(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Mercia Asset Management PLC - Henley-in-Arden, England-based investment company - Investment portfolio company Intechnica Group Ltd completes GBP8.5 million funding round to accelerate its growth in both the UK and US markets. Mercia invests a further GBP1.2 million from its own balance sheet, alongside a GBP5.0 million investment by the Mercia advised-managed Northern VCTs and GBP2.3 million from existing private investors and Rupert Cook, the recently appointed non-executive chair of Intechnica's cybersecurity business, Netacea. Following this investment, Mercia holds a 24.4% fully diluted direct equity stake in Intechnica Group, with the Northern VCTs holding a further 10.6% fully diluted equity stake. Intechnica first became a direct balance sheet investment in 2017 via a GBP3.8million investment.
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Duke Royalty Ltd - royalty finance company - Makes follow-on investment of EUR2.5 million into existing royalty partner Step Investments Ltd. Step is the holding company for a range of interests in the private education, advertising and hospitality sectors. Funds will be used in part to facilitate the purchase of an 85% equity interest in Adtower Ltd, an Irish firm in the digital out of home advertising sector. Follow-on investment increases Duke's total investment in Step to EUR9.6 million.
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Gresham House Strategic PLC - investor in smaller UK public companies - Changes name to Rockwood Realisation PLC. Agrees in early November for a managed wind-down over a 24-month period. Gresham House Strategic was forced into drawing up the run-off plan by largest shareholder and erstwhile investment manager Gresham House PLC after a public falling out between the two companies. New investment manager Harwood Capital commits to managing the Gresham House Strategic portfolio for no fee during the management wind-down period.
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Aquila European Renewables Income Fund PLC - renewable energy infrastructure investor - Investment adviser negotiates additional power purchase agreement for its 100%-owned solar PV project located in Spain, Albeniz. The project is currently under construction, with completion expected by the first quarter of 2022. The additional PPA has a term of five years, with a baseload structure and increases Albeniz total P50 production hedging to 80% from 60%.
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BP Marsh & Partners PLC - investor in early stage financial services businesses - Sells stake in investee company Walsingham Motor Insurance Ltd, a London-based managing general agency, which specialises in UK Courier and Taxi fleet motor insurance. Sells 41% stake for GBP4.6 million cash, as well as offloading 20% stake in Walsingham Holdings Ltd, resulting in total proceeds of GBP4.8 million alongside the repayment of GBP300,000 in loans. BP Marsh Finance Director and nominee director on the board of WMIL, Jon Newman, says: "The sale of our stake in WMIL at an IRR of 22% is another example of BP Marsh being able to identify niche opportunities to back successful management teams and to successfully realise value for our shareholders. This demonstrates the benefits of our investment process which has proven successful over a number of years."
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Anexo Group PLC - Liverpool-based credit hire and legal services provider - Pleased by decision by High Court of Justice regarding the class action against Volkswagen AG. The judge found against the application by VW to strike out the class action claim against them. Anexo Executive Chair Alan Sellers says: "The board is pleased that the High Court has ruled VW's attempt to strike out the deceit element of the claims against it to be without merit. This follows the ruling against them last year. It is now incumbent on VW to acknowledge its responsibility in this matter and agree a settlement with all those affected by its actions, as it has done in many other jurisdictions. We continue to investigate the pursuit of similar claims against other manufacturers. These have the potential to be of significant value to claimants and to the group."
In April 2020, court ruled that VW subverted key air pollution tests by using special software to reduce emissions of nitrous oxides under test conditions. VW was refused leave to appeal against this judgment, but instead brought an action to have a significant element of the class action struck out. This has now been dismissed.
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Impact Healthcare REIT PLC - real estate investment trust focused on healthcare properties - Agrees GBP75 million of new long-term debt provided by two large UK insurance companies. Will issue GBP75 million of senior secured notes, comprising two tranches with a weighted average coupon of 2.967%, and a weighted average maturity of 14 years. Notes GBP37 million of notes will mature in December 2035 at a fixed coupon of 2.932%, while other GBP38 million of notes, at a fixed coupon of 3.002%, will mature in June 2035.
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Rutherford Health PLC - Hereford, England-based cancer care centre provider - Plans withdrawal of its securities from admission to trading on the AQSE Growth Market. "The directors unanimously believe that the cancellation is in the best interest of the company and its shareholders," company says. Listed on AQSE in February 2019. Blames regulatory burden, management time and considerable costs associated with listing as well as limited trading in shares for reasons behind delisting. Will hold shareholder meeting on January 25 to vote on issue.
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Physiomics PLC - oncology consultant based in Oxford - Wins further contract by existing client Numab Therapeutics. "Building on the relationship that was first announced in May this year, a second contract has now been signed relating to a further Numab programme. The project is expected to be completed in the first half of 2022," company says.
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McBride PLC - Manchester-based cleaning and hygiene product manufacturer - Notes banking partners waived December 2021 covenant tests. As part of agreement, agrees to maintain liquidity of at least GBP40 million, noting it holds a "strong" liquidity position as of mid-December of about GBP80 million. Will not pay dividends until it is in compliance with its existing covenants. Is working with its banking partners to agree the June 2022 covenants ahead of announcing its interim results for the 6 months ending December 31. "We are fully appreciative of the ongoing support that the banking group are giving to the Group through this period of uncertainty caused by the rapid and unprecedented rise in input costs and the ongoing macroeconomic supply chain challenges," company says.
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Itaconix PLC - London-based functional polymers company - Secures first customer order in a new potentially major application for its Itaconix DSP 2K polymer. New customer is an unnamed European supplier to companies that produce materials for the fashion and related industries. "Although this is a small order for initial production for end customer sampling, this new application validates the opportunity for our plant-based polymers to set new standards for performance and sustainability in an emerging generation of consumer products," Chief Executive John Shaw says.
