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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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TT Electronics PLC - Woking, England-based electronic component manufacturer - Outlines new three region reporting structure. This will be used with effect from the forthcoming interim 2024 results, to be announced on August 8. TT will split financial information to cover Europe, North America and Asia. Says 2023 revenue in Europe was GBP169.6 million, North America revenue was GBP229.5 million and Asia revenue was GBP214.8 million. Operating profit for the three regions was GBP11.9 million, GBP25.1 million and GBP23.9 million respectively.
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ADM Energy PLC - natural resources investing company - Announces the investment in Vega Oil and Gas LLC, a Texas limited liability company with assets in Moore County, Texas, by ADM Energy Inc, a wholly owned subsidiary of ADM. Further, says ADM US enters into a financing agreement for USD600,000 with OFX Holdings LLC, a substantial shareholder in ADM. In addition. ADM Energy enters into debt conversion agreements, totalling GBP532,752.
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Braveheart Investment Group PLC - Dodworth, England-based investment company - Buys a further 1.9 million shares in portfolio company Autins Group PLC at 10.24 pence each. Worth total GBP197.600. Braveheart now owns just under 27% of Autins.
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Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems - Enters into variation to the Falih Nahab facility, announced on June 20, 2023. Facility increases by EUR6.1 million to EUR77.5 million, plus accrued interest of EUR21.2 million. The additional funds were provided between February and June, Proton explains. It was necessitated by the decision to accelerate payments on sums due to contractors for the new production facility, together with a delayed receipt of a payment due from a customer. Proton expects to increase its existing loan facilities further, or enter into a new facility, in order to provide the funding to cover anticipated working capital requirements for the next 12 months. The company is currently in discussions with Falih Nahab in relation to a new loan facility and a further announcement will be made in due course. Falih Nahab is a substantial shareholder in Proton.
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Inspiration Healthcare Group PLC - Croydon, England-based medical technology company specialising in neonatal intensive care devices - Raises GBP2.4 million via placing at 14 pence per share. Further, raises GBP75,000 via subscription by certain directors. In addition, seeks to raise GBP500,000 via retail offer on the same terms.
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Capital Metals PLC - mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka - Informed by Sheffield Resources Ltd that it has placed on hold its transaction with Capital Metals to acquire a 50% interest in the Eastern Minerals Project in Sri Lanka. Capital Metals understands that Sheffield is seeking to maintain and reserve its balance sheet in favour of the Thunderbird Mineral Sands Mine in Western Australia as Sheffield reallocates cash to support its primary asset at this time. Capital Metals remains in constructive dialogue with Sheffield, which is also a substantial shareholder of the company. In addition to these talks, company says it studying alternative funding options via equipment vendor finance and offtake finance, which are not dilutive to equity. Capital Metals intends to develop the project in a way that retains 100% equity. Plans to move ahead with its low-cost drilling programme targeting substantial near-term resource tonnage and grade upside which the directors believe should significantly increase the net present value of the project.
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Ferrexpo PLC - Baar, Switzerland-company which is a producer iron ore pellets in Ukraine for use in low-carbon steel production - Details payments to governments in 2023. These total USD32.1 million, company says.
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Good Life Plus PLC - AQSE-listed luxury prize draw and rewards provider - Says Tennyson Securities initiates research on the company with an initial target price of 4.24 pence. Good Life says it continues to make significant strides in expanding its market presence by establishing new channels and forming partnerships with household blue-chip brands and media partners. Also launches advertising campaign to boost subscriber growth, which recently surpassed 30,000.
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First Class Metals PLC - Blackburn, England-based metal discovery company with operations in northern Ontario - Says field work has commenced on the Coco East property. In addition, the earn-in deal with OnGold Invest Corp has been renegotiated. FCM has now acquired 100% of the property as a result and the exploration work commitment has been removed.
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Technology Minerals PLC - London-based battery metals recycling - Further to announcement of May 17 gives notice to Atlas Capital Markets LLC of a drawdown of GBP400,000 to be issued on June 28. In addition, the company receives a conversion notice from Atlas Capital Markets LLC on June 24 for GBP90,000 of convertible bonds from the convertible bond facility announced in March. Technology Minerals will issue around 27.3 million shares at a conversion price of 0.33 pence each. Following completion of both this drawdown and the conversion, the total funds drawn under the GBP5.5 million facility with ACM will amount to GBP2.5 million, of which GBP0.5 million will have been converted into ordinary shares as previously announced.
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Macau Property Opportunities Fund Ltd - Macau-focused property investment company - Agrees to amend the terms of the Investment Management agreement with effect from January 1 2024. For 2024, a management fee of USD100,000 per month will continue to be payable to the Investment Manager. Fees continue to be subject to an overall cap per annum set at 4.99% of the lower of market capitalisation and net asset value. The monthly fee may reduce to USD80,000 per month from the start of 2025 at one month's notice. Considers the arrangements to be fair given the context of the continued challenging property market seen during 2023.
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Quadrise PLC - energy technology company and supplier of MSAR emulsion technology fuel, which reduces energy costs and emissions - Signs a cooperation framework agreement with BTG Bioliquids BV. This serves to extend the scope of Quadrise's existing agreement with BTL agreed in 2023. The new deal expands the scope of the existing agreement to incorporate the parties' intention to undertake additional diesel engine testing.
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By Jeremy Cutler, Alliance News reporter
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