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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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Brickability Group PLC - London-based construction materials distributor - Activity increasing since June and most employees back at work. All sites open and operating. Revenue for 3 months ended June 30 GBP23.8 million, June revenue at 83% of prior year with trend continuing in July. Return to profit in May from April loss with June Ebitda GBP1.6 million. Net debt GBP1 million as at June 30, with cash balance GBP24 million and GBP25 million revolving credit facility undrawn. Has unused GBP5 million overdraft plus GBP5 million accordion available. "While it is still too early to predict the level and sustainability of market recovery the group remains confident in the underlying demand for UK housing," says Brickability. Acquisition strategy still "on track", "evaluating a number of value-creating opportunities.
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Futura Medical PLC - pharmaceutical company headquartered in Guildford - Completes initial laboratory and optimisation work on Dermasys cannabidiol gel. DermaSys is Futura's transdermal drug delivery technology. The gel, CBD100, is being developed as part of a joint venture agreement with CBDerma Technology Ltd. "As part of a robust formulation process using strict pharmaceutical development principles, Futura has carried out extensive Dermasys Cannabidiol formulation work and initial in vitro tests on human epidermis. The studies demonstrate highly efficient penetration of cannabidiol into and through the skin, superior to an established, marketed, comparator product," says Futura. While cannabidiol can be unstable with common excipients, CBD100 is specially formulated to minimise this and has shown "encouraging early stability work" which is expected to ensure the gel's potency is retained during its shelf life.
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Pensana Rare Earths PLC - operator of rare earths project in Angola - Reports final assay results from final 86 holes of 8,000 metres drill programme at Longonjo NdPr project, Angola. Programme in support of banakable deasibility study due mid-October. Pensana says results from the programme: "Confirm the continuity of the weathered zone mineralisation from surface and also outline a wide area of mineralisation in fresh rock immediately below the current pit design that could add an extra dimension to the project beyond the initial mine life." From the Weathered zone, results include 18 metres at 7.93% rare earth oxides including 1.50% neodymium - praseodymium oxide from surface. Fresh Rock results include 18 metres at 4.40% REO including 0.86% NdPr from 44 metres.
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Beeks Financial Cloud Group PLC - Glasgow-headquartered cloud computing and connectivity provider for financial markets - Makes good progress against strategic objectives in financial year ended June 30. Expects to post annual result in range of market expectations. Says Velocimetrics acquisition integration progressing well with all tier 1 institutional customer implementations continuing as planned. Impact of Covid-19 pandemic "relatively small" when it comes to overall Beeks trading. Board still confident in "ongoing success" of Beeks. Final results due mid September.
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Malvern International PLC - London-based learning and skills development - Closes loss-making Singapore operations. Agrees with Singapore regulatory education board that most existing students will be either taught to the end of their course or transferred to different institutions. Chair Mark Elliott: "It is obviously disappointing to close our activities in Singapore but the operations there have been loss making for some time and, now due to impact of Covid-19, we can't see Singapore turning a profit in the medium term. We believe the group's resources are therefore best focused around the group's strongest performing schools in the UK." SAA Global Education subsidiary set to post 2019 net loss of SGD1.34 million, about GBP748,000, on revenue of SGD3.1 million. Manchester and London schools set to open August 10, Brighton school September. Bookings begin and university pathway bookings as expected.
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Open Orphan PLC - pharmaceutical services company headquartered in London - Signs new contract with Japanese firm Carna Bioscience for a first in human clinical pharmacology trial. Carna specialises in kinase biology, developing cancer and immune disorder treatments. The new contract builds on "several years" worth of existing work wherein both parties collaborated closely on drug development planning as well as pre-clinical activities. The contract is forecast to generate "significant revenue" for Open Orphan's Venn Life Sciences business in the next 12 months. Venn has also been awarded a contract extension to continue a Dutch biotech on chemistry, manufacturing and controls until the end of the year at least.
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Physiomics PLC - oncology drug development consultancy with headquarters in Oxford - Confirms trading in line with analyst expectations for financial year ended June 2020. Financial 2021 starts well with further Bicycle Therapeutics contract announced June and "strong continuing relationship with Merck KGaA". Experiences increased introductory call volumes with potential new clients due to marketing investment. Cash June end GBP1.1 million following GBP830,000 placing announced May. Set to publish final results in week commending September 28.