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Oracle Power PLC - natural resources and power project developer - Continues to push forward with exploration campaigns at both Jundee East and Northern Zone in Western Australia. Jundee maiden drill campaign is to confirm the presence of a previously unrecognised greenstone belt proximal to Northern Star's Jundee gold mine. At Northern Zone, assays results from the first phase of drilling are now being finalised by ALS Global and company expects to receive the results in late December or early January for internal processing and analysis. Initial reports from the laboratory are "very encouraging".
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Europa Oil & Gas Holdings PLC - exploration and production company focussed on Morocco and Ireland - Notes Baker Hughes and CausewayGT agree to collaborate on geothermal energy projects and technology development at West Firsby. The release states that, if the project is successful, it "will prove the operational ability to extract and use geothermal heat throughout Europe". Europa has previously signed MOU with Causeway Geothermal (NI) Ltd to carry out geothermal studies to assess the potential of West Firsby as a test site for sustainable, clean geothermal energy systems. Europa Chief Executive Simon Oddie says he is "excited" that Baker Hughes and CausewayGT have agreed to collaborate on West Firsby oilfield.
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Advance Energy PLC - upstream oil and gas company - Drilling of the Buffalo-10 well, offshore Timor-Leste, expected to start within one week. The estimated time to drill and complete the well is around 35 days. Chief Executive Leslie Peterkin says: "As previously noted, the drilling of this well is transformational to Advance Energy, representing a material value catalyst for the company and our shareholders, and we are excited to report today's operational milestone. We look forward to providing further updates as the drilling program progresses."
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Longboat Energy PLC - North Sea-focused exploration firm - Signs rig contract for the drilling of the Copernicus exploration well. Copernicus, which sits on PL 1017, will be drilled using the Deepsea Yantai and is expected to be drilled between June and September 2022. The prospect lies on the Utgard High in the Voring Basin region of the Norwegian Sea and the prospect is a combination trap with mapped stratigraphic pinch out down-dip and a small structural component at the apex. Chief Executive Helge Hammer says: "I am pleased that we have now secured a rig for the Copernicus prospect which will be the seventh well in our programme. We are entering an active period of drilling with each of the four 2022 wells having the potential to create very significant shareholder value."
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Capital Ltd - mining services in Africa - Says Tanzanian subsidiary company, CMS (Tanzania) Ltd, has been successfully awarded a surface production drilling contract with Johannesburg-listed AngloGold Ashanti Ltd for its Geita gold mine in Tanzania. The production drilling contract started in December and is anticipated to generate revenue of USD33 million over the contract term. The three-year contract will utilise five rigs from the existing fleet, together with the acquisition of one new rig during 2022, to continue provision of blast hole drilling services at the Geita mine, bringing the total number of rigs operating on site to 25.
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Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Enters amended and restated loan agreement with its Trinidad based lender providing for a USD10 million increase in the principal balance to USD30 million. Currently has USD15 million of the loan principal balance drawn and anticipates withdrawing the remaining USD15 million available balance prior to the end of 2021. Loan is for seven years, terminating on June 15, 2027.
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Chariot Ltd - Africa-focused transitional energy company - Nets 29.3 million valid acceptances from over-subscribed open offer, raising gross proceeds of USD2.0 million. Proceeds will go towards re-entering the Anchois-1 discovery well, finalise negotiations on gas sales agreements and fund a fund a feasibility work programme on a green hydrogen project in Mauritania.
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Rockfire Resources PLC - gold and base metal exploration company - Says diamond drilling programme at 100%-owned Copperhead porphyry project in North Queensland, Australia expands copper system. Notes hole BCH002 is mineralised with visible copper veins for most of its length, with two distinct zones identified in the hole. The length of the drill hole has returned 357 metre grading 0.11% copper equivalent, with the drill hole finishing with visible copper in veins. A peak assay of 1.06% copper equivalent was encountered. "Weather conditions have prevented the drill rig moving to Plateau prior to the Christmas/New Year period, but management remains confident that this drilling will commence early in the New Year," company adds.
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Asiamet Resources Ltd - developing copper-gold deposits in Indonesia - Finds "further exceptional" high grade gold-silver and polymetallic assay results from ongoing resource expansion drilling at the BKZ deposit on its 100% owned KSK CoW in Central Kalimantan, Indonesia. Notes recent results are highest grade results ever reported at project. From hole BKZ33550-05, reports 13.5 metres at 15% zinc, 6.5% lead, 0.78% copper, 123 grams per tonne silver and 0.24 grams per tonne gold from 98.5 metres. From hole BKZ33700-08, reports 9 metres at 3.67% zinc, 2.78% lead, 0.75% copper, 69 grams per tonne silver and 0.15 grams per tonne gold from 177.5 metres. Executive Chair Tony Manini says results "exceptional".
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URU Metals Ltd - exploration and development firm - Agrees CAD950,000 loan, about USD739,000, with Chief Executive John Zorbas. Notes no interest is due from the company, it is unsecured and no fee is payable to Zorbas. The loan is repayable upon 30 days notice.
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Caracal Gold PLC - gold producer with operations in East Africa - Says reverse circulation and diamond drilling programmes on the mining and prospecting licenses at its flagship Kilimapesa gold mine in Kenya are now underway with resource and exploration drilling advancing. First assay results from the drilling programme are expected in late first quarter 2022. Chief Executive Robbie McCrae says company "excited" by progress at project.
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By Paul McGowan; paulmcgowan@alliancenews.com
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