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*as at close of business 26 October 2018
Standard List** of Main Market:
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*A corporate client of Hybridan LLP
** Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity
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Hargreaves Services, a diversified group delivering services to the industrial and property sectors, will hold its AGM later this morning. At the AGM, the Group's Chairman, Roger McDowell, will make the following statement:
"The Board is pleased to announce that trading is in line with revised expectations following the announcement that one of its customers, Wolf Minerals (UK) Limited, has ceased trading and the completion of the sale of Brockwell Energy Limited.
"Net funds of £15m received from the sale of Brockwell have been applied to reduce short term overdraft borrowings.
"As previously announced, Peter Jones, a NED, has decided to step down from the Board following today's AGM. I would like to thank Peter for his services and wish him well for the future. The recruitment of a further NED is under consideration.
"The Board expects to provide a further trading update in early Dec 2018, prior to the announcement of the Group's interim results on 30 Jan 2019."
Tracsis, a leading provider of software and services for the traffic data and transportation industry, announced that it has secured a significant order for data hosting services and software licences with a major rail client. The order is predominantly a renewal and extension of existing arrangements, over a two year period with a value in excess of £2m.
The Directors are keen to stress that this win does not change current year financial forecasts but is a further positive step forward in the Group's evolution towards delivering larger technology deals and cementing its position as a valued supplier within the UK rail industry.
Ten Lifestyle Group, a leading technology-enabled lifestyle and travel platform for the world's wealthy and mass affluent, announced that it has signed an improved contract with an existing client in The Americas which includes a significant increase in member requests and development of platform customisation. The additional revenue will grow the existing Large contract into Ten's first Extra Large contract, commencing on 1 Oct 2018.
Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as follows:
Small contracts (below £0.25m);
Medium contracts (between £0.25m and £2m);
Large contracts (over £2m); and
Extra Large contracts (over £5m).
This does not include the revenue generated from suppliers through the provision of concierge services.
LMS Capital (LON:LMS) 49.25p £39.76m
LMS Capital issued the following update covering the period from 1 July 2018 to date.
The Company's unaudited NAV at 30 Sept 2018 was £63.1m (30 Jun 2018: £63.8m), equivalent to 78.1p per share (30 June 2018: 79.0p). The most significant movements in the quarter were:
The investment portfolio showed a net unrealised loss in the quarter of £0.4m after including unrealised exchange gains of £0.5m. The loss was due principally to changes in the prices of quoted securities.
Reductions in the value of the Company's holdings in IDE Group and Weatherford, of £0.8m and £0.2m respectively, were in part offset by an increase of £0.4m in the value of its holding in Gresham House plc.
Other net movements in the portfolio amounted to a reduction of £0.3m
Other net changes, including operating costs for the quarter amounted to a £0.3m reduction
As reported in the Company's interim results, following cash realisations in the first six months of the year the Company has re-started its investment activities and is well positioned to take advantage of a pipeline of investment opportunities. The Company had cash balances of £13m at 30 Sept 2018.
Aura Energy Limited (LON:AURA) 1.05p £11.26m
Aura Energy advised that the Tiris Definitive Feasibility Study (DFS) is progressing well with all major work targeted for completion by year end. The DFS is in full progress on a number of fronts, following a period of constrained activity due to previous weakness in the uranium price.
The Tiris Uranium Project (100%) is a near-term development project with production expected in 2020. It has a 17 million pounds U3O8 resource in the Measured and Indicated category $45m capital cost and $19.40/ lb operating cost from the 2014 Tiris Scoping Study.
The major recent DFS activities are;
Completion of a major bulk sampling exercise in the Sahara Desert site
Significant metallurgical test work initiated in both Australia and South Africa
Development of the final process flowsheet
Mincore Engineering engaged as overall Project Engineer
Simulus Engineering engaged for Leach Plant Engineering
Adelaide Control Engineering (ACE) engaged for u3o8 recovery and packaging
Optimisation of the water usage given the project location
Sunrise Resources (LON:SRES) 0.18p £3.53m
Sunrise Resources, the Company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, provided the following project update:
Commercial trials completed for bulk samples:
2 tons of raw perlite successfully expanded in commercial production furnace to produce horticultural grade perlite suitable for the cannabis industry.
100 tons of pozzolan ground in commercial scale production mill and tested positive for compliance with ASTM C618 standard for natural pozzolan.
Initial three phase, 15-year mine plan completed.
Perlite and pozzolan process options include low capex alternatives.
Positive market developments:
Demand for natural pozzolan expected to increase as fly ash shortages continue to build.
Horticultural grade perlite market stimulated by increasing legalisation of cannabis.
Permitting timeline reviewed following regulator's procedural changes - estimated completion (mine ready) during third quarter 2019.
Quadrise (LON:QFI) 2.29p £19.79m
Quadrise announced the extension of the existing MOU with YTL PowerSeraya Pte Limited ("YTLPS") for a further 12 months.
YTLPS is one of Singapore's leading energy companies and in 2005 converted 750MWe of thermal boiler generation capacity on Jurong Island to flexible multi-fuel operation, including the ability for the multi-fuel operation to use up to 1.8 million tons per annum of oil-in-water emulsion fuel.
The extension of the MOU capitalises on Quadrise's comprehensive knowledge of oil refining, emulsion fuel production, logistics and combustion and will see YTLPS continue to contribute their extensive energy trading, logistics, project management and power generation experience to seek to progress an MSAR® supply project for YTLPS. Should the investigation pursuant to the MOU lead to the joint confirmation of viable Quadrise MSAR fuel supply opportunities, YTLPS and the Company intend to progress to a commercial phase in which MSAR® fuel is used in Singapore on thermal boilers on a competitive basis.
Randall & Quilter Investment (LON:RQIH) 185p £231.8m
Randall & Quilter Investment, announced the issuance of a facultative reinsurance certificate to a large US P&C carrier. The collateralized reinsurance policy was written from a cell within R&Q's wholly owned subsidiary, R&Q Quest Insurance Limited.
The underlying liabilities covered by the reinsurance relate to the deductibles of workers' compensation policies issued between 2013 and 2016 to a US corporate. This policy allowed the carrier to commute the deductible coverage with the corporate, therefore providing full finality to the corporate while remaining fully collateralized.
"We are pleased to complete another facultative reinsurance with a large US carrier. This transaction is yet another example of R&Q's innovative structures which allowed the carrier to provide full finality to its client through a partnership with R&Q."