(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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Reach PLC - newspaper, magazine and digital publisher - Notes over 5 million customers have now registered with Reach across its online newsbrands, newsletters, hyperlocal site InYourArea, and other websites. Fourth quarter digital revenue performance is on track to be the highest on record, and expected to exceed 20% year on year growth. Chief Executive Jim Mullen says: "With customer registrations significantly ahead of our initial target at 5 million, and our digital revenues continuing to go from strength to strength, we are now focused on the next phase of our strategy, which will utilise enhanced data and insights with the Reach ID being key to that."
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Smart Metering Systems PLC - Glasgow-based provider of end-to-end services in all aspects of utility connections, smart metering and energy management - Says smart meter installations at above 80% of pre-Covid run rate despite local lockdowns and continued development in CaRe pipeline, having secured rights to 117.5 megawatt of grid scale batteries with an additional 150MW under exclusivity. Says financial 2020 underlying pretax profit to be marginally ahead of own expectations, with year-end cash position to be about GBP30 million. It remains confident of the current financial 2021 consensus expectations.
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Alternative Credit Investments PLC - investor in credit assets and formerly known as Pollen Street Secured Lending PLC - Shareholders approves GBP639.2 million takeover offer from US-based Waterfall Asset Management.
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On The Beach Group PLC - online travel agent - Hawksford Trustees Jersey Ltd to sell up to 3.9 million shares in the company, which represents 2.5% of its issued share capital. The final number of placing shares to be placed and the price at which they will be placed will be agreed by the joint bookrunners and Hawksford at the close of the bookbuild process. Peel Hunt LLP and Numis Securities Ltd are acting as joint bookrunners.
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Polar Capital Holdings PLC - investment management company - Buys 100% of the issued share capital of Dalton Capital Ltd, the parent company of Dalton Strategic Partnership LLP, a UK based boutique asset manager with assets under management of GBP1.24 billion as at December 15. This AuM figure excludes AuM in the Velox Fund which is on the Dalton platform but is not part of this transaction, Polar notes. The total consideration is based on the AuM at exchange and at current AuM will total about GBP15.6 million split between the initial consideration of GBP8.3 million of which GBP7.8 million will be paid in cash from Polar Capital's existing resources and GBP500,000 in Polar Capital shares and further deferred cash consideration in the region of GBP7.3 million, payable 12 months after completion, with the amount being linked to the value of AuM at the time.
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Gresham House PLC - specialist alternative asset manager - Buys Appian Asset Management Ltd for an initial consideration of EUR4.6 million, with EUR3.6 million payable on completion. Further variable deferred consideration is payable subject to targeted earnings performance up to December 2023, bringing potential total consideration to EUR10.0 million. The transaction is subject to approval from the Central Bank of Ireland. Based in the Republic of Ireland, Appian is an active asset manager with about EUR330 million in assets under management as at September 30.
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Tiziana Life Sciences PLC - biotechnology company that focuses on the discovery and development of novel molecules - Applies to UK Financial Conduct Authority to admit shares to London's Main Market from current AIM listing. "The board has taken this decision as it believes that a standard listing will afford Tiziana greater flexibility in pursuing its strategy as an international company," company adds. Notes it will not issue new shares.
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Alfa Financial Software Holdings PLC - developer of mission-critical software for the asset finance industry - Says positive momentum from earlier in the year has continued and we have seen strong performances in both October and November, and anticipates that December will also be better than previously expected. The strong performance has been a combination of higher revenue along with lower costs. Looking to 2021, its expects a larger proportion of its work to be spent on upgrading existing customers to Version 5 and in the expansion of our global relationships under existing licences rather than new standalone projects.
