(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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Sage Group PLC - Newcastle Upon Tyne-based accounting software - Completes acquisition of retail management system specialist Brightpearl for USD299 million. Bristol-based Brightpearl provides a retail operating system allowing retailers and wholesalers to automate their back office to reduce costs and improve efficiency. The acquisition of Brightpearl, first announced on December 20, in which Sage already had a 17% minority stake, was funded from Sage's existing cash reserves. Company says move accelerates its growth strategy, broadening its value proposition for mid-sized businesses and expanding its digital network.
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Record PLC - Windsor, Berkshire-based currency and derivatives manager - Launches new private debt fund, EDS Universal KOMMUNALIS+ Liquiditat Short Term, investing primarily in municipal loans. Company will be acting as asset manager, in partnership with technology investment specialists European Debt Solutions and European fund service provider, Universal-Investments Group. "The new technologically-enabled alternative investment fund aims at achieving returns of 60 basis points over Euribor, with two-month liquidity, by investing in short-term loans to European Municipalities and adding short-term receivables from investment grade EU corporates," company says. The fund is an open ended special AIF, registered in Luxembourg.
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Edge Performance VCT PLC - London-based venture capital trust - Shareholders reject all proposals at requisitioned general meeting, in line with board's recommendation. In early December, a group of shareholders called for removal of all directors. At time, company said GM was "unwarranted act by small group of I class shareholders". On Monday, says: "Shareholders voted for the continued management of the VCT by the current board, in favour of the board's strategy, and plans and for the continued management of the company by its investment manager, Edge Investments Ltd. Your board is now focussed on securing the High Court's approval for the cancellation of the entire balance standing to the credit of the company's capital redemption reserve and the entire balance standing to the credit of the company's share premium account. This approval is expected by the middle of March 2022."
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Digital 9 Infrastructure PLC - London-based digital infrastructure investor - Starts consultation process with shareholders over potential change to existing investment policy. Notes existing policy restricts company's ability to invest more than 20% of gross asset value in any single asset or investee company. Company wants to increase restriction to 25%, and also amend threshold to "adjusted" gross asset value, which will include any third party debt drawn by or available.
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Spinnaker Acquisitions PLC - London-listed acquisition vehicle - In "advanced stages" of application process with the UK Financial Conduct Authority and the London Stock Exchange over proposal to be renamed as Ondo InsurTech PLC after completion of reverse takeover of HomeServe Labs Ltd deal from home repairs and improvements firm Homeserve PLC. "Whilst the terms of the proposed transaction have been agreed, the acquisition remains subject to the satisfaction of certain conditions. Accordingly, there is no certainty that the proposed transaction will proceed," company says.
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Prime People PLC - London-based recruitment company - Will return GBP2.0 million from oversubscribed tender offer of 2.7 million shares, which represent 22% of issued share capital. Buys back 2.3 million shares after application of scale-back mechanism. Also notes previously announced general meeting to propose the delisting will go ahead on January 12. Has 9.9 million shares in issue after tender offer. Proposition to cancel listing on London's AIM due to the poor performance of the company's share price, material financial costs to keep the listing and low liquidity issues.
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Blackbird PLC - London-based cloud video editing platform - Achieves Amazon Web Services Technology Partner status and completed the Foundational Technical Review of Blackbird Edge to "accelerate AWS engagement". Company adds: "The AWS FTR enables AWS Partners to identify and remediate risks in their products or solutions." Chief Executive Ian McDonough says company is "happy" to win the designation. He continues: "This milestone is significant as fast-tracked progress through the AWS Partner Network will allow us to scale much more flexibly for our customers which is key, whilst opening up the addressable market for Blackbird significantly."
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Leeds Group PLC - Leeds-based fabrics importer - Swings to pretax loss of GBP487,000 for the six months that ended November 30 from profit of GBP735,000 a year before. Revenue falls to GBP15.6 million from GBP20.0 million. Says pandemic hit performance in period. "The prolonged nature of the pandemic, exacerbated by the emergence of the Omicron variant in late November 2021, has impacted consumer confidence and caused many our customers to become overstocked and reduce demand while they correct that position," Leeds Group says.
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Enwell Energy PLC - oil and gas explorer in Ukraine - Notes Ukrainian government has issued decrees to impose temporary and partial gas price regulation in order to support the production of certain food products through the supply of gas at regulated prices. Companies will be forced to up to 20% of natural gas production for the period until April 30, 2022 at a price set at the cost of sales of the relevant gas producer. Expects scheme to be a temporary measure. "The regulation of gas prices through this mechanism, does present some serious inconsistencies between the market rules established at the time of deregulation of the gas supply market in Ukraine in 2015, as well as the commitments given to the international community at that time in relation to the functioning of the gas supply market in Ukraine," company says. CEO Sergii Glazunov says scheme is "very concerning".
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Mosman Oil & Gas Ltd - Exploration, development and production company with projects in Australia and the US - At Falcon-1 well, in which Mosman holds 75% working interest, an additional Frio sand zone has been perforated at a depth 7,457 to 7,460 feet. Plans to periodically increase the choke size and monitor wellhead pressures. Current production rate is up 23% on the average reported for the quarter to September 30. The Falcon project is part of the Champion project in east Texas in the US.
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Kavango Resources PLC - mineral explorer in Botswana - Restarts drill operations on Hole KSZDD002. The hole has been designed to intercept the B1 Conductor, a geophysical anomaly that the company believes is a prospective target for possible massive sulphide nickel or copper mineralisation. Drilling first started on KSZDD002 on November 19, 2022, with an expected target intercept depth of between 525 metres and 575 metres for the B1 Conductor. Drilling was paused for a Christmas break at 350 metres.
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Union Jack Oil PLC - UK-focused onshore hydrocarbon production, development and exploration company - "Pleased" with analysis carried out by RPS Group for its West Newton extended well test programme. Study indicates initial production rates of 35.6 million cubic feet of gas per day. The RPS review concluded that the Kirkham Abbey reservoir is likely to deliver substantially higher production rates from horizontal wells compared to vertical wells. Executive Chair David Bramhill says: "We are encouraged by the RPS review which continues to underline West Newton's potential as a material hydrocarbon producer. This initial analysis confirms the significance of the in-place resource and crucially, has de-risked the project by indicating the potential recovery of what we can now confirm to be high quality light oil, in addition to good quality gas."
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By Paul McGowan; paulmcgowan@alliancenews.com
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