The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Greencore Group PLC - convenience food maker - Notes recent shareholder vote at AGM where only 54% of votes were made in favour of its director remuneration policy. Says the disapproval stems from variable pay incentive outcomes. ‘The departure from our usual approach to remuneration last year reflected the exceptional circumstances facing the business at the time and the need to reinforce delivery of strategy and shareholder value in what was a very uncertain and constantly changing environment,’ it adds.
Earlier Tuesday, reports jumped in the third quarter of financial 2022, and it is on track to deliver strong earnings growth in the full year. For the 14 weeks to July 1, the convenience food maker’s group revenue amounted to £486.2 million, representing a 35% increase year-on-year, and up pro forma by 26%. During the same period in 2019, pro forma revenue was 22% above equivalent pre-Covid levels.
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STM Group PLC - Isle of Man-based pensions and insurance administrator – Buys the portfolio, net assets and trustee companies of the SIPP and SSAS businesses of Mercer Ltd for fixed consideration of £3.3 million. Deal expected to be completed by end of August. ‘The acquisition of the portfolio is complementary to STM’s existing product offerings in the UK SIPP and SSAS market and will add some 2,100 SIPPs and 700 SSASs to the UK portfolio, which will double the revenue generated from that UK personal pensions business and provide a solid platform for scalability, particularly for our SSAS operations, and efficiencies going forward,’ company says.
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Unicorn AIM VCT PLC - Devon-based venture capital trust - Says net asset value per share continued to decline during three months to June 30. ‘The performance of equity markets overall was also weak, as the war in Ukraine continued and the outlook for economic growth deteriorated further,’ adds. NAV per share ends period at 178.9 pence, down from 195.7 at March 31. Notes FTSE AIM All-Share Total Return Index declined by 15.6% in same period. Says: ‘The performance of the company’s diverse portfolio of investments has been relatively resilient throughout the period, although the de-rating of certain sectors such as life sciences and biotechnology has been particularly harsh, which has resulted in a significant decline in the market value of our investee companies that operate in these particular areas.’
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Oakley Capital Investments Ltd - investment trust - Says its Oakley Capital Fund III agrees combination of Grupo Primavera and Cegid. As part of the deal, the fund will up its stake in Grupo Primavera and roll over its equity into Cegid. The all-share transaction values the combined company at approximately €6.8 billion. ‘Oakley acquired Ekon as a standalone platform in 2019, and assembled a group management team to lead an intensive buy and build strategy. With that team Oakley acquired 11 further companies, including the transformative acquisition of Primavera in 2021, to form the newly enlarged Grupo Primavera. Through acquisitions as well as investment in product innovation and talent, Grupo Primavera has performed well ahead of its business plan, becoming Iberia’s largest software platform in just three years,’ it adds.
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Riverstone Credit Opportunities Income PLC - aims to generate returns by making loans to companies in energy sector - Net asset value ends June 30 at $1.02 versus $1.03 at March 31. Says slight drop due to the larger distribution paid out in quarter. Chair Reuben Jeffery says: ‘Q2 2022 was a very strong quarter producing the third loan realisation of 2022, all of which have achieved strong returns and delivered an average gross MOIC of 1.27x. In addition, energy market fundamentals, with strong commodity pricing, remain encouraging for RCOI’s strategy. Reflecting this supportive backdrop, the company is poised to continue to provide attractive returns from its existing portfolio as well as through new senior secured investments from Riverstone Credit’s extensive pipeline.’
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Stranger Holdings PLC - London-based investment company - Notes Dover Harcourt PLC converts £2.0 million of firm’s outstanding debt into an equity stake in the company at 15 pence. Also notes reverse takeover by Mayflower Energy Metals Ltd now ‘well advanced’. It adds: ‘The company is encouraged by the progress made to date and notes the buoyancy in the uranium market at this time and the pro nuclear sentiment prevalent in the global economy that is fuelling the de-carbonisation of energy supply.’
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JPMorgan Global Core Real Assets Ltd - London-based real estate, transportation and infrastructure investor - Net asset value ends May 31 at 101.8 pence, which represents 8.3% NAV total return in quarter. ‘ The 6.5% appreciation of the US dollar versus sterling over the quarter significantly assisted GBP returns. However, JARA’s portfolio continued to perform well with local currency return for the quarter of 3.3%,’ it explains.
