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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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DWF Group PLC - Manchester-based law firm - Sets up new internal operating structure, effective from May 1. Streamlines into three global units: Legal Advisory; Mindcrest; and Connected Services. Moves from current 4 divisions: Commercial Services; Insurance Services; International; and Connected Services. "Together, the three divisions will support DWF's single Integrated Legal Management approach through which the group can seamlessly combine any number of these services to deliver bespoke solutions to its clients with greater efficiency, price certainty and transparency. This approach enables DWF to offer clients solutions that combine traditional law firm services with new, modern legal and business services relevant to today's companies and the challenges and opportunities they face," company adds.
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Schroder UK Public Private Trust PLC - investment trust - Amends existing credit facility to extend the term for 24 months to January 30, 2023. The commitment under the facility has been reduced to GBP107.0 million, in-line with the amount currently drawn under the facility and consistent with the company's intention to reduce borrowings. The annual interest rate will be the Bank of England Bank Rate plus 2.0%. The facility will convert to a revolving credit facility with a size of GBP60 million once the loan balance reaches a GBP60 million outstanding balance.
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Tufton Oceanic Assets Ltd - invests in portfolio of second-hand commercial sea-going vessels - Buys one containership for USD7.0 million. This acquisition takes the company's fleet to twenty-one vessels. The vessel has a floating rate time charter, subject to a floor and a ceiling, of at least three years to a major container line which is investment grade, Tufton says. "The yield during the charter exceeds the targets expressed in the company's prospectus dated September 25, 2018. The vessel's share of expected fuel cost savings produced by the scrubber increases the yield to greatly in excess of the company's targets," company adds.
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Sensyne Health PLC - Oxford-based clinical artificial intelligence company - launches MagnifEye smartphone application to automate the reading and Big Data analysis of lateral flow tests using deep learning AI. "MagnifEye uses a cloud-based deep learning algorithm to automate the accurate reading and analysis of lateral flow diagnostic tests, such as for Covid-19, providing standardised results in under 2 seconds," company explains.
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Gulf Investment Fund PLC - investment firm focused on opportunities and positive fundamental factors in the Gulf Cooperation Council - Confirms that all assets in the tender pool have been sold. As of Janaury 12, the final tender offer asset value was USD60.7 million, giving a tender price of USD1.4941. Firm proposing to hold 5.8 million tendered shares in treasury, with the remaining 34.9 million tendered shares being cancelled.
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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Extends exclusive licence arrangement for Alkindi with Eton Pharmaceuticals Inc to include Canada. Licence for US only so far. In addition, company granted a key Canadian patent claiming method of treatment for Alkindi. Diurnal notes earlier Thursday Alkindi product sales for the six months ended December 31 increased to GBP1.2 million, up 4% year-on-year from GBP1.1 million. Says total revenue, including licence income, up 6% year on year to GBP1.2 million.
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IronRidge Resources Ltd - Australia-based minerals exploration company - Starts drilling at the Ewoyaa lithium project, where it has defined a JORC compliant mineral resource estimate of 14.5 million tonnes at 1.31% Li2O in the inferred and indicated category, including 4.5 million tonnes at 1.39% Li2O in the indicated category in Ghana, West Africa. First reverse circulation drill hole intersects visible spodumene on a new pegmatite target within 500 metres of the current resource. About 10,000 metres of RC drilling designed to test seven new high-priority pegmatite targets, including outcropping spodumene pegmatite within the immediate Ewoyaa lithium project area to add potential resource tonnes.
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Duke Royalty Ltd - London-based provider of financing solutions to private companies whose owners want to retain equity control - Completes follow-on investment of GBP2.2 million into its existing royalty partner Step Investments Ltd. Step is the holding company for a range of interests in the private education, advertising and hospitality sectors, including Pearl & Dean Cinemas Ltd. "As part of the follow-on investment, Duke's 30% equity stake in Step, partially in lieu of foregone cash royalty payments over the six month forbearance period from April 2020 to September 2020, has been confirmed, which demonstrates Duke's ability to preserve shareholder value while assisting our royalty partners," Duke adds.
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Thor Mining PLC - the exploration and development company with projects in Australia - Completes acquisition of additional licence areas, one of which is under application, pending approval, adjacent to Ragged Range in the Pilbara region of Western Australia. Thor will issue 12.5 million million new shares and 8.3 million options to acquire shares at AUD0.3 per share for the initial consideration. Executive Chair Mike Billing says: "We are delighted to complete this acquisition and add to our holdings adjacent to Ragged Range where we have made very encouraging progress this year. Our sampling programs and airborne magnetic survey results to date have produced exciting and encouraging results, with a further sampling program, along with assessment of drill program access requirements to commence shortly."
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Manx Financial Group PLC - Isle of Man-based financial services firm - Says subsidiary Conister Finance & Leasing Ltd has received approval for an increase in its lending allocation for the Coronavirus Business Interruption Loan Scheme to GBP15 million. The CBILS have an 80% indemnification for any loss and are guaranteed by the UK government. Manx Finance Director Douglas Grant says: "I am extremely pleased that CFL has been selected to provide additional government-backed funding to assist SMEs as it is clear that lenders such as ourselves continue to be recognised as a vital component in keeping the SME sector alive."
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LPA Group PLC - Essex-based LED lighting and electro-mechanical system manufacturer - Wins two contract awards for the UK rail market. The contracts, awarded independently to LPA Connection Systems and LPA Lighting Systems, have a combined value of GBP1.9 million and are for the supply of interior lighting and intercar power connection systems, totalling 135 cars for the Hitachi AT300 new build trains to be operated by the West Coast Partnership, on the UK's West Coast Mainline. Deliveries are due to commence by the second quarter, with a nine-month delivery span anticipated. The awards are in line with internal expectations.
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Petroneft Resources PLC - Russia-focused oil and gas exploration and production company - Seeks one-year extension to USD1.3 million convertible loan facility signed in June 2019. "Whilst those discussions are ongoing we are confident that we will be able to announce a successful outcome shortly," company adds.
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Harvest Minerals Ltd - fertiliser producer and operator of Arapua project in Brazil - Sees positive agronomic test results for carrot crops using KP Fertil, Harvest's direct application natural remineraliser produced at the company's 100% owned Arapua fertiliser project in Brazil. Chair Brian McMaster says: "The performance from the agronomic tests using our KP Fertil in carrot crops was outstanding in many aspects including soil nutrition, productivity and economic gains to the farmer. These results add to our portfolio of superior agronomical results, which have also been reported on sugarcane and coffee, among other cultures, reinforcing the versatility of our product and its wide application optionality. As with our other agronomical tests, these positive results will be instrumental for our commercial team in increasing our client portfolio."
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Iconic Labs PLC - media company - Served with a claim form from European High Growth Opportunities Securitization Fund. EHGOF has filed the claim in the High Court in London, but has yet to file particulars of claim setting out the exact nature of its claim, and therefore the company is unable to respond or comment in any detail on the claim until such time as EHGOF files the necessary documentation to evidence its alleged claim. "Notwithstanding the above, the company assumes that the claim may be being made in respect of amounts that are allegedly due to EHGOF under specific loan notes, although the claim form makes no reference to these loan notes, instead referring to agreements with EHGOF that were, against the wishes of EHGOF, unilaterally and validly terminated by the company last year," Iconic says. It adds: "The company reserves its position at this time on the merits of the alleged claim pending receipt of fully particularised particulars of claim and a full investigation of the claim."
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By Paul McGowan; paulmcgowan@alliancenews.com
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