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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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Arden Partners PLC - UK-based corporate adviser and multi-service stockbroker - Says trading since mid-February has remained strong, with all areas of the business performing well. In the current financial year to date, Arden Partners says it has completed seven secondary equity fundraisings, raising in excess of GBP75 million for its clients compared to GBP90 million raised in the whole of the previous financial year. Going forward, the company says market sentiment has remained positive and lower levels of volatility have created a favourable environment for the equities division. Arden Partners says it is focused on sustaining this positive momentum across the business and remains confident of returning to profitability this year.
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Property Franchise Group PLC - UK-based lettings and estate agency franchising firm - Completes the acquisition of Hunters Property PLC on Monday, says it is now the leading property franchise group in the UK, managing the second largest estate agency network and portfolio of lettings properties. Property Franchise notes 2020 was "a volatile year" for the estate and lettings agency industry as companies navigated an unprecedented period of full closure and various levels of restrictions for the remainder of the year. Network income increased to GBP94 million from GBP93 million in 2019, while revenue rose to GBP11.5 million from GBP11.4 million year-on-year. The company noted that the sales pipeline has continued at strong levels. As a result, at the end of February, the sales agreed pipeline had only reduced by 6% since the end of 2020, when they were at record highs. "Whilst the outlook for the UK economy remains difficult to predict, we are confident that an exciting year of progress is ahead of the group," the company says in its statement Wednesday.
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Bloomsbury Publishing PLC - London-based publishing house of fiction and non-fiction - Says revenue for the 12 months ending February 28 is expected to be ahead and profit significantly ahead of upgraded market expectations of GBP171.0 million and GBP14.8 million, respectively. For its financial 2020, Bloomsbury reported revenue of GBP162.8 million and pretax profit of GBP13.2 million. "We are confident, though, in the underlying strength of our business, the quality of our titles and content and our long-term strategy. Our medium and long-term expectations remain unchanged," says Chief Executive Nigel Newton. The company intends to report its full-year results in June.
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Rockfire Resources PLC - gold and base metal exploration company - Says a helicopter-supported aeromagnetic survey and a radiometric survey have commenced at its Copper Dome porphyry copper project in North Queensland, Australia. Rockfire says the helicopter arrived at the survey site, where the flight crew conducted a reconnaissance flight to check terrain, optimal flight altitudes, survey equipment registration and general orientation in the survey area. The survey is expected to commence on Thursday. "We expect the geophysical surveys to provide important information about faults and other structures which are not readily observable at surface," says Chief Executive David Price.
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Resolute Mining Ltd - Australian gold miner - Receives a letter from the Ghanaian Minerals Commission advising that, on the instructions of the Ghanaian Honourable Minister of Lands & Natural Resources, the mining lease for the Bibiani gold mine stands terminated. The company says it has been advised to cease all activities and operations at the mine site. "This action is unexpected and Resolute Mining is seeking clarification from the minister's office for the rationale for the termination. As a result of this notice Resolute Mining is currently seeking legal advice on the validity of the notice, its rights of appeal and potential recourse while considering the impact of the notice on the sale agreement with Chifeng Jilong Gold Mining Co Ltd for the sale of the Bibiani gold mine," the company says in its statement Wednesday.
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Cornish Metals Inc - Vancouver, Canada-based company which is building a portfolio of strategic metals assets in UK and North America - Says it will commence an exploration drilling programme at its United Downs project in Cornwall, UK, on April 6, after receiving confirmation of its permitted development rights. The aim of the drill programme is to follow-up on the discovery of high-grade copper-tin mineralisation in drill hole GWDD-002. Drilling will take place at up to five separate drill sites. "The first phase of the programme will focus on tracing the recently discovered high-grade copper-tin structure along strike and down to a depth of up to 500 metres. Thereafter, depending on success, we aim to conduct a second phase of infill drilling later in the year to enable a maiden mineral resource to be defined," says Chief Executive Richard Williams.
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TransGlobe Energy Corp - Calgary, Canada-based oil exploration and production company - Says the recompletion of SGZ-6X well in Egypt to the deeper, more prospective lower Bahariya reservoir has been concluded. The well commenced production on Sunday at a field-estimated production rate of 3,600 barrels of oil equivalent per day of light oil. On Monday, the well was restricted to a field-estimated 1,000 barrels of oil equivalent per day of light-oil on a reduced choke to facilitate reservoir data gathering and the preparation of an effective reservoir management plan for the lower Bahariya at this location. TransGlobe also said work to expand the early production facility at South Ghazalat has been completed. Elsewhere, the company says the EDC-64 rig has now rigged down at SGZ-6X and is mobilizing to the company's Eastern Desert concessions, also in Egypt, where operations on the budgeted twelve well 2021 drilling program are expected to commence in April.
