(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Provident Financial PLC - Bradford-based subprime lender - Accepts GBP71.5 million in tender offer of 7% 2023 notes. Says now GBP103.5 million outstanding. Previously says proceeds from the notes offering will go towards the repayment of debt and strengthening the capital base of the company.
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Alpha Financial Markets Consulting PLC London-based consultancy for asset and wealth management industry - Is "very pleased" with strong interim performance and backs full-year expectations. Reports positive trading conditions in six months to September 30 and strong margins. "The group has also successfully delivered strong sales wins and grown its opportunity pipeline through the first half," it says. Adds: " Increased client demand has delivered strong double-digit organic net fee income growth compared to the first half of the prior year, with particularly strong like for like progress in Alpha's North American and Europe & Asia regions."
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Symphony International Holdings Ltd - strategic investment company - Makes investment in pan-India online furniture and lifestyle brand House of Kieraya. "The funding round, led by Symphony, included investments from Signet family office and The Parekh family office of Nilkamal. The investment by Symphony amounted to less than 5% of its NAV," company says. Adds: "The umbrella brand, HoK, includes Furlenco, one of India's largest furniture and lifestyle subscription businesses, and Furbicle, a brand focused on sustainability-led remanufactured furniture."
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Foresight Group Holdings Ltd - infrastructure and private equity investment manager - Says assets under management estimated at GBP8.1 billion and funds under management at GBP6.0 billion at end of September, equating to annualised growth rate of 25% and 34% respectively in the half-year period. "We have experienced substantial growth in FUM as a result of strong retail net inflows plus further institutional fund closes and together with the near-term pipeline of new fund launches and deployment, this gives the board confidence in achieving the group's full year FY2022 targets," says Executive Chair Bernard Fairman.
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Ground Rents Income Fund PLC - invests in portfolio of long-dated ground rents from freeholds and head leases in the UK - James Agar, fund manager for company since its IPO in 2012, has stepped down from his role at Schroder Real Estate. Schroders was appointed as alternative investment fund manager to the company in May 2019. Following Agar's departure, Chris Leek, current deputy fund manager, assumes day to day responsibility for the portfolio, reporting to Nick Montgomery, Head of UK Real Estate.
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KKV Secured Loan Fund Ltd - equipment leasing and asset finance investment company - Sells two loans from its C share class portfolio for USD4.0 million. At the end of 2020, the loans had a carrying value of zero and were marked as Borrower 42 and 58 within the C portfolio. Also notes a loan within the ordinary share class portfolio that financed domestic heating systems and associated maintenance contracts has been settled. The loan was purchased for consideration of GBP3.8 million.
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Quantum Exponential Group PLC - seeks investment opportunities in the quantum technology sector - Applies for shares to be listed on AQSE. Yet to determines how many shares to be offered in initial public offering, or price. "The company will source potential investment opportunities directly and in conjunction with Notion Capital, one of Europe's leading tech VC investors who will refer early-stage quantum technology investment opportunities to the company. Notion use a proprietary digital sourcing technology which applies heuristics to signals from multiple public data sources and will augment these with the company's internal data sets to identify those companies most suited to the company's investment strategy," company says.
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Henderson Eurotrust PLC - focused on high quality European, excluding the UK, investments - Plans share split of splitting each share into 10 shares. Shareholders will vote on proposal at November 17 AGM. Currently has 21.2 million shares in issue, potentially expanding to 212.1 million after share-split.
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Galliford Try Holdings PLC - construction firm based in Uxbridge - Says Building unit appointed to GBP1.6 billion LHC Public Buildings, Construction & Infrastructure PB3 framework. "The four-year framework replaces LHC's previous School & Community Building framework, and covers projects across all public sector buildings. Galliford Try has places in four value bands across the UK ranging up GBP14 million," company says. Galliford Chief Executive Bill Hocking adds: "Maintaining a position on major public sector frameworks is a key part of our Sustainable Growth Strategy, so we are delighted to be selected by LHC for this new vehicle. We have already delivered a number of high-quality projects through LHC's previous frameworks and we look forward to continuing our relationship with them as they seek to grow throughout the public sector."
