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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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Airtel Africa PLC - Africa-focused mobile operator - Subsidiary Airtel Networks Kenya Ltd and Telkom Kenya Ltd business combination in Kenya falls through after "a very lengthy process which has led the parties to reconsider their stance". The two businesses are no longer pursuing completion of the combination.
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Adamas Finance Asia Ltd - pan-Asian diversified investment vehicle - Says Future Metal Holdings Ltd asset quarry set to operate at full production for the rest of 2020 after a temporary pause in early 2020 amid the Covid-19 pandemic. Quarry operations in Future Metal's open-pit dolomite quarry in Shanxi Province, China resumed in mid-March. Adamas says that, given the "continuing rapid urbanisation" in China, demand for Future Metal's product is likely to say "robust".
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Regency Mines PLC - battery metals company - Proposes name change to Corcel PLC with the aim of more closely reflecting its "strategy to develop its businesses across the battery metals exploration and flexible grid solutions space." Application for name change being made to Companies House and a new website it to be launched.
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TP Group PLC - Reading-based software solutions provider - Subsidiary Sapienza Consulting chosen to participate in framework contract providing consulting and technical services for Eurocontrol. Framework to last up to five years and relates to "Common IT Contractor Profiles at the Maastricht Upper Area Control Centre (MUAC) in the Netherlands." Eurocontrol to release restricted tenders to pre-qualified participants for "a range of specialist capabilities" under this framework. Eurocontrol described by TP as "a pan-European civil-military organisation dedicated to supporting European aviation".
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MediaZest PLC - London-based audio visual services provider - Raises GBP150,000 through issue of unsecured convertible loan notes with maturity date August 2023. Proceeds will provide more working capital for MediaZest and have interest of 7% per annum. Chief Executive Geoff Robertson: "We are delighted to announce the fundraise at a difficult time for all businesses and we're grateful for the continuing support of shareholders as we move out of the UK lockdown period and seek to build on the group's encouraging performance in the run up to the Covid-19 outbreak."
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Hummingbird Resources PLC - African gold producer - Provides second quarter operational and trading update on Yanfolila showing 24,054 ounces gold poured in period, down from 27,466 ounces in the same quarter of 2019. Sells 31,520 ounces of gold at USD1,663 average price per ounce. All in sustaining cost for Yanfolila USD963 per ounce versus USD998 year-on-year. Recordable injury frequency rate 2.3, under 2.5 target. June 30 cash USD6 million versus USD9 million December 31 and 4,000 ounces gold inventory on hand compared to 2.900 ounced 2019 end worth around USD8 million. Reduces bank debt by USD14 million from December to USD26 million. Maintains 2020 guidance for 11,000 to 125,000 ounces and ASIC USD995 per ounce. On track for net cash position target in second half with bank loans repaid by end of 2021 first half. Q2 Yanfolila mine drill intersections received includes 5.7 metres at 16.42 grams per tonne of ore from 263 metres depth.
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IQ-AI Ltd - medical software company with headquarters in Jersey - Signs letter of intent with undisclosed "major international medical group" that wishes to buy StoneChecker Software Ltd. The sale is part of IQ-AI's decision to focus on neuro imaging. StoneChecker analyses CT assets the evaluate the likelihood of a kidney stone breaking up when a patient undergoes lithotripsy, where shock waves are used to break up kidney stones. This procedure fails 29% of the time and StoneChecker would therefore reduce the the number of these failed procedures. If completed, the sales will involve a cash consideration as well as ongoing royalty on sales.
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Cora Gold Ltd - West African focused gold company - Says warrant holders have exercised their right to subscribe for 55,564 depositary interests at 10 pence each, raising GBP55,556 in total.
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NB Global Floating Rate Income Fund Ltd - closed-ended investment company incorporated in Guernsey - Intends to propose investment policy amendment and institure new discount control mechanism. This includes a revised investment objective letting it invest in a broader range of assets such as alternative credit. It will also pay income on a monthly basis starting from the declaration of its third quarter dividend. It explains: "The new investment objective will mean the trust can still invest in 'senior secured, floating rate' loans where the majority of its portfolio is currently held, but will also be able to invest in a broad range of other debt types." New proposals will involve a tender offer to let shareholder exist the trust, which is trading on an 8% discount, at a 2% discount. The discount control policy will let investors tender shares at a 3% discount every six months.
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Tiziana Life Sciences PLC - London-headquartered biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases - Closes American Depositary Shares registered direct offering. Issues 11.0 million ADSs as USD5.20 each raising USD57.25 million gross. ThinkEquity, division of Fordham Financial Management Inc, is sole placement agenct. Proceeds will help advance clinical development of Foralumab and allow it to start a trial in HCC patients with Milciclib. Funds also assist in expediating clinical development of TZLS-501 for Covid-19.
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Columbus Energy Resources PLC - oil and gas producer and explorer focused on onshore Trinidad and Suriname - Gets court sanction for scheme to effect merger with Bahamas Petroleum Co PLC, expected to be effective August 7. August 6 to be last day of dealings in Columbus shares.
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By Anna Farley; annafarley@alliancenews.com
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