Corporate deleveraging and capital returns featured prominently today, with Pantheon Resources PLC fully repaying convertible bonds and OPG Power Ventures plc completing a significant 38% share buyback. Cornish Metals Inc. also moved to streamline its structure, ceasing AIM trading ahead of a UK re-domicile. In project news, Watkin Jones plc announced a £102 million student accommodation scheme and Ecora Resources PLC saw a positive outlook for its copper royalty following Fortescue's acquisition of Alta Copper. Conversely, Union Jack Oil PLC faced a setback by relinquishing its Biscathorpe licence, while Trafalgar Property Group PLC reported deepening losses despite increased turnover.
Residential property developer Trafalgar Property Group TRAF announced its interim results for the six months ending 30 September 2025, revealing a substantial increase in turnover to £715,000 compared to £600 in the prior year period. However, the company experienced a gross loss of £27,948 and an expanded pre-tax loss of £155,451. Development work at Talbot Park is progressing, with two detached properties expected to be ready for sale by April 2026.
Cornish Metals provided an update on its re-domicile plan, confirming the last day of trading for its shares on AIM. The mineral exploration and development company, focused on the South Crofty tin project, has received final court approval for the arrangement to transfer all shares to Cornish Metals in exchange for new shares on a 1-for-10 basis. This strategic move aims to facilitate its UK operations.
Critical minerals focused royalty company Ecora Resources ECOR noted the announced binding agreement where Fortescue Ltd proposes to acquire Alta Copper Corp. Alta Copper is the sole owner of the Cañariaco Copper Project in Peru, on which Ecora holds a 0.5% Net Smelter Return royalty. The project has an estimated annual average copper production of 158k tonnes for the first ten years, and this acquisition by a major industry player could accelerate its development.
Oil and gas company Pantheon Resources PANR announced the full repayment of its senior unsecured convertible bonds, initially issued in December 2021. The final quarterly principal and interest payments, totaling US$2.45 million and US$24,500 respectively, were settled through the issuance of 10,520,833 new ordinary shares. This move effectively clears the company's convertible bond debt.
Property developer Watkin Jones WJG, in partnership with Maslow Capital, has contractually exchanged on a significant purpose-built student accommodation development in Bristol. The project boasts an estimated Gross Development Value of approximately £102 million upon completion. It is projected to secure revenues of around £55 million during its three-year construction phase, with completion targeted for the 2028/29 academic year.
Union Jack Oil UJO provided an update on its Biscathorpe project, announcing the withdrawal of a planning appeal for a side-track drilling operation and oilfield development. After a High Court ruling quashed earlier planning consent, the joint venture partners decided to relinquish the PEDL253 licence. This marks the termination of the project and the loss of a key exploration asset for Union Jack.
OPG Power Ventures OPG announced the results of its share buyback offer, which saw the company purchase 153,769,385 ordinary shares. This figure represents 38.37% of the company's issued share capital, with shares bought back at 6.27 pence each and subsequently cancelled. The significant capital return effectively reduces the total number of voting rights and shares in issue.