(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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Forterra PLC - Northampton, England-headquartered building products manufacturer - Says revenue in first four months of 2021 at 95% of 2019's levels. Company says annual performance to be materially ahead of board expectations, despite cost pressures. "The group has recently started to see significant cost inflation across a wide range of categories with the strength of the recovery to date leading to some supply chain shortages. While selling price increases secured at the beginning of the year will be sufficient to offset some of these inflationary pressures, fully recovering cost inflation is likely to become increasingly challenging should these inflationary pressures persist," Forterra adds.
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Nostrum Oil & Gas PLC - exploration and production company operating in the Caspian Basin area in eastern Europe - First quarter revenue falls 24% to USD46.2 million from USD60.4 million a year prior. Earnings before interest, tax, depreciation and amortisation down 15% to USD26.8 million from USD31.7 million.
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Georgia Capital PLC - holding company focused on investing in developing businesses in Georgia - Net asset value per share falls 2.7% to GEL46.80, about GBP9.73, in March, from GEL48.12 in December. Portfolio value up 0.5%. "Bolstered by the economic recovery, and with the majority of our capital allocated to defensive industries and sectors, Georgia Capital has moved beyond demonstrating great resilience. We delivered a solid operating performance in 1Q21," company says.
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Merit Group PLC - business intelligence, media and technology resourcing - Makes investment in DataWorks, a technology company specialising in web data collection. Merit takes 11% stake for total of EUR600,000. "The investment will give Merit access to market leading technology focussed on the important and fast growing e-commerce market," company says. "Merit Group will become the first client of DataWorks giving it a licence to utilise the DataWorks platform."
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Crossword Cybersecurity PLC - Richmond, England-based cyber security and risk-focused technology commercialisation company - Plans to establish unit in Sultanate of Oman which will be Middle East regional headquarters. Signs deal with Al-Rawahy Holdings LLC to form unit called Crossword Cybersecurity LLC, majority-owned by Crossword. "The company believes that Al-Rawahy Holdings LLC is the perfect partner for Crossword, with over 40 years' experience supporting the growing and vibrant sectors of the Oman economy and throughout the Gulf region," Crossword says.
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Accesso Technology Group PLC - technology services provide to leisure and entertainment markets - Says has trading in four months ended April 30 has been "robust". Confident it can "comfortably exceed" guidance of revenue not less than USD83 million for full year. "While the group expects to deliver revenue beyond its initial expectations, the need to increase staffing levels, onboard customers and manage certain other costs associated with capturing this additional opportunity may temper the profit impact of this revenue outperformance," Accesso says.
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CPPGroup PLC - Leeds-based products and services for financial services and insurance sectors - Seals sales of legacy German card protection unit CPP Creating Profitable Partnerships to Deutsche Schutzbriefgesellschaft GmbH for GBP2.3 million. "In line with the group's capital allocation priorities, the proceeds will be used to strengthen the group's working capital base, provide additional financial flexibility to deliver its growth strategy, and ultimately enhance returns for shareholders," CPPGroup says.
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CyanConnode Holdings PLC - Cambridge, England-based narrowband radio frequency smart mesh networks firm - Signs global strategic alliance agreement with California-headquartered energy and water cloud platform provider Smart Energy Water. Under the pact, duo will promote and be authorised to sell each other's products and services, as well as refer potential customers to each other. Will expand both their geographic reaches. "I am pleased to announce this partnership with SEW, which will maximise sales potential in existing as well as new territories while widening the company's global distribution channels," says Executive Chair John Cronin.
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Applied Graphene Materials PLC - graphene materials maker with headquarters in Redcar, Cleveland - Says customer Tru-Tension launches brand new detailing spray which includes Applied's graphene nanoplatelet technology. Tru-Tension produces cycling products.
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React Group PLC - South Derbyshire, England-based cleaning, hygiene and decontamination firm - Wins GBP270,000 contract extension with one of its "tier-1 customers operating in the rail sector". Pact will run for 26 weeks. Newly-acquired Fidelis Contract Services Ltd secures three new contracts in May. Trio of deals valued at combined roughly GBP320,000 for three years, about GBP106,000 per year.
