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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Sensyne Health PLC - clinical artificial intelligence company - Notes its CVm-Health+a software application is being used to facilitate the rapid Covid-19 antigen testing study by the University of Oxford. The FACTS study is one of the three university pilot projects established by the UK Department for Health & Social Care and Public Health England. Sensyne's app will be used to provide access to study information and links to training materials and will record health status and test result data for students and staff.
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Lamprell PLC - United Arab Emirates based oil rig construction business - Wins "medium-sized" contract from International Maritime Industries to undertake engineering design services. IMI is a joint venture between Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries. Lamprell defines a "medium-sized contract" as between USD6 million and USD50 million. The work will start immediately and is expected to take three years, with an initial phase incorporating full detailed design engineering, followed by the production design phase.
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Restore PLC - AIM-listed support services company - Acquires E Recycling Ltd, a high security IT asset destruction business for an undisclosed fee. "Euro Recycling is a profitable business and is expected to generate revenues of approximately GBP2.5 million per annum. By bringing Euro Recycling into the group's market leading ITAD platform, the board sees significant opportunity to accelerate growth," Restore said.
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San Leon Energy PLC - independent oil and gas exploration company - Notes further three-week extension over its proposed investment in Decklar Petroleum Ltd and the Oza field in Nigeria. The extension has been moved to November 21. The extension is to finalise certain conditions precedent in the subscription agreement, which have taken longer to conclude due to travel restrictions in place as a response to Covid-19, San Leon said.
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Synairgen PLC - Southampton University spin-off working in drug discovery and biotechnology - Raises GBP7 million through open offer, giving the firm total proceeds of GBP87 million from its recent placing. Will admit 34.8 million new shares, with 30.8 million from its placing and 4.0 million via the open offer.
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Gresham House PLC - UK-based specialist alternative asset manager - Sells 50 megawatt battery storage project to London-listed Gresham House Energy Storage Fund PLC. The project located near Thurcroft, to the east of Rotherham was sold for a total enterprise value of approximately GBP32.5 million, plus up to GBP750,000 of deferred contingent consideration. The investment in the project is consistent with exceeding Gresham House's 15% return on balance sheet capital threshold over the medium term. After this sale, Gresham House has an exposure of GBP3.6 million in the remaining battery storage development projects it has funded, which are in exclusivity with Gresham House Energy Storage Fund.
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Creo Medical Group PLC - medical device company - Receives 510(k) clearance from the US Food & Drug Administration for its tissue ablation device MicroBlate Fine. Creo notes the is the third device to gain FDA regulatory clearance within Creo's portfolio of flexible endoscopy devices for the gastrointestinal market. MicroBlate tissue ablation technology utilises Creo's very high frequency microwave energy allowing physicians to precisely ablate diseased tissue in multiple organ types and many different clinical access methods, Creo says. "With regulatory clearance in the UK and Europe and US clearances coming through, we are gearing up for first clinical use of these products in various markets. This rapid progression of device clearances, along with the recent dramatic expansion of Creo's Global commercial sales capability, puts Creo in great shape to drive global commercialisation," Chief Executive Craig Gulliford added.
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Kromek Group PLC - supplier of radiation detection components and devices - Enters into a development agreement, worth up to USD660,000, with an unnamed US-based industrial OEM with a global customer base, according to Kromek. The majority of the development programme is scheduled to be delivered during the Kromek's current financial year and, following final completion, it is expected to transition to a multi-year supply contract. For the deal, Kromek will customise one of its CZT detector platforms for incorporation into the customer's systems for identifying contaminations during production processes.
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Sabien Technology Group PLC - AIM-listed energy efficiency technology firm - Confirms negotiations are still ongoing with Ptarmigan Health Destinations SA over a potential acquisition deal. Says further details will be announced in due course.
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Mode Global Holdings PLC - banking, payments, investment, and loyalty programme digitalisation firm - Completes the buy-out of the 45% minority interest in its payments operating subsidiary - JGOO Ltd, which operates as part of Mode for Business - from Pure NZ Gateway Ltd. The transaction price was not disclosed. The transaction includes the purchase of JGOO's technology and the rights associated to it. "Buying out Pure NZ Gateway consolidates Mode's business and value proposition," Mode said.
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Watchstone Group PLC - insurance, technology and healthcare firm - Completes sale of Ingenie business. As a result, is now a cash shell and has until May 1 to complete an acquisition or reverse takeover. Alternatively, can re-admit shares to AIM as an investment company, but will need to raise at least GBP6 million for that to happen.
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Curzon Energy PLC - investor in US based natural gas projects - Remains in discussions with Sun Seven Stars Investment Group over a potential extension of the exclusivity period with a view to a transaction, the terms of which have yet to be agreed. "While the parties continue to work constructively towards renewing exclusivity and a potential transaction, there can be no certainty around the length of time required to reach definitive agreement or the likelihood of concluding a successful transaction," Curzon adds.
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K3 Business Technology Group PLC - Enterprise software company - Says trading in the second half of the financial year ending November 30 was in line with the second quarter and management expectations. K3 says its own IP and Global Accounts businesses showed "particular resilience". Also noted its second half is typically stronger. "October is an important month for annual software licence and maintenance contract renewals, and these have progressed well with renewal rates tracking at normal high levels," K3 added. Continues to focus on expanding own IP sales, particularly the K3-imagine platform.
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Seneca Global Income & Growth PLC - trust hoping to combine the benefits of a quarterly income with long term capital growth - Renews GBP10 million revolving credit facility with The Royal Bank of Scotland International Ltd, London Branch for a further two years. The facility bears interest at 1.05% over LIBOR and may be used for the acquisition of investments in accordance with the company's investment policy and for the funding of share buy backs and dividend payments.
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ADES International Holding PLC - drilling oil and gas wells company - Secures a new two-year early production facility contract in Egypt. Under the agreement, ADES will establish an early production deck floor and top side facilities in addition to a jack-up barge charter. Also notes it has successfully extended the contract for Rig 40 in Saudi Arabia for an additional three months to the end of the first quarter of 2021.
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Adriatic Metals PLC - precious and base metals explorer and developer - Completes binding subscription agreement with the European Bank for Reconstruction & Development, where the bank to subscribe for 5.3 million shares at GBP1.175 per share. Adriatic closed at 118.00 pence in London on Monday.
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Coro Energy PLC - South East Asian energy company focused on transition to a low carbon economy - Acquires 20% shareholding in ion Ventures Holdings Ltd, a South East Asian and UK focused developer of clean energy projects, including renewables and battery storage for cash consideration of GBP500,000. Alongside this initial investment, the company has been granted a priority right of first refusal to invest in each of ion Venture's South East Asian projects prior to financial close. Coro says the deal gives it immediate access to the existing ion Ventures pipeline of approximately 20 high quality clean energy projects.
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Ascent Resources PLC - independent oil and gas exploration company with a focus on European onshore projects - Further to the announcements of 14 and 30 April 2020, it has agreed a six month extension to the Memorandum of Understanding which it has signed with Cupet, the Cuban national oil company. The MoU gives Ascent the exclusive right to negotiate the production sharing contracts for the onshore producing Block 9B and onshore exploration Blocks 9A, 12 and 15.
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By Paul McGowan; paulmcgowan@alliancenews.com
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