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nmcn PLC - Sutton-in-Ashfield, England-based construction engineering company - Appoints Grant Thornton as administrators, taking over control of day-to-day running of company. Applies for shares to be cancelled from Main Market. Previously notes t has collapsed into administration after failing to finalise its annual report for 2020, approve audited financial statements and secure re-financing with investor Svella. nmcn had been trying to finalise a GBP24 million recapitalisation of the business, backed by Svella. It had secured extensions of loan agreements until early November provided it could complete an equity raise by November 18. nmcn needed to publish a prospectus by November 1, which required its results for 2020, which had been due to published at the end of June, to be signed off.
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Polarean Imaging PLC - North Carolina-based MRI equipment developer and manufacturer - US Food & Drug Administration turns down new drug application for company's investigational drug‑device combination product using hyperpolarised xenon-129 gas to enhance magnetic resonance imaging. "These issues are mostly technical or manufacturing-related in nature and centre around the Xenon hyperpolariser system. Polarean will work to address the issues identified by the FDA with a view to resubmitting the NDA and securing FDA approval as quickly as possible. Following resubmission of the NDA, it is expected that the FDA review period will take 2 to 6 months," company adds. Net cash ends June at USD38.2 million.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Confirms USD3 million order received from AMC Holdings Inc for MGC's Covid-19 treatment, CimetrA, as part of its three-year, USD24 million US supply & distribution agreement. Order represents over 110,000 units of CimetrA, the largest single order that the Company has received for any product to date.
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Blue Prism Group PLC - makes software to automate back-office tasks - Reacts to shareholder Coast Capital letter, by saying Vista Equity Partners offer was "worthy of recommendation to shareholders." Says sale process was "extensive and thorough," and adds "there is no obstacle to a superior offer being proposed." Continues: "Board has determined that the Acquisition is in the best interests of Blue Prism shareholders, immediately delivering certain value without the execution risks associated with the necessary strategic investments envisaged." At the end of August, Blue Prism said it was in talks with TPG Capital and Vista Equity Partners over possible takeover offers. Agreed to a GBP1.10 billion takeover offer from Vista Equity Partners. The offer by Austin, Texas-based private equity firm Vista amounts to 1,125 pence per share, a premium of around 35% to the closing price of 832p on Aug 27, the last day prior to the offer period.
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Glantus Holdings PLC - Irish data platform for accounts payable and shared services - Partners with VAT IT UK Ltd to offer tax and working capital reclaim services. "VAT IT customers will now have access to the Glantus Data Platform and expertise to realize additional savings through targeted accounts payable analysis, credit recovery, and automation of the accounts payable process," company explains.
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Falanx Group Ltd - AIM-listed provider of cyber security and strategic intelligence services - Sells Assynt Strategic Intelligence unit for GBP4.6 million in cash to Cross Atlantic Solutions LLC. "Company believes that its best prospects for future growth are by focusing as a pure play business focused on the fast-developing cyber security market, particularly given the sector's strong macro-economic drivers which have accelerated since the start of the Covid-19 pandemic. Cyber security has now become a business essential and not just an optional extra. Falanx Cyber has invested significantly in aligning its services with this market and is now experiencing much greater demand for its penetration testing and cyber security monitoring services, particularly following the launch of its Triarii cyber protection platform," company explains.
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Mirriad Advertising PLC - London-based in-content advertising technology - Signs collaboration with Electric Glue and 4Sales to incorporate in-content product placement for UK property website Rightmove PLC, within Channel 4's peak time property show Location, Location, Location. "Viewers will be able to see in real-time current property information relevant to the residential area that each episode is filmed in, in the form of a digital overlay that includes topical statistics such as specific location pricing," company explains.
