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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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Total Produce PLC - Dublin-based fresh produce supplier - To merge with Dole Food Co Inc and become publicly listed in US. "The transaction will simplify the existing structure between the two companies by unifying Dole and Total Produce under common ownership, with the objective of enabling full operational integration, realisation of synergies and value creation across the enlarged business," company says. Under the agreement, Total shareholders will net 82.5% of the new company, Dole PLC. Dole PLC will have an estimated combined 2020 revenue of about USD9.7 billion, adjusted earnings before interest, tax, depreciation and amortization of about USD379 million, and total assets of about USD4.5 billion. Targets raising USD500 to USD700 million in US IPO. After deal completes, Total Produce will delist from Euronext Dublin and the London Stock Exchange.
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Ocean Outdoor Ltd - London-based digital advertising firm - Signs first exclusive digital content deal with UK sports channel BT Sport. The agreement allows Ocean, partnering with BT Sport, to broadcast on digital advertising screens next day match clips from UEFA's Champions League last 16 fixtures through to the final in May on digital screens. "The partnership begins on Wednesday, February 17 with a collection of 60 second clips featuring Liverpool's match against RB Leipzig to be carried on 16 advertising screens in seven cities including London, Birmingham, Manchester, Liverpool, Newcastle, Edinburgh and Glasgow," Ocean says. "This is Ocean's first digital content partnership with BT Sport and the first time match clips from European football will be carried on its large format digital screens as part of a content agreement."
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Marlowe PLC - London-based safety & compliance services - Sets out plans for both organic and acquisition-led growth, with the target of achieving revenue of about GBP500 million and adjusted earnings before interest, taxes, depreciation and amortization of about GBP100 million over the next three years. Run-rate revenue is currently GBP245 million and run rate adjusted Ebitda is currently GBP37 million. Sets new medium-term adjusted divisional Ebitda margin target of 20%, up from previous 15% target, which it aims to achieve in the next three years. Run rate adjusted divisional Ebitda margin is currently about 16%. Also notes changing structure and will report as two divisions: Governance, Risk & Compliance and Testing, Inspection & Certification.
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Creo Medical Group PLC - medical device company headquartered in Chepstow, Wales - Says trading for 2020 was marginally ahead of management expectations, with revenue increasing to over GBP9 million from essentially none in 2019. Held net cash position at end of 2020 in excess of GBP45 million. "Despite Covid-19 continuing to create uncertainty worldwide, the company has delivered exceptional results across many fronts including building a global commercial team, finding innovative ways to train clinicians and delivering revenue ahead of management's expectation," company adds. Expects to build on momentum and commercial infrastructure to generate increasing revenue, develop more commercial opportunities, and take further steps towards commercialisations in 2021.
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Costain Group PLC - Maidenhead, England-based infrastructure construction - Enters settlement agreement with the Welsh government in relation to the A465 contract. Costain notes the financial terms of the settlement were in line with the GBP45 million provision made in its half-year results back in September. Work on contract nears completion, but company remains responsible for the delivery and the management of associated project risks for the remaining works, which are scheduled to be completed this coming September.
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Quarto Group Inc - London-based book publisher - Enters new three-year five-month bank facility. Signs USD20 million multi-currency revolving credit and term loan facility with NatWest Bank PLC and Santander UK PLC. The new facility matures on July 16, 2024 and replaces the existing syndicated bank facility which was due to expire on July 31, 2021. On top of new facility, 1010 Printing Ltd, a subsidiary of the Lion Rock Group Ltd, and CK Lau have agreed to extend the current USD13 million unsecured and subordinated loans to the company, which were agreed October 2018, on identical terms to those originally entered into and on normal commercial terms.
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Synectics PLC - Sheffield, England-based provider of security systems - Wins several new contracts for the Irish National Transport Authority with an aggregate value of GBP1.4 million. These contracts are in addition to those secured with UK and European bus manufacturers for the NTA worth over GBP1.0 million and announced by Synectics in July last year. "Synectics' Security division will provide critical on-board safety and surveillance systems, featuring its latest recording technology and integrated reversing systems, for new plug-in hybrid double-deck vehicles," company says. The new hybrid vehicles, supplied by UK bus builder Alexander Dennis Ltd, will be operated by Irish operators, Dublin Bus and Bus Eireann.
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Petroneft Resources PLC - Russia-focused oil and gas exploration and production company - Signs new USD2.9 million convertible loan facility, providing greater financial headroom. Says convertible loan facility is with group of thirteen lenders and matures in March 2023. The facility will be used for general corporate and ongoing operational purposes and carries an interest rate of eight percentage points above the base rate of the Bank of England. Lenders can elect at any time to convert up to 75% of the outstanding loan to shares at a conversion price of GBP0.020 in year 1 and GBP0.025 in year 2. Petrneft shares were quoted at 1.40 pence midday Wednesday. "The funding secured by the company will support our key operational priorities which are expected to deliver considerable news flow in the near to medium term," company adds.
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Rockfire Resources PLC - Australia-focused gold and base metal exploration company - Starts early-stage scoping study to consider the economic potential for open-pit mining at the Plateau gold deposit on 100%-owned exploration tenements in North Queensland, Australia. Scoping study is expected to take approximately 4 to 6 weeks. Also notes Copperhead aeromagnetic data has undergone magnetic inversion modelling. "A strongly magnetic body has been detected at Copperhead, which starts at approximately 450 metres below surface. The high magnetic feature is approximately 4.5 kilometres long and 1.5 kilometres wide. The magnetic feature identified in the 3D model suggests a potential heat source for the copper-bearing fluids," company adds.
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By Paul McGowan; paulmcgowan@alliancenews.com
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