(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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ASA International Group PLC - Weybridge, Surrey-based microfinance lender - Says ASA Pakistan receives Microfinance Banking licenses from the State Bank of Pakistan. "This is a very important development for the Group. Once we receive the approval to use the licence, it finally will enable us to further strengthen and expand our business in Pakistan by mobilising savings in addition to loans over time," says Chief Executive Officer Dirk Brouwer.
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Tekcapital PLC - the London-based intellectual property investor - Raises GBP2 million from placing of 8.0 million shares at 25 pence each, undertaken by its broker SP Angel Corporate Finance LLP. Will use funds for building inventory of MicroSalt, SaltMe crisps, and wireless chargers for Lucyd Lyte smartglasses, as well as capital expenditure to enhance Guident's remote monitoring and control centre.
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East Star Resources PLC - gold and copper exploration company focused on Kazakhstan - Starts helicopter electromagnetic survey at Rudny Altai volcanogenic massive sulphine licenses in Eastern Kazakhstan. Expects it to take 40-50 days, with data and technical review and targeting to follow. "HEM surveying is highly effective in direct detection of conductive sulphide deposits in which large conductivity contrasts exist between the orebodies and host rocks. It is the same style survey that was used to discover Havieron, the Greatland Gold and Newcrest gold-copper discovery in Western Australia," says Chief Executive Officer Alex Walker.
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Eleco PLC - London-based construction software specialist - In the four months ended April 30, revenue drops to GBP8.9 million from GBP9.3 million a year before, as recurring revenue is up 8% year-on-year to GBP5.4 million, making up around 60% of total revenue. Profit is in line with expectations, firm says. Confident of delivering results in line with market expectations for 2022. "As previously stated, our total reported revenue growth will temporarily soften during our transition to higher value and predictable recurring revenue. We are operating in a very exciting and attractive market and our software is key to meet the growing demands of the built environment, which is under pressure to deliver projects more efficiently and supporting the broader ESG agenda," the company says.
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Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Plans to integrate direct labour organisations across UK, to "harmonise" some of Filta UK's DLO business with Willow Pumps. "There are considerable synergies and opportunities in the range of core services of the two DLO businesses, as well as with the Metro Rod franchise network, in particular pump servicing, drainage and fats oils and grease management. These services are very complementary in terms of the customer base, with significant opportunities to cross-sell the now extended range of services to all existing and new customers," the firm says. Will buy out earn-out consideration for its acquisition of Willow Pumps by giving cash payment of GBP1.3 million to its former managing director.
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River & Mercantile Group PLC - London-based asset manager - Following FCA approval for its takeover by Assetco PLC, its last day of trading is expected to be June 13, with the acquisition becoming effective the day after, and RMG shares to be cancelled on June 15. Confirms intention to return GBP190 million to its shareholders via B share scheme, with a record date of June 1.
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Gresham House Energy Storage Fund PLC - London head-quartered battery storage fund - Intends to raise GBP150 million in the issue of new shares at 145p each, will use proceeds to fund its existing pipeline. Jefferies International Ltd is the sole global coordinator, bookrunner and financial adviser for the transaction.
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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Receives order worth USD695,000 from a US federal entity for its D3S-ID wearable nuclear radiation detector, to be delivered in the coming months. The order is a repeat order, having already been awarded a USD1.6 million two-year contract last September. "Being awarded a repeat order for this product from this important customer is a great endorsement. With the volatility of the current geopolitical environment, we are receiving heightened demand for our CBRN solutions, from new and existing customers, as governments become increasingly aware of the need to enhance their real-time threat monitoring," says Chief Executive Officer Arnab Basu.
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Evgen Pharma PLC- Cheshire, England-based drug development company - Announces collaboration with Francesco Marampon, a professor at the Universita Sapienza di Roma to investigate potential radiosensitisation effects of its lead asset, SFX-01. "This new collaboration with Prof. Marampon's group aims to gain further insights into the striking effects seen with SFX-01 in combination with radiotherapy. If radiosensitisation is a feature of SFX-01, this could be an important step forward in the treatment of cancers requiring radiotherapy," says Chief Executive Officer Huw Jones.
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Mineral & Financial Investments Ltd - Cayman Islands-based investment company - Says Ascendant Resources completes over USD9.0 million of project expenditures at Lagoa Salgada project and paid M&FI subsidiary TH Crestgate an additional USD1.0 million. This fulfils the first phase of earn-in conditions to increase its effective ownership interest from 25% to 50% in the Lagoa Salgada VMS project in Portugal, the company says. "We are thrilled by the outcomes of the development work conducted at Lagoa Salgada since Ascendant's involvement through its earn-in agreement reached in August 2018 with TH Crestgate, now a wholly-owned subsidiary of M&FI. On the exploration front, we believe the yield of tonnage to resources has been exceptional which suggests significant resource growth still to come and on the technical front we are seeing better results than initially expected across the board," says Chief Executive Officer Jacques Vaillancourt.
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Bluebird Merchant Ventures Ltd - British Virgin Islands-based gold development company focused on Korea - Applies for two-year extension at the exploration period of mining permit at Batangas Gold project in the Philippines. !The company's Batangas Gold Project has been under care and maintenance since 2016. In recent months there have been strong indications of a more favourable policy in the Philippines towards responsible mining and which has now presented an opportunity for the company to revive the gold project," the firm explains.
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Arbuthnot Banking Group PLC - London-based private and commercial lender - Says has seen a strong start to the year, as the Bank of England base rate rises are expected to contribute to increased revenue. Loan balances including leased assets at April 30 were up 3% from the end of 2021 to USD2.06 billion. Assets under management were USD1.35 billion, broadly flat from the end of December.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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Asa Int (ASAI)
TekCapital (TEK)
East Star Reso (EST)
Elecosoft (ELCO)
Franchise Brands (FRAN)
Gresham House (GRID)
Kromek (KMK)
Evgen Pharma (EVG)
Mineral & Fin (MAFL)
Bluebird Mer (BMV)
Arbuthnot (ARBB)