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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Wednesday and not separately reported by Alliance News:
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Polar Capital Holdings PLC - London-based specialist active fund manager - Says assets under management rise 6.0% to GBP22.12 billion at March 31 year end, from GBP20.86 billion a year prior. Net subscriptions amount to GBP391 million. Market movements contribute GBP867 million.
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Brooks Macdonald Group PLC - London-based investment manager - Funds under management on March 31, end of third quarter, fall 3.9% to GBP16.7 billion from GBP17.3 billion on December 31.
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Jupiter Emerging & Frontier Income Trust PLC - investment trust focused on companies in emerging and frontier markets worldwide - Still intends to put forward wind up of company, providing shareholders with full cash exit, minus costs. Company had reviewed "number of proposals for rollover vehicle candidates and has concluded not to offer a rollover option".
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finnCap Group PLC - London-based stockbroker - Says revenue in year ended March 31 rises 12% to GBP52.4 million from GBP46.6 million. Says adjusted pretax profit to be in line with market expectations. Chief Executive Sam Smith commented: "Operating in a more complex equity market in H2, in particular following the tragic events in Ukraine, the finnCap Capital Markets team performed well delivering its second best-ever annual revenue performance and a result in line with our expectations."
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Pires Investment PLC - London-based technology-focused investor - Investee Pluto Digital PLC finalises audited accounts. As of September 30, Pluto's net assets amounted to GBP61 million, 9.5p per share. Pires Director Nicholas Lee says: "Pluto has made substantial progress in the DeFi, Metaverse and NFT sectors since its inception around 12 months ago. The audited NAV per share figure represents a significant increase compared to the price of the most recent funding round, however, in terms of market valuation, companies similar to Pluto can often trade at a multiple of NAV."
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Plaza Centers NV - property investor in India - Notes purchaser of site in Bangalore, India held by Plaza Centers 48%-owned investee Elbit Plaza India Real Estate Holdings Ltd purchased asset for EUR49 million. As of Wednesday, the buyer has made payments totalling EUR11.2 million, leaving EUR32.6 million remaining. Buyer, since 2019, has been unable to pay remaining amount. Buyer instead submits an informal non-binding proposal to purchase 100% of EPI's interest in asset and the completion of deal in exchange for payment of EUR13.6 million to EUR14.2 million, instead of the remaining payment. Plaza adds: "It will be clarified that the approval of the transaction is also subject to the approval of Elbit Imaging Ltd, which holds approximately 47.5% of EPI's issued and paid-up capital. The company estimates that as the contacts with the Purchaser will crystallized into a complete transaction, EPI is expected to recognize a capital gain of approximately EUR3.6-4.3 million."
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React Group PLC - South Derbyshire, England-based cleaning, hygiene and decontamination firm - Raises GBP5.5 million from placing of 458.3 million shares at 1.2 pence per share. Plans to use the proceeds to strengthen its balance sheet and to support its stated acquisition growth strategy and general working capital purposes.
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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Invests in LENZ Therapeutics, a late-stage clinical company developing innovative ophthalmic pharmaceutical products for vision improvement. LENZ enters into exclusive license agreement with Ji Xing Pharmaceuticals to develop and commercialise LNZ100 and LNZ101 treatment in Greater China. RTW's manager RTW Investments LP invests USD10 million in Lenz.
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Impact Healthcare REIT PLC - real estate investment trust focused on healthcare properties - Buys three care homes in and around Glasgow for GBP8.1 million.
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Midatech Pharma PLC - Cardiff-based drug delivery technology company - Receives notice from Nasdaq Stock Market LLC stating company is not in compliance with minimum bid requirement for continued listing on Nasdaq Capital Market. It requires minimum bid price of USD1 per share. Company's shares have not met minimum threshold for 30 successive days. Midatech explains: "The company has a grace period of 180 calendar days, or until 10 October 2022 to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the depositary shares must meet or exceed USD1.00 per share for at least 10 consecutive business days during the compliance period." Midatech then has access to additional grace period of 180 days but if it does not regain compliance then, it will receive notice its shares are subject to delisting.
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Poolbeg Pharma PLC - London-based pharmaceutical company – Says European Patent Office grants patent related to POLB 002, a dual antiviral prophylactic and therapeutic candidate.