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Echo Energy PLC - Latin American focused upstream oil and gas company - Confirms that, following an auction for industrial clients, it has secured two new gas sales contracts at significant premiums to both prevailing spot market rates and 2020 contracted rates. Echo Energy says the contracts have a term of 12 months, with gas sales beginning in May. "It is encouraging to now go further and see the improved market conditions translate to tangible improvements in future revenue. We believe that as a result of these agreements, our contracted gas US dollar revenues for the year could be as much as 50% higher when compared to May 2020 to April 2021, meaning they will deliver a material improvement in cashflow during 2021," says Chief Executive Martin Hull.
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Jangada Mines PLC - natural resources company - Says its investee ValOre Metals Corp reported assay results for three trenches and 19 Trado auger holes collected from the Santo Amaro South target area at Pedra Branca platinum group elements project in northeastern Brazil. ValOre says assay results validate Trado auger drilling as an effective exploration technique to confirm near-surface platinum group elements mineralization at Pedra Branca and advance targets to drill-ready stage. "We have just begun receiving encouraging assays from Trado auger drilling and mechanical trenching, which define a platinum group elements-mineralised trend 800 metres to the south of the Santo Amaro inferred resource," sys ValOre Chair & Chief Executive Jim Paterson. "Follow-up work will test continuity and extensions of the undrilled over 400 metres long platinum group elements-mineralized ultramafic belt at Santo Amaro South."
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Xtract Resources PLC - London-based metals and minerals producer - Says drilling on hole BRDD-21-006 recommenced at the Bushranger project in New South Wales, Australia, earlier than anticipated, as the adverse weather conditions on site relented. The hole has now advanced to 333 metres depth with continuing pyrite, pyrrhotite and traces of chalcopyrite, typical of the outer margin of the Racecourse porphyry system.
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Bahamas Petroleum Co PLC - Caribbean and Atlantic margin focused oil and gas company - Says it intends to renew the four southern licences in Bahamas into a third, three year "drill or drop" exploration period. The move follows discussions with industry counterparties in relation to a potential farm-out of Bahamas Petroleum Co's licences in Bahamas. Elsewhere, the company says formal contract execution for Off-1 block in Uruguay expected in the second quarter of 2021.
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Taseko Mines Ltd - Vancouver, Canada-based copper producer - Says a decision released by the Arizona Court of Appeals has confirmed all aspects of the Superior Court of Arizona's 2019 decision in favour of Florence Copper, rejecting every argument made by the Town of Florence's lawyers in their appeal of the lower court's ruling, upholding Florence Copper's right to mine its private property within the town, and confirmed the awarding of USD1.7 million in legal fees and costs to Florence Copper.
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Gunsynd PLC - UK-based investment firm - Says it has invested GBP125,000 in Anglo Saxony Mining Ltd, a tin development and exploration company. Gunsynd says it has subscribed for 833,333 shares at 15 pence each. Gunsynd's investment is a part of a of GBP5.0 million capital raising supported by institutional and high net worth UK, German and Australian investors. The company says funds will be used by Anglo Saxony for resource expansion drilling, resource conversion, metallurgical test work and per-feasibility study & optimisation studies.
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BMO Private Equity Trust PLC - UK-based investor - Says software company Dotmatics, in which it has a holding, has agreed for takeover by US-based Insightful Science. The transaction is expected to complete early in the second quarter. Taking both the co-investment and the holding through the fund together, the transaction values BMO Private Equity Trust's position at GBP37.7 million or 51p per share. This compares with the last published valuation as at the end of September 2020 of GBP9.5 million or 13p per share.
