Brewer Shepherd Neame (SHEP) edged up its interim profit helped by a strong performance from tenanted pubs and lower interest charges. In the six months to end December 2019, revenues were 3% higher at £79m, while underlying pre-tax profit improved 5% to £6.2m. Cost pressures held back the performance of the managed pubs. There was a fall in profit contribution from brewing. Net debt was £84m at the end of 2019. The interim dividend was increased by 2% to 6p a share. Brewing volumes have increased since the period end and like-for-like pub revenues continue to grow, although the rate is slower for managed pubs.
Altona Energy (ANR) is raising up to £400,000 through an open offer to existing shareholders at 6.5p a share. That is a one-third discount to the previous mid-price. The cash is required to acquire a new petroleum exploration licence application in South Australia and the maximum will provide 12 months working capital. This will enable assessment of an in-situ gasification project. There is also the potential for wind and solar projects in the area. There was an overdraft of £96,000 at the end of June 2019. The latest time for acceptance is 31 March.
European Lithium (EUR) reported a dip in interim income in 2019 from $23,817 to $3,365, while the loss was flat at $2.3m. There was $32,000 in cash at the end of 2019. There are convertible notes valued at $1.1m, some of which have been subsequently converted, but more have been issued.
KR1 (KR1) has been hit by weak Bitcoin and other cryptocurrency prices, but it had already banked some of its profit. The value of the remaining portfolio has dropped sharply. There will be an update shortly.
Rutherford Health (RUTH) has requested a subscription of £9.64m at 176p a share under the Woodford Commitment at the time of the company’s flotation. LF Equity Income Fund, formerly LF Woodford Equity Income Fund, will own 28.8% of the proton beam therapy company. This is the final subscription under the agreement.
Former investment banker Dr Keith Harris has been appointed as executive chairman of SAPO (SAPO) and Selwyn Lewis is joining the board as an executive director.
Fuel emulsification company SulNOx Group (SNOX) has filed an international patent application for its technology. It has already filed for the patent in the UK. The technology can be used for many fuels but the focus is diesel and heavy fuel oil.
Cannabis investment company World High Life (LIFE) has raised £2.36m from two issues of convertible loan notes with a 10% coupon. The conversion price is 100p a share.
Trading in First Sentinel 7% bonds, February 2023, First Sentinel preference shares and EPE Special Opportunities 7.5% unsecured loan stock, 2022 has been suspended because of the market maker temporarily withdrawing from market-making activities.
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