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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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Inland Homes PLC - Buckinghamshire, England-based brownfield site developer, housebuilder and regeneration specialist - Launches direct subscription offer for up to GBP4.6 million by the issue of up to 46.0 million new ordinary shares at a price per share of 10 pence. The net proceeds of the subscription will be used to fund working capital requirements within the company. Stephen Wicks, a founder of Inland Homes, former chief executive officer, and its major shareholder, says that he would like to participate in the subscription for a total of GBP2.5 million. Further to its announcement on March 23, Inland Homes is in advanced discussions with a view to commissioning an independent report from a professional services firm. The completion of such a report is a pre-condition to the finalisation of its audit process, which is estimated will take a number of weeks. In the meantime, it is not able to publish its audited results before March 31, and its shares will be suspended from AIM on April 3.
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UIL Ltd - Closed-end Bermuda-incorporated investment company - Sells entire holdings of 7.2 million shares in AssetCo PLC at a market price of 62 pence per share. Also sells entire holdings of 6.8 million shares in BNK Banking Corporation Ltd at a market price of AUD0.41 per share. Both were sold to UIL's financial services investment platform and associated undertaking, Somers Ltd. The net proceeds of GBP5.8 million will be used to reduce the company's facility with the Bank of Nova Scotia, which reduces to GBP37.5 million from GBP50.0 million on March 30.
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Itsarm PLC - Manchester-based digital fashion brand - Says that on the same day it announced the conditional sale of In The Style Fashion Ltd and the proposed name change to Itsum PLC, Maxrs Ventures Ltd changed its name to Itsum Ltd. As a result, the company has changed its name to Itsarm PLC.
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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Completes USD125 million strategic financing in Milestone Pharmaceuticals. Milestone is a publicly traded clinical stage biopharmaceutical company focused on the development and commercialisation of cardiovascular medicines. It is currently advancing etripamil, its lead investigational product, through Phase 3 clinical trials for paroxysmal supraventricular tachycardia. The strategic financing was anchored by the purchase of USD50 million in convertible notes by RTW-managed funds, as well as a commitment by RTW of USD75 million in non-dilutive royalty funding, which, together, Milestone expects will support the New Drug Application submission and subsequent launch of etripamil for patients with PSVT.
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By Holly Beveridge, Alliance News reporter
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