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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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BP PLC - FTSE 100-listed London-headquartered oil major - Enters strategic agreement with Nufarm Ltd's Nuseed to accelerate market adoption of the Australian agricultural chemical company's Carinata as a sustainable low-carbon biofuel feedstock. BP Products North America Inc entered a long-term strategic offtake and market development agreement with Nuseed that will see BP purchase Nuseed's Carinata oil to process or sell into growing markets for the production of sustainable biofuels. Carinata is a non-food cover crop that can be used to produce low-carbon biofuel feedstock.
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3i Infrastructure PLC - FTSE 250-listed infrastructure investment company - Completes further GBP258 million investment in Esvagt, a rescue and response vessel company for the offshore wind industry, taking its equity stake to 100%. At the end of September, the Jersey-based investment vehicle said that a strategic review of its 50% holding in Esvagt was in progress and that offers had been invited. Binding offers for 100% of the equity were received but were not considered a "compelling price" for 3i Infrastructure, and so the company elected to buy AMP Capital's stake, giving it full ownership.
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Tern PLC - investor focused on the internet of things - Portfolio company Talking Medicines Ltd completes GBP1.6 million syndicated equity fund raise, with GBP1.2 million being invested by Boston based life science investor, Mark Bamforth, and existing investors, including Scottish Enterprise and SIS Ventures, and GBP400,000 from Tern, at a "significant valuation" uplift from the previous book valuation of Tern's holding.
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Elixirr International PLC - London-based management consultancy - Says trading through to the end of 2021 continues to be strong. Expects revenue for 2021 about GBP50.5 million, above market forecast of between GBP47 million to GBP50 million. Adjusted earnings before interest, taxes, depreciation, and amortization expected to be about GBP15.5 million, again ahead of market forecasts which guided for GBP15.0 million.
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Sage Group PLC - Newcastle, England-based accounting software firm - Issues GBP400 million, priced at 2.875% and due February 2034. Intends to use the proceeds to repay certain existing indebtedness and for general corporate purposes.
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Sabien Technology Group PLC - Watford-based boiler efficiency products - Signs licence agreement with Proton Technologies Canada Inc for the construction and operation of a City Oil Field facility located on Proton's site in Saskatchewan, Canada. Proton grants company option to install an initial 24 tonnes per day, and up to 120 tonnes per day, recycling plant in Saskatchewan, which will be developed and operated through a special purpose vehicle, in which Sabien will hold a minority equity position.
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Location Sciences Group PLC - London-based location data verification - Receives final USD1250,000 consideration from sale of its insights dashboard and four contracts to Digital Envoy Inc.
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GB Group PLC - Chester, England-based digital identity and fraud prevention software - Acquires Verifi Identity Services Ltd, commonly known as Cloudcheck, for upfront payment of about GBP10 million, and will also issue about GBP4 million of shares. Cloudcheck is an electronic identity verification and anti-money laundering company in New Zealand. "Contingent upon Cloudcheck's revenue growth, a payment of up to NZD4 million in cash may become payable following completion of audited accounts for the financial year ending March 31, 2023. Furthermore, contingent upon Cloudcheck's revenue growth, an additional payment of up to NZD4 million in cash may become payable following completion of audited accounts for the financial year ending March 31, 2024." Chief Executive Chris Clark adds: "We are delighted with the acquisition of Cloudcheck. It has established a market leadership position in New Zealand's electronic IDV market by closely understanding local customer needs and delivering a strong technology-led solution."
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Lok'nStore Group PLC - Farnborough, England-based provider of self storage space - Reports sale and manage-back of four of its freehold stores for a total gross consideration of GBP39.0 million to Self-Storage Trading LLP. "Lok'nStore will continue to manage the stores, located in Basingstoke, Cardiff, Horsham and Portsmouth, as branded Lok'nStore operations maintaining the operational footprint of the business. Lok'nStore will receive management and performance fees for managing them on behalf of their new owner," company says. Net proceeds of the sale will be recycled quickly into new, fast growing landmark stores, company adds. Notes trading since the year end in July 2021 has continued well.