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Vertu Motors PLC - Gateshead, England-based car dealership - Buys freehold and long leasehold interests in multi-franchise site located in Derby. Assets of the dealerships were acquired from Co-operative Group Motors Ltd. "A lease on the premises was granted to the group at the time of this purchase, with this lease due to expire in February 2026," Vertu says. Purchase completed on April 6 at cost of GBP7.1 million plus fees.
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Bens Creek Group PLC - London-based mining company focused in North America - Enters into coal sub-lease agreement with Star Ridge Land LLC. Star Ridge is the successor to G1 Mining LLC as lessee under their lease with Pocahontas Land Corp, on two assets in West Virginia. Bens Creek will pay Pocahontas a production royalty and also pay Star Ridge a minimum royalty per quarter, beginning 30 months after the April 11 effective date of sub-lease pact. After 42 months, Bens Creek pays Star Ridge an increased minimum royalty. Integrity Coal Sales Inc, an affiliate of Star Ridge, has the right and first option to purchase all coal mined and removed from the property. Star Ridge, within 10 working days of effective date, will receive options to buy GBP250,000 worth of Bens Creek shares at 93 pence each. "Bens Creek shall drill a minimum of three core holes on the property within twelve months of the effective date. The results of such core drilling shall be made available to Star Ridge," Bens Creek adds. "Bens Creek will use its best efforts to secure a mining permit upon the property and shall apply for a mining permit within twelve months."
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Anglo Asian Mining PLC - gold, copper and silver producer focused in Azerbaijan - Says first quarter gold output falls annually to 10,040 ounces from 11,907 ounces. Copper production falls to 568 tonnes from 638 tonnes. Silver production rises to 50,689 ounces from 35,365 ounces.
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Petrel Resources PLC - hydrocarbon explorer with interests in Iraq and Ghana - Says High Court injunction over the 32.1 million shares previously held by the Tamraz Group has been lifted.
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Oilex Ltd - Perth-based developer of natural gas assets - Signs letter of intent with US oilfield services giant Schlumberger NV for the supply by Schlumberger of hydraulic fracturing services, coiled tubing and nitrogen services and perforation services for the planned re-frac of the Cambay C-77H well in July. Company adds: "Due to the higher than anticipated C-77H re-frac costs caused by a global shortage of fraccing services and equipment, and the delayed start up of gas production on the Cambay field, Oilex plans to raise additional funds over the next approximate month." Also negotiates gas sales agreement for the sale of gas from Cambay.
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Trident Royalties PLC - Mining royalty and streaming company with projects in countries ranging from Peru to Canada - To receive USD3.8 million from Equinox Gold Corp. Equinox sells the Mercedes gold and silver mine in Mexico to Bear Creek Mining Corp. Mercedes forms part of gold offtake portfolio Trident acquired from funds managed by Orion Resource Partners for USD69.8 million in cash and shares. "Following the sale of the Mercedes Mine, the Premier offtake will remain in place over Greenstone, which has commenced construction with the first gold pour targeted for H1," Trident adds.
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SulNOx Group PLC - London-based supplier of fuel conditioners - Teams with Group PMS International for decarbonisation drive in Europe and North Africa. SulNOx adds: "PMS is a long established, Spanish multinational based in Barcelona, with subsidiary companies in Algeria and Morocco and business operations in Tunisia, Nigeria, Angola, Cameroon, Ghana and Senegal. As the first foreign company to create a distribution company in Algeria, PMS have more than 50 years' experience as a leader in commodity and specialty chemical distribution in the Magreb region."
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Nostrum Oil & Gas PLC - Amsterdam-headquartered oil and gas company with operations in Kazakhstan - Proposes restructure of USD725 million 8.0% senior notes due July 2022 and USD400 million 7.0% senior notes due February 2025. It has been in informal ad hoc with noteholders since May 2020, following oil price collapse in wake of Covid-19 pandemic. Says key features of restructuring include partial reinstatement of existing notes in form of new USD250.0 million and USD300.0 million senior unsecured notes, both maturing in June 2026. Remainder of existing notes converted to new shares. Anticipates noteholders will own just 89% of enlarged share capital.
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Oracle Power PLC - London-based power and natural resource project developer with projects focused on Pakistan - Says begins 2022 with "high activity across every dimension of our portfolio". Says Pakistan assets "moving through the gears" as company looks to grow commercial footprint. Forms joint-venture Oracle Energy Ltd to help bring "revolutionary potential of green hydrogen to the Pakistani market". JV to be 70%-funded by Kaheel Energy.
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By Eric Cunha; ericcunha@alliancenews.com
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