TRADING UPDATES: Kefi placing oversubscribed; Plexus gets new orders
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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Emmerson PLC - developer of the Khemisset potash mine in Morocco - Raises £750,000 via placing and subscription of shares at 2.0 pence each. In addition, plans to raise £100,000 via retail offer on the Winterflood Retail Access Platform at the same price. The retail offer may be increased depending on demand. Proceeds will primarily be used to cover the costs of remediation of the site of the Mine de Centre, a former salt mine situated in the previously held licence area in Morocco, and, to pay invoices for completed engineering work and supplementary consultancy work in preparation of the legal case.
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Kefi Gold and Copper PLC - gold and copper exploration and development company - Raises £34 million via an oversubscribed placing of shares at 1.2 pence each. Kefi says the placing received strong support from existing and new investors. The results of a £1 million retail offer are to be announced soon, Kefi adds. Executive Chair Harry Anagnostaras-Adams says: ‘This strong and oversubscribed equity raise, driven by significant institutional demand, is a clear endorsement of Kefi’s strategy and the quality of the Tulu Kapi project. The increased scale of the fundraising ensures that Tulu Kapi is now fully funded through development, replacing some higher cost capital and positioning us to move forward with confidence.’
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Plexus Holdings PLC - gas, oil and renewable energy projects focused on the UK & Netherlands - Receives £1.5 million of orders under previously announced framework agreement for rental wellhead services with a UK continental shelf operator. ‘Securing orders under this framework agreement and beginning to mobilise equipment for the UK offshore sector is a very welcome development after a prolonged period of uncertainty in the region. We look forward to supporting the operator on these with the operational excellence and technical support that Plexus is known for,’ says Chief Executive Officer Craig Hendrie.
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Taylor Maritime Ltd - Guernsey, England-registered dry bulk shipping investor - Intends a second return of capital of a minimum $30 million in the second quarter of 2026 by way of a partial compulsory redemption of ordinary shares. This follows a return of $143.4 million in February. Details, including the total redemption amount, redemption price, timetable and other terms will be included in the March 31 quarterly trading update, expected to be announced by the end of April. The second return will be made in addition to the planned regular quarterly dividend of 2.00 US cents per share for the period ending March. The board is considering the dividend policy for the next financial year and a further announcement will be made in due course. Chair Henry Strutt says: ‘After consideration, the board has decided that the most appropriate way forward is to continue with asset realisations; pursuing a managed strategy to maximise value for shareholders. Whilst the board and management team will seek to pursue this strategy in an efficient manner, the timing of disposals and subsequent returns of capital will be influenced by market conditions and commercial factors.’
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Arrow Exploration Corp - focused on Colombian oil assets - Provides drilling update. The Mateguafa 11 well has been drilled to a total measured depth of 11,455 feet and has encountered oil bearing sands in the C7 and C9 Carbonera formations. Management is planning to perforate these sands and initially produce from the C7. Expectations are that the well will be on production in the coming weeks. The M-11 well found the two zones structurally higher than any of the other Mateguafa Attic wells. The M-11 results have extended the Mateguafa Attic structure to the south where more development wells will be drilled in the future. Due to the continued success at Mateguafa, Arrow now plans to continue development on the Mateguafa Attic field with a horizontal well targeting the C9 formation. This is expected to spud by the end of March. Arrow says discussions continue on the Tapir license extension with regulatory authorities. Management believes these discussions are positive and beneficial to all parties and that the extension will ultimately be awarded to Arrow and its partner.
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Augmentum Fintech PLC - London-based investor in the European financial technology sector - Says document relating to the bid from Frontier Bidco Ltd, a new vehicle indirectly and wholly controlled by Verdane Fund Manager AB, the Stockholm-based firm which manages Verdane Freya XII Investments AB, has been published. A court meeting and general meeting to approve the bid have been scheduled for April 15. In February, Augmentum agreed the £185.7 million takeover offer. The all-cash deal values Augmentum at 111 pence per share.
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Ascent Resources PLC - oil and gas exploration and production with principal assets in Slovenia and the US - Together with American Helium LLC, its joint operating agreement partner, Ascent enters into a binding exclusive access and use licence agreement with Utah Brine Corp, a special purpose vehicle established by Neometals Ltd and its US partner Omaha Value Inc. This follows the option agreement announced last November. The licence grants UBC exclusive rights to access and utilise 26 existing inactive oil and gas wells, associated leases, infrastructure, transportation corridors, and related geological and operational data in the Paradox Basin, Utah. The primary focus is on brine sampling, technical test work, hydrogeological and metallurgical studies, and potential future extraction of lithium and potash from brines hosted in the basin. Neometals will issue to Ascent 4.9 million unlisted options, each exercisable at A$0.10 for one fully paid ordinary share in Neometals.
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