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(Alliance News) - The following is a round-up of updates by London-listed companies, issued this week not separately reported by Alliance News:
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Dialight PLC - London-based electronics company specialising in LED lighting - "Pleased" as Dialight's one-time partner Sanmina receives blow in ongoing legal battle. Court denies Sanmina's motion to dismiss Dialight's fraudulent inducement claim. This means the claim, as well as some counter-claims, will now go to trial. "If Dialight's claims are successful at trial, the range of outcomes could include the payment by Sanmina to Dialight of between USD0 and USD220 million. If Sanmina's claim is successful at trial the range of outcomes could include the payment by Dialight to Sanmina of between USD0 and USD8.3 million," Dialight adds, noting the range of outcomes exclude legal costs and judicial interest.
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VSA Capital Group PLC - London-based investment banking and broking firm - Says has been received potential legal claim, in connection with sale by Andrew Gerrie and Alison Hawksley of the duo's 20% stake in retailer Lush Cosmetics Ltd to London-listed Silverwood Brands PLC. VSA advised on the deal, which saw consumer businesses backer Silverwood part with GBP126.8 million, satisfied by an issue of 228.2 million of Silverwood shares at 95 pence each. As part of a deal with the Lush stake vendors, VSA received 2.3 million Silverwood shares. However, VSA says it has received a letter from Gerrie and Hawksley, who are seeking, with Silverwood approval, to return the shares which were issued to satisfy the Lush sale. "The Lush vendors threaten legal action against VSA in the absence of VSA's agreement to co-operate in the 'unwind transaction'. In either event, the Lush vendors are seeking, in effect, a return of the commission paid to VSA on the completion of the Lush transaction despite Silverwood announcing that the transaction had indeed completed," VSA adds. VSA Chief Executive Officer Andrew Monk says legal advice has been sought. "VSA and the directors believe that the claim has no merit but will engage with the pre-action protocol that governs the dispute. Should the Lush Vendors issue court proceedings VSA will defend them vigorously," Monk adds.
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Equals Group PLC - London-based fintech payments group - Says deadline for Madison Dearborn Partners LLC to announce whether or not it makes an offer extended to December 27. Equals in November said it contacted a limited number of other companies, such as Madison Dearborn, to assess potential proposals that can "deliver greater value to Equals' shareholders than pursuing a standalone independent strategy".
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Holders Technology PLC - London-based company specialising in lighting components - Proposes cancellation of AIM listing. Holders says: "The board is of the view that the legal and regulatory burden, as well as the costs associated with maintaining the company's admission to trading on AIM, outweigh the benefits of a public quotation." The delisting needs the approval of shareholders at a general meeting set for December 15. It said it has so far received the backing of around 47% of shareholders. Says a tender offer will also shareholders to realise their investment in the firm, at 43 pence. The stock closed at 42p on Friday.
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Ondine Biomedical Inc - Vancouver-based life sciences company - Agrees to fundraising led by Sankofa Investment Partners to secure between CAD1.8 million to CAD4.3 million, around GBP2.5 million. Fundraising will be conducted through placing, subscription and broker option. "The net proceeds of the fundraising will be used for general working capital and in support of the company's rapid sales growth of its Steriwave nasal decolonisation therapy, a product that has been shown to reduce post-surgical hospital infection rates by over 50% without generating antimicrobial resistance," Ondine adds.
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By Eric Cunha, Alliance News news editor
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