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International Personal Finance PLC - home credit business - Says collections effectiveness was robust in November and remains at 97% of pre-Covid expectations. All of its businesses delivered a good performance. "The modest reduction in collections effectiveness we expected during the winter has not materialised, but we continue to plan for a softening in performance in the coming months," IPF says. It adds: "Although most of our markets are currently implementing more restrictive measures on people movements to cope with the second wave of the Covid-19 pandemic, credit issued increased by 1 ppt in the month to 61% of pre-Covid expectations. We have progressively relaxed credit settings since the half year and our plan remains focused on rebuilding the receivables portfolio while maintaining a clear focus on portfolio quality and the macroeconomic effects of Covid."
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Telit Communications PLC - internet of things and machine-to-machine communications company headquartered in London - Says deadline for u-blox Holding AG to make a firm offer for Telit extended to January 18. DBAY Advisors Ltd has previously said it does not intend to make a firm offer for the firm after Telit rebuffed its initial approach of GBP1.948 per share. Dbay does not intend to accept an offer made by u-blox, if one were to be made on such terms." It holds about 15% of Telit. Telit has said there is "industrial logic in a combination with u-blox" that could create value for shareholders of both companies, but that any combination would need "to be on terms that reflect Telit's financial performance and position, and be structured in a way that ensures the benefits of the combination would be delivered.
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All Active Asset Capital Ltd - investment firm focused on technology, software and AI space - Agrees to advance a further EUR650,000 under the existing convertible loan note to MESH Holdings PLC. The total amount outstanding under the loan notes will be EUR3.7 million. This can be converted, at the sole discretion of AAA, into new ordinary MESH shares at 40p per MESH share.
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ASA International Group PLC - microfinance lender providing small, socially responsible loans to low-income entrepreneurs - Says immediate health impact of Covid-19 on its operations remains low. Notes liquidity continues to remain high with approximately USD100 million of unrestricted cash and cash equivalents across the company at November 30. The pipeline of funding deals under negotiation totalled approximately USD230 million. Also says 9 out of 13 operating countries showed collections percentage rates in the mid to high nineties. As a result, the number of clients and gross outstanding loan portfolio continued to gradually increase reaching about 2.4 million and USD439 million.
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Kin & Carta PLC - business consultancy firm - Sells its healthcare communications business Hive, that was previously held for sale, to Fishawack Medical Communications Ltd and Fishawack Midco US Holdings LLC, both part of Fishawack Health, a global commercialisation partner for the life science industry. "The disposal forms part of the final transformation of Kin & Carta into an integrated technology platform serving the DX market globally," company adds. Says consideration receivable was settled in full in cash, and the net proceeds from the disposal of GBP13.8 million will be used to repay debt, further enhancing the company's balance sheet strength as well as facilitating ambitions to acquire businesses that complement its existing capabilities and grow its geographic reach.
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Finablr PLC - Abu Dhabi-based financial services provider - Enters into definitive agreement with Global Fintech Investments Holding AG, an affiliate of Prism Group AG to sell to GFIH the entire issued share capital of Finablr Ltd, the company's wholly owned subsidiary. Finablr Ltd owns the entire remainder of the company's group. "The Transaction will constitute the sale by the company of its entire business and operations. Prism has formed a consortium with Abu Dhabi's Royal Strategic Partners in connection with the transaction," Finablr adds. It continues: "In return for the transfer of the target group to GFIH, in addition to the nominal initial consideration of USD1 payable, GFIH is providing working capital support to the target group to enable it to continue to operate and to support various stakeholders in the target group, including employees and creditors of the target group."
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NWF Group PLC - specialist distributor of fuel, food and feed across the UK - Says continued solid trading through the second quarter, now expects to report overall results for the half year in line with its expectations. As anticipated, overall performance will be slightly behind the prior year. Company remains confident of delivering its full year expectations. "Our three divisions remain open and fully operational, given that they all provide essential services. We continue to monitor the latest developments on Brexit, have contingency plans in place where necessary, and critically, operate in large stable domestic markets with robust levels of demand," company adds.
