TRADING UPDATES: Informa completes placing; Orosur Mining fund raise
The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Orosur Mining Inc - South America-focused minerals explorer and developer - Raises CAD16 million from a private placement at CAD0.32 per unit, around £0.17. This includes CAD2 million through the full exercise of the agent's option. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of USD0.32, around £0.24, for a period of 24 months following closing of the offer. Orosur intends to use the proceeds, which should fund it into late 2027, principally to advance the Anza exploration project in Colombia as well as for general working capital and corporate purposes. Red Cloud Securities Inc acted as sole agent and bookrunner.
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Informa Group PLC - London-based business information and exhibitions group - Raises £940 million via a placing with existing institutional shareholders and other investors at 860 pence. In addition, retail investors subscribed for 1.0 million shares and eligible directors/executive management subscribed for 183,425 shares. In total the placing, retail offer and subscription comprise 8.7% of Informa's share capital. Proceeds will part-fund the £2.24 billion acquisition of Clarion Events, announced earlier Tuesday. "It is great to see such a positive response to today's news. The interest in our shares reflects strong investor support for the acquisition of Clarion and the decision to focus Informa as a leading international B2B business," says Chief Executive Stephen Carter.
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Edinburgh Investment Trust PLC - Edinburgh-based investment trust - Announces that, with effect from October 6, a new £25 million multi-currency revolving credit facility has been agreed with the Industrial and Commercial Bank of China Ltd, London Branch. The facility's maturity date is October 5, 2027. Edinburgh IT says the facility provides an additional flexible source of gearing alongside its four existing unsecured senior loan notes, which have an aggregate par value of £120 million and a blended average of 21 years to maturity. At September 30, the portfolio's net gearing was 10.1% (with debt at par) and net gearing (with debt at fair value) was 4.5%. If fully drawn, the facility would represent an additional 2.4% of gearing at par and 2.3% at fair value.
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Pennpetro Energy PLC - London-based developer of energy projects in Ukraine, US and Canada -Announces that the High Court has on Tuesday handed down judgement on the company's application to strike out, or alternatively seek summary judgement on, the claim brought against it by Peter Ola Blomqvist. Blomqvist claims entitlement to 41.7 million shares in the company and £12 million in damages in claims brought against the company and four other defendants. Pennpetro says the court has found that it is entitled to an order striking out Blomqvist's claim against it relating to rectification of the share register under section 125 of the Companies Act 2006, his claim that the company failed to give effect to his alleged entitlement to an increased shareholding and miscellaneous further claims, including allegations of fraud. The court also formally dismissed Blomqvist's application seeking to prevent the company's AGM from proceeding. The court has allowed Blomqvist a further limited opportunity to prepare a draft amendment to his pleading in relation to his alleged option claim for 6.25 million shares in the company and has adjourned the company's strike out summary judgement application on that basis only. Pennpetro intends to seek its costs. "The case has come at substantial costs to the company through legal expenses and our position has been clear that the claims against the company were without merit. We are pleased with this outcome, which substantially reduces the distraction on management time," company says.
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Afentra PLC - Africa-focused oil and gas explorer and producer with interests onshore and offshore Angola - Announces the publication of the executive decree for Block 3/05 by the Angolan Ministry of Mineral Resources, Petroleum and Gas for the previously announced acquisition from Etu Energias SA of additional interests in Blocks 3/05 and 3/05A, offshore Angola. Afentra now awaits publication of the corresponding decree for Block 3/05A, following which the parties will proceed with the novation process and the remaining customary completion steps. Chief Executive Paul McDade says: "We are pleased to receive the Block 3/05 approval. Receipt of the corresponding approval for Block 3/05A will allow us to progress the Etu Acquisition towards completion. Once completed, this transaction will further consolidate Afentra's position in Blocks 3/05 and 3/05A and increase our exposure to the ongoing drilling and redevelopment programme. We look forward to completing the remaining steps with Etu, Sonangol and M&P."
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Kazera Global PLC - London-based mining investor, focused on early-stage assets in South Africa and Namibia - Announces that it has now received the subscription funds in respect of the additional direct subscription announced in September. Kazera says it has received proceeds of £221,962.44 pursuant to the additional subscription and has allotted 11.1 million shares at an issue price of 2.0 pence per share. Chief Executive Paul Dulieu comments: "I'm very pleased that the additional subscription has now completed. The fact that the Angolan investors have remained committed to subscribing on the original terms, at a significant premium to the current market price, reflects the confidence that both they and the board have in the underlying value of the group and the opportunities ahead."
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Home REIT PLC - London-based investor in the UK social housing sector - Notes that on October 1 Harcus Parker Ltd announced that they have issued High Court proceedings against the company and certain other parties. Home REIT points out neither the claim form relating to the claim or any particulars of claim have been served on the company by Harcus Parker. However, Home REIT notes a claim form issued at the High Court has been brought against it, certain of its former directors, its former investment adviser, former alternative investment fund manager and other third parties. Home REIT notes the claim form states that the claimants bring various claims against the company and other parties, including against the company for compensation under the Financial Services and Markets Act 2000. The claim form states the claim is valued by the claimants as "above £100,000" and "in excess of £10 million", plus interest and costs, but no further information on the quantum of the claim has been provided with the claim form. Home REIT says it cannot comment any further as the claim has not yet been served or fully particularised. In April, Home REIT issued a comprehensive response to a pre-action letter of claim received from Harcus Parker.
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