(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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NetScientific PLC - life sciences and sustainability technology investment firm - Notes that its portfolio company PDS Biotechnology Corp entered an exclusive global license agreement with Merck KGaA for the tumour-targeting IL-12 fusion protein M9241. "We are pleased to have partnered with Merck KGaA, Darmstadt, Germany to advance the development of M9241, a highly innovative cytokine therapy," PDS Chief Executive Officer & President Frank Bedu-Addo says. Merck is to pick up an equity stake in PDS.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Implements further cost reductions, enabling the company to direct a more significant portion of its working capital to its clinical trial and research programmes in 2023. Agrees to an immediate 35% reduction in director fees, effective from December 1. Adds that it agreed to a 10% to 20% reduction in their cash remuneration. Believes that this approach is appropriate in the current economic climate.
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Ince Group PLC - Legal services company - Receives approval from the Financial Conduct Authority for the change of control of its subsidiary Arden Partners PLC upon the completion of the disposal. Adds that the completion remains subject to approval from Ince's principal lending bank and "no material adverse event occurring prior to completion." The agreement for Zeus Group Ltd to acquire the entire issued share capital of Arden was reached in November. Ince itself had only sealed the acquisition of Arden in April, in a deal worth GBP10 million.
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Eagle Eye Solutions Group PLC - London-based marketing solutions provider - Completes the acquisition of Untie Nots and its subsidiaries. The company agreed on the terms for the acquisition of Arden for an initial consideration of EUR15.0 million in November.
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Angus Energy PLC - London-based oil and gas development company - Produces and sells gas volumes equal to 5.6 million therms in total for October, November and December combined. This equals 1.9 million therms per month. Says that average daily flow rates were highest in November at 6.0 million standard cubic feet per day. Notes that cold weather related issues have now been overcome. Says that the present drilling operations on the final horizontal section of the SF-07 side track are scheduled to resume on January 5.
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Beacon Energy PLC - Isle of Man, UK-based oil and gas company - Says Tulip Oil Holding BV shareholders have approved Beacon's acquisition of Rhein Petroleum GmbH. Proposes to appoint Stewart MacDonald as chief financial officer, subject to the completion of the acquisition.
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San Leon Energy PLC - oil and gas production, development and exploration in Nigeria - Extends the deadline for new debt facilities with Midwestern by 3 months to March 31.
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Canadian Overseas Petroleum Ltd - Calgary-based international oil and gas firm - Signs an agreement for the issue of 2025 convertible bonds with the total value of USD4 million. The conversion price is USD0.1583 per share for each USD200,000 of 2025 principal outstanding. Anticipates signing a debt refinancing term sheet in January and closing the debt refinancing in the first quarter of 2023.
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MetalNRG PLC - investor in natural resources and energy - Says Pierpaolo Rocco withdrew his unfair prejudice claim against the company on December 23. Explains that former director Rocco brought a claim against the company and its directors, in a personal capacity for unfair prejudice towards him. Looks forward to the final agreement and settlement of costs. Notes "various materials" published on social media by Edward Spencer in connection with the requisitioned general meeting. Does not intend to comment on the other information published on social media. Remains committed to responding to any concerns from shareholders through the usual channels.
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Gulf Marine Services PLC - United Arab Emirates-based lift boat company - Issues warrants over 137.1 million shares at GBP0.0575 to lenders. Adds that the warrants are exercisable until June 2025.
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By Abby Amoakuh, Alliance News reporter
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