(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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Oakley Capital Investments Ltd - provides investors with liquid access to private equity returns through investment in the Oakley Funds - Agrees to invest in Dexters, an independent London chartered surveyor and estate agent. Oakley's indirect contribution via Fund IV will be GBP13 million. Including this deal, Oakley's liquid resources available for future deployment are estimated to be GBP176 million. "Dexters has considerable scope for further growth and is well positioned to grow both organically and through new office openings and acquisitions of smaller competitors in its target areas. The estate agency market remains highly fragmented and Dexters has consistently demonstrated a track-record of accretive M&A. There is also an opportunity to digitalise the business to allow Dexters to deliver its services via multiple channels," Oakley says.
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Urban Logistics REIT PLC - London-based logistics-focused real estate investment trust - Acquires six logistics assets for a total consideration of GBP27.8 million at a 6.87% net initial yield. Acquisitions include four logistics assets from Kinaxia Logistics - includes sale and leaseback transaction includes sites in Macclesfield, Telford, Royal Wootton Bassett and Yate. Also brings in 80,209 square foot distribution unit in Leigh, and finally a well-specified 124,966 square foot distribution unit in Rotherham. Chief Executive Richard Moffitt says: "We are delighted with these new logistics assets which are perfectly positioned to deliver essential goods the 'last mile' to customers and businesses in key conurbations. In line with our strategic focus, all of these assets are single-let properties servicing high quality logistics tenants."
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Warpaint London PLC - colour cosmetics producer based in Iver, Buckinghamshire - Renews contract with Ward & Hagon Management Consulting LLP. Appointed Ward & Hagon in February last year to assist it in implementing its strategic growth plan. As a result of a successful initial period, where Ward & Hagon helped firm in accessing new retail channels, so renews deal for a further 12 months. The contract has a total annual value of GBP210,000. In addition Ward & Hagon will be paid a commission of 3% on all sales generated from their introductions in the 12 month period from the point of first sale, and 4% on all sales generated from their introductions in the 12 month period thereafter. "The board is of the view that the services provided under the contract represent value to shareholders through assisting the company achieving is near term objectives. Accordingly, Ward & Hagon will continue to focus on assisting the group access new retail channels both in the UK and overseas," company adds.
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Joins United Nations Global Compact, a voluntary initiative to promote the development, implementation and disclosure of responsible business practices. "Launched in 2000, the UN Global Compact is the world's largest corporate sustainability initiative, with more than 12,000 companies based in over 160 countries, and 70 local networks. The initiative calls upon companies to operate responsibly by aligning its strategies and operations with the UN's Ten Principles on human rights, labour, environment and anti-corruption, and to take strategic action to support the Sustainable Development Goals," company says. Wentworth says it notes importance in "adopting a responsible approach" to its investment in Tanzania and is committed to working collaboratively with its partners in-country to maximise the impact from its operations to "create shared value amongst all its stakeholders".
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88 Energy Ltd - Alaska-focused oil producer - Notes rig commissioning complete at North Slope of Alaska, with mobilisation commenced for Merlin-1 drilling. Drilling scheduled to commence first week of March. Also noted Nearby Talitha-A well early results encouraging, showing potential for extension into 88E leases. Managing Director Dave Wall says: "Commencement of drilling at Merlin-1 is now just around the corner, targeting the extension of the highly successful Nanushuk play. Success would underpin a company making development project for our shareholders, with the proven resource at the recently acquired at Umiat oil field adding substantial value."
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GSTechnologies Ltd - Milton Keynes, England-based provider of wireless, electronic cabling, security, and other services to clients in infrastructure development - opens Singapore subsidiary for expansion into blockchain-related technologies. Chair Tone Goh says: "As previously announced, the establishment of GS Fintech Singapore forms part of the first stage in our planned expansion into areas utilising blockchain technology following the recent appointments of Jack Bai and Shayne Tan to the company's board and the establishment of a similar subsidiary based in the UK. I look forward to providing further updates in due course."
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Cadence Minerals PLC - investment firm and partner in the discovery & development of iron ore and lithium deposits - Says DEV Mineracao SA can now start operations at Amapa iron ore project in Brazil to ship sufficient iron ore to realise a USD10 million profit from the Amapa stockpiles situated at its port. Discussions continue between DEV, Cadence and Indo Sino Pty Ltd and the secured bank creditors in relation to a final settlement agreement. The execution of a final settlement agreement with the bank creditors would represent the satisfaction of Cadence's remaining major precondition to make its initial 20% investment in the Amapa project.
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Rotala PLC - bus operations at Heathrow airport and in West Midlands and North West - Says earlier this week its Heathrow depot at Stanwell, Middlesex suffered a fire in its administrative offices. Notes no staff were injured and the fire is not thought to have been malicious. The fire did not affect the vehicle maintenance areas or damage any of the company's vehicles, so normal bus operations are unaffected. "Repair to the building and rectification of the considerable smoke and water damage is estimated at this stage to cost approximately GBP250,000, which is expected to be fully recoverable from insurance with more than one insurer," company says. Adds it does not expect to be any long-term financial consequences for the company.
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By Paul McGowan; paulmcgowan@alliancenews.com
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Cadence Mineral (KDNC)
88 Energy (88E)
Oakley (OCI)
Warpaint London (W7L)
Urban Logistics (SHED)
Gstechnologies (GST)