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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Synectics PLC - Sheffield, England-based security systems company - Agrees the conditional sale of its SSS Management Services Ltd business for a cash consideration of up to £200,000 to Parfas Ltd. It is a trading entity of its Synectics Security division. Expects the sale to be completed on or before the end of its financial year on November 30. ‘SSS Management Services is a unique business with a very strong management team that will thrive under private ownership,’ CEO Paul Webb comments.
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Driver Group PLC - Lancashire-based professional services consultancy to construction and engineering industries - Confirms that it expects to report an underlying pretax loss of £300,000 for the year which ended September 30 2022. This is before one-off Middle East reorganisation costs of £600,000 ‘due to the Middle East and APAC issues’. Plans to scale costs back further. Explains that this will account for the lower revenue it expects as a result of the Middle East and Asia-Pacific reorganisation. Net cash stands at £4.8 million as of September 30, 2022. ‘This has been a particularly challenging year for the business. We have faced head on the legacy challenges in the Middle East and APAC that have damaged the group’s overall performance in recent years, masking the excellent contribution made by our business units in the UK, Europe and Americas. We have dramatically reduced our exposure to risk in the Middle East & APAC, which will now make a positive contribution to the group,’ CEO Mark Wheeler says.
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AQRU PLC - London-based incubator for decentralised finance businesses - Partners with managing partners of the UK-based chartered accountancy firm Sampson Fielding Ltd, Ben Sampson and Elliot Fielding. Plans to launch a start-up under the brand ‘Daxiom’ offering technology-led accountancy and advisory services with them. ‘An increasing number of organisations are entering crypto and DeFi sector but, in doing so, they’ve found that accounting and reporting their digital assets can be a challenging process, and this constraint on being able to properly report on their assets further undermines investor confidence. By using AQRU’s software to quantify and verify the value of digital assets, and Ben Sampson and Elliot Fielding’s sector expertise, we’re making accounting and reporting easier and taking much of the burden off organisations holding digital assets,’ CEO Philip Blows comments.
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ImmuPharma PLC - specialist drug discovery and development company - Says the Lupuzor for Lupus clinical programme will be redesigned on key protocols. Says that there is a potential for product sales revenue for ImmuPharma by introducing certain Avion Pharmaceuticals LLC, its US partner for Lupuzor, drugs into the European market. Notes that Avion confirmed its continued support to the Lupuzor clinical programme. ‘We have had extremely positive discussions with Avion over the last month and, following receipt of the written response from the FDA, we have agreed to redesign the clinical program for Lupuzor to encompass the recommendations from the FDA, with a view to enhancing the probability of success. In addition, our discussions have developed the potential of a much broader collaboration whereby we would be working in partnership to introduce certain Avion products into the European market,’ ImmuPharma CEO Tim McCarthy comments.
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Synergia Energy Ltd - Perth-based developer of natural gas assets in India, Indonesia and the UK, formerly called Oilex Ltd - Says the C-77H well at its Cambay operations in India continues to produce on a consistent plateau with gas rates between 255,000 and 275,000 cubic feet per day. Engages Wellynx to design an artificial lift solution for the C-77H well. Expects that the cost will fall within the existing budget.
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Castillo Copper Ltd - Perth, Australia-based exploration company focused on copper across Australia and Zambia - Says the Australian Securities Exchange halted trading in its shares from November 11. Explains that it requested the halt pending the release of and announcement of geological results at the Broken Hill project. Anticipates that the trading halt will remain in place until November 15.
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Chaarat Gold Holdings Ltd - Armenia and Kyrgyzstan-focused gold mining company - Gets the mineral resource estimate for its Kapan polymetallic mine in Armenia. Estimates 722,000 gold equivalent ounces in the Measured & Indicated categories. This compares to 584,000 oz reported in June 2021, reflecting a 25% increase in MRE. ‘New drilling converted mineralization to M&I to replace depletion during the period, and the improvements to the mining methods employed at Kapan have enabled an increase to the resource,’ CEO Michael Fraser explains.
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SLF Realisation Fund Ltd - realising all remaining assets in portfolio of ordinary share class and 2016 C share class - Plans to return 1.5 pence per share to shareholders, being £5.3 million, based on the current number of shares in issue.
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Intelligent Ultrasound Group PLC - Cardiff, Wales-based artificial intelligence ultrasound software firm - Raises £5.2 million through the conditional issue of 42.5 million placing shares and 13.7 million subscription shares to new and existing institutional and other investors at a price of 9.25 pence per share. The placing and subscription represent 17% of the enlarged share capital. Plans to use the net proceeds of 4.8 million to strengthen the balance sheet and provide additional working capital.
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Woodbois Ltd - London-headquartered African-focused timber producer - Receives a request by the same shareholder for the conversion, on a one-to-one basis, of its remaining 55.0 million non-voting shares into voting shares. The conversion will be effective on admission. Following admission, ordinary shares in issue will remain at 2.49 billion and this will consist of 2.25 billion voting shares and 235.0 million non-voting shares.
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