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Hargreaves Services PLC - Durham, England-based company that provides services to the industrial and property sectors - Notees "further improvement" in trading at German joint-venture Hargreaves Raw Material Services GmbH. "Certain raw material commodity prices have continued to be very strong, fueled in part by demand from global steelmakers. HRMS has continued to take advantage of these conditions such that the board now expects the contribution from its joint venture to group profits to exceed current market expectations by a material amount," Hargreaves says.
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Leeds Group PLC - Leeds-based fabrics importer - Reports on trading from German units Hemmers/Itex Textil Import Export GmbH and Stoff-Ideen-KMR GmbH. Leeds says Hemmers has been able to trade through lockdown, though at reduced levels. Stoff-Ideen-KMR has been "badly affected", however. "The company's directors believe that both Hemmers and KMR are in a good position to fully recover trading once all the current restrictions are lifted and Germany recovers from the effects of the Covid-19 pandemic," Leeds says.
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Proactis Holdings PLC - Wetherby, England-based cash management software company - Signs three-year contract with Canadian garden centre, retailer and grower Sheridan Nurseries. Proactis to provide Sheridan with us business spend management solution in eight locations. "This contract win is the second new customer in North America to sign up under the group's new go-to market strategy, and complements further success in Germany and France where the group has signed a total of four new customers under this model," company adds.
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BATM Advanced Communications Ltd - Israel-based networking and medical technology company - Begins commercial deliveries of two Covid-19 tests and notes Italian Olympic Committee plans to use its saliva-based test at Tokyo Olympic Games.
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NetScientific PLC - life sciences and technology investment and commercialisation company - Says portfolio company PDS Biotechnology Corp receives USD4.5 million after selling tax benefits to an "unrelated, profitable" New Jersey-based firm.
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Hemogenyx Pharmaceuticals PLC - London-based biotechnology company - Enters into agreement with Mint Capital Advisors Ltd for redemption and sale of all outstanding GBP8.1 million convertible unsecured loan notes issued to Mint in February. Following completion, there will be no convertible loan notes outstanding and the facility entered into with Mint will terminate. "The directors have determined that the redemption and sale are in the best interests of the company and its shareholders. The company will be able to maintain its level of operations as it moves its product candidates forward to clinical trials, updates about which will be provided to shareholders in due time," company says.
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Shield Therapeutics PLC - Newcastle, England-based pharmaceutical firm focused on iron deficiency - Notes data from long-term study of its ferric maltol iron deficiency product. "Ferric maltol showed long-term comparable effectiveness in maintaining Hb improvements and increasing ferritin up to week 52, consistent with IV iron," study's lead author Stephanie Howaldt says.
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Yourgene Health PLC - Manchester, England-headquartered molecular diagnostics firm - Launches IONA Care, a non-invasive prenatal test service. "The enhanced clinical offering is optional, enabling the company to be more competitive within the NIPT market and we look forward to updating shareholders on our progress," CEO Lyn Rees says.
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DP Eurasia NV - master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia - System sales in four months ended April up 49% to TRY661.6 million, about GBP55.8 million. Like-for-like system sales surge 49%. "The first four months of 2021 have been very encouraging. Trading performance has continued to significantly improve in Turkey and Russia since our preliminary results release in March," Chief Executive Officer Aslan Saranga says.
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Ukrproduct Group Ltd - Ukrainian producer and distributor of dairy goods - Says 2020 revenue up 11% to GBP55.5 million. Says profit from operations expected to fall to GBP800,000 from GBP1.5 million profit. "Ukrproduct plans to pursue stronger margins and to further escalate sales of processed cheese and spreads, as well as to improve margins of packaged butter by a continuous upgrade into the premium market segment. However, the raw milk price trends in Ukraine will be fundamental for the dairy processing industry overall," company says.
