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(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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Tatton Asset Management PLC - Cheshire-based on-platform discretionary fund management and independent financial adviser support services - Closes March 31 with assets under management of GBP11.34 billion, surging from GBP8.99 billion on April 1. Records organic net inflows of GBP1.28 billion, while market performance adds GBP420 million and Verbatim acquisition adds GBP650 million. Confident its financial results for the year will be in line with consensus market expectations. Also enters sale & purchase agreement to buy 50% of issued share capital of 8AM Global Ltd for about GBP7.0 million, with option to buy remaining 50% "in due course". Expects deal to add GBP800 million to total AuM.
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Infrastructure India PLC - Isle of Man-based closed-ended investment company focused on assets in India - Says part of the agreed consideration from sale of Indian Energy (Mauritius) Ltd's assets will be advanced to company. Indian Energy is a wholly owned subsidiary of company, and is an independent power producer that owns and operates wind farms at two sites in the states of Karnataka and Tamil Nadu. Indian Energy holds each wind farm asset within separate special purpose vehicles, Theni and Gadag, which are its only assets. Indian Energy agreed, in February, to sell the two vehicles for GBP5.5 million to AVSR Constructions. Company says: "The company's creditors continue to be supportive, however, should the outstanding conditions not be met by IEL and consequently the sale not proceed, the company will not have adequate funding to meet its liabilities when they fall due and will need to identify other sources of financing."
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Duke Royalty Ltd - Guernsey-based royalty finance provider - Signs follow-on investment of GBP2.3 million into existing royalty partner residential care firm Tristone Healthcare Ltd to fund its latest acquisition as well as provide funding for capital expenditure. Funds, company notes, will facilitate Tristone's acquisition of Beyond Limits Ltd, which operates specialist care homes predominantly in the southwest of England, providing long-term residential care to people with learning disabilities, mental health issues and other support needs.
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Eckoh PLC - London-based secure payment and customer contact products - Signs renewal of its contract with Capita PLC for an unnamed large public sector organisation. "The core purpose of the service provided by Capita to its client is to maximise the successful collection of payments from the general public," company explains. The new contract is for 5 years and has a minimum value of GBP2.1 million over the term, which is both longer and higher value than the original agreement. Adds: "Since 2018, Eckoh has been supporting Capita and its client by handling all inbound calls to the contact centre, securing telephone and automated payments, and delivering advanced self-service automation to improve the customer experience and increase the proportion of successfully collected revenue."
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Synectics PLC - Sheffield, England-based provider of security systems - Says trading in the first quarter of new financial year in line with the internal expectations. Notes March 31 order book was about GBP29.0 million, up from GBP28.4 million at end of November. Holds continued expectations for a solid improvement in trading results, particularly in the second half.
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Seeing Machines Ltd - Canberra, Australia-based AI technology company - Signs IP licence agreement for its Occula Neural Processing Unit with an additional unnamed US based semiconductor company. Deal will target development of a single semiconductor product with the option to expand into a larger family of devices. Chief Executive Paul McGlone says: "This additional IP license is an important milestone for Seeing Machines. It represents more validation that our three-pillar, systems focused, strategy is fitting and supportive of the automotive industry as it evolves rapidly to meet regulatory and customer demand with additional safety and functional outcomes, while minimising cost, package space, and power."
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Intosol Holdings PLC - London-based luxury travel consultants - Confirms reviewing working capital for the next twelve months to "ensure a going concern of the business". In discussions over continued funding, which it notes may or not include making an application to the UK Listing Authority to cancel the listing of company's shares.
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Nightcap PLC - London-based bar operator - Opens new bar in Bristol, England, the Adventure Bar Group - under its Blame Gloria brand. New venue covers an area of approximately 8,000 square feet. The site has a 0200 am license and an unrestricted capacity of 350. The venue will open later this year. This will be the first new opening for the Blame Gloria brand outside of London. Company now has three sites across two of its brands in Bristol and it takes the total number of sites within its estate to 33, with an additional 23 premises under offer or in legal negotiations across the UK for all of its brands.
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Polarean Imaging PLC - North Carolina-based MRI equipment and medical-imaging technology company - Confirms US Food & Drug Administration accepts resubmitted new drug application for investigational drug‑device combination product using hyperpolarised 129Xenon gas to enhance magnetic resonance imaging in pulmonary medicine. Chief Executive Richard Hullihen says: "We are happy that the FDA has accepted our resubmission and look forward to resuming the review process with them in the expanded context of our response."
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Creo Medical Group PLC - Chepstow, Wales-based medical device company - Opens regional hub in Singapore, which will provide multi-functional centre for the commercial roll-out of Creo's products across the Asia-Pacific region. "The regional commercial hub also forms a key part of Creo's international strategy - providing a direct sales and marketing presence across APAC and will be central to the management of Creo's distribution partners in the APAC region," company explains.
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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Extends distribution agreement with Er-Kim to include the distribution and marketing of Alkindi and Efmody in Greece, Cyprus and Malta. Er-Kim will receive the exclusive rights to distribute and market Alkindi and Efmody in Greece, Cyprus and Malta. Company estimates the combined market opportunity for these three countries to be about EUR7 million. Er-Kim also holds the rights to distribute and market Alkindi and Efmody in Turkey, Romania and Bulgaria. Interim Chief Executive Richard Bungay "excited" about improving relationship with Er-Kim.
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Biome Technologies PLC - Southampton-based plastic material and resin manufacturing company - Revenue for quarter ended March 31 in line with internal expectations at GBP1.1 million, down from GBP1.4 million in same period year prior. Bioplastics business revenue slipped to GBP1.0 million from GBP1.2 million, but expects growth throughout 2022 as logistics problems clear.
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Mila Resources PLC - London-based gold company focused on Australia - Completes Stage 1 diamond core drilling at Kathleen Valley gold project in Western Australia. Drills 11 holes for 2,763 metres. Says drilling has now defined mineralisation over a zone 200 metres long and 220 metres down dip, which is open at depth and along strike. Notes mineralisation at Coffey forms a "very planar and consistent zone" which is now starting to show potential for multiple lode structures at depth. Chief Geologist of Mila Neil Hutchison says: "We have had remarkable success with our maiden diamond core drilling campaign at Coffey. Every hole has hit the target zone within metres of the predicted depth as the system is so planar and consistent. In addition, the widths and quartz-sulphide zones intersected in the drilling are visually far better than we expected."
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East Star Resources PLC - gold and copper exploration company focused on Kazakhstan - Says all four exploration licences under the joint venture with Kazakhstan national mining company Tau-Ken Samruk was successfully transferred on April 13 to newly established joint venture companies within the Astana International Financial Centre owned 80% by Discovery Ventures Kazakhstan Ltd - a 100% owned subsidiary of East Star - and 20% by Tau-Ken Samruk. East Star Chief Executive Alex Walker says: "The transfer of our licences into formal joint venture companies within the AIFC, a framework which provides tax jurisdiction and legal certainty based on English law, reiterates our confidence in the system and the tenure of our licences."
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By Paul McGowan; paulmcgowan@alliancenews.com
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