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Hutchison China Meditech Ltd - Hong Kong-based pharmaceutical company - Initiates a phase Ib/II study of surufatinib in combination with BeiGene's tislelizumab in patients with advanced solid tumors in the US and Europe. The company says the first patient was dosed on Tuesday. This trial is to explore potential synergistic activity of the novel, oral angio-immuno kinase inhibitor surufatinib with the anti-PD-1 antibody tislelizumab in enhancing overall antitumor activity from inhibition of angiogenesis along with stimulation of an immune response. This is an open-label study to evaluate the safety, tolerability, pharmacokinetics and efficacy of surufatinib in combination with tislelizumab in patients with advanced solid tumors. The study consists of two parts: dose finding and dose expansion. Hutchison China Meditech also says it has reached an agreement with GL Mountrose Investment Two Ltd, a company controlled and managed by GL Capital Group, to sell its entire indirect interest in Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Co Ltd, a non-core and non-consolidated over-the-counter drug joint venture business. Hutchison China Meditech to receiver USD169 million in cash. Of the proceeds, USD127 million is related to its shareholding in Hutchison Whampoa Guangzhou with the USD42 million balance related to distributions of land compensation and prior year undistributed profit. A deposit of USD15.9 million is payable by GL Capital immediately following signing of the agreement which will be credited against the proceeds due on closing of the transaction. The transaction is expected to close in mid-2021.
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Novacyt SA - Anglo-French biotechnology company - Says it will launch SNPsig VariPLEX this week as a CE-Mark approved polymerase chain reaction assay panel able to detect the four Covid-19 variants of concern that are currently recognised and the two most biologically significant mutations in a single kit. Concurrently, Novacyt says it is also making a research use only version of VariPLEX available for epidemiological application and will be pursuing emergency use authorisations in a number of countries.
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Arix Bioscience PLC - venture capital company focused on investing in biotech companies - Starts a strategy implementation review. Arix says the review will examine board composition, ensuring that its governance reflects best practice and has the right mix of skills and experience. It will also look into executive resourcing, choosing the right mix of skills and experience to deploy capital into the company's exciting pipeline of new opportunities. Finally, Arix says it will review remuneration structures, enabling it to attract and retain the right talent for the business. "We aim to report the review's initial findings in time for the 2021 annual general meeting and welcome constructive engagement from all those with whom we have a relationship, as we work to ensure Arix offers a high quality platform to identify and support exciting new biotech opportunities," says Chair Naseem Amin.
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BioPharma Credit PLC - UK-based investment company - Says it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP has entered into a USD300 million definitive senior secured loan agreement with LumiraDx Investment Ltd and LumiraDx Group Ltd. BioPharma Credit says it will invest USD150 million and BioPharma-V will invest an additional USD150 million. The loan will mature in March 2024 and will bear interest at 8.0% per annum along with an additional consideration of 2.5% of the loan amount payable upon funding plus an additional 1.5% of the loan payable at maturity. The lenders will also be receiving warrants as part of the financing, BioPharma Credit notes.
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Immotion Group PLC - UK-based immersive entertainment firm - Says its 22-seat 'Undersea Explorer' theatre opened last weekend at Clearwater Marine Aquarium in Florida, US. Footfall at the aquarium was strong and the early uptake of the company's installation was "very encouraging".
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TP ICAP Group PLC - London-based provider of brokering services - Completes the acquisition of Liquidnet Holdings Inc. TP ICAP says the acquisition creates a diversified global markets infrastructure and data solutions provider, with the enlarged group well-positioned to benefit from market structure trends related to buyside objectives. The acquisition was first announced in October last year. The deal comprises an upfront consideration of USD525 million on the completion, and a deferred consideration of USD50 million. TC ICAP will pay up to a further USD125 million depending on the performance of the Liquidnet Equities business over the three-year period from the start of 2021.
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XLMedia PLC - digital performance publisher - Completes the acquisition of the business and assets of Sports Betting Dime. The website sportsbettingdime.com is now operating under XLMedia's existing licences and referring clients to its regulated US operator partners, under normal contractual terms. "We believe the combination of Sports Betting Dime and CBWG, which we acquired in December last year, provides the group with immediate scale and broad market reach at a time when US sports betting is experiencing significant growth momentum as additional states regulate and open up to legalised sports betting," says XLMedia Chief Executive Stuart Simms.
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Parkmead Group PLC - energy firm focused on growth through gas, oil and renewables projects - Completes two sales of two separate areas of non-core land from its UK renewable energy portfolio for GBP4.0 million. This divestment follows detailed analysis carried out across the company's onshore land portfolio, it says. Sites with the largest renewable energy potential have been retained and high-graded, with a strategy to divest non-core land. These sales are in line with this strategy. "The successful divestments of the non-core land are a testament to the team's ability to ensure value is derived from its portfolio of assets," says Executive Chair Tom Cross. "Our team continues to carefully evaluate further renewable energy acquisitions that will complement our gas and oil projects."