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Destiny Pharma PLC - clinical-stage biotechnology company based in Brighton, England - Completes preclinical safety study with a novel XF-73 dermal formulation. Study was the first of two preclinical safety studies of its lead XF-73 Dermal formulation carried out as part of a non-clinical evaluation agreement with the National Institute of Allergy & Infectious Diseases, part of the US National Institutes of Health. "The study met its objectives and generated positive data, which clears the path for its progression into the second and final clinically‑enabling regulatory safety study. Both studies are being conducted through NIAID's suite of preclinical services," company says.
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UK Oil & Gas PLC - onshore exploration and production firm, with assets in the UK and Turkey - Says a planned 2D seismic acquisition over the proposed Basur-3 sidetrack in Turkey has been sealed. "Drilling of B-3S is scheduled to commence upon receipt and interpretation of fast-track seismic processing results, currently expected within the first quarter of 2022," company adds.
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Rockhopper Exploration PLC - Salisbury, England-based oil & gas exploration and production company - Extends heads of terms signed with Harbour Energy PLC and Navitas Petroleum LP to March 31 from January 31. In early December, notes Navitas Petroleum will replace Harbour as its partner on the Sea Lion oil project in the Falkland Islands.
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San Leon Energy PLC - Dublin-based oil & gas exploration company - Further extends outstanding loan notes payment due from Midwestern Leon Petroleum Ltd to February 28. Notes originally due to be paid on July 5. Notes total payment now USD100.4 million. Midwestern Leon is part of the structure through which San Leon holds its current 10.6% indirect economic interest in OML 18 in Nigeria.
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Gem Diamonds Ltd - Lesotho and Botswana-focused diamond miner - Boasts all operational and financial metrics in 2021 were within, or better than, guidance. Sells 24,790 carats in final three months of 2021, down from 29,783 carats in the third quarter, but average price grows to USD2,018 per carat from USD1,589. Says 109 697 carats sold in 2021, up 11% on 99,172 in 2020, but average price slips to USD1,835 per carat from USD1,908. Chief Executive Clifford Elphick says: "During the quarter, prices achieved for the Letseng goods, averaging over USD2,000 per carat, were strong, reflecting the continued good demand for Letseng's production - especially for the larger higher quality diamonds." Also agrees to sell Botswana venture, with owns Ghaghoo diamond mine, to Okwa Diamonds Proprietary Ltd, an entity owned by Vast Resources PLC and Botswana Diamonds PLC for cash of USD4 million.
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Riverstone Energy Ltd - Guernsey-based investor in energy companies and assets - Invests USD17.5 million equity in T-REX Group Inc's USD40 million Series C funding round. "This investment, along with the recent decarbonisation investments in Tritium Pty, Solid Power, FreeWire Technologies, GoodLeap and Hyzon Motors, demonstrates REL's continued efforts to increase its exposure to the global energy transition thematic while also providing the opportunity to create value for its shareholders," company says.
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Altus Strategies PLC - Didcot, England-based mining royalty company - Completes acquisition of a portfolio of 24 royalties and royalty interests from Newcrest Mining Ltd. The royalties have been acquired through a strategic joint venture with AlphaStream Ltd, a specialist mining royalty and streaming company. Total consideration for the deal was USD37.5 million, with the aggregate paid by Altus being USD24.0 million.
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Quadrise Fuels International PLC - London-based residual oil technology licensor - Appoints Andy Morrison as non-exec chair with immediate effect. "Andy is a director of growth businesses with almost forty years of experience encompassing major multi-national corporations and junior public companies. Andy began his career at Royal Dutch Shell, where he spent 17 years in their oil products, lubricants and speciality chemicals divisions. His roles there included VP positions in sales, marketing, trading and strategy, spanning several continents," company says. Also notes he was chief executive of Xtract Energy PLC and Silvermere Energy PLC, a non-executive director of Kanabo Group PLC and chair of Spinnaker Acquisitions PLC which has recently listed on the London Stock Exchange and completed the purchase of Homeserve Labs Ltd by way of a reverse takeover.
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By Paul McGowan; paulmcgowan@alliancenews.com
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