well placed to continue a trajectory of steady sustainable growth," he concludes, looking ahead.

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Triple Point Income VCT PLC - renewable energy investor - Net asset value per share as at September 30 for the company's E shares stands at 81.53 pence, up versus 76.76 as at March 31. Net assets stands at GBP23.6 million as at September 30, up from GBP22.2 million. Says that the E Share Class held an investment in FMS which owned and operated a crematorium. The investment in FMS was fully divested during the period, resulting in an increase in its NAV as it achieved a price "significantly" higher than the previous valuation on March 31. Expects its solar and hydro investments to be more resilient to the current macroeconomic climate, "with contracted revenues and inflation-linked subsidies dominating the revenue stack."

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SDX Energy PLC - London-based oil and gas company - Records net revenue of USD11.1 million in the three months ended September 30, down versus USD12.9 million a year prior. In the nine months ended September 30 revenue falls to USD33.4 million from USD40.0 million. Netback for the nine months to 30 September 2022 was USD26.4 million, 19% lower than USD32.6 million in the same period in 2021. For the quarter netback dropped to USD8.5 million from USD10.5 million. The company blames this on lower gas and condensate production, due to natural decline being partly offset by higher realised prices for condensate and lower operating expenditure.

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abrdn Japan Investment Trust plc - investor in listed Japanese companies - Net asset value per share on September 30 stands at 650.6 pence, down from 713.4p on March 31. Records a total net asset value return of negative 7.5%, underperforming its index, which returned negative 5.5%. Attributes this to rising inflation and muted growth expectations that resulted in an "uphill struggle" for Japanese equities. Declares an interim dividend of 5.00p, down 17% from 6.00p year-on-year. Continues to be optimistic for Japan's equity market for the longer term.

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Neometals Ltd - London-based battery materials from upstream extraction and downstream processing - Completes the class 4 pre-feasibility study for the production of titanium (ilmenite) and iron-vanadium concentrate from titanium-rich Eastern bands at its Barrambie titanium project in Western Australia. Says the results confirm the viability of commercialising Barrambie with the potential to supply in excess of 500,000 tpa of high-quality supply-constrained ilmenite in the first 10 years of the project.

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Alpha Growth PLC - London-based financial advisory specialising in 'longevity assets' such as life insurance - Buys Barbados-based financial services firm Havelet Assignment Co Ltd. Does not disclose the purchase price. Expects the acquisition to be completed by November 30. "Havelet is a small but important acquisition for Alpha Growth and one which provides significant additional opportunities to grow AUM within both Havelet and Providence. As part of our build and buy strategy, we continue to actively progress our acquisition pipeline and will update shareholders on progress when appropriate," Executive Chair Gobind Sahney comments.

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Wynnstay Group PLC - Powys, Wales-based agricultural supplies company - Buys the entire share capital of Tamar Milling Ltd, a manufacturer and supplier of blended feed products, for GBP1.4 million. Notes a deferred consideration of up to GBP100,000, payable dependent on performance. Expects the acquisition to be immediately earnings enhancing. "Tamar is highly complementary and will be immediately earnings enhancing. It fulfils multiple acquisition criteria. It increases our presence in the south-west, adds new farmer customers and provides us with our first feed manufacturing facility in the area. We look forward to working with our new colleagues and to continuing Tamar's successful growth," CEO Gareth Davies comments.

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By Abby Amoakuh; [email protected]

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