MKANGO RESOURCES LTD. (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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Mkango Resources Ltd - Vancouver-based mineral exploration and development company - Receives GBP222,500 from CoTec Holdings Corp, timelines for finalising documentation regarding a convertible advance note are delayed. Mkango agrees to extend exclusivity period to December 23 from November 30.
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Nostrum Oil & Gas PLC - Amsterdam-based oil and gas company with operations in Kazakhstan - Produces less oil as oil selling price surges. In the nine months to September 30, daily average production falls 22% to 13,684 barrels of oil equivalent per day from 17,532 a year prior. Average sales decrease 10% to 12,780 boepd from 15,838. Average Brent price surges 51% to USD102.5 per barrel from USD67.9 a year ago. Expects nine-months revenue to be around 8.6% higher than a year ago at USD155 million compared to USD142.7 million. Further, Nostrum notes that it emitted 3,108 tonnes of air emissions in the nine months, considerably lower than 6,413 tonnes permitted under Kazakhstan law.
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Scottish Oriental Smaller Companies Trust PLC - Asia focused investment trust - Hikes dividend as net asset value at August 31 grows 9.4% to 1,382.93 pence from 1,264.54p a year prior. NAV total return stands at 10%, worse than 28% a year ago but outperforming its benchmark MSCI AC Asia ex Japan Small Cap Index, which returned negative 0.9% and positive 38% a year ago. Raises financial year total dividend by 22% to 14.0p per share from 11.5p a year prior. Notes that key markets were severely impacted by Covid, but notes that operations of holdings in India normalised fast. Looking forward, expects profitability at South Korean-based payment data information processor NHN KCP Corp to improve. Notes lockdowns in China, rising inflation, interest rates and weakening currencies. Says that it has a "more favourable hunting ground" than in the 1990s, when the economic environment in Asia was affected by concerns.
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Tern PLC - investor focused on the internet of things - Notes that Device Authority Ltd, in which it holds a 54% stake, completes a USD440,000 working capital funding in form of unsecured convertible loan notes. Tern subscribes for USD303,401 of the notes, around 69%.
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Tharisa PLC - Cyprus-headquartered platinum miner focusing on southern Africa - Says that subsidiary Karo Mining Holdings PLC, in which it holds a 70% stake, plans to raise USD50 million via listing on the Victoria Falls Stock Exchange. Tharisa says Karo aims to part fund the Karo platinum project in Zimbabwe via the funding. The companies expect the project to start production with first ore milled in July 2024. Tharisa notes that its other subsidiary Arxo Finance PLC commits to subscribe for USD10 million of the notes.
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By Tom Budszus; tombudszus@alliancenews.com
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