In QuotedData’s morning briefing 10 February 2025:
- Baker Steel Resources Trust (BSRT) has published a portfolio update and its NAV as at 31 January 2025 (89.1p per share), a decrease of 0.6% from the last published NAV at 31 December 2024, largely due to falls in the share prices of Tungsten West Plc and Metals Exploration plc on the AIM market of the London Stock Exchange. BSRT says that on 16 January 2025 Metals Ex reported in its quarterly update that it had produced 83,897 ounces of gold from its Runruno gold mine in the Philippines during 2024, generating record annual positive free cash flow of US$96.7m. This allowed it to pay down the remainder of its debt and to buy back all the shares of its second largest shareholder during the year. Metals Ex has forecast production for 2025 of 70,000 – 75,000 ounces of gold at an All-In-Sustaining-Cost of between US$1,225 and US$1,325 per ounce of gold. Metals Ex also announced it has identified an exploration target called Dupax located approximately 20km southwest of the Runruno mine site. With the potential for 10Mt to 20Mt of ore, this could extend Runruno operations by several years beyond the currently modelled depletion of the existing Runruno mine in 2027. On 15 January 2025, Metals Ex completed the acquisition of Condor Gold plc, whose main project is the La India gold project in Nicaragua. Metals Ex’s internal studies have suggested that La India could produce 145,000 ounces of gold from open pit and underground over a 12.4 year period. Initial capex of US$122 million can be covered by projected cashflows from Runruno with first production targeted by the end of 2026. The internal studies have estimated an NPV (6%) of US$882 million and an IRR of 54% using a gold price of US$2,500 per ounce. On 14 January 2025 Caledonia Mining announced gold production of 19,841 ounces for the last quarter 2024 and a total of 76,656 ounces for the year ended 31 December 2024 from its Blanket Mine in Zimbabwe. This was in line with Caledonia’s forecast for the year. In addition, Caledonia provided production guidance of 73,500 to 77,500 ounces gold for 2025. Caledonia has achieved steady state production at Blanket at around 75,000 ounces per annum over the past two years. Its next growth is due to come from the Bilboes gold project with a projected annual production of 170,000 ounces per annum. The updated feasibility study on Bilboes is due to be completed by the end of the first quarter 2025. The company holds a 1% net smelter royalty on all future production from the Bilboes project.
- On 6 February 2025, Mr Neil Rogan, a director of Baillie Gifford UK Growth Trust (BGUK), purchased 13,128 BGUK shares at 195.9p per share and 20,335 shares at the same price, implying a total investment of £65,554.
- SVM UK Emerging (SVM) has published a circular in relation to its proposals for a managed wind down that were announced on 23 January 2025 (click here to see our coverage of that). This follows a strategic review by the board in advance of a continuation vote that was scheduled for September this year. Assuming shareholders approve the proposals, the first cash distribution is expected on or before 4 April 2025.
- BH Macro (BHMG/BHMU) has issued a reminder to shareholders that it has suspended the ability for shareholders to convert shares from one class to another class for the duration of the class closure resolution process which was triggered on 28 January 2025 (click here to see our coverage of this), starting with and including the January 2025 conversion date.
- On 6 February 2025, Knossington Holdings Company, a private company controlled by Mr William Wyatt – a director of Caledonia Investments (CLDN) – and persons connected with him, purchased 135 shares in Caledonia, representing 0.00025% of CLDN’s issued ordinary share capital, from a member of the Cayzer family concert party. The shares were purchased at 3,800p per share. The transaction was conducted off-market in London and increased Mr Wyatt’s beneficial holdings in CLDN.
- Keystone Positive Change (KPC) has announced that its second general meeting, that was scheduled to be held on Friday 7 February in connection with its proposed scheme of reconstruction, was formally adjourned. On 13 January 2025, KPC’s board announced its intention to adjourn the scheme meetings in the light of the Saba proposals considered, and ultimately rejected, by shareholders at the requisitioned general meeting held on 3 February 2025. KPC’s board says that, following the requisitioned general meeting, it has immediately refocused its efforts on delivering the scheme proposals announced prior to the requisition. KPC’s board says that, to give effect to the scheme, both the ordinary shareholders’ class meeting and the first general meeting are required to be held prior to the second general meeting and, as both of those meetings were formally adjourned on 27 January 2025 pending the outcome of the requisitioned general meeting, an adjournment of the second general meeting is also necessary. The second general meeting now stands adjourned to such day, time and place (and/or electronic platform) as the board may determine. The board says that it is continuing to re-engage with stakeholders with a view to re-scheduling adjourned meetings for shareholders to vote on the scheme as soon as practicable. It adds that, should this be the case, a revised timetable will be announced setting out (among other things) dates for the meetings and extended deadlines for shareholders to submit proxy votes. Shareholders will be notified at least seven clear days prior to any meetings.
- Life Science REIT (LABS) has let 17,200 sq ft at Building 1020 at its Cambourne Park Science & Technology Campus in Cambridge, to 42 Technology Limited, a product design and innovation consultancy that delivers specialist technical solutions in the Healthcare & Life Sciences, Industrial and Consumer sectors. The company, which is upsizing from its existing premises elsewhere in Cambridgeshire, has signed a 10-year lease, and is paying a rent of £25.50 per sq ft, ahead of the June 2024 ERV. It is taking vacant office space, which it intends to partially convert to laboratory space. Including the recently announced letting to Pro Cam UK Limited, occupancy at Cambourne Park has increased to 83% from 76%. Meanwhile, 68% of contracted rent at Cambourne Park is now generated by life sciences occupiers.
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