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Ten Lifestyle Group PLC - London-based lifestyle and travel services - Notes recent record of retaining 100% of its ’material’ contracts in the Americas. It classifies a material contract with value between £2 million and £5 million. Wins competitive tender to launch new ‘digitally enabled concierge programme’ in Americas at end of this financial year. ‘This new deal, with an existing global client, represents a Medium1 contract in the next financial year,’ it adds.
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De La Rue PLC - Basingstoke, England-based security printed products maker - Ends banknote agreement with Portals Paper Ltd, but receives £16.7 million in settlement payment. Notes it would have paid £119 million over next 5 years and 8 months of agreement. Says the settlement is expected to be neutral for adjusted operating profit in financial 2023, but £4 million positive annually thereafter. ‘This settlement is another significant step in our plans for De La Rue to become a stronger, cash generative company, and in solving the legacy issues still present in the company,’ Chief Executive Clive Vacher says. ‘De La Rue now has the freedom to launch competitive tenders for its banknote and security paper requirements and to continue to satisfy the growing worldwide demand for polymer banknotes. There will be a positive result in margin and cash flow from the next financial year onwards.’
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Insig AI PLC - London-based data science and machine learning - Draws down further £350,000 from its convertible loan facility agreements with Richard Bernstein and David Kyte. Notes £233,334 drawn down from £1.0 million of the convertible loan facility provided by Bernstein. Says £316,666 drawn down from £500,000 from Kyte.
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Visum Technologies PLC - video technology company focused on global leisure market - Signs framework services agreement with Digiphoto Entertainment Imaging LLC to provide imaging services in 16 countries. Chief Executive Marc Dixon says: ‘I am pleased to partner with Digiphoto for our first attraction in America. DigiPhoto has a long history of providing souvenir imaging at attractions worldwide, including the iconic 360 Chicago Observation Deck.’
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GENinCode PLC - Manchester-based genetic testing company - Expands collaboration with the Academic Health Science Network for the North East and North Cumbria, where NHS will use company’s Lipid inCode test for the diagnosis of high levels of cholesterol. ‘This marks the introduction of GENinCode’s first UK polygenic product aimed at improving the diagnosis and treatment of hypercholesterolemia and preventing the onset of cardiovascular disease,’ it adds.
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Apollon Formularies PLC - London-based medical cannabis pharmaceutical firm - Jamaican subsidiary, Apollon Formularies Jamaica Ltd, reaches deal to buy Citiva Jamaica LLC in a part-cash, part-shares transaction. Will pay $60,000 cash as well as issue 18.5 million shares to CJL Holdings. CJL to end up with 2.4% stake in Apollon’s enlarged, issued share capital. ‘Apollon Jamaica will finalise minor local permits required to achieve full GMP certification allowing Apollon Jamaica to export its products globally as well as expand into the national pharmacy and dispensary network in Jamaica, thereby providing significant revenue streams for the company,’ it adds. Firm expects deal to ‘create significant’ revenue growth over the next 12 months.
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Destiny Pharma PLC - Brighton-based clinical-stage biotechnology company - Releases new data on NTCD-M3, its novel treatment for the prevention of C. difficile infection. Says study failed to show toxin gene transfer to NTCD-M3 but confirmed transfer to a different NTCD strain. Adds: ‘Destiny Pharma is currently finalising preparations for the pivotal Phase 3 clinical trial of NTCD-M3 and seeking partners to help co-fund studies and lead commercialisation of this exciting biotherapeutic product. NTCD-M3 has previously reported very good Phase 2 clinical trial results.’
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Canadian Overseas Petroleum Ltd - Calgary, Canada-based oil and gas company - Closes deal for US assets of Cuda Energy LLC. In mid-April, subsidiary COPL America Inc signed the deal, where firm agreed $20.0 million bridge loan to finance deal.
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Premier African Minerals Ltd - British Virgin Islands-based minerals and metals project developer - ‘Pleased’ with ‘upside’ of assay results from Zulu lithium and Tantalum project in Zimbabwe. Sees intersections of 1.29% lithium oxide from 53.2 metres to 57.0 metres. ‘These are just a few of more than 2,000 outstanding assays that we are chasing laboratories for,’ Chief Executive George Roach says. ‘Particularly pleasing are the multiple intersections that have passed through steeply dipping mineralised pegmatites. Pleasing also to note that this is precisely the type of ore body best suited to sensor-based sorting and the application of that technology is likely to improve overall mining efficiencies.’
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