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Genedrive PLC - Manchester-based molecular diagnostics firm - Enters collaboration with Beckman Coulter Life Sciences to fully automate the laboratory PCR testing process for Covid-19. PCR tests are used to determine if a patient currently has the virus. The companies are working on combining and validating the Genedrive 96 SARS-CoV-2 Kit on the Biomek i7 automated workstation with saliva samples extracted using Beckman Coulter's RNAdvance viral extraction chemistry.
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Serabi Gold - Brazilian focused gold mining and development company - Agrees to extend dawdown period on USD12 million convertible loan facility with Greenstone Resources II LP by six months to June 2021. Chief Executive Hodgson: "Extending, by six months, the period in which we can draw down on the convertible, will relieve pressure to draw down funds earlier than might otherwise be necessary and avoid incurring additional debt under the convertible that may ultimately not be required. This is excellent news for the company and its shareholders."
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Reabold Resources PLC - London-based oil and gas projects investor - Notes "significant progress" at West Newton B site in Yorkshire with initial drilling operations set to begin in the next few weeks. "The B-1 well has the dual objective of appraising the significant discovery made in the Kirkham Abbey formation, as well as evaluating the deeper and potentially substantial Cadeby formation in a more optimal location than was encountered at the A-2 well," according to Reabold. Says a combined testing programme at West Newton B-1 and A-2 will follow on from B-1 drilling.
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Union Jack Oil PLC - UK focused onshore hydrocarbon production, development and exploration company - Notes West Newton update. Holds 17% interest in PEDL183 containing West Newton B-1 appraisal well and West Newton A-2 discovery well.
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Kazera Global PLC - Cardiff-headquartered AIM quoted investment company - Completes drilling portion of phase 2 exploration programme with a preliminary study of phase 2 cores continuing to identify the presence of lithium and tantalite mineralisation in the pegmatite intermediate zone. Homestead, Purple Haze, Snake and Signaalberg surpass expectations with 95% average pegmatite intersect for holes drilled. Preparing to ship approximately 300 drill core samples for assay and reporting by 2020 end. Completes testing on channel samples, demonstrating grade of estavblished resouces ongoing at White cut. Explores options for phase 3 programme to test virgin groun. In advanced talks with new mine operator with over 30 years' experience as Namibia-based company. Orange River pipeline project progresses, government compliancy certificates complete and in positive talks with Namibian investor.
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Blencowe Resources PLC - operator of Ugandan graphite project - Says additional metallurgical test work will shortly begin at Orom-Cross graphite project in northern Uganda. This test work is "critical to understanding the quality of the end-product that Orom-Cross can deliver as a high grade graphite concentrate, as well as what the process flow will look like to achieve this." A 69-hole, 1,950 metres diamond drilling programme has completed at Orom-Cross, intended to deliver a maiden JORC resource. The drilling and test work both form integral parts of the projects's development and are necessary to complete a feasibility study later in 2020. Appoints SGS Lakefield (Canada) to conduct additional metallurgical assessment after previous metallurgy partner Metzana's closure.
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Pelatro PLC - London-based telecom customer engagement software - Announces GBP2.1 million placing and subscription through conditional issue of 4.5 million shares at 47 pence each. Fundraise arranged by Cenkos Securities. Issue price a 12% premium to Monday closing price. Net proceeds to be used to strengthen sales team, for marketing at conferences, and for Managed Servives working capital. Shareholder approval required at August 20 general meeting.
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Water Intelligence PLC - London-headquartered leak detection and remediation solutions - Reacquires franchise operation in Melbourne, Australia within American Leak Detection subsidiary. For trailing 12 months, including 6 of Covid-impacted results, Melourne operation generates USD1.3 million in sales plus AUD270,000 in profit. Purchase price AUD1.8 million. "Melbourne is a significant reacquisition because it complements the group's other corporate base in Sydney," says Water Intelligence.
