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TRADING UPDATES: Zambeef to rationalise in Zambia; Nucleus owns Curtis

21st Sep 2023 19:04

(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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Curtis Banks Group PLC - Bristol-based provider of self-invested personal pensions - As High Court of Justice in England & Wales sanctions scheme, Curtis Banks reports completed takeover by Nucleus Financial Platforms Ltd, which offers online platforms for the management of savings and investments. Back in January, Nucleus agreed to buy Curtis Banks for GBP242 million. Curtis's shares will be deleted from London's AIM market next week Tuesday.

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Emmerson PLC - Morocco-focused potash development company - Says earthquake in Morocco on September 8 did not directly impact its Khemisset potash project in the country, but notes that delays to the environmental approval process might be possible as the government focuses on the aftermath and humanitarian relief efforts. Company awaits environmental approval of the Commission Ministerielle de Pilotage, chaired by Morocco's head of government. Chief Executive Graham Clarke says: "Understandably, relief efforts will dominate government focus in the near term, as we await the Ministerial Committee meeting to approve our environmental permit, but we remain confident of a favourable outcome."

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Firering Strategic Minerals PLC - Abidjan, Ivory Coast-based exploration company - Raises GBP756,000 via placing of 11.6 million new shares to some investors at a price of 6.5 pence per share.

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Gulf Investment Fund PLC - Isle of Man-based investment fund focusing on Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman - Announces offer to buy back 100% of each shareholder's holding, with all shares that it buys to be cancelled. Shareholders on the register as of Tuesday next week are invited. Expects tender costs of around USD50,000. Says tender price will be determined once the company's assets have been allocated.

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Trident Royalties PLC - mining royalty company - Notes announcements by Sydney-listed Anson Resources Ltd, detailing positive progress on its Paradox lithium project and the Green River lithium project in Utah, US. Trident notes Anson ramped up production at its sample demonstration plant at its lithium innovation centre in Florida and is now producing battery-grade lithium carbonate from Paradox brines for supply to potential offtake partners. Further, Anson reports that it completed the acquisition of a strategic land package of privately owned industrial use land at its Green River project for USD2.4 million. Trident Chief Executive Officer Adam Davidson says: "It is a great pleasure to see continued progress at Paradox as Anson moves the project towards becoming a US based supplier of lithium to auto manufacturers and battery manufacturers."

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VSA Capital Group PLC - London-based investment banking and broking firm - Expects significant impact on its half-year results to September 30 due to share price decline of Silverwood Brands PLC. Silverwood is a London-based investing company targeting food, organic food, wellness, lifestyle and leisure sectors. VSA Capital notes share price decline of 50% on Wednesday to 30 pence each, valuing Silverwood at GBP77.5 million. VSA Capital holds a 0.9% stake in the company's total share capital. The impact will be a non-cash loss because investments will be market at the period end, VSA says. "We are hopeful that the share price will recover before our year end of 31 March 2024. If it does not, then our full year audited figures are likely to show a loss for the year due to the non-cash adjustment despite still having a cautiously optimistic view on our second half due to transactions we are working on," it adds. VSA says that it remains a supportive shareholder of Silverwood.

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Zambeef Products PLC - Lusaka-based cold chain foods and retail business with operations in Zambia, Nigeria and Ghana - Says board approves restructuring to rationalise its operations across its six Zambian entities. The restructuring will take at least six months to complete. "The company is expected to benefit from the restructuring as it will eliminate unnecessary complexities and duplications of its business processes across the six different entities, which ultimately have the same key decision-makers, processes, ownership and senior executive team," Zambeef says.

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By Tom Budszus, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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