(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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BP Marsh & Partners PLC - London-based private equity investor in financial services businesses - Investee Nexus Underwriting Management Ltd, a specialty managing general agent, completed the acquisition of the Hiscox MGA Marine business from Hiscox Ltd. "This expert team provides yacht and marine trades insurance and will become an integral part of Millstream Underwriting Ltd, a Nexus Group company which specialises in consumer insurance," BP Marsh adds.
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Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Says it remains on track to have a fully operational LIGHT system with a 230 megaelectronvolts beam, which is the beam energy needed to treat patients, during 2021 and the firm currently expects this to be in the second half of 2021. "Actual treatment of patients, which is anticipated shortly after the LIGHT machine is fully operational, remains dependent on the company's clinical partner, University Hospital Birmingham NHS Trust," Advanced Oncotherapy adds. Chief Executive Nicolas Serandour says: "We have continued to make good progress with the set-up of our assembly site in Daresbury, a stepping stone in our plan for the commercial roll-out of LIGHT, and remain committed to our operational plan and key deliverables set out for 2021 despite Covid-19."
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Taseko Mines Ltd - Vancouver, Canada-headquartered mid-tier copper producer - Says it is "very pleased" with 2020 financial performance. Adjusted earnings before interest, taxes, depreciation and amortization for 2020 expected to be in the range of USD105 to USD110 million, up from USD51 million in 2019. Gibraltar project produced 123 million pounds of copper for the year and 2.3 million pounds of molybdenum. Looking ahead to 2021, expects copper production of about 125 million pounds from Gibraltar. President Stuart McDonald says: "Copper prices have continued to strengthen and many analysts are forecasting higher prices going forward, based on the strong demand environment, expected government stimulus programs and investments in renewable energy infrastructure, combined with ongoing mine supply challenges. The current copper price of approximately USD3.65 per pound is roughly USD0.80 per pound higher than the average price in 2020, and at current prices we would have generated around USD200 million of Adjusted Ebitda in 2020, so we are very optimistic about our financial outlook this year."
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Independent Oil & Gas PLC - gas production in UK southern North Sea - Says Phase 1 remains on schedule for first gas in the third quarter of 2021. Chief Executive Andrew Hockey adds: "This is set to be another breakthrough year for IOG, when we deliver our first production and revenue, paving the way for sustained value generation for shareholders. Having made real progress in 2020 in difficult conditions, we expect to complete fabrication of our Phase 1 platforms this quarter and start development drilling by early in the second quarter. We recently completed important steps towards achieving first gas in the third quarter including the LAPS tie-ins at Bacton and the offshore Blythe-Elgood pipelay campaign."
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Intuitive Investments Group PLC - closed-end investment company focussed on life sciences sector - Agrees pre-IPO investment of GBP1 million, by way of unsecured convertible loan notes, in Light Science Technologies Holdings Ltd. Light Science is currently preparing to apply for the admission to trading on AIM, Intuitive says, which is expected during the first half of 2021. Light Science was incorporated in January last year and has not undertaken any material trading, Intuitive adds. UK Circuits & Electronics Solutions Ltd, a company controlled by the shareholders of Light Science, is intended to be the primary component of the Light Science group on admission. Intuitive Investments only listed on London's AIM itself a few weeks ago, making Light Science its first investment.
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Power Metal Resources PLC - metal exploration and development company - Says initial geological core-logging at Kalahari Key Mineral Exploration Pty Ltd's Molopo Farms complex project in Botswana has identified 4.4 metres of ultramafic rocks with finely disseminated sulphides in angled holes 1 to 6 at about 270 metres vertical depth. Chief Executive Paul Johnson says this is a "potentially significant development". He adds: "We are now in the midst of an extensive technical review of the entire licence areas with a particular focus around the first two drill holes. This will further refine our present targets and generate new targets for the remainder of the drill programme." Power Metal currently has an 18% shareholding in Kalahari Key and has elected to earn in to a 40% direct interest in the project.
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Armadale Capital PLC - investment company focused on natural resource projects in Africa - Says phase one test work undertaken on natural flake graphite from its 100%-owned Mahenge graphite project in south-east Tanzania have determined Mahenge graphite to be suitable for use in lithium-ion batteries commonly used in the exponentially evolving energy and high-tech sectors including the rapidly growing electric vehicle battery market. Chair Nick Johansen says this is "very welcome news". He adds: "We are delighted to positively progress this testing collaboration with Australia's Commonwealth Scientific & Industrial Research Organisation world-class specialist battery team to confirm the Mahenge natural flake graphite as a premium quality product with the exceptionally high purity and characteristics necessary for the lithium-ion battery market."
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By Paul McGowan; paulmcgowan@alliancenews.com
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