(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Arrow Exploration Corp - Calgary, Canada-based oil exploration firm - Reports net income in the three months to March 31 rises to USD3.2 million from USD3.0 million a year prior. Basic net income per share is unchanged at 0.01 US cents. Chief Executive Marshall Abbott says: "Arrow experienced its strongest quarter to date for production and [earnings before interest, tax, depreciation and amortisation]," in the first quarter. Arrow notes the wells drilled at the Carrizales Norte discovery explored the extent of the C7 and Ubaque reservoir and gathered further data for the horizontal drilling program. Horizontal wells have been determined as the best way to develop the Ubaque reservoir and are expected to thrust Arrow to the next level for production and stability, Arrow remarks. "Management remains confident in the Arrow team to execute on the planned exploitation campaign pursuing our opportunity rich portfolio and getting shareholder value to the next level," Abbott adds.

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PCI-PAL PLC - London-based cloud payment and data protection solutions provider - Confirms payment has been received for GBP1.1 million relating to interim costs of recent successful court action. Says Sycurio agrees to pay a further GBP0.2 million for the costs of the appeal process. Still considering its options regarding the remaining element of costs. Explains the case in the US continues as expected, with the trial scheduled for February 2025. Feels that the UK outcome has provided further strong validation for PCI Pal's position.

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Alien Metals Ltd - Australia-focused minerals exploration and development company - Raises GBP630,000 though a placing at 0.135 pence per share. Proceeds will be principally used to advance the company's iron ore project, silver and precious metals project in Western Australia and for general working capital purposes. Names CMC Markets, which acted as the sole placing agent, as joint broker. Also updates on Hancock iron ore project. Here, says work continues to advance the project towards obtaining all mining approvals necessary to secure funding and ultimately moving towards development and construction. Actively progressing strategic project funding options, including possible funding by way of joint venture and or debt funding. At Pinderi Hills, says field work has commenced on site, with geochemical surveys planned.

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AVI Japan Opportunity Trust PLC - investor in small-cap Japanese equities - Says portfolio company, NC Holdings Co Ltd receives a tender offer bid aimed at privatising the company. AVI says it has agreed to sell its 19.3% stake into the tender offer. Notes the tender offer price represents a 46% premium to the closing price on Monday.

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Costain Group PLC - Maidenhead, England-based construction and engineering company - Says selected by United Utilities PLC as one of seven partners that will deliver its new strategic investment programme. The programme, which expands the relationship between Costain and United Utilities, is expected to see the seven partners deliver GBP3 billion of projects during the 2025-2030 Asset Management Period 8 period. The agreement also offers the potential for a further five-year extension.

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Zinnwald Lithium PLC - High Wycombe, England-based, Germany-focused lithium development company - Notes the Cabinet of the State of Saxony instructs the Minister of Economic Affairs, Martin Dulig, to conclude administrative agreements with the German Federal Ministry of Economics for two battery-chain projects in Saxony, one of which being the Zinnwald Lithium Project. Explains the agreements are to provide grant funding support for the project by the State of Saxony in conjunction with the Federal Government. Zinnwald Chief Executive Anton du Plessis, comments: "We are delighted by this strong expression of support from the Government of the State of Saxony for the Zinnwald Project. Whilst there are no guarantees whether and how much grant funding the Project may eventually receive, this is a further indication of the importance being placed on encouraging domestic sources of supply of critical raw minerals in Germany and the EU."

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Tasty PLC - London-based casual dining restaurant operator - Announces that the restructuring plan outlined in April has been sanctioned by the Court following the sanction hearing held Tuesday. This allows for a return to profitability and secures its long-term future. Expects significant earnings before interest, tax, depreciation and amortisation improvement of up to GBP2.1 million between financial 2023 and 2025 through site rationalisations and other tangible cost savings. These include head office savings of GBP0.6 million per annum and expected lease savings from exited sites in financial 2024 of GBP2.1 million. Forecasts financial 2024 Ebitda of GBP0.3 million, revenue of GBP33.4 million and cash generation of GBP1.3 million.

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Visum Technologies PLC - London-based provider of video technology for the leisure sector - Enters exclusive non-binding heads of terms for a licence agreement with Makeabl Ltd, a company based in the Hong Kong. Makeabl will grant Visum the exclusive software licensing rights of its technology for the North American and European markets. Visum aims to complete the proposed agreement on or before June 30. Exclusivity has been granted until December 3.

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Honye Financial Services Ltd - Cayman Islands-based company seeking acquisitions in financial services and financial technology - Pretax loss in the six months to end January narrows to GBP118,227 from GBP128,050. No revenue disclosed. In March, signs loan agreement for GBP275,000 with Tang Investment No 1 Ltd. Also expects Tang to make a material investment in the company. But to date, says no funds received. To ensure sufficient operating capital, the company seeks alternative funding solutions and will promptly announce any developments.

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IQGeo Group PLC - Cambridge, England-based provider of geospatial productivity and collaboration software for the telecoms and utility industries - On Monday, says bid by Kohlberg Kravis Roberts & Co LP has received either irrevocable undertakings or non-binding letters of intent in relation to just under 56% of IQGeo shares.

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88 Energy Ltd - Alaska-focused oil exploration company - Issues maiden internal prospective resource estimate for Project Leonis. Notes total estimated net mean prospective resource of 381 million barrels of oil.

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Voyager Life PLC - Perth, Scotland-based manufacturer, supplier and retailer of cannabis health and wellness products - Says new potential European merger partner withdraws as largest external shareholder objects. As a result, financial position is now considerably constrained. Voyager says it requires refinancing in the near term, and the Board will commence discussions with shareholders and prospective investors immediately. Also plans review of its existing business. On trading, reports winning a substantial new customer for its manufacturing division. Arrangements with this customer are still being finalised, but outline terms are a preliminary order in June for at least six product lines with an initial order value of up to GBP30,000 and thereafter further orders to meet demand. Also explores a "reinvigoration" of its e-commerce strategy.

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Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and electric hybrid systems - completes its follow-on order from DB Bahnbau Gruppe GmbH, a subsidiary of Deutsche Bahn AG. Accordingly, delivers a complete hydrogen fuel cell emergency power system, which has now passed the site acceptance test, customer handover, and serial and operational approval.

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Centrica PLC - Windsor, England-based owner of British Gas - Announces tender offer for its GBP770 million, 7.00% notes due 2033.

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Zenith Energy Ltd - Aberdeen-based oil and gas company with assets in Africa and Italy - Provides update regarding the ongoing ICC arbitration against the Republic of Tunisia and the ICSID arbitration against the Republic of Tunisia. Appoints Gibson, Dunn & Crutcher LLP to act as counsel in their claims against the Republic of Tunisia.

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Aukett Swanke Group PLC - London-based architectural and interior design services provider - Since April, reports further delays to start dates for some confirmed contracts. Additionally, some large prospects the group expected to secure and start in the second half have yet to be secured. Consequently, the board is more cautious in the outcome for the current financial year, which ends on September 30.

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Chill Brands Group PLC - Colorado, US-based provider of tobacco-alternative products - Following general meeting Tuesday, confirms Aditya Chathli is appointed as non-executive chair. Antonio Russo and Trevor Taylor cease to be directors of the company with immediate effect. Further, reinstates Callum Sommerton as chief executive officer after investigation into allegations of the use of inside information. This comes as a preliminary view from Fieldfisher LLP says that the allegations will not be evidenced to a sufficient degree.

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By Jeremy Cutler, Alliance News reporter

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