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(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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Gore Street Energy Storage Fund PLC - investor in utility-scale energy storage projects - Energises its 50 megawatt installed capacity Drumkee project in Northern Ireland. Drumkee becomes the largest energy storage project in Ireland. Expects its second 50 megawatt project, Mullavilly, to be energised in December. Both projects to be commissioned and operational in first quarter of 2021, taking portfolio's total installed capacity to 210 megawatts. "Notwithstanding the Covid lockdown and severe restrictions on movement, both project completion dates currently remain on schedule and budget."
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Martin Currie Global Portfolio Trust PLC - investment company focused on long-term returns in excess of the total return from the MSCI All Cos World index - Agrees draw down in full on unsecured three-year GBP30 million Royal Bank of Scotland International Ltd term loan with 1.181% fixed interest rate. Drawdown takes place on Tuesday. Loan represents around 10% of current net asset value.
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Immupharma PLC - London-based pharmaceutical company - Lind Global Macro Fund LP converts USD355,113 plus accrued unpaid interest of convertible security. This relates to convertible security deed from June 2020. Conversion price 11 pence per share, resulting in issue by Immupharma of 2.5 million shares.
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Helios Underwriting PLC - Lloyd's of London insurer - Receives valid acceptances for 252,843 open offer shares including applications under excess application facility. This represents 18% of open offer share available and raises GBP303,412. Non-Executive Chair Michael Cunningham and Non-Executive Director Andrew Christie subscribe for open offer entitlement of 6,053 and 2,392 open offer shares respectively.
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Block Energy PLC - exploration and production company focused on Georgia - Completes acquisition of Schlumberger Rustaveli Co Ltd and now holds licences for Georgian onshore blocks IX and XI. Company will now commence integration process and implement cost reduction plan. Has continues subsurface technical studies of Schlumberger Rustaveli assets "yielding economically attractive short and medium-term opportunities." Intends to apply for permits for workover and drilling programme across XI and West Rustavi licence areas.
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Uniphar PLC - healthcare services firm - Acquires RRD International, a US-based pharmaceutical advisory group that provides outsources consulting and execution services throughout early stages of product development. Purchase price includes upfront payment as well as contingent payment payable on achievement of earnings before interest, tax, depreciation, and amortisation-based targets. Acquisition expected to deliver return on capital employed in line with Uniphar's 12% to 15% target rate within three years. Further financial details not disclosed. Says: "acquisition will facilitate the growing requirement for Uniphar's delivery of US based expanded access programmes."
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Keras Resources PLC - mineral resource company - Notes that Chief Executive Russell Lamming has recently returned from Lome, Togo where he met with key government officials including Minister of Mines & Energy Mila Aziable and Minister of Investment Promotion Kayi Mivedor. Follow-up meetings also took place with state-owned Togo Invest Corp SA, which is helping assist with permitting process for the Nayega manganese mine in Northern Togo. Nayega is wholly owned by Kera's 85% owned Societe Generale de Mines subsidiary. Chief Executive Russell Lamming says: "Constructive meetings were undertaken with both the ministries of Mines and Energy and Investment Promotion during my recent trip to Togo; I expect to get feedback in the near term on what the pathway to final permitting at Nayega comprises."
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Lidco Group PLC - London-based hemodynamic monitoring company - As of Monday this week, Masimo has received valid acceptances in respect of 183.2 million Lidco shares, which it has acquired. These shares represent around a 75% stake in Lidco's existing issue share capital. Offer extended for 14 days and will stay open for acceptances until December 7. As announced November 2, Lidco has agreed to be acquired for GBP31.1 million, or 12 pence per share.
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FastForward Innovations Ltd - Guernsey-based closed-ended investment company - Notes update from hemp and CBD social commerce wellness company Yooma Corp, in which it holds a 10.65% stake. Yooma is launching clean CBD beauty brands MASK Skincare and Lab to Beauty ahead of the Black Friday and 12.12 China e-commerce events. These are being launched on BorderX Lab's China cross-border eCommerce app, Beyond. FastForward Chief Executive Ed McDermott: "We look forward to providing further updates regarding Yooma's commercial progress and its proposed merger with TSX quoted Globalive Technology Inc."
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Tern PLC - AIM-listed London-based investment firm specialising in internet of things - Portfolio company FVRVS Ltd secures GBP400,000 three-year contract with existing client. Client is an undisclosed "global pharmaceutical company". Contract to deliver recurring annual revenues over term from licences and support, enabling global rollout of the client's training solution using FundamentalVR's Fundamental Surgery virtual reality platform. Deal follows an initial GBP500,000 contract announced December 2019.
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Nippon Active Value Fund PLC - Japan-focused investment firm - Net asset value per share loses 0.5% to 105.03 pence over four months ended October 31 while share price reflects 10% discount to NAV. Since month end, both NAV per share and share price up, with NAV per share on November 16 being 109.33p and share price totalling 105p, with discount narrowed to 4%. Paul ffolkes Davis, chair of investment adviser Rising Sun Management, says: "There have been a myriad of recent articles on the changing landscape in Japan for corporate activity and consolidation of smaller, cash-rich companies. Certainly our initial engagement with [Ebara Jitsugyo] suggests these companies are susceptible to focused shareholder intervention - the auguries for NAVF's ongoing campaign look bright."
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Armadale Capital PLC - investment company focused on natural resource projects in Africa - Picks Xinhai Mineral EPC, part of Chinese Yantai Xinhai group, to begin metallurgical bulk test work as part of the first phase of front-end engineering design studies for its Tanzanian Mahenge graphite project. Aim of work is to provide enough data to confirm result underpinning definitive feasibility study and confirm the preferred flow sheet before FEED completion. First bulk samples received by Xinhai.
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Urban Exposure PLC - residential development firm and asset manager - Plans shortly to proceed with tender offer for up to GP65 million in value of Urban Exposure shares at 75 pence per share. Completion of this tender offer is subject to shareholder approval. As previously disclosed, tangible net asset value as at June 30 was 77p per share with tender price representing a 2.6% discount to tangible NAV but a 7.9% premium to mid-market price of 69.50p per share at close of business on Monday. Company's current cash balance is GBP81 million.
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CATCo Reinsurance Opportunities Fund Ltd - Investor focused on offering returns from investments linked to catastrophe reinsurance risks - Has been advised of additional release of side pocked investment capital totalling around USD8 million. This is set to be paid to the company in January 2021, with CATCo planning to use the funds for a six compulsory redemption of shares. Updates breakdown of payments to ordinary shareholders is approximately USD2 million, with around USD6 million to C shareholders. Notes that subsequent to approval, and including sixth redemption, it will have returned around USD271.3 million to shareholders through compulsory redemptions, dividend, a tender offer and share buybacks.
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By Anna Farley; annafarley@alliancenews.com
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