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UK TRADING UPDATE SUMMARY: discoverIE Buys Limitor For EUR14.5 Million

Fri, 4th Dec 2020 20:00

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

discoverIE Group PLC - designer, manufacturer and supplier of customised electronics - Acquires Limitor GmbH, a designer and manufacturer of thermal safety components and sensors, for an initial cash consideration of EUR14.5 million on a debt free, cash free basis, funded from its existing debt facilities. In addition, a contingent payment of up to EUR3.5 million will be payable subject to the business achieving certain profit growth targets over the next three years. Regulatory approvals are expected to be received during the final quarter of this financial year. Once completed, the acquisition is expected to be enhancing to discoverIE's underlying earnings as well as accretive to the its underlying operating margin.

Aquila European Renewables Income Fund PLC - investment firm focused on limited number of greenfield renewable energy assets - Says fully owned subsidiary, Tesseract Holdings Ltd has entered into a share purchase agreement to acquire 100% of a Spanish solar PV construction project Albeniz, along with an interest in the shared substation. The acquisition is structured as an unlevered investment. The company's estimated total capital commitment for Albeniz represents approximately 35% of its existing cash on hand at the fund level.

Randall & Quilter Investment Holdings Ltd - Bermuda-headquartered non-life insurance firm - Signs agreement to issue 13-year unsecured subordinated Tier 2 notes in an amount of USD107.8 million. The notes will be due in December 2033 and can be called after 5 years at par. The coupon has been set at a rate of 3-month US dollar Libor, subject to a 0.5% floor and 2% cap, plus a margin of 6.75% for the first ten years and 8.25% thereafter. R&Q intends to use the proceeds of the issuance to support the ongoing growth in its Program Management & Legacy Insurance businesses as it continues to capitalise on the increasing opportunities that are arising across the markets in which it operates.

Nucleus Financial Group PLC - Edinburgh-based financial wrap platform - Allfunds (UK) Ltd confirms it does not plan to make offer for Nucleus. Firm previously said it has received separate proposals from IntegraFin Holdings PLC and Epiris LLP.

Power Metal Resources PLC - metal exploration and development company - Notes, alongside joint venture partner Kavango Resources PLC, start of exploration fieldwork on the South Ghanzi project on the Kalahari Copper Belt in northwest Botswana. South Ghanzi comprises two prospecting licences PL036/2020 and PL037/2020 held in a 50% owned strategic joint venture with Kavango. The JV holds of a total 2,680 square kilometres portfolio of base and strategic metal project interests in Botswana which include the South Ghanzi project. Power Metal Chief Executive Paul Johnson says firm "very excited" to start ground exploration.

Smartspace Software PLC - IT service management company - Software partner Evoko, manufacturer of meeting room panels, has announced the release of Naso, its next generation meeting room software. Naso is now available to order by Evoko partners globally with the first shipments expected from this Monday. "The launch of Naso represents a significant step in SmartSpace's strategy of creating a channel partner network, to sell its Space Connect software product globally. The directors believe the relationship with Evoko has the potential to generate significant future revenues for the Company in the form of both revenue sharing from the sale of Naso panels and SaaS software subscriptions," company adds.

Gfinity PLC - international esports company based in London - Buys trade and assets of Epicstream LLC, an online news community for fantasy and sci-fi movies, television, video games, collectible cards and comic books. The two founders of Epicstream will each be issued with 10.0 million new ordinary Gfinity shares. The founders will also be entitled to an annual payment of 30% of revenues generated by EpicStream, subject to appropriate caps, in each of the first two years following the acquisition, payable in annual installments at the end of each year. For 2019, Epicstream reported revenue of USD400,000 and net income of USD300,000. Notes formal sale process is "progressing as planned". "The company continues to engage in conversations and evaluate the best options to accelerate the growth of the business. It will provide further updates as and when appropriate," Gfinity adds.

HSS Hire Group PLC - equipment rental firm - Raises GBP52.6 million gross proceeds, by way of an open offer and a firm placing. Will admit 526.3 million new shares to the London Stock Exchange on Tuesday.

Marwyn Value Investors Ltd - closed-ended investment company - Admites three new UK listed acquisition companies, Marwyn Acquisition Co I Ltd, Marwyn Acquisition Co II Ltd, and Marwyn Acquisition Co III Ltd. "The New Acquisition Companies will be agile in their investment approach and currently plan to explore opportunities across the Media & Entertainment, Technology & Software, Consumer E-commerce, Healthcare & Diagnostics and B2B Services," Marwyn adds. Funds managed by Marwyn2 have invested GBP525,000 into each of the New Acquisition Companies, representing, in each case, 75% of the ordinary equity and warrants.

