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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Harbour Energy PLC - FTSE 250-listed North Sea-focused oil and gas company - Prices October 2026 USD500 million five year senior notes at 5.50%. Harbour Energy intends to use the gross proceeds to repay in full and cancel its Shell junior facility, partially repay drawings under its senior secured reserves-based lending facility and for transaction fees and expenses. "Nevertheless, in the past months, members of the investment management team have engaged directly with many of you on AVI's activist campaign. This misguided campaign has distracted the investment manager's time and proved to be a drain on resources," company adds.
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Symphony International Holdings Ltd - strategic investment company - Hits back at Asset Value Investors letter. Calls AVI's letter "inaccurate and misleading," but acknowledges investment manager "actively exploring other ways to address the share price discount to NAV". Notes AVI's claims over board independence and investment manager fees are "misguided criticism". Says board has "conducted themselves to the highest standards of probity, professionalism, and integrity." Adds: "The company rejects the basis for the complaints regarding fees paid to the investment manager. Firstly, the 2.25% management fee is now the sum total of what is paid to the investment manager and was consistent with market practice as advised by the company's professional advisors at the time of the IPO. The management fee charged is transparent, straightforward, and clearly documented."
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BP Marsh & Partners PLC - investor in financial services companies - Says investee Nexus Underwriting Management Ltd completes refinancing and repays GBP4 million of loans to BP Marsh over two years earlier than expected. Simultaneously, BP Marsh takes further 2.5% stake in Nexus.
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Helios Underwriting PLC - London-based investment vehicle, which acquires and consolidates underwriting capacity at Lloyd's - Buys three further limited liability vehicles for aggregate cash of GBP2.6 million. The three LLVs have capacity of GBP4.0 million. New vehicles are: Nameco (No.389) Ltd, Nomina No 469 LLP and Nomina No 536 LLP.
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NFT Investments PLC - invests in non-fungible tokens - Invests USD1.4 million in Sturdy Exchange, a marketplace to display, collect and trade NFTs created by artists and performers. The investment is being made as part of a seed round to raise a total of USD20 million by Sturdy Exchange, which is incorporated in the US. Company says: "Sturdy Exchange was founded to help artists and world class entertainers to collaborate and display one-of-a-kind NFTs. The platform will allow artists to mint NFTs and distribute directly to their fans. Users will be able to interact with their favourite artists, collecting special NFTs with album rollouts, tours, merchandising, or resell their collections in the Sturdy Exchange Marketplace."
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Ocean Wilsons Holdings Ltd - Bermudian investment company with subsidiary providing maritime services in Brazil - Rio Grande third quarter handled volumes down 12% year on year to 164,800 TEU container terminals, while Salvador up 2.6% to 93,600. Total volumes in third quarter down 7.4% to 258,400.
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EverArc Holdings Ltd - investment vehicle - Wholly-owned subsidiary EverArc Escrow Sarl prices 2029 USD675 million senior secure notes at 5.00%. Notes private offering upped from previous size of USD600 million. Cash to be used to help pay for certain outstanding indebtedness of SK Invictus Intermediate Sarl, parent company of manufacturer of firefighting products and lubricant additives Perimeter Solutions. EverArc in talks to buy 100% of SK Invictus.
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Learning Technologies Group PLC - digital learning services and technologies provider - Completes acquisition of GP Strategies after clearing all regulatory hurdles. "LTG's acquisition of GP Strategies will create a global business with more than 5,000 employees and proforma revenues of about GBP500 million. The strategically compelling combination will create a world-leading workforce transformation business focused on learning and talent management," company says. LTG Chief Executive Jonathan Satchell adds: "The acquisition of GP Strategies represents a transformational leap for our business. It creates a combination of award-winning technology, leading talent development skills and a global delivery capability. As an enlarged business, we will be well placed to enable a broadened array of corporate clients to recruit, train, motivate and retain their people in a world of increasing complexity and a rapidly changing relationship between talent and the workplace."
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BioPharma Credit PLC - life sciences debt investment trust - Cancels listing on Guernsey-headquartered International Exchange Authority following move to London's Main Market earlier in October. In announcing the planned move last month, BioPharma Credit said trading in the Premium Segment makes the company's shares eligible for index inclusion, bringing with this greater access to capital and potentially more liquidity.
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Volex PLC - Basingstoke, England-based provider of manufacturing services - Signs share purchase agreement for the acquisition of the entire issued share capital of Prodamex SA de CV and Terminal & Cable TC Inc for a total consideration of CAD22.5 million, about USD18.0 million. Deal will be paid for in cash from existing debt facilities, and is expected to be completed in the third quarter of 2022. "Prodamex and TC are autonomous operating businesses being acquired from an investment holding company based in Canada and will expand Volex's capabilities in the key North American market in the domestic appliance, defence and off-highway industries," company says.
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Journeo PLC - Ashby-de-la-Zouch, England-based information systems and transport technical services firm - Wins framework agreement with Crown Commercial Services. The framework has an initial two-year term with the option of up to two additional years extension. "The framework allows the company to be considered for call-off contracts and direct catalogue-style purchasing, providing a procurement route for local authority and government organisations in England and the devolved administrations in Wales, Scotland and Northern Ireland, to place orders directly for transport and pedestrian control, transport data services and sustainable transport technologies," company explains.
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Steppe Cement Ltd - Kazakhstan-focused construction materials firm - Revenue grows 8% year-on-year in third quarter ended September 30 but sales volume in quarter slips 4% to 535,200 tonnes. Says dip is due to prioritising price over volume. Average price improved to about USD49.22 per tonne from USD44.28 year before.
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Lekoil Ltd - oil and gas exploration and production company with a focus on Nigeria and West Africa - Expects audit process on final results to be completed soon, and guides for publication of 2020 accounts to be next week. Had previously expected results to come out this week. Shares remain suspended until results published.
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Afentra PLC - upstream operator in Africa with carried interest in Odewayne block onshore southwestern Somaliland - Submits non-binding expression of interest in Block 3/05 and Block 23 in Angola. "This is in line with Afentra's strategy of acquiring assets across West Africa with solid low-cost production, proven reserves and significant upside. At this stage there can be no certainty that this application will proceed beyond the company's non-binding expression of interest and there is no guarantee that any bid made will be accepted," company says. Any deal will be reverse takeover, so shares remain suspended.
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By Paul McGowan; paulmcgowan@alliancenews.com
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