(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Invesco Enhanced Income Ltd - investment trust that aims to provide consistent and high level of income to investors - Signs terms for proposed merger with City Merchants High Yield Trust Ltd. Deal will create firm with net assets in excess of GBP300 million. "The board believes that the proposals will enable IPE shareholders to benefit from greater economies of scale that are expected to result from the enlarged asset base of BIPS whilst retaining the same investment approach and manager," Invesco Enhanced says.
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City of London Investment Trust PLC - investment firm - Agrees to issue GBP30 million of fixed rate 25-year secured private placement notes with an annual coupon of 2.67%. "The net proceeds will be applied in reducing borrowings currently drawn down through the company's overdraft facility," company says.
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Asimilar Group PLC - investment firm focused on big data, machine learning, telematics and the internet of things - Subscribes for 30 million Dev Clever Holdings PLC shares at 10 pence each, GBP3.0 million in total.
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AFH Financial Group PLC - financial investment management firm - Shares suspended after court meeting and general meeting scheduled for Monday was adjourned. In January, AFH agreed to the takeover by Cortina, a company controlled by funds managed by Chicago-based private equity firm Flexpoint Ford LLC. Under the acquisition's terms, Flexpoint will acquire the wealth manager for 463 pence per share.
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CIP Merchant Capital Ltd - AIM-listed closed-ended investment company incorporated in Guernsey - Granted option to acquire further 41.6% of shares in 7Star Srl, or Happy Friends, an Italian firm operating chain of veterinary hospitals. CIP to exercise option for a nominal consideration.
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Ventus VCT PLC, Ventus 2 VCT PLC - venture capital trusts - Propose disposal of assets to return proceeds to shareholders. Duo note their assets have finite lives and their value wanes over time, meaning current dividend payments will be unable to be funded from income.
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Abbey PLC - Hertfordshire, England-based building and property development, plant hire and property rental company - Offer by Gallagher Holdings Ltd extended to March 26. Abbey agreed to Gallagher takeover in December, valuing company at GBP328.8 million. Gallagher already owned 93.6% of Abbey. As of February 28, Gallagher had received valid acceptances from 2.4% of Abbey shareholders, which amounts to 55.2% of shares Gallagher did not already own.
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Gulf Marine Services PLC - Abu Dhabi-founded provider of self-propelled self-elevating support vessels for oil, gas and renewable energy industries - Agrees further extension of deadline to conclude improved terms for debt structure. "Discussions with the banks remain positive and the company is confident that an agreement, favourable to both GMS and its lenders, can be reached in the near term," Gulf Marine says.
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Strategic Minerals PLC - minerals company with operations in the US and Australia, as well as a development project in the UK - Reports ninth yearly rollover of access to Cobre magnetite stockpile. Also notes a recent rise in copper prices, a "significant impact" on profitability of its Leigh Creek copper mine. Based on current prices, pretax free cash flow at project will be USD56.5 million, up from USD19.2 million at the acquisition. Operating margin improves to 58%, from 39%.
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Goldstone Resources Ltd - resource development company with projects in West Africa - Agrees with Asian Investment Management Services Ltd for further deferment of gold loan interest payment to June 30. Says on track for first gold pour within two months of February 11 award of environmental permit.
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By Eric Cunha; ericcunha@alliancenews.com
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