The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Ryanair Holdings PLC - Dublin-based budget airline - Confirms that agreement has been reached with Group Chief Executive Michael O’Leary to extend his contract to July 2028 from July 2024. ‘The board are also pleased that Michael O’Leary has agreed to extend his leadership of the Ryanair Group to July 2028. During this time Michael will oversee the group’s growth to 225 million passengers per year and, with board support and oversight, develop the group’s strategy to the end of the decade. This contract extension, which involved extensive engagement with large shareholders and proxy advisors, is subject to the adoption of an amended Remuneration Policy which will be tabled at Ryanair’s 2023 AGM,’ Chair Stan McCarthy comments.
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Corcel PLC - London-based mining and mineral resource development company - Confirms that the sale of the Tring Road Peaker project has now been completed. In November, the company said that it has sold its 40% stake in the Tring Road 50 megawatt gas peaking project outside of Aylesbury, England to reduce its recently restructured debt.
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Grafenia PLC - Manchester-based printing and software company - Acquires the entire issued share capital of document management software and systems provider Watermark Technologies Ltd for £2.5 million in cash. It consists of £1.5 million to be paid on completion and a deferred consideration of £1.0 million. ‘The acquisition of Watermark is yet another step toward growing our software nucleus. Maximising what Grafenia is good at, selling and supporting software systems that help businesses run better,’ Acting CEO Gavin Cockerill comments.
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Chariot Ltd - London-based, African-focused company working on energy transition and green hydrogen projects - Partners with Total Eren on the development, financing, construction, and operation of a solar photovoltaic project for the Karo Mining’s platinum mine in Zimbabwe. It will provide it with provide competitive electricity. Expects to have an initial installed capacity of 30 megawatt peak with a potential extension of up to 300 MWp. ‘In partnering with Total Eren on this project, we advance towards our objective of delivering a 1 gigawatt renewable energy pipeline and developing some of the largest sustainable power projects in Africa. We wish Karo all the best with their construction phase and look forward to implementing the solar plant build in due course,’ CEO Benoit Garrivier comments.
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Metro Bank PLC - London-based bank - Says that it cooperated fully with the Financial Conduct Authority’s investigation. Decides to increase its provision in respect of the financial penalty to £10.0 million from £5.3 million. The balance of GBO4.7 million will be reflected in the full-year 2022 results as a one-off non-underlying expense, it adds.
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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Co-leads Apogee Therapeutics LLC’s $149 million series B financing round. Confirms that it participated in the Series B financing round together with other investors. Apogee is a privately held pre-clinical stage biotech advancing potentially best-in-class therapies for immunological and inflammatory disorders, it says.
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SEEEN PLC - London-based video editing platform - Raises £2.6 million, before expenses, through a placing of 42.9 million shares at 6 pence each. Intends to raise up to £500,00, before expenses, in addition to the placing, by offering qualifying shareholders the opportunity to subscribe for up to 8.3 million shares at the same price. Intends to use the net proceeds to accelerate the company’s commercial progress through hiring dedicated sales, marketing and customer success teams and investing in technology development features to accelerate sales cycles.
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Savannah Energy PLC - Africa-focused energy company - Says its subsidiary Savannah Energy Investments Ltd and West Africa-focused oil and gas company Lekoil Ltd have agreed to terminate the option agreement pursuant to which Savannah Energy Investments has the option to take an assignment of a $135 million loan between the company and Mayfair Assets & Trust Ltd. Separately, Lekoil says that it agreed with Lekoil Nigeria to resolve their differences, dispose of ongoing litigation and agree certain ancillary matters.
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Sovereign Metals Ltd - Perth, Scotland-based rutile exploration and development company focused in Malawi - Intends to undertake a demerger whereby Sovereign’s Malawian graphite projects being the Nanzeka project, Malingunde project, Duwi project and Mabuwa project through NGX Ltd. Explains that the demerger seeks to unlock the value of the Graphite projects. Notes that it is subject to shareholder approval.
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