(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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Kingswood Holdings Ltd - London-based wealth manager - Agrees to acquire Money Matters Ltd, a privately owned wealth management business, primarily offering its services in the North East of England, for total cash consideration of GBP3.4 million, paid over 2 years. Notes GBP1.7 million will be paid immediately, with further GBP1.7 million paid on achievement of performance targets. Money Maters North East business holds about GBP115 million assets under administration from about 600 clients. Kingswood's UK CEO David Lawrence says: "We remain committed to perpetuating our stated growth strategy within the UK and internationally. This is our second acquisition of 2021 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, six of which are in exclusive due diligence as we continue to grow our financial planning and investment management reach across the UK. We expect to be making more announcements over the coming weeks.''
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Schroder Real Estate Investment Trust Ltd - invests in UK commercial real estate, seeking income and capital growth from active management - Exchanges or completes 13 new lettings, renewals and reviews which will generate GBP300,000 per annum of rental income and increase contracted rental income by GBP185,000 per annum since September 20. Notes set to deliver 80,000 square foot of operationally net zero carbon industrial, storage and distribution space at Stanley Green Trading Estate after receipt of a resolution to grant planning permission.
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Helios Underwriting PLC - London-based investment vehicle, which acquires and consolidates underwriting capacity at Lloyd's - Notes December 31 expected capacity value to rise to GBP60.2 million from GBP30.8 million a year earlier. Expecting to acquire 29 LLVs during 2021 with capacity of GBP35.4 million, which was valued at 2021 capacity prices at GBP18.0 million. Chief Executive Nigel Hanbury says: "I am delighted that the value of the capacity portfolio will increase to GBP60 million with the revaluation of the existing portfolio adding 9.6p to the tangible net asset value per share - a 6.6% increase." Company adds: "Helios continued to manage the capacity portfolio discarding unwanted syndicates and taking positions on syndicates, in particular syndicate 510 and syndicate 2689, taking the total additional capacity acquired at auction to GBP23.8 million for consideration of GBP2.6 million."
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Thalassa Holdings Ltd - British Virgin Islands-based investment company in real estate, fintech and robotics - Subsidiary id4 delivers "client space solution" to Swiss-based asset manager Geneva Management Group. "The id4 client space solution, delivered using cloud-based technology, will enable GMG to onboard clients remotely and to review KYC profiles periodically," company says.
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Insig AI PLC - London-based machine learning and data science firm serving asset management industry, formerly known as Catena - Signs proof of concept exercise with unnamed European asset manager with assets under management of several billion euros. "In this initial proof-of-concept exercise on one of the client's larger funds, valued in excess of EUR1 billion, Insig AI has been tasked to use its machine learning data and expertise to analyse and categorise the client's portfolio," company says.
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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - US partner Eton Pharmaceuticals signs co-promotion deal for Alkindi Sprinkle with Tolmar Pharmaceuticals. As part of deal, Tolmar's 62-person sales force will promote Alkindi Sprinkle to their paediatric endocrinology targets alongside its own existing product. "Eton has indicated that it expects the co-promotion agreement to translate to significantly faster adoption of Alkindi Sprinkle and to accelerate the time to reach peak conversion of patients from existing therapy. The terms of Diurnal's licensing agreement with Eton are unaffected by Eton's agreement with Tolmar," Diurnal says.
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Panthera Resources PLC - gold exploration and development company with assets in West Africa and India - Settles agreements with Metal Mining India Private Ltd to buy its Indian joint venture partner for AUD1.8 million, just under GBP1 million. Issues 3.0 million shares and pays GBP500,000 to close deal. Notes ownership interest in the Bhukia and Taregaon projects in India via IGL has increased to 100%, giving Panthera a 95% interest, if prospecting licences are granted in the future.
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Mkango Resources Ltd - Vancouver-based explorer for rare earth elements - German subsidiary HyProMag Ltd creates new business HyProMag GmbH alongside Pforzheim University professor Carlo Burkhardt. HyProMag will own 80% of new business, while Burkhardt will take own remaining 20%. "Germany is a major producer and market for rare earth magnets in Europe, and the establishment of HyProMag GmbH provides a strong platform to grow the business in the region. Germany has no domestic sources of primary rare earths. Development of domestic sources of recycled rare earths via the patented HPMS is a significant opportunity to diversify and strengthen development of a more resilient rare earths supply chain in Europe," company explains.
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W Resources PLC- tungsten, tin and gold mining and exploring in Spain and Portugal - Raises GBP750,000 from placing 12.5 million shares at 6 pence each. "Following the award of the mining licence at the Régua tungsten mine in Portugal, the majority of the funds raised from the placing will be used to progress the mine development and to accelerate the environmental impact study report this quarter, as the team works towards first production in the second half of 2022," company says. Notes it will also use part of the funds at the La Parrilla mine in Spain to improve the laboratories, finished goods warehouse and spare parts warehouse. Enlarged share capital now 133.1 million.
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Bradda Head Lithium Ltd - Isle of Man-based exploration and mining services provider - Signs binding letter of intent for royalty agreement with Lithium Royalty Corp for 2% gross overriding royalty for sedimentary lithium claims in central Arizona. Value of agreement worth USD8 million. Notes USD2.5 million will be paid on closing of deal, USD2.5 million will be paid after Bradda obtains 1 million tonnes lithium carbonate equivalent; and finally, USD3 million to be paid after Bradda obtains 2.5 million tonnes lithium. Chief Executive Charles FitzRoy says: "We are delighted that Lithium Royalty Corporation has chosen to partner with us. This agreement further endorses the confidence in and inherent value that we believe our assets have; as well as in the future potential of the Company and our strategy given LRC's investment in Bradda."
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Chaarat Gold Holdings Ltd - gold miner in Armenia and mine developer in Kyrgyz Republic - Chief Financial Office Chris Eger to leave firm on November 30. Company says CFO will "pursue other opportunities". "Chris leaves with the board's appreciation and thanks for the role he has played in the development of Chaarat over the last three years," company adds. Starts search for replacement, and says current management team will assume Eger's responsibilities.
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By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Helios Underw (HUW)
Thalassa (di) (THAL)
Chaarat Gold (CGH)
Mkango Res (MKA)
Schroder Real (SREI)
Bradda Head Lithium (BHL)
Panthera Res. (PAT)
Kingswood H. (KWG)
Insig Ai Plc (INSG)