(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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SDCL Energy Efficiency Income Trust PLC - investment company - Extends and increases revolving credit facility to GBP145 million. The RCF is used by the company for short-term financing of acquisitions. The new expiry date is June 30, 2024. The RCF also includes an uncommitted accordion of a further GBP55 million.
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Henry Boot PLC - Sheffield, England-based construction and property development business - Says its property development unit, HBD, has signed a GBP53.8 million funding deal with Oxenwood Real Estate to progress a logistics scheme in Nottingham. "New Horizon is a landmark 28-acre site, which was formerly home to Imperial Tobacco. The deal will see the development of seven industrial units from 30,000 square foot to 145,000 square foot on a speculative basis and is capable of creating up to 1,000 new jobs for the city," company say .
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Mattioli Woods PLC - Leicester-based asset manager - Extends long stop date for sellers of Ludlow Wealth Management to September 30 from August 31. In mid-May, agreed to buy Ludlow, a financial planning business in the North West of England with assets under advice of GBP1.6 billion, for up to GBP43.5 million.
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Severfield PLC - York, England-based steel company - Says trading in the first five months of the 2022 financial year has "continued to be positive" and is in line with management's expectations. "The group's financial position remains good, albeit the recent steel and other input price rises are impacting working capital in the short term, and the outlook for the year ending March 31, 2022 is unchanged," company adds. Expects profit to have second half bias, with several ongoing contracts expected to deliver higher profits in the second half of the year. Notes September 1 order book in UK and Europe at GBP376 million, a record for company, with GBP291 million to be delivered in next 12 months.
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Trifast PLC - Uckfield, England-based industrial fastenings firm - Buys US-based fastenings distributor Falcon Fastening Solutions Inc for USD8.3 million on a cash free-debt free basis, which has been funded through existing cash and financing facilities. Chief Executive Mark Belton says: "The Carolinas region is a strategically important area for us where a number of our global OEMs have facilities. The culture, values and work ethic at Falcon in many ways reflect those of TR. We believe that the combination of Falcon and Trifast's locations, experience, knowledge base and skill sets will open significant opportunities to expand the service and portfolio offering to both existing and new customers on a domestic and international basis We look forward to working together to create a stronger presence for Trifast in North America." Expects deal to be earnings enhancing in the financial year-ending March 31, 2022.
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Eckoh PLC - London-based secure payment products provider - Says trading in first four months of financial year, to July 31, in line with market expectations. Notes financial position remains strong.
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Velocys PLC - Oxford, England-based fuels technology company - Wins maximum grant of GBP2.4 million from UK Department for Transport (DfT) under the Green Fuels, Green Skies competition, for for Altalto project. The Altalto project is a collaboration between Velocys and British Airways; the proposed plant will convert hundreds of thousands of tonnes per year of residual waste into sustainable fuels, mainly aviation fuel. Chief Executive Henrik Wareborn says: "We are very pleased to have this enhanced level of support from the Department for Transport for the Altalto project. The momentum for sustainable aviation fuel in the UK and around the world is growing, demonstrated here by the recent consultations on the path to net zero aviation and on a SAF mandate. This grant demonstrates that the Altalto project is a key part of the strategy to accelerate a SAF industry in the UK."
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Circle Property PLC - London-based buyer, developer and manager of regional office assets in UK - To sell One Castle Park, Bristol to Boultbee LDN Capital Ltd for GBP20 million, which represents 3.9% increase on March 31 valuation of GBP19.3 million. Deal expected to be completed on December 16. "The cash proceeds from the sale will be utilised, in line with previous announcements, to reduce the company's gearing from the current level. The company has a number of assets that have benefited from an active management approach where considerable value has been added following redevelopment, lease restructures or renewals," company says.
