(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Friday and not separately reported by Alliance News:
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Catenae Innovation PLC - digital media & technology - Inks Covid-19 agreement with occupational health and wellness business Newcastle Premier Health Ltd. Under the agreement, Newcastle Premier will provide its know-how to the Cov-ID project. This is a identity documentation exchange system to record an individual's Covid-19 test status through a mobile app that is intended to be marketed to businesses and organisations. The Cov-ID project is a joint initiative by a consortium of companies led by the Z/Yen Group and includes Catenae. Newcastle Premier has agreed to pilot the Cov-ID app, which is expected to commence on Friday.
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Science Group PLC - product development consultancy - Tops up bank loan, increasing debt to GBP17.5 million from current GBP16.0 million. Repayment date of the additional GBP1.5 million same as the current loan, September 2026. Additional interest rate swap taken to fix the interest rate of the incremental debt at an effective rate of 3.0%. Other terms and conditions of the additional loan are the same as the original facility.
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Tiziana Life Sciences PLC - biotechnology - Two poster presentations at the American Society of Clinical Oncology Virtual Conference demonstrated the superiority of the company's StemPrintER stem cell based genomic prognostic tool versus the market leader, Oncotype DX, in predicting recurrence of breast cancer.
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Judges Scientific PLC - scientific instruments - Buys Heath Scientific Co Ltd for GBP7.3 million, which comprises an initial consideration of GBP5.3 million and a further earn-out payment of GBP2.0 million. Bletchley, England-based Heath Scientific makes instruments to measure the thermal properties of lithium batteries and other reactive materials. Acquisition to be immediately earnings enhancing. For year to April 30, Heath Scientific recorded revenue of GBP4.4 million and pretax profit of GBP700,000.
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ValiRx PLC- cancer treatment - Enters into a deed of assignment with Drug Discovery Technologies Ltd for disposal of the patents, materials and know-how associated with its non-core intellectual property FitBio and TRAC. Consideration of the disposal is an immediate payment of GBP2,000 and a royalty on net sales made in relation to the exploitation of the relevant intellectual property until May 29, 2023, capped at a maximum of GBP1 million.
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Young & Co's Brewery PLC - pubs - Enters into new GBP50 million syndicated term loan facility with NatWest and HSBC. Facility used to repay existing GBP50 million syndicated facility with RBS and Barclays that was due to expire in March 2021. Secures further GBP20 million bilateral revolving credit facility from NatWest. All lending banks replaced the company's financial covenant tests at June, September and December 2020 and at March 2021 with an additional monthly GBP20 million available liquidity test through to and including June 2021. Lenders also waive any technical 'cessation of business' breach resulting from pubs closures due to virus outbreak. Will not be paying an interim dividend for the year ending March 29, 2021.
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Bonhill Group PLC - business media and events - Subsidiary Bonhill Group Inc gets USD1.1 million loan under the US Small Business Administration's Paycheck Protection Program. PPP loans, or a portion of the loan, may be forgivable if the proceeds of the loan are used for eligible purposes, including employee retention and payroll. Expects over two-thirds of the funds received under the loan scheme to be eligible for forgiveness, which will form a significant proportion of the company's GBP1 million US payroll cost savings expected in 2020.
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Marlowe PLC - safety and regulatory compliance - Buys Deminos Consulting Ltd for GBP700,000, funded from existing cash and debt facilities. Gateshead, England-based Deminos provides subscription-based human resources & employment law compliance services. Deminos will be integrated into Law At Work, Marlowe's HR, employment law and health and safety compliance operation. In the year to July 31, 2019, Deminos generated revenue of GBP1.0 million and earnings before interest, tax, depreciation and amortisation of GBP200,000.
