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(Alliance News) - The following is a round-up of business updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Learning Technologies Group PLC - London-based digital learning services provider - Agrees to buy learning and talent development software provider getBridge LLC from Instructure Inc for USD50.0 million in cash. The deal is expected to complete by February 26 and will be funded from LTG's existing cash resources. Bridge represents LTG's seventh acquisition since its GBP81.8 million share placing in May last year, taking the money spent to GBP80.0 million. The deal is in line with LTG's aim to deliver annual run-rate revenue of GBP230 million and adjusted Ebit of GBP66.0 million by the end of 2022.
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Tritax EuroBox PLC - investor in continental European logistics real estate assets - Agrees sale of asset in Lodz, Poland for EUR65.5 million to Savills Investment Management. Tritax EuroBox says sale is 15% above most recent valuation at end of September. Asset delivers geared internal rate of return of 17%. "With an unexpired lease term of 6.7 years to Castorama and no other imminent asset management opportunities remaining at the 101,000 square metre asset, the sale allows the company to realise gains through the profitable disposal of Lodz and recycle proceeds into higher returning asset management initiatives and its strong development pipeline, in line with the company's refined strategy," company explains.
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UP Global Sourcing Holdings PLC - Oldham, Greater Manchester-based consumer brands owner trading as Ultimate Products - Buys German kitchen electrical brand Petra. The brand, founded in Bavaria in 1968, is being acquired from PE Outlets BV, and the purchase price is below what is classified as a significant transaction. "Ultimate Products plans to relaunch and refresh the Petra brand with a range of electrical kitchen appliances. As the brand is well recognised in the German market, where it has a strong reputation for quality and design innovation, the group will initially target this region. In time, the group expects to expand Petra into other territories, trading on its German heritage and reputation for quality," UP adds.
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SIMEC Atlantis Energy Ltd - London-based clean energy generator and technology developer - Says its tidal turbine and generation equipment has been successfully installed in the Goto Island chain in Japan. The tidal turbine clocks its first 10 megawatt hour of electricity generation within the first ten days of operation. The project involves leasing tidal generation equipment and providing offshore construction services to Kyuden Mirai Energy for a pilot turbine located in the straits of Naru Island, within the southern Japanese Goto Island chain. The tidal turbine was assembled at SIMEC Atlantis Energy's operations and maintenance base at Nigg Energy Park in Scotland. The turbine was assembled and tested in nine weeks before shipping to Japan, and offshore construction on site took just five days, Simec says.
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Netcall PLC - Hemel Hempstead-based customer engagement software firm - Expands Liberty Platform to include robotic process automation capabilities and enhances Liberty Create, Liberty Converse and Liberty Connect. This follows the acquisition of RPA vendor Automagica in October 2020 and the completion of the integration and development of its RPA solution to manage processes and automation from a single cloud solution, the company says. "The launch of Liberty RPA significantly broadens the group's offering into the high growth automation market, providing customers with a comprehensive digital transformation toolkit," Netcall adds.
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MJ Hudson Group PLC - asset management consultancy headquartered in London - Confirms completion of Bridge Fund Management Ltd & Subsidiaries acquisition following regulatory approval from the Central Bank of Ireland. The acquisition was first announced in October of 2020. Deal for Bridge Group, a funds service provider based in Ireland, for initial fixed consideration of EUR2 million is payable in cash, with deferred and additional earn-out consideration of up to EUR10 million, payable over a two-year period. Bridge Group has over EUR120 billion in assets.
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DeepVerge PLC - York, England-based skin product test services company - Signs binding heads of terms with London-listed Microsaic Systems PLC to enter a multi-year framework services agreement whereby DeepVerge will be appointed as non-exclusive agent to promote Microsaic's technologies. The deal, which will be completed before March 31, will allow for the supply of miniaturised mass spectrometry contamination detection equipment and services across DeepVerge's network of sales, marketing and distribution channels in laboratory, chemical, biochemical, biofuel and biodegradable plastic and waste-water treatment industries. The heads of terms include provision for an initial order for two units, each worth GBP50,000, plus up to GBP150,000 commitment by DeepVerge to install pilot facilities in the recently announced 2021 expansion of DeepVerge's laboratories in York.
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Mode Global Holdings PLC - bitcoin banking app company based in London - Will launch its novel payments and loyalty solution powered by Open Banking in the second quarter. "Since Mastercard announced its plan to increase card payment fees, Mode has announced it will counter this through its new Open Banking powered payments and loyalty feature, that will provide merchants with a more affordable, safer and smarter way to accept instant payments. The solution will be initially available in the UK, but Mode is considering an expansion into Europe in due course," company says.
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United Oil & Gas PLC - oil and gas explorer - Reports total of 27.5 million net pay interpreted over a 59 million gross section at targeted ASH-3 well in the Abu Sennan concession, onshore Egypt. UOG holds a 22% non-operating interest in Abu Sennan, which is operated by Kuwait Energy Egypt. Initial testing will be completed in the coming days before the well is then brought onstream through the existing ASH field facilities. Chief Executive Brian Larkin says: "We are very encouraged with the initial results of the ASH 3 well, and we are delighted that it has been delivered safely, ahead of schedule and under budget by our licence partners. We anticipate the well will deliver a further uplift to our low-cost production base, an encouraging result ahead of the spudding of our forthcoming exploration well and the remainder of our 2021 work, all of which is fully funded from operating cash flow." To date, United Oil & Gas says, ASH field has produced over 2 million barrels of oil, with current production at 5,000 boepd.
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Surgical Innovations Group PLC - Leeds-based technology for minimally invasive surgery - Signs new US distribution agreement with Microline Surgical Inc for the company's range of YelloPort+PlusTM and YelloPort EliteTM access devices. "The 5-year agreement brings a significant opportunity to SI for growth in the US Trocar market," company says. "Microline's sales & marketing structure is ideally placed to leverage their experience with resposable surgical instruments to effectively drive US sales of YelloPort+PlusTM and YelloPort EliteTM access devices."
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Toople PLC - Letchworth Garden City, England-based telecom services provider - Reports five new contract wins with UK businesses across a variety of sectors. Says most substantial of the five is a new contract to provide a range of services to a large building merchant with locations across England. Notes five-year contract to deliver services to a business dealing in specialist and sports motor cars, and has been selected to provide cloud-based VoIP services to a Yorkshire-based specialist publisher of quality books chronicling Britain's industrial heritage; a leading provider of hair and beauty treatments in the South of England; and a business providing premium computer services to the local community, businesses and industry in North Yorkshire for three decades.
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By Paul McGowan; paulmcgowan@alliancenews.com
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