TRADING UPDATES: Abcam returns to profit; Cake Box rings changes

(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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Finablr PLC - Abu Dhabi-based payments and foreign exchange provider - Says Stephen Goderski and Peter Hart of PKF GM have been appointed as joint administrators of company, with immediate effect. Company was placed into administration on March 11 and notes shares will continue to be suspended until further notice.

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VPC Specialty Lending Investments PLC - invests in asset-backed loans to businesses originated by non-bank lenders - Investee VPC Impact Acquisition Holdings II, a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor II, backs out of deal to merge with FinAccel, the parent company of Kredivo, an AI-enabled digital consumer credit platform in Southeast Asia. Through VPC Sponsor, the company currently owns 1.0 million class B shares and 833,529 private placement warrants in VPCB. "VPCB is considering future options, including seeking an alternative business combination. The parties have agreed that, in the event that VPCB is liquidated, Kredivo shall issue a warrant with a nominal exercise price to VPCB providing VPCB with the ability to acquire a stake equal to 3.5% of the fully diluted equity securities of Kredivo," company adds.

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Infrastructure India PLC - Investor in infrastructure assets in India's energy and transport sectors - Extends long stop date for conditional sale of Indian Energy (Mauritius) Ltd to April 4. The asset sale is expected to net INR550 million, about GBP5.5 million, to AVSR Constructions. "The company's creditors continue to be supportive, however, should the sale of the SPVs not proceed, the company will not have adequate funding to meet its liabilities when they fall due and will need to identify other sources of financing," it says.

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Blue Prism Group PLC - Warrington, England-based robotic process automation firm - Courts in England approve takeover by SS&C Technologies Holdings Inc. Last month, shareholders backed the GBP1.24 billion deal. The takeover is expected to become effective during first or second quarter of 2022, with company's last trading day to be tomorrow, with cancellation on Wednesday.

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Windward Ltd - Liverpool-based predictive intelligence company focused on the maritime industry - Launches Russia sanctions compliance product. "The solution will allow Windward users to minimise risk exposure in maritime trade as it relates to ongoing sanctions against Russia," company explains. New product will sit in its Maritime AI platform.

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Cake Box Holdings PLC - Wembley, London-based egg-free cream cake seller - Sets out a series of executive changes, and believes second half trading has been strong - which will lead to its full-year performance to be in line with expectations. Company says co-founder Pardip Das will step down as chief financial officer in order to pursue other interests. Das, who has spent over 10 years at Cake Box, will leave the board on March 31. David Forth has been appointed as interim CFO from Monday. Forth has held finance roles as Associated British Foods, Wincanton and Eddie Stobart Logistics. In addition, Richard Zivkov joins as chief operating officer from June 13. Zivkov joins from grab and go food franchise Island Poke. Chief Operations Officer Jaswir Singh moves to the role of commercial director, but will continue to sit on Cake Box's board. It also named Chay Watkins as marketing director. Watkins joins from a brand strategy consultancy, where he was charged with developing branding strategies for retailers and fast-moving consumer goods firms. In January, Cake Box said it made some "transcription errors" in its annual accounts and has called on experts to assist with its internal audit work. It has called on accounting company BDO to help with "implementing improved internal audit practices". Cake Box on Monday says it is working through a "plan of improvements" outlined by external auditors, with an initial focus on "inventory management".

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Abcam PLC - Cambridge, England-based life science research tools - In 2021, swings to pretax profit of GBP4.7 million from GBP2.2 million loss in 2020. Revenue improves to GBP315.4 million from GBP269.3 million. Changes accounting reference date to December 31 from June 30 during the year. Notes operating profit in 18 months to end of December 31 GBP24.4 million and revenue at GBP462.9 million. Says calendar 2022 performance in line with expectations. Calendar 2024 revenue targeted to be between GBP450 million and GBP525 million. Chief Executive Alan Hirzel says: "We have had another successful year operationally and financially despite the ongoing challenges. As we look ahead to 2022, we expect to create more innovation and success out of the past two years of investment as we installed elements of Abcam's long term growth strategy. The scientific community remains our guide and with their support we are becoming a more influential and trusted brand globally."

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Sound Energy PLC - Moroccan-focused upstream gas company - Enters pipeline tie-in agreement to the Gas Maghreb-Europe pipeline with the Office National des Hydrocarbures et des Mines, for the Phase 2 development of the Tendrara production concession. The GME Pipeline, which was transferred to Moroccan state-owned entity ONHYM by the previous operator on November 1, 2021, is owned and operated by ONHYM. Company says agreement marks "further progress" required to reach final investment decision on the Phase 2 development at Tendrara.

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By Paul McGowan; paulmcgowan@alliancenews.com

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