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Ocean Outdoor Ltd - advertising - Inks GBP35 million facility agreement, comprising of a term loan and revolving credit facility. GBP25 million of the new facility issued under the UK government backed Coronavirus Large Business Interruption Loan scheme. Cash position of GBP32 million as of Friday. Continuing with cash conservation and cost reduction programme. No material change to 2019 revenue and earnings before interest, tax, depreciation and amortisation figures of USD141.3 million and USD33.6 million, respectively. 2019 results to be released on June 8.
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Zoetic International PLC - cannabidiol - Files US patent applications for its method of manufacturing of Chill brand of tetrahydrocannabinol-free, smokable cannabidiol products. This patent-pending method also includes a variation smoking cessation product, employing combinations of nicotine and cannabidiol, which is also tetrahydrocannabinol-free. Second unrelated patent application has also been filed pertaining to drug compositions that contain a cannabinoid.
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Eagle Eye Solutions Group PLC - coupons and loyalty products - Secures two-year contract extensions with J Sainsbury PLC and Asda Stores Ltd for rewards programme and digital promotions. Sales pipeline continues to develop, but new contract signings taking longer. Adjusted earnings before interest, tax, depreciation and amortisation for for year ending June 30 expected to be at least GBP500,000 ahead of market expectations. Net debt tracking better than management expectations. Current funding position secure and sufficient headroom remains within GBP5 million banking facility to support existing growth plans.
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Gulf Marine Services PLC - oil & gas support vessels - Enters into a framework agreement with Zakher Marine International, a operator of self-propelled self-elevating support vessels in the Middle East. Parties to identify mutually beneficial cost-saving opportunities and improve operational availability using the combined scale of both self-propelled SESV fleets. Framework agreement lays out the principle areas of potential co-operation, comprising of procurement; logistics; maintenance, classification & repair; and employment & training of offshore crew.
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SIMEC Atlantis Energy Ltd - energy projects - Notes commencement of the 28-day pre-application consultation period for the Uskmouth power station conversion project located in Newport, Wales. Consultation will run from June 1 to June 29. To submit consultation report following the 28-day period alongside full planning application to Newport City Council for determination. Expects council's decision on the project by fourth-quarter of 2020.
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Volga Gas PLC - oil & gas - To delay publication of 2019 results. More time needed by auditors KPMG LLP to complete additional auditor reviews and board investigations into the effectiveness of the company's internal control and risk management systems and the potential introduction of a number of measures to strengthen them. Receives extension to its filing deadline for 2019 results to September 30 from June 30.
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Botswana Diamonds PLC - diamonds - Completes processing of two bulk samples taken from the Marsfontein diamond development project in the Limpopo Province of South Africa. Samples comprised 58 tons of fresh high-interest kimberlite and 62 tons of kimberlitic material from one of the residual stockpiles, known as Dump E. Recovers 87 macro diamonds from the fresh kimberlite, giving a modelled grade of 50 carats per hundred metric tonnes. Another 24 macro diamonds recovered from Dump E, giving a modelled grade of 16 carats per hundred metric tonnes.
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Kropz PLC - phospate - 74%-owned unit Kropz Elandsfontein (Pty) Ltd extends repayment date for USD30 million term loan facility with BNP Paribas SA. Final repayment date extended to third-quarter of 2024, with eight capital repayments of USD3.75 million per quarter. BNP loan remains fully drawn.
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Predator Oil & Gas Holdings PLC - oil & gas exploration - To apply for a liquefied natural gas import licence for Ireland following the execution of confidentiality agreements with a global supplier of LNG and an owner of LNG re-gasification vessels. New subsidiary company, Predator LNG Ireland Ltd, being formed to progress the contracting of a Floating Storage & Regasification unit for Ireland with a "send out" gas capacity suitable both for the "peak demand" gas market and for long term security and diversity of energy supply. Floating Storage & Regasification unit solution will facilitate the import of LNG using gas feedstock from a transparent origin that is not dependent on fracking operations related to shale gas exploitation.
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By Tapan Panchal; tapanpanchal@alliancenews.com
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