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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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OnTheMarket PLC - Aldershot, England-based operator of online property search portal OnTheMarket.com - Says initial consideration paid for the 80% of shares in Glanty Ltd acquired in May 2021 is being reduced, with the return by the vendors of 163,154 shares. "This is equivalent to a reduction of GBP147,000 based upon the share price used in the initial purchase of the 80% of Glanty. It arises under the previously announced post-completion adjustment mechanism based upon Glanty's net cash-net debt and actual working capital position as at completion," company says.
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TMT Investments PLC - venture capital investor in high-growth technology companies - Notes investee Volumetric Biotechnologies Inc acquired by 3D Systems. Deal made up of initial payment of USD45 million with USD355 million of further consideration due on an earnout basis subject to the achievement of certain milestones. "TMT invested USD200,000 in Volumetric in July 2020 by way of a simple agreement for future equity with a 20% discount on conversion subject to a valuation cap of USD12.5 million, which TMT expects will be converted and sold as part of the acquisition," company says.
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Sound Energy PLC - Morocco-focused upstream gas company - Agrees extension to negotiating period with Afriquia Gaz for Phase 1 LNG sale & purchase agreement, which is now required to be satisfied by November 30, 2021. "The LNG SPA is conditional upon fulfilment of certain conditions precedent and the extension now agreed is expected to allow those conditions precedent not yet satisfied, relating to the plant development contract, financing and remaining regulatory approvals to be documented contemporaneously," company says. Executive Chair Graham Lyon says he is confident deal will be completed.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Says Israeli Ministry of Health approves dosing study for CimetrA, company's proprietary treatment for the effects of Covid. "The study will incorporate key parameters including determining the most effective dosage of the treatment, a full safety and pharmacovigilance profile, in addition to an extensive pharmacokinetic profile to outline the registration and administrative process of approval for sale and use. The study will further examine the anti-inflammatory and immune-modulatory effects of CimetrA through Cytokine level monitoring," company explains. Company will recruit 240 patients in sites located in Israel, South Africa, the US, and Russia.
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Knights Group Holdings PLC - Newcastle-under-Lyme-based legal and professional services - Agrees to acquire law firm Archers Law LLP, based in Stockton-on-Tees, on a debt free, cash free basis for a total consideration of GBP5.2 million. Deal will be made of initial consideration of GBP3.7 million, made of GBP2.1 million in cash and GBP1.6 million from 395,060 new shares, along with deferred cash consideration of GBP1.5 million to be paid in equal instalments over the three years. Deal will paid from existing facilities, company notes. Chief Executive David Beech says: "The acquisition allows us to build on the existing strong presence we have established in Yorkshire in recent years and provides a compelling platform for future organic growth in the North East." Separately, company agrees new extended revolving credit facility with HSBC UK, Allied Irish Bank and Lloyds Bank - replacing existing facility with same lenders. The facility provides total committed funding of GBP60 million until October 2024, split equally between the three lenders.
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nanosynth Group PLC - digital monitoring and safeguarding systems manufacturer formerly known as Remote Monitored Systems - Returns control of wholly-owned subsidiary Cloudveil Ltd, to Cloudveil's founder, Antony Hugo Gillum-Webb, by transferring company's shares in Cloudveil to founder for nominal consideration, effective immediately. Disposal is in line with the board's strategy which is to "focus on the synthesis and application of the company's core capabilities". Also says John Richardson resigns from board as executive director, effective immediately, to focus on product management activities within P2F, the company's main subsidiary. Chair Antony Legge says: "The disposals of Gyrometric and Cloudveil are the last steps in our refocussing strategy. With the opportunities available to us, it is vital our management and financial resources are concentrated on realising returns for shareholders by exploiting our strong position within the nano-particle sector."
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Water Intelligence PLC - California-based environmental services and technology company - Completes acquisition of Wat-er-save Services Ltd, a UK provider of leak detection, repair and water infrastructure services to UK commercial customers including universities and leisure resorts. "The transaction is operationally strategic and earnings accretive for Water Intelligence shareholders," company says. Adds: "Strategically, today's acquisition provides the group with a more substantial sales footprint in the UK. It accelerates the group's 2022 growth target in the UK as Water Intelligence International draws on its execution experience to provide a broader suite of solutions to residential, commercial and municipal customers in the UK." Purchase price is GBP700,000 on a cash-free, debt-free basis.
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Ethernity Networks Ltd - Networking and security solutions provider based in Israel - Receives final investment, of GBP750,000, under investment deal with 5G Innovation Leaders Fund LLC, first agreed in September 2020. The 5G Fund will make the investment in new shares, valued at GBP823,500. The proceeds from the investment will be used by the company for general corporate and working capital purposes. Chief Financial Officer Mark Reichenberg says: "The company would like to thank 5G Fund for committing to the agreement in September last year and for their continued support through the duration of the agreement to this final investment."
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Volex PLC - Hampshire, England-based Volex electronic components maker - Completes acquisition of US-based manufacturer of electronic supplies Irvine Electronics Inc, first announced in mid-August, for USD16.4 million in cash. Deal was funded from company's existing debt facilities. Executive Chair Nat Rothschild says: "The completion of the Irvine acquisition further increases our geographic coverage and technical capabilities in the key North American market. Irvine complements the recently announced acquisition of Terminal & Cable TC Inc, a military wiring harness supplier. This supports our strategic intent to develop Volex's presence in the defence market, broadening our capabilities in this attractive sector."
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Versarien PLC - Cheltenham, Gloucestershire-based advanced materials engineer - Subsidiary 2-DTech Ltd wins GBP93,000 from UK Department for Transport to develop an innovative asymmetric pseudo-capacitor power pack as part of GBP652,000 funding by UK government for Project Supportive. "The objective is for this pack to be used in container shuttles, vehicles that transport shipping containers, at ports all over the world. Currently these vehicles are powered by diesel engines and are a sizable hurdle when it comes to transitioning maritime infrastructure to zero emissions by 2050," company says. Project Supportive funding is to help design and develop technologies to help reduce greenhouse gas emissions by the UK's maritime sector.
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By Paul McGowan; paulmcgowan@alliancenews.com
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