Author: Fiona Craig

Greatland Resources Limited (LSE:GGP) has completed a major corporate restructuring, establishing itself as the new parent company of Greatland Gold plc through a UK Court-approved Scheme of Arrangement. As part of this transition, Greatland Resources is now listed on both the Australian Securities Exchange (ASX) and the London Stock Exchange’s AIM market, marking a significant step in the company’s strategic growth plan.

The restructuring included the delisting of Greatland Gold shares from AIM and the issuance of new shares under Greatland Resources, which now serves as the group’s main listed entity. This dual-listing is intended to broaden investor access and strengthen the company’s presence across key mining investment markets. The move supports Greatland’s goal of becoming a top-tier gold-copper producer in Australia, with the Havieron Feasibility Study scheduled for completion by the end of 2025.

While Greatland’s current financials reflect challenges, including high valuation concerns and limited income from operations, technical signals and recent corporate actions suggest a positive trajectory. Future growth potential is largely tied to the company’s ability to transition from exploration to full-scale production.

About Greatland Resources

Greatland Resources is a dual-listed mining company focused on gold and copper projects in Western Australia (ASX:GGP / AIM:GGP). Its flagship assets include the fully owned Telfer gold-copper mine and the adjacent Havieron development project, considered a world-class brownfield opportunity. Alongside these, the company maintains a broad exploration portfolio across the Paterson Province, positioning it for long-term production and resource growth.

Aferian plc (LSE:AFRN) has reported a robust financial performance for the first half of fiscal year 2025, highlighted by a 36% year-on-year revenue increase. This growth was primarily driven by the continued momentum of its Amino division, which focuses on connecting Pay TV services to streaming platforms.

The company expects to maintain profitability throughout the year and has projected a 20% rise in full-year revenues. In parallel, Aferian is actively working on refinancing its debt and streamlining costs to reinforce its balance sheet and enhance financial resilience.

About Aferian plc

Aferian plc is a business-to-business provider of video streaming solutions, offering end-to-end technology for both live and on-demand video content across multiple devices. Its two key subsidiaries, 24i and Amino, deliver tailored streaming services—24i creates personalized viewing experiences, while Amino bridges traditional Pay TV with modern streaming platforms. Listed on AIM, Aferian operates globally with offices across Europe, the Americas, and Asia.

Harvest Minerals Limited (LSE:HMI) has raised £300,000 through a new share placement to support its ongoing rare earths exploration activities at the Arapuá project in Brazil. In addition to bolstering general working capital, the funding will be directed toward accelerating drilling efforts and expanding research into the site’s titanium dioxide (TiO₂) potential.

This fresh capital injection is expected to strengthen Harvest’s operational capabilities and reinforce its strategic focus on developing Arapuá as a key asset, improving both its resource profile and broader market position.

About Harvest Minerals

Harvest Minerals Limited is listed on the AIM market and primarily engaged in the production of organic fertilizers. Alongside its core fertilizer operations, the company is actively pursuing rare earths exploration at its Arapuá project, with recent attention focused on evaluating TiO₂ mineralization as part of its broader resource development strategy.

Thruvision Group plc (LSE:THRU) has issued an update on its strategic review, revealing that it has formally ended its sale process after failing to receive a viable offer for the company’s share capital. The board is now evaluating alternative options, which include the potential sale of its operating subsidiaries or continuing independently with plans to secure additional financing.

Despite the uncertain strategic direction, recent trading has been encouraging, extending the company’s cash runway through to September 2025—dependent on the successful completion of key near-term sales. This performance has provided some breathing room, although the broader financial picture remains challenging.

Thruvision continues to face headwinds, including declining revenues and profitability concerns. Technical indicators suggest a bearish market trend, and the company’s negative price-to-earnings ratio further highlights valuation concerns. While recent developments such as new product introductions offer glimpses of progress, financial instability and unresolved strategic questions cast a cautious tone over the company’s near-term prospects.

About Thruvision Group plc

Thruvision Group plc is an internationally recognized provider of cutting-edge AI-powered walk-through security screening solutions. Its technology is deployed in over 30 countries by both public sector and commercial clients to facilitate fast and non-invasive screening of high volumes of individuals. The company is headquartered near Oxford, UK, with a key office located in the Washington, D.C. area.

Lombard Odier Asset Management (Europe) Limited has increased its holding in Ten Lifestyle Group PLC (LSE:TENG), raising its voting rights from 9.64% to 10.03%. This move gives Lombard Odier a more influential position within the company and could play a role in shaping future governance and shareholder relations.

The increase in stake highlights continued institutional interest in Ten Lifestyle Group, which has shown consistent financial performance and benefits from a series of strong corporate developments. Market sentiment around the stock is currently positive, with technical indicators showing upward momentum. However, traders may approach with caution as the stock appears overbought, and its high price-to-earnings ratio raises questions about potential overvaluation.

