(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Sanne Group PLC - provider of alternative asset and corporate services - Confirms it received a fourth unsolicited, non-binding proposal from private equity firm Cinven Ltd at a possible all cash offer price of 850p per share. Sanne shares closed at 750p each in London on Friday. "The board continues to believe that the fourth proposal does not reflect the group's ability to deliver strong operating and financial performance as the macroeconomic environment continues to recover, its longer-term prospects, or the scarcity value inherent in its unique, global platform. Accordingly, the board has unanimously rejected the fourth proposal," says Sanne. In mid-may, Cinven proposed a possible offer of 830p per share for Sanne.
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Proactis Holdings PLC - Wetherby, England-based cash management software company - Extends date at which the scheme document, for proposed acquisition of Proactis by Cafe Bidco Ltd, June 11. The extension has been agreed to facilitate ongoing discussions between Cafe Bidco and DBay Advisors Ltd regarding DBay's support for, and participation in, the acquisition at an offer price of 75 pence in cash for each Proactis Share. Proactis shares closed down at 71.00p each in London on Friday.
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BMO Commercial Property Trust Ltd - London-based investment company - Disposes of retail warehouse located in East Kilbride, Scotland, for GBP19 million. Says sale is consistent with the strategy of adopting a higher level of activity within the portfolio as the company moves to recycle capital and adjust sector weightings.
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Strategic Equity Capital PLC - investor that seeks to create value through "constructive corporate engagement" with listed companies - Announces two contingent tenders to address "the discount to net asset value at which the company's ordinary shares trade". The first is a contingent tender offer in 2022, if its shares trade at a wider than average discount of 8% over the 12 months ending June 30, 2022. Says in this event, the board will undertake a tender offer for up to 10% of its issued capital. The tender price will be equal to a 3% discount to NAV per share. The second will be undertaken if "over the three year period ending June 30, 2024, the NAV total return per ordinary share lags the FTSE Small Cap (ex Investment companies) Index on a total return basis". Says it will undertake a tender offer for up to 15% of the issued share capital at a tender price equal to a 3 per cent. discount to NAV (less costs) per share.
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Capital For Colleagues PLC - investment firmed focused on the employee owned business sector - Reports NAV per share of 61.05p at February 28, up from 50.17p a year prior. Net assets rise to GBP9.4 million from GBP7.8 million. Profit for the six months to end February rise to GBP1.3 million from GBP1.0 million. "We continue to promote the commercial and financial benefits of EOBs at every opportunity and are pleased to see increasing recognition of EOBs as important generators of equitable and dynamic growth," says company.
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DXS International PLC - AQSE-quoted independent software vendor - Says full-year profit similar to year prior at GBP429,000. Sees early signs of recovery in healthcare sector. "While there are early signs of the healthcare market beginning to normalise, GPs and Primary Care staff remain pressured, particularly while facing significant backlogs built up during the past 18 months. This however has presented an opportunity which is evident by the keen interest being shown in our CompleteCare cancer toolkit which can potentially assist practices expedite cancer treatment backlogs. Although frustrated by delays, our sales and marketing team remain focused and we continue to persevere with our sales and marketing efforts both in the UK and abroad," says CEO David Immelman.
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UK Mortgages Ltd - Guernsey-based investment company - Completes the sale of the second portfolio of loans "originated by the Coventry Building Society that had been securitised in the Malt Hill No.2 transaction". Offers to buy back 13% of its shares for 75p each, for a total of GBP20 million.
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DiscovOre PLC - investment company focused on natural resource industry - Submits application to the OTC Markets Group Inc for trade on the OTCQB. Proposes name change to Oscillate PLC, subject to the consent of the shareholders. Does not give a date for the name change.
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BH Macro Ltd - investment firm - Agrees to heads of terms with BH Global Ltd and Brevan Howard Capital Management LP, the manager of both BH Macro and BH Global, for the merging of the two companies where BH Macro will be the continuing entity. Sees support from largest shareholders, but still remains subject to approval.
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Kier Group PLC - Manchester-headquartered construction firm - Completes GBP110 million sale of housebuilding unit Kier Living.
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OnTheMarket PLC - property listing portal based in Aldershot, Hampshire - Completes Glanty Ltd acquisition for GBP1.5 million. Also pays GBP1.4 million for shareholder settlements.
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RBG Holdings PLC - London-based law firm - Completes acquisition of Memery Crystal LLP for GBP30.0 million, comprising of GBP12 million cash and GBP11.2 million in RBG shares, as well as a GBP6.8 million in cash deferred.
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Trans-Siberian Gold PLC - operates Asacha gold mine in Kamchatka, far east Russia - Says Horvik Ltd completes acquisition of additional 27% stake, which means the company now holds a 51% stake in Trans-Siberian Gold. In March, Trans-Siberian Gold had agreed to a takeover offer from Horvik which valued Trans-Siberian at GBP108.4 million.
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Esken Ltd - London-based aviation and energy infrastructure group formerly known as Stobart - Says it has become aware that Ettyl's proposed financing is no longer available for the acquisition of Stobart Air Unlimited Co, which operates regional flights under a franchise agreement for Aer Lingus, and Stobart Air (UK) Ltd, the owner of Carlisle Lake District Airport. Says Ettyl is progressing discussions with another potential financing source. "Esken is investigating these matters and seeking further information, including with regard to the impact this may have on the ability of Ettyl to finance the transaction and obtaining the change of control consents required in order to complete the transaction. Esken is discussing this matter with its lending banks given banking facility consent for the sale has been obtained," says Esken. Esken agreed to sell the business to Isle of Man-based Ettyl for a nominal GBP2, plus up to GBP7.5 million by 2024 depending on performance.
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By Greg Roxburgh; gregroxburgh@alliancenews.com
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Strategic Eqty (SEC)
BH Macro GBP (BHMG)
Kier (KIE)
Rbg Holdings (RBGP)
Balanced Commercial Property Trust (BCPT)