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Cairn Homes PLC - Irish homebuilding company - Notes vote on implementation of remuneration policy receives 25% of opposition from shareholders at annual general meeting. "In advance of the 2021 AGM, we engaged extensively with our shareholders to discuss our approach to remuneration and to seek feedback on our proposals and will continue to engage with shareholders on this in the coming months. In accordance with the UK Corporate Governance Code, the board will publish an update on its engagement within six months of the AGM," Cairn says.
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Grit Real Estate Income Group Ltd - pan-African property investment and management - Says rent collection was just shy of 90% in four months ended April, slowed from 91% in six months ended December. Notes slower collections in hospitality and office but improvements in retail.
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Plaza Centers NV - Netherlands-based property firm - Says involsvency proceedings aimed at retrieving funds from a purchaser of Plaza's holdings in Bangalore, India have been dismissed by National Company Law Tribunal in Bangalore. Tribunal says "Plaza should claim for the recovery of its debt or for the resolution of its dispute in any other forum. In light of the foregoing, Plaza is considering filing an appeal or initiating arbitration proceedings against the purchaser". On criminal cases that were filed, Plaza says all those accuesed were granted bail. Company adds: "Plaza will continue to take all measures warranted in the circumstances to protect its interest and will update regarding any new development in this matter."
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Warehouse REIT PLC - real estate investment trust focused on warehouse assets - Acquires for GBP20.2 million an industrial estate in Cambridge. Consists of 68,000 square feet of multi-let industrial units and an adjacent development site. "The property offers an attractive mix of strong day one income and the longer-term opportunity to add value through ground up development, benefitting from the chronic supply/demand imbalance of modern industrial space in Cambridge," company adds.
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AVI Japan Opportunity Trust PLC - Japan-focused investor - Submits shareholder proposal to investee Tokyo Radiator, in bid "to address a conflicted 'listed subsidiary' shareholder structure". AVI Japan says over half of Tokyo Radiator's JPY9.9 billion, about GBP64.0 million, cash balance is on deposit with controlling shareholder Marelli Corp, a Nissan Motor Co Ltd-affiliated firm owned by private equity company Kohlberg, Kravis & Roberts. AVI CEO Joe Bauernfreund says Tokyo Radiator suffers from poor governance and KKR is aware of this. "KKR has been an active participant and beneficiary in transactions, such as its acquisition of Marelli, spinning-off listed subsidiaries to remove the conflicts responsible for the value gap," Bauernfreund says. "It is therefore ironic to see KKR, as owner of Marelli and advocate of corporate governance reform, exploit its position as controlling shareholder to operate Tokyo Radiator as a convenient source of cheap cash for itself at the expense of minority shareholders." AVI Japan wants Tokyo Radiator to return JPY5.5 billion of cash on deposit with Marelli to shareholders in form of special dividend.
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Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Says investee Snorkel International Holdings LLC breaches contractual obligation to provide company with year end accounts within 120 days of year end. "Snorkel have instead provided the accounts for the first quarter of 2021 but caveat that they may be subject to adjustment once the 2020 year end accounts are completed. However, it is not expected that the underlying trading performance should be impacted by any adjustments," Tanfield says. Snorkel's first quarter sales fall 28% to USD31.4 million. Tanfield does not plan to take action on Snorkel for delayed accounts and investee expects audit to be completed in early June. Tanfiel has a 49% stake in Snorkel.
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Scirocco Energy PLC - AIM-listed investment firm seeking production and development opportunities within the European energy market - Sells further 7.5 million shares in Helium One Group Ltd since April 30, netting GBP1.6 million. Holding now stands at 9.6 million shares, 1.6% of Helium.
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Ariana Resources PLC - exploration and development company operating in Europe - Reports on drilling at Banu Vein area of Kiziltepe gold mine. "Zone of higher-grade mineralisation confirmed at the south-eastern end of the vein system," company says. Managing Director Kerim Sener adds: "As with other vein systems at Kiziltepe, additional drilling has proven the potential to add to the resource base, which could lead to further increases to the life of mine."