About Ten Lifestyle Group

Ten Lifestyle Group PLC specializes in high-end lifestyle and concierge services for wealthy individuals and corporate clients worldwide. The company operates globally, offering tailored solutions ranging from travel and dining arrangements to exclusive access to events and experiences, all designed to enhance client satisfaction and loyalty.

ITM Power (LSE:ITM) has been awarded a Front-End Engineering Design (FEED) contract for Uniper’s ambitious 120MW Humber H2ub® project, part of the UK government’s Hydrogen Allocation Round 2. Scheduled to go live by 2029, the project will deploy six of ITM’s 20MW POSEIDON electrolysis modules. This contract represents a major milestone in the UK’s push for industrial decarbonization and highlights ITM Power’s pivotal role in advancing large-scale green hydrogen infrastructure.

The agreement strengthens ITM’s position as a key player in the hydrogen economy and could bolster its influence within the sector. However, the company’s overall outlook remains complex. While it benefits from a strong pipeline of partnerships and new contracts, ongoing financial struggles continue to cloud investor sentiment. Technical indicators point to positive short-term trends, but weak financial fundamentals and valuation challenges present obstacles to sustained long-term growth.

ITM’s ability to capitalize on its strategic wins, such as the Uniper project, will be crucial in restoring confidence and unlocking its potential within the green energy transition.

About ITM Power

Founded in 2000 and publicly listed since 2004, ITM Power is headquartered in Sheffield, UK. The company is a pioneer in the production of green hydrogen, manufacturing electrolysers using proton exchange membrane (PEM) technology. ITM’s solutions enable the generation of hydrogen from water and renewable electricity, supporting the shift to cleaner, low-carbon energy systems.

Primary Health Properties PLC (LSE:PHP) has put forward an enhanced proposal to acquire Assura plc, offering a mix of cash and shares to purchase 100% of Assura’s share capital. The revised bid values Assura shares at 55.0 pence each, representing a notable premium over both previous offers and recent market valuations. This proposed merger is poised to establish one of the largest healthcare-focused real estate investment trusts (REITs) in the UK, promising shareholders improved earnings and longer-term growth prospects.

Assura’s board, with financial guidance from Lazard, has endorsed the revised offer, describing it as fair and reasonable. The recommendation reflects the strategic merits of the deal and PHP’s efforts to address previous concerns through collaborative discussions.

PHP’s financial position remains strong, supported by solid equity backing and zero net debt, providing a firm foundation for expansion. Technical analysis points to bullish momentum, although its elevated price-to-earnings ratio may suggest that the stock is trading above its intrinsic value. Nevertheless, the proposed merger and PHP’s track record of successful acquisitions bolster investor confidence. Recent earnings updates also highlight gains in rental income and effective asset management, though the company still faces some operational pressures.

About Primary Health Properties plc

Primary Health Properties PLC is a prominent REIT specializing in healthcare real estate. Its portfolio focuses on purpose-built primary care facilities, including general practitioner clinics and health centers across the UK and Ireland. PHP is dedicated to supporting modern, accessible healthcare services through high-quality property investments, aiming to deliver long-term value for shareholders while contributing to the healthcare infrastructure.

SDCL Efficiency Income Trust plc (LSE:SEIT) has reported a notable financial recovery in its annual results for the year ending 31 March 2025. The company posted a pre-tax profit of £70 million, marking a significant rebound from the previous year’s loss. While the net asset value (NAV) per share remained consistent, SEIT met its dividend distribution targets, maintaining a stable return for investors.

Despite this financial upswing and steady operational performance, the company’s share price continues to trade at a discount to its NAV. This discrepancy has led SEIT to explore strategies aimed at enhancing shareholder value. Management is prioritizing balance sheet optimization and is actively seeking ways to increase liquidity and reallocate capital efficiently in a difficult market environment.

Investor sentiment remains mixed. While the firm benefits from strong equity backing, robust cash flow generation, and consistent asset performance, concerns linger over income statement metrics and the stock’s valuation. Technical analysis reflects a cautious outlook, with a lack of upward momentum and a negative price-to-earnings ratio. Nevertheless, SEIT’s attractive dividend yield continues to draw interest from income-focused investors.

About SDCL Efficiency Income Trust plc

SDCL Efficiency Income Trust plc, part of the FTSE 250 index, is the UK’s first publicly listed investment company dedicated solely to energy efficiency. Its diversified portfolio spans the UK, North America, and Europe, featuring a mix of cogeneration systems, solar and energy storage projects, and energy recovery technologies. SEIT’s mission is to generate long-term shareholder returns through investments that reduce energy costs and carbon emissions, offering cleaner and more dependable energy solutions.