Contango Holdings PLC - natural resource development company - Notes management have enjoyed a constructive trip to Mali which included a signing ceremony in Bamako with respect to the recent acquisition of the Garalo Gold project. Chief Executive Carl Esprey adds: "I was pleased to be able to attend this formal signing ceremony in person. I believe it is important to maintain a close relationship with our in-country partners and operators. I intend to spend significant time in Mali as we progress Garalo, as well as in Zimbabwe, where we are advancing the Lubu coal project."

Rambler Metals & Mining PLC - Canada-focused copper and gold producer, explorer, and developer - Notes equity raising, note financing and conversion of loan notes will now go ahead. Suspension on AIM expected to be lifted and new shares admitted next Tuesday. Has raised GBP6.3 million through issue of 3.13 billion shares at 0.2 pence each. Will enter into final agreement for USD5 million note financing from institutional investor West Face Capital Inc.

88 Energy Ltd - Alaska-focused oil producer at Project Icewine and at Project Peregrine - Signs definitive documents with Alaska Peregrine Development Co LLC in relation to the farmout of its 100% owned Project Peregrine, located in the NPR-A region of the North Slope of Alaska. APDC to earn 50% in Project Peregrine by contributing USD11.3 million towards the cost of the Merlin-1 well, with estimated gross cost of USD12.6 million. 88 Energy to contribute USD1.3 million, representing its 50% share over and above a USD10 million carry.

Mining Minerals & Metals PLC - cash shell looking for acquisition in the mining or oil and gas sectors - Notes the recent movement in its share price and confirms that it is in discussions with a potential strategic investor that may subscribe for shares in the company that may result in a shareholding by the investor of over 30% in Mining Minerals. Shares in firm more than doubled Friday to 9.75 pence. "There is no guarantee that an agreement will be reached on such an investment, or what a resultant percentage holding might be subscribed for, or at what price any investment might be made," company adds.

Scirocco Energy PLC - AIM-listed investment firm seeking production and development opportunities within the European energy market - Notes Helium One Global Ltd on Friday commenced trading on the AIM market of the London Stock Exchange following its amalgamation with Attis Oil & Gas Ltd. Scirocco holds 4.6% stake in Helium One. The Tanzania-focused helium miner said it raised GBP6 million in an oversubscribed placing of 211.3 million shares at 2.84 pence in November. It added that following admission of of 496.9 million shares on Friday at the same price, it now has a market capitalisation of GBP14.1 million.

Feedback PLC - specialist medical imaging technology company - Says own medical imaging communications app Bleepa has been selected by Healthcare UK, part of the Department for International Trade, to join a virtual healthcare mission to India, on the 8 to 10 December. Chief Executive Tom Oakley says: "There are a number of potential opportunities for Bleepa within the large and growing Indian healthcare market such as with the newly announced National Digital Health Mission, which targets giving every Indian citizen a unique health ID and digitised health records."

MetalNRG PLC - natural resource investing and exploration company - Sets general meeting for proposed Lake Victoria Gold Ltd acquisition and GBP4.5 million placing set for Wednesday. Lake Victoria Gold Ltd owns 538 mining licence in Tanzania, which holds a resource of 300,000 ounces, including a reserve of 90,000 ounces. Lake Victoria is valued at GBP6 million, and MetalNRG will issue 750.0 million shares at a price of 0.08 pence each. Chief Executive Rolf Gerritsen adds: "The company views the planned update of the 2017 pre-feasibility and scoping study report as an opportunity to demonstrate additional value from the development of the Imwelo project in light of the significant increases in the gold price since that time. Through commissioning an independent study we aim to optimise the economics of the project with a view to setting out a fast-track plan to production and cashflow generation."

Plutus PowerGen PLC - AIM-listed power company focused on the development, construction and operation of flexible energy generation - Says reduction of capital from the demerger of Plutus Energy Ltd has become effective. Raises GBP600,000 through placing of 3.00 billion new shares at 0.02 pence each, and takes on a debt capitalisation which will result in the issue of 1.39 billion new shares at a conversion price of 0.02p per new share. Following the completion of the demerger of Plutus Energy, the company will become an AIM Rule 15 cash shell.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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