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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Ince Group PLC - legal services company - Launches an enhanced specialist sanctions compliance solution through a co-operation agreement with Windward, the predictive intelligence company. The collaboration marks the development of another managed service solution for InceMaritime. Ince says this new proposition will enable charterers, insurers, owners, investors, brokers, ship operators, financial institutions and defence agencies to benefit from a smarter, faster and forward-looking approach to risk mitigation.
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PureTech Health PLC - biotherapeutics company - Says Imbrium Therapeutics has exercised a license option under the companies' research & development collaboration agreement to develop PureTech's LYT-503/IMB-150, a non-opioid therapeutic candidate for interstitial cystitis/bladder pain syndrome. PureTech has received an option exercise payment of USD6.5 million and is eligible to receive up to USD53 million in additional development milestone payments for this program as well as royalties on product sales. An investigational new drug application for the LYT-503/IMB-150 drug candidate is planned to be filed in early 2022.
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Inspiration Healthcare Group PLC - Crawley, England-based technology company - Starts the financial year well and remains in line to meet expectations, with a strong order book. The company says it is seeing growth and new opportunities, as it continues to have a growing level of interest in the SLE range of ventilation products from all over the world, as seen by the orders recently received from China. In addition, Inspiration Healthcare's Viomedex branded disposable respiratory products are being introduced through its expanded distribution network. "With progress being made in many other areas of our business we look forward to the second half with optimism," says Chief Executive Neil Campbell.
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Advanced Oncotherapy PLC - London-based proton therapy system provider - Raises GBP37.4 million, before expenses, from new and existing investors through the issue of 93.5 million new shares at a price of 40 pence each via a placing and subscription. The issue price represents a premium of 13% to the average closing middle market price of a share on Tuesday. In addition, a total of 6.5 million new shares with an aggregate value of GBP2.6 million at the issue price have been issued by the company for non-cash consideration comprising the supplier fee shares, the director fee share, the bonus shares and the adviser fee shares. The funds raised from the subscription will bolster Advanced Oncotherapy's balance sheet as it moves towards completing its first LIGHT system with a 230MeV beam which is expected by the end of 2021.
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Taylor Maritime Investments Ltd - investment company - Contracted to acquire seven Japanese-built geared Handysize bulk vessels, ranging in size from 28,000 to 37,000 DWT, for USD107.8 million in cash. Delivery of the vessels is expected between September and January 2022. "These additional vessels will reinforce our ability to deliver high quality returns to our investors," says CEO Edward Buttery.
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Round Hill Music Royalty Fund Ltd - private equity firm - Buys an interest in a music publishing catalogue from Yes guitarist and prolific film score composer Trevor Rabin. The catalogue consists of 3,528 film cues and songs covering tracks from across Rabin's expansive career as a song writer and film score composer. "We believe this is a particularly attractive area in which to be increasing our exposure, as film and TV performance revenues continue to increase in value. It is an outstanding privilege to welcome his catalogue to the Company's portfolio," says Chair & CEO Josh Gruss.
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Lords Group Trading PLC - distributor of building, plumbing, heating and DIY goods - Reports the extension or amendment of existing property leases covering five of the company's 33 sites. The lease updates will provide Lords Group with desirable continuity of tenure at three existing sites and will also see capital contributions from the property owner to site improvements at two of the sites.
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Xeros Technology Group PLC - developer and licensor of platform technologies - Says the first commercial washing machine sale was completed in India to the Radisson Hotel Group. The company says it is now planning a series of regional market launches with commercial laundry customers starting in August.
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Scottish Mortgage Investment Trust PLC - investment firm - Raises a further GBP200 million by issuing two long-term, fixed rate, senior, unsecured private placement notes. The first is a 15-year note for GBP100 million with a fixed coupon of 2.03%, the second, a 25-year note for GBP100 million with a fixed coupon of 2.30%. Both notes are denominated in sterling and funded on Tuesday.
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Duke Royalty Ltd - royalty finance provider - Reports exit of its investment in royalty partner BHPC Ltd, an Irish insurance brokerage specialising in the not-for-profit insurance space. At closing, Duke received back net cash of GBP6.9 million, delivering an internal rate of return of 29.4%. Proceeds from this exit will leave Duke in a positive net cash position, providing liquidity of more than GBP35 million to pursue its pipeline of near and mid-term investment opportunities.
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Mountview Estates PLC - London-based property management firm - Says it is disappointed that a notable number of shareholders opposed some resolutions related to reelection of Directors Mhairi Archibald and Tony Powell, reappointment of BSG Valentine (UK) LLP as auditors, and approval of remuneration report. The directors intend to engage with shareholders to obtain feedback on their concerns and will publish an update on that engagement within six months of the date of the annual general meeting. The company says it intends to convene a general meeting at which resolutions may be put to the meeting to re-appoint Archibald and Powell as directors.
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Quadrise Fuels International PLC - London-based residual oil technology licensor - Says a comprehensive suite of tests has been completed on a Wartsila 4-stroke engine using 5mt of bioMSAR fuel produced at QRF. This engine was the same generic type previously used for MSAR testing, though it has since been modified for dual fuel operation, and this required further work to enable comparison with the earlier MSAR test results. "Quadrise is making great progress on bioMSAR testing and development. This work is crucial in enabling Quadrise to offer customers a lower cost renewable fuel solution, alongside our existing MSAR fuel, and we look forward to sharing further information with shareholders during the third quarter of 2021," says Chair Mike Kirk.
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Middlefield Canadian Income PCC - Jersey-based investment firm - Says investee WPT Industrial REIT entered into an arrangement agreement under which Blackstone Real Estate Income Trust Inc will acquire all the outstanding units of WPT that will result in shareholders receiving USD22.00 per share in a USD3.1 billion transaction. The offer price represents a 17% premium to the closing share price on Friday last week, the last trading day prior to the announcement of the transaction. "The proposed offer is exciting news for the company and validates our long held view that industrial property remains an attractive way to play the growth in e-commerce," says Dean Orrico, president of Middlefield International Ltd.
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Pershing Square Holdings Ltd - London-based investment trust - Together with Pershing Square LP and Pershing Square International Ltd, through an affiliated entity, have acquired 128.6 million shares of Universal Music Group, for USD21.78 per share. The total cash consideration of USD2.8 billion represents an equity value for Universal Music Group of EUR33 billion. Pershing Square Holdings' share of the cash consideration is USD2.5 billion.
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Albion Enterprise VCT PLC - investment firm - Reports net asset value on June 30 of GBP95.82 million or 127.93 pence per share, an increase of 12% since March 31. After the dividend of 2.87p per share to be paid on August 31, the NAV is 125.06p per share. During the period from April to June 30, the company did not buy back any shares.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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