London’s FTSE 100 started Friday on a positive note, buoyed by a temporary easing in geopolitical tensions after U.S. President Donald Trump postponed a potential military strike on Iran. The uplift came despite disappointing economic data, with U.K. retail sales showing a steep decline for May.

By 07:13 GMT, the FTSE 100 index had climbed 0.4%, while the pound edged up 0.1% to trade above $1.34. Across the continent, Germany’s DAX gained 0.8%, and France’s CAC 40 advanced 0.6%.

Geopolitical Tensions Ease Slightly

According to the White House, President Trump will take up to two weeks to decide on whether to authorize a military response to recent escalations involving Iran. White House Press Secretary Karoline Leavitt said Trump’s decision is pending further developments, particularly around the prospect of renewed diplomatic talks.

UK Retail Sales Post Steep Decline

Retail spending in the U.K. took a hit in May, dropping by 2.7% month-on-month, according to data released by the Office for National Statistics. This drop followed a 1.3% increase in April and came in below analysts’ expectations. The decline was largely attributed to a slowdown in grocery purchases.

Government Borrowing Overshoots Forecasts

Public sector borrowing reached £17.69 billion in May—surpassing economists’ forecast of £17.1 billion. However, year-to-date borrowing remains £2.9 billion below estimates set by the Office for Budget Responsibility (OBR). The monthly budget deficit came in at £12.8 billion, just under the OBR’s £13.0 billion projection.

Berkeley Group Shares Sink on Weaker Results

Shares in Berkeley Group Holdings PLC (LSE:BKG) plunged more than 8% after the homebuilder reported a 5% fall in pre-tax profit to £528.9 million for fiscal year 2025. Forward sales also dropped significantly, down to £1.4 billion from £1.7 billion.

Despite achieving modest revenue growth to £2.49 billion and an increase in both operating and gross margins, the company’s results spooked investors. Operating profit stood at £500 million, with an operating margin of 20.1% and a gross margin of 26.6%. The company maintained its profit outlook through fiscal year 2027.

European stocks rose on Friday, bouncing back after three consecutive sessions of losses amid investor jitters over the conflict in the Middle East and the potential for U.S. involvement.

At 07:15 GMT, Germany’s DAX index gained 0.8%, France’s CAC 40 climbed 0.6%, and the U.K.’s FTSE 100 rose 0.4%. Despite the intraday gains, all three benchmark indices were set for weekly losses, with the DAX down nearly 2%, the CAC 40 off 1.7%, and the FTSE 100 0.7% lower as of Thursday’s close.

Trump Postpones Iran Decision by “Two Weeks”

Investor anxiety about the U.S. becoming involved in the Israel-Iran conflict dominated much of the week, especially after President Donald Trump hinted at the possibility of joining Israel’s air campaign.

Sentiment improved after Trump announced late Thursday that a decision on whether to launch a U.S. attack on Iran would be delayed by “two more weeks.” This announcement eased concerns that a strike was imminent, following numerous earlier reports suggesting such action could happen imminently.

Trump has previously used two-week deadlines for key decisions such as tariff negotiations, raising hopes that Tehran might be pressured into negotiations during the interim.

Dovish Central Banks

Earlier on Friday, China kept its benchmark lending rates steady, as widely expected. This followed a series of policy meetings by European central banks on Thursday, which all sent dovish signals.

Norway’s central bank cut rates for the first time since 2020, the Swiss National Bank lowered rates to zero without ruling out negative rates, and the Bank of England held its policy steady but acknowledged the need for further easing.

The potential for additional easing was underscored by U.K. retail sales, which recorded their sharpest decline since December 2023 in May, as consumer demand fell back after strong spending on food, summer apparel, and home improvements the prior month.

Retail sales volumes dropped 2.7% in May, according to the Office for National Statistics — a much steeper fall than the 0.5% decline economists had forecast.

Additionally, German producer prices declined by 1.2% year-on-year in May, in line with expectations.

Berkeley Changes Management

In corporate news, Berkeley Group (LSE:BKG) reported an increase in pretax profit for the year ending April 30 despite regulatory pressures and lower forward sales.

The homebuilder also announced that Chairman Michael Dobson will step down after the company’s AGM in September. CEO Rob Perrins is set to become executive chair, and CFO Richard Stearn will be appointed CEO.

Crude Slips on Trump Pause

Crude oil prices fell on Friday following President Trump’s decision to delay action on U.S. involvement in the Iran-Israel conflict, but prices remained on track for a third consecutive week of gains.

At 03:15 ET, Brent futures dropped 2.6% to $76.79 a barrel, while U.S. West Texas Intermediate crude fell 0.4% to $73.61 a barrel, with the U.S. market closed on Thursday for a holiday.

Both contracts were positioned for weekly gains exceeding 3%, as the ongoing conflict between Israel and Iran showed no signs of resolution, continuing to threaten crude supply from this key oil-producing region.