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(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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Angus Energy PLC - London-based oil and gas development company - Raises GBP7 million via placing and subscription to fund production. Says share placing raises GBP1.9 million, and subscription raises GBP3.7 million. Further, conditionally raises GBP1.5 million at 1.65 pence per share, subject to approval. Intends to issue up to 341.2 million new shares to raise about GBP5.6 million and to further issue 89.8 million new shares by way of direct subscription to raise about GBP1.5 million. "The net proceeds of the fundraising will be utilised by the company to fund operational activities, settle a liability that has recently arisen under the hedge and for the group's general working capital purposes," the company explains.
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BSF Enterprise PLC - London-based biotechnology investment firm - Says subsidiary 3D Bio-Tissues Ltd partners with non-profit cellular agriculture-focused organisation Stichting New Harvest Netherlands. Says New Harvest "will provide 3DBT with a clear and comprehensive roadmap of the safety and regulatory requirements of animal-free media, its ingredients and derivatives in the European Union, UK, and others as time allows." 3D Bio-Tissues Chief Executive Officer Che Connon says: "Today's announcement marks the start of a significant workstream focused on putting affordable cultivated meat on shelves. New Harvest's partnerships across government and industry are integral to helping accelerate breakthroughs in cellular agriculture and laying the foundations for companies like 3DBT to drive the adoption of our products on a mass-scale."
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Gulf Keystone Petroleum Ltd - Bermuda-based oil & gas exploration company - Chair Jaap Huijskes announces he will retire from the board and not seek re-election at the annual general meeting in 2023. The company's 2022 AGM was held in June. Meanwhile, says current production of 44,400 barrels of oil per day, higher than 44,100 average production in 2022 year to date. Says production expected to be at lower end of 44,000 to 47,000 range for 2022. Adds that SH-16 well brought online on schedule and budget. Expects production at the well to "further ramp up" in the first quarter of 2023. Further plans to drill SH-P, with targeted start up in the second quarter of 2023.
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hVIVO PLC - London-based specialist contract research organisation - Announces positive data from first in-human phase 1 study into AGS-v Plus vaccine, which is intended for for arboviral diseases, targeting mosquito saliva. Arboviral diseases are caused by bites by insects such as mosquitoes and ticks Says that next steps are to determine whether findings translate to clinical efficacy and to determine whether findings translate to clinical efficacy. "The data has been published in eBioMedicine, a peer-reviewed open access biomedical journal part of The Lancet Discovery Science," hVIVO explains.
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JZ Capital Partners Ltd - London-based microcap-focused investment company - Says Deflecto Holdings LLC, one of its US micro-cap co-investments, sells one of its portfolio companies. JZ announces it will receive USD54.6 million from the sale, with up to a further USD1.1 million after the final closing. "The disposal represents an uplift of approximately 43% to the net asset value attributable to JZCP's interest in Deflecto Holdings of USD45.4 million as at 31 August 2022," JZ says.
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Learning Technologies Group PLC - London-based learning and talent solutions company - Announces the closure of its UK apprenticeship business in early 2023, which it says had an adjusted says had adjusted earnings before interest and tax of GBP1.1 million in 2022. Learning explains: "The closure follows a decision by the board that the nature of the customer relationships and quality of the offering in the business do not match the high standards elsewhere in GP strategies and the group, especially following a negative Ofsted report in late 2022." Meanwhile, notes increased order book for other non-core trading asset, which it adds it could sell in 2023. The company aims to achieve a run-rate revenue of USD850 million and a run-rate adjusted earnings before interest and taxation of GBP175 million by the end of 2025. In May, Learning had reported an annual revenue of GBP258.2 million for 2021, amid an adjusted Ebit of GBP54.8 million.
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Midatech Pharma PLC - Cardiff-based R&D biotechnology company focused on improving the bio-delivery and biodistribution of medicines - Says it will no longer propose cancellation from AIM as part of its Bioasis Technologies Inc purchase, which Midatech last Tuesday announced it will buy for CAD7.4 million, around GBP4.4 million. Midatech adds that shareholder support for continued AIM listing remains strong. Back last Tuesday, Midatech announced a fundraise of USD10.0 million via issuing 75.8 million shares to fund the Bioasis acquisition.
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Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Says its Zimbabwe-based subsidiary African Lithium Resources Pvt Ltd so far raises USD80,000 to develop small scale production of lithium assets. Notes that an environmental impact assessment is being prepared for ALR's Tin Hill property in south-east Zimbabwe, which Red Rock explains to complete in early February. Red Rock Chair Andrew Bell says: "Our aim is to have once again a cash flow generative project in Red Rock, which will provide an internal source of funds as we move through what has become a difficult market for explorers, and so help to reduce our dependence on capital markets."
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Vertu Motors PLC - Gateshead, England-based car dealership - Completes acquisition of Helston Garages Group Ltd for GBP117 million. Helston is a manufacturer automotive retail based in the South West of England. Vertu expects the acquisition to be double earnings per share enhancing for its financial year 2024. CEO Robert Forrester says that the integration process is expected to complete by March.
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Wheelsure Holdings PLC - Bedford, England-based industrial engineer focused on fastener safety - financial year 2022 to August 31 will demonstrate improved sales of over 30% compared to financial year 2021. The company had reported a turnover of GBP144,077 for financial year 2021, down 38% from GBP232,539 a year prior. Wheelsure adds that working capital facility is fully drawn, needs short term funding. "More recently, the group has developed a number of both short-term and long-term opportunities in its pipeline. The group has recently received its largest ever order from a blue-chip, multinational company located in Germany and may provide the company with the opportunity for significant repeat orders in the future," Wheelsure explains. The company says it will release its annual results by the end of February.
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By Tom Budszus, Alliance News reporter
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