(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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Schroder UK Public Private Trust PLC - formerly Woodford Patient Capital Trust, invests in both listed and private UK companies - BenevolentAI Ltd, which represented 5.2% of the company's net asset value at September 30, enters definitive agreement for a business combination with Amsterdam-listed investment company Odyssey Acquisition SA. BenevolentAI shareholders will receive Class A ordinary shares of Odyssey in exchange for their shares of BenevolentAI. As a result of the share exchange, BenevolentAI will become a wholly-owned subsidiary of Odyssey. "At the pro-forma market value, the implied valuation impact on the company's NAV is expected to be positive, however, the valuation of the company's holding will, following the listing on Euronext Amsterdam, be determined by reference to its share price," Schroder UK explains.
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Seraphim Space Investment Trust PLC - London-based investor in space technology - Makes USD25 million investment into Iceye Oy, a developer of synthetic aperture radar satellite imaging technology. Seraphim Space LP first invested in Iceye in 2017, prior to it launching its first satellite, and has participated in every subsequent Iceye funding round. Notes new investment will allow Iceye to "significantly expand its unique SAR satellite constellation".
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Pioneer Media Holdings Inc - Vancouver, Canada-based e-sports and mobile games investment company - Raises additional CAD400,000, around USD313,541, on a non-brokered private placement basis through the sale of 400,000 units at CAD1.00 per unit. Each unit consists of one share and one warrant, exercisable at CAD1.50 for 24 months. Brings total raised through this private placement to CAD1.5 million through the sale of 1.5 million units in aggregate. Company intends to use the funds raised to acquire additional investments in Web3, NFT-Gaming, eSport, mobile gaming, and related sectors. Also notes appointment of Julia Becker to its board of directors. Becker is the founder and president of Strike Communications Inc, a capital markets advisory firm specializing in technology, media and gaming.
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Spectra Systems Corp - Rhode Island-based authentication technology provider - Says newest customer using the company's optical materials in K-cups for Keurig brewers has already placed three orders totaling USD394,000 since September. The orders from the new customer are already 93% of the expected 2021 revenues from this product and 46% higher than total orders in 2020. Chief Executive Nabil Lawandy says: "Based on this order pattern, we expect that this new customer, along with the existing customer, will result in over USD1 million of high margin revenue in 2022."
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Induction Healthcare Group PLC - London-based hospital IT systems provider - Says its remote consultation service, Induction Attend Anywhere, launches new healthcare function. The platform, which has been rolled out across the UK, now also supports clinical group consultations, where one-to-one consultations take place within a group setting of patients with similar clinical conditions. "Co-created with NHS providers, the Induction Attend Anywhere clinical group consultations function has been designed to virtually mirror standard clinical and patient workflow for optimum integration. A distinctive feature is that there is a single-entry link for each clinical group consultation Waiting Area, avoiding production of multi-patient links and helping to safeguard clinician and patient confidentiality," company explains.
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Open Orphan PLC - London-based pharmaceutical services company - Subsidiary hVIVO conducts Phase 2a randomised, double-blinded, placebo-controlled study for SAB Biotherapeutics' human challenge study testing SAB-176, its investigational therapeutic for the treatment of seasonal influenza. Company notes SAB-176 met its primary endpoint and based on partial data appears to have met a key secondary endpoint. "These encouraging results support proceeding to a Phase 2 clinical trial," company adds.
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NetScientific PLC - London-based life sciences and sustainability, technology investment and commercialisation firm - Portfolio company, PDS Biotechnology Corp, reopens recruitment in the National Cancer Institute-led Phase 2 clinical trial evaluating PDS0101, marketed as Versamune-HPV16 in combination with two investigational immune-modulating agents in advanced HPV cancers. "The suspension of recruitment was administrative in nature and was unrelated to any specific safety or efficacy concerns associated with the triple combination being studied. As a result, during the recruitment suspension, patients already enrolled in the study continued to receive scheduled treatment. The timing of clinical results from this trial is not expected to be affected by the pause in recruitment of new patients," company says.
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InnovaDerma PLC - London-based developer of beauty, personal care and life science products - Signs joint venture agreement wit Non-Executive Director Ward to "accelerate and develop" the Prolong brand. Company will retain a 45% ownership stake in the venture, with the remaining 55% being acquired by Ward for a value of GBP275,000. "The objective of the joint venture is to accelerate the marketing and sales of the Prolong medical device and enable the company to focus on its topical products. The company will not be required to invest in Prolong's development as part of the joint venture nor will there be operational use of executive management's time," company's says.
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Vesuvius PLC - London-based molten metal flow engineering firm - Completes USD57.1 million acquisition of the assets and substantially all of the liabilities of Universal Refractories Inc, a specialty refractory producer based in Pennsylvania, USA.
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Katoro Gold PLC - gold and nickel exploration and development company - Deal for Target Mine Consulting falls through as TMC fails to supply initial public offering documentation. Initial public offering of joint venture between pair, Blyvoor, now in jeopardy. "The company is at the moment considering its position and options in this matter and will update the market accordingly as soon as a decision has been taken on an appropriate course of action," company says.
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Chesterfield Resources PLC - London-based minerals company - Drills high-grade gold-silver intercepts in Cyprus and discovers significant mineralised system. Notes thick and locally high-grade gold intersections at Westline target at its Cyprus Troodos West project. Says recent drilling provides evidence of a significant gold-enriched mineralized system so far covering approximately 220 metres by 300 metres in area, and open on three sides. Highlights from drilling show 21.4 meters grading 1.75 grams per tonne gold, and within this a high-grade zone of 3.3 metres grading 6.55 grams per tonne gold and 90.35 grams per tonne silver.
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Adriatic Metals PLC - precious and base metals explorer and developer - Says exploration drilling northwest of the Rupice Mineral Resource continues to intercept additional high-grade mineralisation. Chief Executive Paul Cronin says: "The extensional drilling completed to date demonstrates that excellent exploration potential still remains at Rupice. While extending the known mineralised zone by 145 metres, BR-12-21 also shows a thickening of the massive sulphide mineralisation to the north. We plan for drilling to continue through winter, alongside the civil earth works underway for the Rupice Underground Mine surface infrastructure." Notes diamond drillhole BR-12-21, 145 metres northwest of the existing Rupice Mineral Resource, intercepted 24.7 metres at 514 grammes per tonne zinc from 295.1 metres
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Zenith Energy Ltd - Africa-focused production and development energy company - Enters supplementary loan agreement with Winance, a company registered in the Cayman Islands with a single-family office based in Dubai, for an additional EUR3 million. Loan has duration of eight months and does not attract interest. Confirms made a drawdown of EUR1 million. Possible future drawdowns will be solely at company's discretion.
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By Paul McGowan; paulmcgowan@alliancenews.com
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