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Sportech PLC - online gambling and entertainment company - Standard General LP says significant Sportech shareholder is not willing to support 32.5 pence per share takeover offer. Sportech closed at 28.6p on Thursday. Standard General says shareholder would only be willing to support a substantially higher offer. Standard General is unable to justify increasing its proposed offer to such level. As a result, and after careful consideration, Standard General confirms it does not intend to proceed with an offer for Sportech.
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IronRidge Resources Ltd - Australia-based minerals exploration company - Completes deal with Major Star SA to acquire 100% of the Bodite and Bianouan gold licenses, which gives IronRidge full ownership of a highly prospective gold exploration portfolio in Côte d'Ivoire. n March 2017, IronRidge signed an earn-in with Major Star giving it the right to buy the two licences. The company has issued Major Star 1.6 million new shares at a price of 18 pence each, which IronRidge said is a "significant" premium to its current share price in London. This will give Major Star a 0.5% stake post-acquisition. It closed at 12.2p on Thursday.
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Verditek PLC - clean technology company that develops, manufactures and sells certified lightweight solar panels - Says contract with SAF International has been delayed."The reason for this is that SAF International's end user customer, the Sindh regional government, has been forced to divert their resources to manage the Covid-19 pandemic which has ravaged this region of Pakistan," company adds. SAF International hope to recommence the order in 2021 and have confirmed the initial order has been installed and is performing to their satisfaction.
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UK Oil & Gas PLC - UK-based oil and gas exploration and production company - Launches appeal against Surrey County Council's decision to refuse planning consent for the company's 100% owned Loxley gas appraisal project. The company plans to submit an appeal to the Planning Inspectorate early in the New Year, with an expectation that a public hearing or inquiry will be held in the following 6 to 9 months. "Leading Counsel has advised that there are strong grounds to expect a positive appeal outcome, as the cited grounds for refusal are in direct conflict with both SCC's Planning and Highway Officer's reports and the Officers' two separate recommendations for approval," UKOG adds.
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Sunrise Resources PLC - miner focused on operations at the CS Pozzolan-perlite project in Nevada - Starts extraction of a large bulk sample of natural pozzolan from its Nevada project. A 500-ton sample of natural pozzolan is being mined this week in collaboration with a large cement and ready-mix company. The sample will be ground in the CRMC's existing mill and will be used in a number of separate commercial concrete pours where the natural pozzolan will be substituted for a proportion of ordinary Portland cement in the concrete mixes.
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Kodal Minerals PLC - Mali-focused lithium development and exploration company - Acquires Fatou gold project in southern Mali. Fatou already has a historical compliant NI 43-101 Resource of over 350,000 ounces which is expected to increase based on a funded 9-month drilling programme. Also receives a subsidiary-level project funding proposal from AIM-listed Riverfort Global Opportunities PLC and Riverfort Global Opportunities PCC to provide up to USD2.5 million to fund part of the acquisition, implement a major exploration campaign at Fatou and fund exploration at the company's additional gold projects in Mali and Côte d'Ivoire
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Advance Energy PLC - upstream oil and gas company - Wholly wholly owned subsidiary, Advance Energy TL Ltd has entered into a subscription agreement to buy 50% of Timor-Leste Petroleum Pty Ltd's subsidiary Carnarvon Petroleum Timor for up to USD20 million. JVCo has a 100% working interest in the production sharing contract for offshore petroleum operations in Timor-Leste contract area TL-SO-T 19-14 originally between Autoridade Nacional do Petroleo e Minerais Timor-Leste on behalf of the Ministry of Petroleum & Mineral Resources and JVCo, which includes the Buffalo Oil Field.
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Mosman Oil & Gas Ltd - oil exploration, development, and production company - Says Duff-2 well at the Greater Stanley project is back on production. The Duff-2 well is now back in production following completion of the workover which was required due to a broken rod, caused by a stuck pump. The pump and a broken rod have now been replaced. Whilst production is only circa 5 bopd, it is sufficient for the Duff lease to be "held by production" to allow other development options to be matured.
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By Paul McGowan; paulmcgowan@alliancenews.com
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