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Ince Group PLC - legal and professional services firm - Subsidiary James Stocks & Co begins trading as Ince Corporate Finance. The business will continue to be led by Tim Stocks, founder and managing director, who has over 30 years' experience in private practice as a lawyer specialising in corporate finance and securities work. Chief Executive Adrian Biles says: "Since joining the group as a subsidiary last year, Tim and his team have integrated well with our global legal and consulting businesses. The quality of their advice and solutions are second to none and has significantly strengthened our multi-disciplinary offering. Re-branding the business as Ince Corporate Finance will further bolster our brand as we continue to build and grow the business in the coming years."
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Longboat Energy PLC - North Sea-focused exploration firm - Completes farm-ins with Equinor, Idemitsu and Spirit for exploration drilling programme on the Norwegian Continental Shelf. Now expects to complete the drilling of four exploration wells in its seven well programme before the end of 2021. Chief Executive Helge Hammer says: "We are pleased that the Farm-Ins have completed and we are now operational, with Longboat about to embark upon the drilling of four wells over the next few months in an extremely busy and exciting time for the company."
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Galantas Gold Corp - Northern Ireland-focused gold producer - Shares start trading on the OTCQX Best Market in the US. Chief Executive Mario Stifano says: "The OTCQX listing marks an important milestone for Galantas. Our decision to cross-trade in the US is part of our strategy to grow our international shareholder base and promote greater liquidity as we continue our focus on expanding high-grade gold production and the mineral resources at our Omagh project in Northern Ireland."
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MyHealthChecked PLC - Cardiff-based healthcare company and fertility tracking firm - Secures ISO 15189:2012 accreditation across its Covid-19 testing service. Company says this is "a mark of confidence that the service meets internationally recognised gold standards for performance and competence." The accreditation was granted following assessments by the UK Accreditation Service. Chief Executive Penny McCormick says: "We are delighted to now have in place accreditation across our Covid-19 testing service, which is a clear sign to our existing customers and potential new customers that our medical laboratories and operational systems are extremely rigorous and structured around best possible practice within the industry." Yourgene Health PLC gets same accreditation for its Citylabs 1.0 laboratory in Manchester.
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Watchstone Group PLC - Eastleigh-based investor in litigation and contingent assets - Urges shareholders not to act on increased Polygon Global Partners LLP offer. "Accordingly, the directors unanimously recommend to shareholders that they should take no action in relation to the final offer and should not sign any document sent to them by Polygon or its advisers," company says. On Tuesday, Polygon increased and final mandatory cash offer for the shares it does not already own in Watchstone. The new offer is worth 38p per share, up 12% from the previous offer of 34p per share, valuing Watchstone at GBP17.5 million. As of Wednesday, Polygon had received acceptances representing 1.4% of Watchstone shares. Polygon already has a 30% stake in Watchstone, the threshold at which it has to make an offer for the remaining shares.
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IQ-AI Ltd - Jersey-based medical services and software company - Shares begin trading on the OTCQB Venture Market in the US. Chief Executive Trevor Brown says: "The US is home to some of the world's most influential medical technology investors. By joining OTCQB, we now have an effective platform from which to reach a significantly larger investor audience and we look forward to providing investors in both the UK and the US with regular progress updates at this exciting and pivotal time for the company."
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Kazera Global PLC - investment company focused on opportunities in the resources and energy sectors - Makes plan with DJ Drilling, which will lead to the "profitable production" of Tantalum from its mine in Namibia before the end of 2021. Joint Chief Executive Larry Kazera says: "DJ Drilling committing to undertake the work to get the mine into operation as well as their bringing in the necessary equipment has unlocked the current impasse and is a true reflection of their commitment to the project and their belief in its potential. We look forward to a long and fruitful future together."
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SulNOx Group PLC - AQSE-listed London-based hydrocarbon fuel emulsification specialist - Starts new large-scale trial of its SulNOxEco fuel conditioner product. "The Stannah group of companies, the UK's largest independent lift business and world renowned stairlift manufacturer, has embarked upon an important trial to reduce emissions from its corporate fleet. Stannah has partnered with SulNOx to trial the SulNOxEco fuel conditioner in 40 vehicles based at its Southwest England & South Wales branch," company explains.
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By Paul McGowan; paulmcgowan@alliancenews.com
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