The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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IQE PLC - Cardiff, Wales-based semiconductor wafer products - Signs multi-year strategic agreement with a global consumer electronics leader based in Asia. Says the agreement is focused on the high-volume production of VCSELs for advanced 3D Sensing applications. The parties are also engaged in joint research and development for next generation sensing technologies and use cases. Chief Executive Americo Lemos says: ‘To secure this partnership with a consumer electronics company of this calibre, reaffirms our position as the leading global vendor of VCSEL products to the semiconductor industry.’
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Insig AI PLC - London-based data science and machine learning - Signs data partnership agreement with BRAIN, a research company specialising in Natural Language Processing applications and algorithms for investment strategies. BRAIN will use Insig’s FilingDB-Europe to access ‘valuable corporate filings and structured JSON text’. Says this will allow them to ‘build a unique derived group of data points to bring investable actions to their hedge fund clients, focused on the European equities market.’
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Amte Power PLC - London-based battery cell maker - Signs non-binding heads of terms to enter into a proposed £5 million convertible bond facility with Arena Investors LP. Says the facility will provide ‘general working capital’ for the company into the second quarter of 2023 and give the company financial capability to secure and execute on production contracts with the UK Battery Industrialisation Centre. The production contract with UKBIC is for Amte’s six minute re-chargeable Ultra High Power cells. Says Arena will provide an interest free, unsecured bond facility to the company for a total amount of up to £5 million. Explains that it will be available for drawdown in three tranches: £3 million on completion of the proposed facility and two further tranches of £1 million each at least 60 days following drawdown of the previous tranche.
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Allergy Therapeutics PLC - West Sussex-based commercial biotechnology company - Says all resolutions at its general meeting have been passed and it has accordingly conditionally raised around £17 million through a subscription and debt financing. Says 35.0 million new shares will be admitted to trading on London’s AIM and following this the company’s issues share capital will consist of 679.1 million shares.
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Zenova Group PLC - Essex-based fire safety and thermal insulation products provider - Enters into a sub-distributor agreement with Robert Price (Builders Merchants) Ltd. Robert Price is a builders’ merchants in South East Wales, with 27 branches across the region and surrounding areas. Under the agreement, Robert Price will stock Zenova’s range of thermal insulation and fire safety solutions, selling them through its branches and online via its website. Robert Price will also have a permanent display of Zenova’s solutions at its Sustainable Energy Centre in Newport. Says an initial order to stock Zenova’s product range has been placed. Chief Executive Tony Crawley says: ‘Robert Price is a long-established and well-respected independent builders’ merchant. They are strategically placed to help raise awareness of, and access to, Zenova’s innovative range of solutions amongst its vast and varied client base.’
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Trellus Health PLC - New York-based digital health platform provider - Signs two contracts with the Mount Sinai Health System to provide access to the Trellus Resilience Training and Self-Management Program for Inflammatory Bowel Disease. Says the first contract will see Mount Sinai make the Trellus IBD program available to, and paid for, as a wellness benefit, to all Mount Sinai Health System employees, focusing initially on Inflammatory Bowel Disease, including Crohn’s Disease, and Ulcerative Colitis. The second contract is to make the Trellus IBD program available to eligible patients, again as a wellness benefit, who are members of a large New York state labor union, which provides health services and benefits to its members through Mount Sinai. ‘We believe that these contracts reflect the importance of our solution to healthcare providers and employers who want to empower their patients and employees to master the art of self-management, manage their chronic conditions with confidence, and improve health outcomes at a significantly lower cost,’ says Chief Executive Marla Dubinsky.
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Malvern International PLC - London-based global learning and skills development company - Plans to complete a share reorganisation, in order to simplify its capital structure. It aims to longer have shares at a sub penny share price. Under the share reorganisation, 9,312 new shares will be issued at a price of 0.1 pence each to ensure that an exact whole number of consolidated ordinary shares will be issued. Then, the shares will be consolidated into consolidated ordinary shares on the basis of one consolidated ordinary share for each 20,000 shares. Each consolidated ordinary share will then be sub-divided into 200 new shares and 1,800 new deferred shares. Calls for general meeting to be held on November 2 at which the resolution will be proposed to implement the share reorganisation.
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US Solar Fund PLC - owns and operates solar power assets in North America - Undertakes strategic review ‘of the options available to the company to maximise value for shareholders.’ Says the board will consider options including, but not limited to, a ‘formal sales process.’ Explains that structural challenges in the US solar sector alongside a recent sustained discount of the share price to its net asset value have impeded the company’s ability to grow its asset base. Says it has appointed Jefferies International Ltd and KeyBanc Capital Markets as joint financial advisers, and Cenkos Securities as joint corporate broker to assist with the strategic review. ‘The company is not in receipt of any approach, nor in any discussions with any potential offeror, at the time of this announcement,’ it says.
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Aferian PLC - business-to-business video streaming solutions company - Says remaining contingent consideration for its €3.3 million acquisition of Unit Media AS, formerly Nordija AS, has become payable. Aferian bought the company in May 2021. Says it will pay a final amount of €117,000, of which €26,910 will be settled in cash. The remaining €90,090 will be settled through the issue of 52,769 new shares at the price agreed at the date of the original acquisition of 148 pence per share. The contingent consideration shares have a lock-in period of 24 months from the date of the original acquisition.
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Lexington Gold Ltd - mineral explorer with projects in US - Raises around £500,000 through a placing of 10.5 million new shares priced at 4.75 pence each to new and existing shareholder. This is a 8.7% discount to the shares closing price of 5.20 pence on Friday, being the last business day before this announcement. Says the placing has triggered the automatic conversion of its £335,000 convertible loan and interest accrued to date of £20,100. Therefore, the company explains that it will issue a further 11.1 million new shares to the holders of the convertible loan notes at a fixed price of 3.2p per common share. ‘We are looking forward to exciting times ahead for Lexington, including the upcoming release of the maiden JORC Resource for the company’s Jones-Keystone project which is expected in early November 2022,’ Chief Executive Bernard Olivier says.
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Kingswood Holdings Ltd - London-based wealth and investment management firm - Enters new debt facility with unnamed ‘global financial institution’ to provide £50 million funding, with the ability to increase the commitment to £150 million if needed. Says the new debt facility, which has a maturity of seven years, will accelerate Kingswood’s strategic growth plans and provide additional capital to fund future acquisitions. ‘We continue to invest in the Group across all dimensions and in terms of future acquisitions, we continue to have a strong pipeline with eight further transactions in exclusive due diligence,’ Chief Executive David Lawrence says.
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