TRADING UPDATES: Trellus enters administration; Gore Street Saba votes
The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and Friday and not separately reported by Alliance News:
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Amigo Resources PLC - London-based natural resources company - Signs memorandum of understanding with the State Mining Corporation of Tanzania The MOU establishes a strategic collaboration framework to evaluate a significant graphite tailings recovery and beneficiation project within the project areas in Tanzania, Amigo says. The state body has granted Amigo exclusivity regarding third-party discussions for the term of the MOU. Says this provides time to negotiate definitive long-form agreements. Works to includes evaluation of graphite-bearing tailings, dumps, and stockpiles "to optimise resource efficiency and promote value-addition within Tanzania," as well as a comprehensive technical due diligence programme, including sampling, metallurgical testing, and independent laboratory analysis. STAMICO will coordinate engagement with Tanzanian government institutions and local artisanal mining communities. "The potential significance of the Project extends beyond graphite recovery; if successful, it could improve the productive use and management of historical mining residues while creating an additional income opportunity for eligible local miners and material owners. Our approach combines resource efficiency, local participation and Tanzanian value addition. We will now focus on verifying the quantity, grade, mineralogy and metallurgical characteristics of the available material before determining whether the Project can progress to a definitive development agreement," says Executive Chair Craig Ransley.
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B Hodl PLC - Douglas, Isle of Man-based company focused on bitcoin accumulation - To buy back up to £100,000 worth of shares under its existing authorisation to repurchase up to 10% of its share capital. "The company will continue to run in tandem the At-the-Market equity offering programme announced on February 4 2026. Together, these mechanisms are designed to optimise capital allocation and enhance sats per share for shareholders," B Hodl says.
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Gore Street Energy Storage Fund PLC - invests in utility-scale battery energy storage systems - Comments on the requisition notice submitted on behalf of Saba Capital Management LP adding two resolutions to be voted on at its upcoming annual general meeting. Advises shareholders of the need to resubmit proxy votes if they have already been submitted and vote on the Saba resolutions, which the board unanimously recommends voting against. Saba holds an 18% stake in Gore Street. Chair Angus Lennox says: "We are concerned about the future of the company and the value-destructive impact should the Saba resolutions pass. The refreshed board, in undertaking its comprehensive review earlier this year, prior to establishing the updated strategy, considered all options for the company's portfolio including a wind-down, but assessed a whole portfolio sale to be highly challenging in current market conditions, and therefore not the best route to maximising shareholder value. Instead, the board outlined a clear plan to augment the portfolio, alongside selective asset sales and distributions to shareholders to reward them for their patience while this took place, with clear and strict key performance indicators in place to measure the investment manager's progress and ensure alignment. We therefore urge shareholders to vote against the Saba resolutions as we believe they risk value destruction and would disrupt the asset sales that are already underway as part of the company's updated strategy."
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Gore Street on Thursday announces the sale of two Irish assets, Kilmannock and Mucklagh, to GS EU Fund SCSp, a client of and managed by Gore Street Investment Management. "These disposals are in line with the refreshed board's updated strategy, as announced on March 17, and mark the start of the sales process and augmentation processes set out in the Spring," company says. "While the exact value of the transaction cannot be disclosed due to commercial sensitivity, the company can confirm that it achieved no less than the values ascribed for these assets in the most recently published NAV," it adds. For 2026 and 2027, targets £25 million of gross proceeds from disposals, around 100 megawatt hours of augmentation/buildout, and a commitment to 7 pence per share in distributions, or 1.75 pence per quarter.
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Trellus Health PLC - London-based healthcare company - Says it has insufficient funds to continue trading as a going concern and files a notice of intention to appoint Paul Zalkin and Tom Parish of Quantuma Advisory Ltd as administrators. "The board has resolved to take this action to protect the interests of creditors." It continues to seek a buyer for certain assets, including US subsidiary Trellus Health Inc. "The board expects, should any sale be successfully concluded, that there will be no returns to the company's shareholders," it says. Shares have been suspended since May.
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Churchill China PLC - Stoke-on-Trent, England-based ceramics manufacturer - Chief Financial Officer Michael Cunningham to step down after three years following a transition through early 2027. Begins to process to identify his successor.
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Rockfire Resources PLC - London-based mining firm targeting metals and critical minerals, with assets in Australia and Greece - Says it now expects 1.9 million shares, worth £2.1 million before expenses, to be admitted following its fundraise. It had previously expected 2.0 million shares to be admitted. All other terms remain unchanged. The remaining 40.9 million shares, worth £45,000 before expenses, will be admitted on or around September 7.
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Galileo Resources PLC - copper, gold and lithium mine developer in Zambia, Zimbabwe and Botswana - Updates on the small-scale mining licences 34543/HQ/SML and 34545/HQ/SML forming the Luansobe Copper Project. Galileo's 75% interest in Luansobe is held through a JV Agreement with Statunga Investments Ltd. Says the partners "continue to maintain their legal position regarding the ownership of the licenses and continue to pursue the matter through all possible legal avenues." Says they are "in dialogue with key stakeholders in order to arrive at an amicable solution." In July, said the mining numbers no longer appear on the Zambian Mining Cadastre portal. The partners then lodged a formal complaint with authorities.
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Wildcat Gold PLC - London-based oil and gas company active in Sudan - Technical advisor Madani Diallo is appointed executive director. Chief Executive Mandhir Singh says: "With gold prices back on the rise and heading back to their all-time highs, the company is determined to get its initial gold processing plant operational ASAP. To this end Dr Diallo's input will be crucial to achieving this objective" Past experience includes developing and running multi-million-ounce gold mines across Africa, Wildcat says, adding: "This practical experience will be utilized by Wildcat as the company endeavours to get its first gold processing plant operational."
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Kropz PLC - Africa-focused phosphate producer and developer - ZAR80 million second drawdown is made under the ZAR200 million, around USD12.3 million bridge loan facility from Kropz Elandsfontein Pty Ltd and Ubunto-Botho Investments Pty Ltd. ZAR 20 million remains available.
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Guaranty Trust Holding Co PLC - Lagos, Nigeria-based banking franchise - Financial statement for the half year to June 30 is approved by its board, but still lacks regulatory approval. "In view of the foregoing, the company has requested an extension of time from the Nigerian Exchange Ltd to publish its HAFS and the NGX graciously approved the extension of time to publish the HAFS to September 30, 2026, subject to the receipt of the required regulatory approval. However, kindly be assured that if the approval is received earlier, the Company's HAFS would be released to the market earlier than the period approved by the NGX," comments.
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