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Galantas Gold Corp - Northern Ireland-focused gold producer - Raises CAD8.0 million, about GBP4.7 million, from private placement of 26.7 million units at CAD0.30 each. Each unit has a warrant for one share exercisable at CAD0.40.
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TomCo Energy PLC - unconventional hydrocarbon development in US - Says Utah's Division of Oil, Gas & Mining issued cessation order last week in respect of operations at the Temple Mountain Mine on Permit Number M/47/0089 being operated by Greenfield. Greenfield Energy LLC is company's 50-50 joint venture with Valkor LLC. "The CO alleges that the previously approved operational mining plan is not being followed, specifically stating that the facility is processing material from an off-site source and staging waste products from off-site sources. Greenfield strongly refutes the basis for the issuance of the CO and believes that it has been conducting operations in line with the site's existing permit held by Petroteq and the approved operational plan," Tomco says.
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Simec Atlantis Energy Ltd - Edinburgh-based renewable energy producer - Receives correspondence in relation to the purported appointment of receivers over all of the shares of its major shareholder, SIMEC UK Energy Holdings Ltd, a GFG Alliance member, which owns around 43% of Simec Atlantis. "The GFG Alliance has informed SAE that it intends to challenge the validity of the appointment and is seeking appropriate advice. For the avoidance of doubt, SAE wishes to make clear that the above process relates to its major shareholder, SUEH and not to SAE itself," it says. The appointment of receivers does not extend to the rest of the Simec group or other members of the GFG Alliance, GFG Alliance says. Last week, the UK Serious Fraud Office said it was looking into suspected fraudulent trading and money laundering at companies in Liberty Steel owner Sanjeev Gupta's GFG Alliance.
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i3 Energy PLC - oil & gas company with assets and operations in the UK and Canada - Proposes capital reduiction "to create distributable reserves in the company to facilitate the future consideration of payment of dividends". As of February, i3's share premium account stands at has GBP63 million and it has a retained earnings deficit of about GBP11 million. "It is proposed that the Company's share premium account be cancelled. The proposed capital reduction is intended to eliminate the retained earnings deficit and create distributable reserves equal to the balance," i3 says.
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ADM Energy PLC - UK-based natural resources investing company - Notes press reports in relation to Dubai Bridge Investments LLC and collaboration deal agreed back in October. Says DBI was formed in 2013 by Zubair Abdur-Razzaq Al Zubair. "Mr Al Zubair is not connected to the Al Zubair family in Oman and is a US citizen with business interests in the United Arab Emirates and the US. The company has been advised that the use of the title His Excellency by Mr Al Zubair relates to social and cultural adoption rather than it having been awarded in connection with a senior governmental, or such other, position," ADM says. ADM adds DBI has expressed interest in providing funding for some projects. ADM adds: "In the event that ADM and DBI were to proceed with an investment opportunity, this would be subject to separate agreement, satisfactory conclusion of due diligence and confirmation of funding at the time. No funds have been introduced by DBI to date and no charges have been paid to DBI by the company."
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Hummingbird Resources PLC - UK-based gold ore mining company - Says Pasofino Gold Ltd announces results from trenching work at Dugbe gold project in Liberia. Pasofino has earn-in agreement for 49% stake at asset, Hummingbird to hold 51%. Pasofino says trenching returns anomalous gold results, up to two grammes per tonne. "These results highlight the potential for new discoveries within relative proximity to the existing deposits," Hummingbird says.
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NQ Minerals PLC - Hellyer and Beaconsfield gold mines in Tasmania, Australia - Raises GBP224,140 through issue of 3.2 million new shares at 7p each.
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Conroy Gold & Natural Resources PLC - gold exploration & development in Ireland and Finland - Kicks off 2021 drilling at Clontibret gold target. Says two holes currently being drilled at Irish asset.
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By Eric Cunha; ericcunha@alliancenews.com
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