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(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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Primorus Investments PLC - investment firm focused on natural resources sector - Says it has completed the sales of its remaining shareholding in Greatland Gold PLC. Primorus sold 20.0 million shares at an average price of 23.09 pence each, raising gross proceeds of around GBP4.6 million through a "structured series" of sales. As a result, the company no longer holds an interest in Greatland. "The Greatland Gold investment has, by any measure, been extremely successful. Having made a high-conviction investment call in late 2018, it has been hugely satisfying to watch Greatland grow to a market cap in excess of GBP800 million. Whilst the outlook for Greatland is extremely positive, after nearly 2 years, it is time for Primorus to realise its remaining gains and look to re-invest elsewhere in accordance with its investment mandate. Current cash reserves of Primorus now exceed the market capitalisation of the company," says Alastair Clayton, executive director of Primorus.
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IQ-AI Ltd - medical software company with headquarters in Jersey - Says the US Food & Drug Administration has granted 510(k) market clearance for the Liver Surface Nodularity software application. IQ-AI's subsidiary, Imaging Biometrics LLC, entered into a business agreement with the owner of LSN, AI Metrics LLC, earlier this year which granted IB global rights to manufacture, market, and distribute the LSN software platform. "Now that the FDA has granted market clearance, IB and AI Metrics will begin to actively market and sell LSN in the USA. CE mark for European distribution and commercialisation is expected later this quarter," says IQ-AI.
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GSTechnologies Ltd - data infrastructure, storage, and technology services firm - Wholly-owned subsidiary EMS Wiring Systems Pte Ltd has received a USD200,000 grant from Enterprise Singapore to develop a prototype liquid film cooling system for use in data centres. The entire development is valued at approximately USD1 million and will take about 12-18 months to complete.
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Inspirit Energy Holdings PLC - developer of combined heat and power boilers - In talks regarding a possible collaboration with an engineering company with expertise in advanced gasification. The collaboration would enable Inspirit to support the heat recovery processes within this partner's applications, it says. "In particular, Inspirit may be afforded the opportunity to participate in district heating, waste-to-energy and other energy infrastructure projects using the partner's gasification technology," says Inspirit. Will update market when the parties enter into formal collaboration.
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Medica Group PLC - teleradiology services provider based in Hastings, East Sussex - To buy Global Diagnostics Ireland, operating in the teleradiology reporting market in Ireland, for an initial cash consideration of EUR16 million. The deal is in line with Medica's strategy to diversify revenue sources outside of the UK, to further its market leadership position in teleradiology and expand into new areas of telemedicine. A maximum of EUR4 million deferred consideration will be paid based on contractual milestones. Adds that recent Medica trading has been in line with management expectations.
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Biome Technologies PLC - bioplastics and radio frequency technology - Bioplastics division starts project to develop and test a new generation of biodegradable tree shelters made from the company's bioplastics. The project has been awarded funding of GBP58,843 from the government-backed Innovate UK agency. Tree shelters are used to protect young trees and bushes from animals. This three-month project is being undertaken in conjunction with Suregreen, a tree shelter manufacturer.
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Mila Resources PLC - natural resources company - Though transaction to buy E-Tech Metals Ltd was "materially advanced" following due diligence and the preparation of a prospectus, E-Tech gave notice that it wished to terminate the transaction without cause. Mila has now recovered a loan of GBP87,402 advanced to E-Tech, and is receiving legal advice on the termination notice. "Mila Resources maintains a healthy cash position and is in advanced discussions with regard to other potential transactions and will update the market in due course," says Mila. Adds that trading in its shares will resume in due course following consultation with the UK Financial Conduct Authority. A further statement will be made to "clarify lifting of the suspension".
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By Lucy Heming;Â lucyheming@alliancenews.com
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