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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Kropz PLC - South Africa-focused phosphate producer and developer - Enters into new bridge loan facilities of ZAR250 million with its major shareholder, the ARC Fund, to meet immediate cash requirements at Kropz Elandsfontein (Pty) Ltd. The first draw down on the loan for an amount of ZAR155 million has now been made.
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Filtronic PLC - Sedgefield, England-based designer and manufacturer of products and sub-systems for the aerospace, defence, telecoms infrastructure, space, and critical communications markets - Says it has been selected by the Defence & Security Accelerator, part of the UK Ministry of Defence, for the Defence Technology Exploitation Programme, supported by Innovate UK. The scheme "aims to foster innovation and enhance defence supply chains by supporting small and medium-sized enterprises in developing state-of-the-art materials, technologies and processes." Adds the total grant funding to be received by Filtronic is GBP170,000 in addition to a further GBP76,000 worth of support from its lead customer to help embed the technology and capability into the business. Chief Executive Richard Gibbs says: "This opportunity not only demonstrates our technological expertise but also strengthens our commitment to supporting the UK's defence industry, it's sovereign supply chain and future radar programmes. Filtronic's advanced manufacturing site in Sedgefield is committed to providing a leading sovereign plastic packaging capability to the UK defence industry and we're excited to showcase this as part of this project".
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Corcel PLC - London-based mining and mineral resource development company with interests in Angola and Brazil - Completes unsecured convertible loan note facility with Extraction Srl, a natural resource investment group. Says the facility could potentially expand to GP10 million, to be drawn over a three year period. Loan proceeds are convertible into new shares at a fixed price of GBP0.008, an 80% premium from Friday's closing price. Facility provides both short and longer-term funding for ongoing operations in Angola and business development in Brazil, it says. "With this instrument in place, the company now has a cost-effective long-term facility it can access without having to consider more dilutive and expensive sources of capital on offer," says Chair Antoine Karam.
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Zenova Group PLC - London-based fire safety and heat management technology firm - Notes first deliveries of 13,654 units of Zenova FX500 handheld aerosol extinguishers to the US market. Says 7,500 units have been purchased from Omnis, our distribution partner in the US. The total value of this initial delivery is in excess of GBP136,000 for Zenova including some promotional support, Zenova anticipates that this will be recognised in the current financial year. It says this is the first time that the Zenova FX500 is available for purchase in the US and it is expected that orders volumes will increase as more distribution channels are opened in the US. "We are excited to enter the US markets and are looking forward to accelerated expansion into additional distribution channels to provide US customers with personal fire protection through our Zenova FX500 aersosol fire extinguisher," says CEO Thomas Melchior.
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SuperSeed Capital Ltd - Guernsey-based venture capital fund focused on early-stage technology investments - Says SuperSeed II LP has concluded the sale of Garvis. Garvis is "a visionary SaaS startup that combines large language model technology (as known from ChatGPT) with AI-native demand forecasting." Fund II invested in Garvais back in September 2022. Mads Jensen, managing partner of the Investment Manager, comments: "This has been a terrific investment for Fund II and it has been a pleasure working with Garvis's management team. We wish them every success moving forward. The sale of Garvis and Techsembly validate our investment strategy of backing great founders leading exceptional businesses operating at the technological frontier of computing, and we are confident of creating much more value for shareholders moving forward."
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LifeSafe Holdings PLC - Essex, England-based fire safety technology business - Says Screwfix launches LifeSafe's StaySafe All in-1 fire extinguisher in 850 UK stores and online. Screwfix is part of Kingfisher PLC. "The StaySafe All-in-1 contains a non-toxic, non-hazardous, eco-friendly patented fluid and can extinguish ten types of everyday fire; lithium-ion batteries, bio-ethanol, motor oil, bio-diesel, diesel, E5 and E10 petrol, electrical, textiles, wood and cooking oil. The StaySafe All-in-1 is lightweight, easy- to use, maintenance free and fully recyclable. The product can be kept anywhere a fire may start," Life Safe says.
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By Sophie Rose, Alliance News reporter
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