(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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Palace Capital PLC - investor with portfolio of UK regional commercial properties - Agrees to sell Fraser House, a vacant office building in Staines, Middlesex to a private company for GBP2 million. Sale price reflects a significant premium to book value at September 30 as well as the 2014 acquisition price. This deal marks tenth sale by company so far in 2021. Chief Executive Neil Sinclair says: "Having undertaken GBP23.7 million of disposals we are closing in on our target of achieving GBP30 million of sales in order to redeploy the capital into accretive acquisitions. We have further properties under offer and are keen to move forward with reinvestment in a prudent manner in line with our total return strategy. We have an acquisition currently in legals and a number of further opportunities under consideration."
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Smiths News PLC - Swindon-based newspaper and magazine distributor - Receives GBP8.1 cash surplus from the expected winding up of the WHSmith Pension Trust, which is nearing conclusion following the buyout of the scheme by Legal & General Group PLC in March 2021. "Consistent with the terms of our banking agreements, the cash proceeds will be used to reduce bank net debt," company explains. Also ups final dividend recommendation to 1.5 pence from previous recommendation of 1.0p. This will result in a total dividend for the year of 1.65p.
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Life Science REIT PLC - life science property investor - Acquires the freehold of the Merrifield Centre in Cambridge, UK for GBP4.8 million. The purchase price was satisfied entirely in cash and represents a net initial yield of 5.9%. Property has 100% occupancy and currently generates about GBP290,000 of contracted rent per annum, equivalent to GBP23 per square foot, and has an unexpired lease term of 10 years. Separately, completes acquisition of Lumen House on the Harwell Science & Innovation Campus, a science park near Oxford, UK. Lumen House was acquired on a long leasehold of more than 950 years for GBP7.1 million satisfied entirely in cash. This represents a net initial yield of 4.4% after acquisition costs. Oxford property currently generates a contracted rent of about GBP330,000.
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Kanabo Group PLC - medical cannabis research and development - Notes UK could be the first country in the world to prescribe medicinally licensed e-cigarettes and vaporizers. Chief Executive Avihu Tamir says: "Any research that helps patients has to be welcomed. As the UK's regulatory framework outlines a higher entry barrier for the industry, the global vaping industry will witness a more standardised and concentrated market where industry leaders, such as Kanabo, will further strengthen their leading positions. Meanwhile, the whole industry, the supply chain and patients will benefit from such a well-regulated and standardised market in turn."
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Sativa Wellness Group Inc - Vancouver, Canada-based therapeutic life science company - Says last week was company's best week to date for bookings, with several days exceeding previous records. Exceeds GBP13.8 million revenue in the eleven months to the end of November. Executive Chair Geremy Thomas says: "We are pleased to be able to support the return of PCR testing as the gold standard of Covid detection and trust that this in combination with vaccinations will control this new variant of the virus. We are delighted that we have now achieved over GBP13 million revenue while meeting this essential need."
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Ilika PLC - solid-state battery technology firm - Opens its Stereax solid state battery manufacturing facility in Chandlers Ford, UK last Friday. "The new facility will manufacture Stereax micro batteries that are designed for powering next generation implanted medical devices and wireless sensors used in the Industrial Internet of Things," company says. Expects first product from factory in second quarter of 2022.
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CentralNic Group PLC - London-based domain name registry and registrar services firm - Acquires the domain name and brand protection business, trading as NameAction, in an asset deal for a consideration of about USD1 million in cash from NameAction Inc. Chief Executive Ben Crawford says: "While this acquisition is relatively small, it will be immediately earnings accretive and of strategic importance. NameAction is one of the best-known brands in the Latin American domain name industry, and their experienced staff represent an ideal team of experts to form a base for CentralNic's expansion in the region, across our many products and channels." NameAction expected to contribute about USD2 million in annual recurring revenues.
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Brandshield Systems PLC - Israel-based digital brand protection and online threat hunting services provider - Surpasses USD5.0 million in annual recurring revenue, its primary key performance indicator, for 2021. Increased from USD2.8 million from 2020. "This growth reflects the strong demand from customers for BrandShield's unique offering," company says. Adds: "The ongoing momentum that BrandShield continues to build reinforces management's belief that the company is ideally placed to capitalise further in the medium term."
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By Paul McGowan; paulmcgowan@alliancenews.com
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Palace Capital (PCA)
Ilika Plc (IKA)
Smiths News (SNWS)