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STV Group PLC - Glasgow-based television broadcaster - Reaches agreement with trustees of its defined benefit pension schemes for triennial funding valuations and recovery plans. The combined funding deficit has reduced to GBP116 million versus GBP127 million at the previous settlement date. The 2021 deficit recovery payments will total GBP9.3 million, with annual payments then increasing at the rate of 2% per annum over the term of the recovery plans, in line with the previous agreement, company notes. Chief Executive Lindsay Dixon says: "Agreement on the pension scheme valuations has been reached in an efficient and timely manner, providing certainty to STV, the schemes' trustees and to our broader stakeholders, and demonstrating STV's continued commitment to supporting our former colleagues."
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Atalaya Mining PLC - Cyprus-based copper ores company - Sees positive progress from ongoing resource definition drilling at Proyecto Masa Valverde in Huelva, Spain. Says recent drilling campaign has intersected broad intervals of "massive and stockwork type" polymetallic sulphide mineralization including significant high grade intercepts at both Masa Valverde and Majadales. Chief Executive Alberto Lavandeira says: "These excellent drilling results from both Masa Valverde and Majadales confirm our belief that the historical resource at Masa Valverde, which excluded Majadales, can be improved and also expanded. The definition of higher grade copper and zinc zones inside the larger mineralized intervals will be one of the keys for moving this project to production. Based on these encouraging results we have decided to extend the 8,000 meter drilling program initially planned for this campaign to include the first systematic drilling program at the promising Campanario-Descamisada target zone."
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Ariana Resources PLC - gold miner in Turkey and Australia - Says recent drilling results show gold from all Kokkinoyia Sector drill holes at the Magellan project, which is 100% owned by Venus Minerals Ltd. Company is continuing its earn-in to 50% of Venus and is currently entitled to 37.5%, with 50% expected to be achieved in early Q4 2021. Notes three new mineralisation zones confirmed, with results including 18.9 metres at 0.86% copper and 1.54 grammes per tonne gold plus 0.55% zinc, which includes 3 metres at 4.40% coppers and 6.24 grammes per tonne gold and 0.82% zinc. Managing Director Kerim Sener says: "These final drilling results from the Kokkinoyia deposit reinforce our understanding that an updated mineral resource will include gold, in addition to copper. Of particular note is the extension of moderate to high-grade mineralisation outside of the envelope which defines the current mineral resource."
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Pure Gold Mining Inc - Vancouver, Canada-based gold miner - Agrees to issue 3.3 million units at CAD1.05 each, about USD0.83, to raise CAD3.5 million on a non-brokered basis to Johannesburg-listed Anglogold Ashanti Ltd. Each unit holds one share and a half-share warrant, allowing Anglogold to buy one more share, per warrant, at CAD1.36 each at any point in the next 18 months. Company intends to use the net proceeds raised from the Transaction to fund the continued ramp up of operations at its 100%-owned project in Red Lake, Ontario.
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Oriole Resources PLC - mineral explorer in Senegal and Cameroon - Notes multiple gold targets at 90%-owned Central Licence Package in central Cameroon. Says gold assay results received for 503 stream sediment samples related to the Ndom, Pokor and Mbe licences. Chief Executive Tim Livesey says: "We are excited to see widespread gold-in-stream anomalism across all five licences sampled to date at our extensive and contiguous Central Licence Package. These early indications will now enable us to rank and prioritise areas for rapid follow up exploration work."
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Alien Metals Ltd - London-based exploration and development company - Says ongoing drilling at Elizabeth Hill Silver Project in the Pilbara Region of Western Australia continues to produce "visible sulphides". Notes, currently, around 753 metres has been drilled as part of the drill programme, including 211 metres of diamond core drilling and 542 metres of reverse circulation drilling. Chief Executive Bill Brodie Good says: "We are very much looking forward to receiving the initial assay results from the diamond drilling. So far, the drilling program has given us some excellent geological information and some very encouraging visual results including pure silver and copper and nickel sulphides. Importantly, the core has been logged, cut and samples despatched over the past week."
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By Paul McGowan; paulmcgowan@alliancenews.com
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