(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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Ground Rents Income Fund PLC - London-based investment company focusing on long-dated UK ground rents - Portfolio valuation per share on September 30 is 92.50 pence, down 0.6% from 93.60p on March 31 and down 8.7% from 103.10p a year earlier. Portfolio valuation is GBP109.0 million, down from GBP110.0 million on March 31 and down from GBP119.4 million a year earlier. Says 21% of portfolio value was subject to a material valuation uncertainty clause, with a negative valuation adjustment for building safety regulatory reform of GBP11.4 million. Further progress since September 30 valuation means the relevant percentage of assets impacted is now approximately 17%. The valuation also includes a negative valuation adjustment for residential leasehold regulatory reform of GBP3.8 million. Chair Barry Gilbertson says: "The company continues to operate in an increasingly challenging regulatory environment, and we are working hard to protect both our leaseholders' interests and our shareholders' investments."

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ImmuPharma PLC - London-based specialist drug discovery and development company - Says it is engaging with potential commercial partners on all development programmes across its portfolio, including for exclusive US rights for P140 drug, also known as Lupuzor. Will continue these discussions in January. Executive directors Tim McCarthy and Tim Franklin decide to waive GBP187,500 and GBP159,500 in remuneration respectively, or 64% and 63% of their total remuneration respectively. Says this is to ensure failure to advance P140 into its next clinical trial in 2022 does not negatively impact ImmuPharma's share price and valuation. Says it looks forward with optimism to 2023 and that the board has clear objectives of advancing P140 into its next clinical trial. This is alongside intending to deliver positive advances across the whole portfolio in clinical development and commercial partnerships.

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Power Metal Resources PLC - London-based exploration company focusing on global metal discoveries - Chief Executive Officer Paul Johnson says Power Metals enters 2023 with "excitement and optimism". Says he believes in the junior resource sector and its potential for consideration returns for investors. Says the sector is driven by cyclicity driven by shifting supply and demand fundamentals for the underlying metals. Johnson says: "After a long-sustained bear market for resource juniors, I believe that the sector recovery has now begun as demonstrated by rising metal prices and the evident growing demand for metals in most industrial settings and for investment security." Announces five acquisitions which "each have he potential to add considerably to the Power Metal balance sheet".

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Iconic Labs PLC - London-based media and technology business focusing on online marketing, content and technology-driven products - Enters into GBP3 million financing facility with the European High Growth Opportunities Securitization Fund on September 28. Enters facility via the issue and subscription of loan notes convertible into new shares with share subscription warrants attached. Intends to drawdown on the financing facility in up to 14 sequential tranches over a maximum period of 18 months. Each note has a duration of 24 months from the date of issue. Submits drawdown notice on Thursday to EHGO for the first tranche of GBP250,000. The subsequent tranches will be GBP150,000 each from the second tranche until the sixth tranche, and GBP250,000 each from the seventh tranche until the 14th tranche.

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Restaurant Group PLC - London-based operator of around 400 restaurants and pub restaurants across the UK - Amends and extends its debt facilities. This includes a revised GBP340 million package comprising a GBP220 million term loan facility and a GBP120 million revolving credit facility with its existing lenders. Says this represents around a GBP21 million early repayment of its previous facilities. Extends debt facilities for two years, with the maturity on the term loan extending to April 2028 and until March 2027 for the RCF. Says it continues to have a strong liquidity position with over GBP140 million in cash headroom. Says its net leverage covenant for the next financial year is 5.0 times for the June 2023 covenant test, up from a previous position of 4.5x, and 4.75x for the December 2023 covenant test, up from 4.0x.

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By Greg Rosenvinge, Alliance News reporter

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