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STM Group PLC - financial services firm - Reports sale of its Gibraltar based trust and company services business and its tax compliance business for GBP2.5 million plus net assets upon completion of GBP570,000. The sale complements STM Group's strategy to focus on its core activities of pension administration and life assurance. The sale proceeds will be used to fund organic growth opportunities and further support the company's mergers & acquisitions strategy.
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Guild Esports PLC - London-based esports business - Reports the signing of Jannis Matwin as the fifth member of its pro Fortnite team. "We are excited to have JannisZ join Guild, which further strengthens our position as Europe's most dominant and decorated Fortnite team organisation," says Executive Chair Carleton Curtis. "He strengthens our already-formidable team, currently ranked number one in Europe, and we look forward to working with JannisZ to facilitate his growth as a player and build on his success to date."
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Microsaic Systems PLC - micro-engineering, miniaturised chip-based mass spectrometry developer - Signs a three-year, full technical and commercial agreement with DeepVerge PLC's subsidiary Innovenn UK Ltd. Microsaic says it will supply regulatory approved, CE mark, miniaturised mass spectrometry equipment and services on a non-exclusive basis across DeepVerge's global sales, marketing and distribution channels, delivering portable solutions for healthcare diagnostic evaluation and environmental contamination detection of samples. Microsaic says an initial order by DeepVerge was placed for three units, with a total value of GBP100,000, plus a commitment of up to GBP150,000 from DeepVerge for equipment and services to be installed at pilot facilities in DeepVerge's laboratories based in York.
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Fox Marble Holdings PLC - AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region - Signs a contrct to supply a major municipal construction project in Kosovo. The contract, valued in excess of EUR190,000, is to deliver cut and finished paving tiles for installation in the first stage of the redevelopment of the town square in Kamenica, eastern Kosovo. The 6,500 square metres of cut and finished paving tiles will be supplied over the course of 2021 using material from Fox Marble's quarries processed in its factory in Lipjan, Kosovo. This contract has been entered into with the developers charged with restoring the town square, which will be paved with material exclusively supplied by Fox Marble.
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Hargreaves Services PLC - AIM-listed company delivering services to the industrial and property sectors - Says its specialist earthworks business, Blackwell, has been appointed by the EKFB joint venture to carry out earthworks on part of the HS2 project. EKFB is a joint venture comprising Eiffage, Kier, Ferrovial Construction and BAM Nuttall which has been appointed by HS2 Ltd to complete the C2/C3 section of the HS2 phase 1 project. The appointment follows Blackwell's 2018 engagement by the EKFB team as an advance works contractor and falls on the ninth anniversary of Blackwell's association with the HS2 programme in a professional services capacity. The subcontract appointment is for 30 kilometres of the HS2 earthworks centred on Aylesbury in Buckinghamshire and involves the movement of nearly 15 million cubic meters of chalk and clay over the next four years.
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Surface Transforms PLC - manufacturer of carbon fibre reinforced ceramic automotive brake discs - Agrees on a GBP1 million flexible growth fund loan from Liverpool City Region Combined Authority. The loan, which is administered by the Merseyside Special Investment Fund, is tied to capital expenditure and will be drawn down between March 29 and September 29, the company explains. The loan carries interest at 2.0% over Bank of England base rate and is repayable over five years in equal monthly instalments following a three-month repayment holiday.
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SIMEC Atlantis Energy Ltd - developer of renewable and sustainable energy projects - Notes the decision by the Welsh Government to "call in" its planning application. SIMEC says it will work closely with Welsh Government to understand the next steps. Planning permission is sought for the construction of new silos, conveyors, and rail upgrade for handling the new fuel external to the existing Uskmouth power station and not for the conversion of the power station itself. The Uskmouth project contributes to the delivery of sustainable development by reusing existing resources and the reduction in waste to landfill, while also creating jobs and bringing investment to the region.
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Conduity Capital PLC - cash shell - Says it was in discussions with a number of different businesses regarding the potential acquisition, However, after recent discussions with the company's broker, Peterhouse Capital, it has decided to explore the raising of additional funds to enable the company to become an investing company quoted on AIM. Conduity Capital says it will not be in a position to complete the acquisition or raise from investors at least GBP6 million by the time the six-months term of it becoming a cash shell expires. As such, the London Stock Exchange is expected to suspend trading in the company's shares, pursuant to rule 15, on April 6.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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