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Immotion Group PLC - Manchester-based immersive entertainment group - 'Ocean Explorer Virtual Reality Theater', the company's largest installation to date, opens August 1 in Shark Reef Aquarium at Mandalay Bay Resort & Casino. Ocean Explorer is a 36-seat virtual reality theatre and will charge USD9 per guest, included in the standard aquarium ticket package. Acquarium currently welcoming around 1,000 visitors a day, historically has seen over 500,000 visitors a year.
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Active Energy Group PLC - London-headquartered biomass-based renewable energy business - Is granted construction and air permit for CoalSwitch plant at Lumberton, North Carolina. Permit granted by North Carolina Division of Air Quality and allows Active Energy to begin the final stage planning and construction of CoalSwitch, with a targeted production capacity of up to 5 tonnes per hour.
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Edenville Energy PLC - operator of Rukwa coal project in Tanzania - Confirms recommencement of operations at Rukwa on Monday. Minimal mine area damage during protracted rainy season, which finishes while mine was closed amid pandemic. First shipment of coal from restart expected early nect weekm subject to truck availability.
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Advanced Medical Solutions Group PLC - wound care specialist company with headquarters in Cheshire - Is granted UK and US patents for its LiquiBand Exceed range, giving patent protection through to 2034. UK patent gives further tax benefit through UK patent boz scheme, shrinking effective tax rate by between 1% an 2% over patent life.
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Applied Graphene Materials PLC - graphene materials maker with headquarters in Redcar, Cleveland - Inks distribution agreement with Belgian-headquartered chemical distributor Arpadis Benelux NV. Agreement strengthens Applied Graphene supply position in "many of Europe's largest coatings and polymers markets, providing direct routes into these market sectors". Companies will work to collaborate on customer opportunities, introduce Genable graphene dispersions technology into the United Kingdom, Germany, Spain, France, Portugal and Scandinavia coatings and polymers markets.
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Tiziana Life Sciences PLC - London-headquartered biotechnology company focused on innovative therapeutics for oncology, inflammation and infectious diseases - Unveils expediated clinical development plan for TZLS-501, its novel fully human anti-interleukin-6 receptor monoclonal antibody, as a treatment for Covid-19. A clinical study is set to begin in the first quarter of 2021.
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Reach4Entertainment Enterprises PLC - London-headquartered marketing group in the live performance and entertainment markets - Intends to cancel admission of shares to trading on AIM and re-register as a private company. Given the Covid-19 pandemic's damage to its business, thanks to the closure of all live venues on Boradway and London's West End, Reach4Entertainment feels that "the costs of maintaining a London listing outweigh the benefits afforded by operating as a public company".
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Directa Plus PLC - Wiltshire-based producer and supplier of graphene nanoplatelets based products - Notes Monday opening of new Genoa San Giorgio Bridge in Italy. Bridge pavement constructed using Gipave asphalt supermodifier, developed by Iterchimica with the support of Directa Plus.
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BMO Commercial Property Trust Ltd - London-based investment company - Net asset total return negative 2.9% for three months ended June 30 and share price total return negative 15% for quarter. Second quarter rent collection 83%, third quarter collection to date 68%. Cash available June 30 GBP23 million and undrawn revolving credit facility GBP50 million. Comfortably meeting covenants on GBP260 million long-term loan.
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Ariana Resources PLC - gold exploration and development company with joint venture gold mining operations in Turkey - Signs revised agreement with Kefi Minerals PLC for net smelter return on Kizilcukur project in Turkey. Final agreement cancels 2% net smelter return on Kizilcukur and scraps previously envisaged acquisition of Kefi subsidiary Dogu Akdeniz Mineralleri San ve Tic Ltd. Kefi's Turkey exploration database will transfer to Arana and the total cash consideration will be GBP75,000, with GBP15,000 already paid. Ariana to acquire 2.5% net smelter royalty on Koza Altin Isletmeleri AS's Yatik project after paying another GBP75,000 to Kefi. Should mining begin at Yatik, 50% of royalty payments made by Koza to Ariana will be paid by Ariana to Kefi.
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Pembroke VCT PLC - London-headquartered venture capital trust - Plans to launch subscription offer of new B shares for subscription in 2021 and 2022 tax years. Details to follow in September prospectus.
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By Anna Farley; annafarley@alliancenews.com
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