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TRADING UPDATES: Franchise Brands sets targets, Cindrigo agrees loan

Tue, 20th Feb 2024 20:13

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Staffline Group PLC - Nottingham, England-based recruitment and training firm - Notes recent update issued by the Department for Business and Trade concerning minimum wage compliance. Explains Staffline was made aware that it would be included in an announcement relating to an historic breach of national minimum wage compliance, which was disclosed by Staffline in 2019. Notes the press release references the period 2013 to 2018 and management clarifies that that remedial actions were taken from 2019 and formally concluded with HMRC to their complete satisfaction, with Staffline now fully compliant.

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RTW Biotech Opportunities Ltd - London-based venture capital firm focused on biotechnology companies - Announces an unaudited, indicative and estimated pro forma net asset value of USD644.2 million, equivalent to USD1.88 per share, at the closing on February 12 of its acquisition of Arix Bioscience PLC.

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Seed Innovations Ltd - investment firm focused on early-stage health, wellness and medical cannabis companies - Notes that portfolio company, Little Green Pharma Ltd has announced that the demerger of its wholly owned subsidiary, Reset, announced in November is no longer proceeding and it shall remain as a subsidiary of LGP for the time being. Says this is disappointing, given that Seed wished to invest in Reset following the demerger.

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Cindrigo Holdings Ltd - Guernsey-based renewable energy company - Enters GBP10 million convertible loan agreement with TriRi Asset Management Ltd, a US and Canada based investment firm. Proceeds will assist the continuing development of the existing geothermal project in Croatia, Slatina 3; provide the expansion capital to acquire and establish partnerships for new projects and licenses; and strengthen the organisation and the company's investor relations activities. This is in conjunction with its on-going process of seeking Financial Conduct Authority approval for the proposed application for re-admission of its share capital to the Official List and to trading on the London Stock Exchange. Notes the loan is on a three year term, at an interest rate of 12% per annum.

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Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Hosts Capital Markets Day. Sets medium-term ambition of system sales of GBP600 million and adjusted earnings before interest, tax, amortisation and depreciation of GBP60 million in 2027. Says operational gearing will be a significant growth driver, enabled by technology, and will underpin the path to 10% adjusted Ebitda margin. Expects to be in a net cash position in 2027.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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