The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Mears Group PLC - housing and social care provider - Says that it continues to experience strong trading since the half-year results released in August 4. Expects 2022 revenue of around £950 million and adjusted pretax profit of £33.5 million. Adds that both are above the current range of market expectations. Adds that average daily net cash for the 11 months to November 30 amounted to £40 million and is also ahead of previous guidance.
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K3 Capital Group PLC - Bolton, England-based professional advisory services firm, focused on M&A, tax and restructuring - Confirms speculation of acquisition by Sun Capital Partners Group VIII LLC at a price of 350 pence per K3 share. ‘The proposal is subject to a number of pre-conditions, including the satisfactory completion of confirmatory due diligence,’ it says.
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Kingswood Holdings Ltd - London-based wealth and investment management - Makes the first deferred consideration payment of £400,000 in relation to the acquisition of Money Matters North East Ltd. Notes that it will satisfy the consideration through the utilisation of its funding facility.
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Bluebird Merchant Ventures Ltd - South Korea-focused gold development company - Raises £230,000 primarily from new investors through the issue of 11.5 million shares at 2.0 pence per share. Plans to use the funds to complete the application of the temporary mountain use permits, which remains on track to be granted early in the New Year 2023. Explains that the permit remains an important milestone on the development of Bluebird’s South Korean mines.
‘We have chosen to widen the shareholder base and not use the call option facility as we approach the granting of the TMUP, which according to our lawyers and permitting consultants, remains on track for early 2023. The progress made on the last trip to South Korea has built momentum and I am truly excited about the potential of our projects. We are looking at all financing structures for the company, and a streaming arrangement, whereby funds are repaid from gold produced in the future, allows us a non-dilutive funding path, although these discussions are obviously early stage,’ CEO Colin Patterson comments.
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888 Holdings PLC - Gibraltar-based online betting and gaming company - Intends to market €200.0 million senior secured notes due 2027. Says that they will use the gross proceeds to repay and cancel the same amount of indebtedness. Prices €182 million of senior secured fixed notes due 2027. Prices €150 million senior secured floating rate notes due 2028.
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Guanajuato Silver Co Ltd - silver producer in Mexico - Signs a new concentrate and pre-payment credit facility with UK-based metals offtake and trading firm Ocean Partners UK Ltd to provide a $5.0 million revolving credit facility for operating and working capital purposes. ‘Ocean Partners has consistently demonstrated their resolute support for Guanajuato Silver and our vision to build the next mid-tier silver producer in Mexico. This debt facility will strengthen our balance sheet and provide us with additional flexibility as we continue to ramp up precious metals production at our four producing mines,’ Chair & CEO James Anderson says.
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Tern PLC - Investor focused on the internet of things - Raises £1.5 million, before expenses, through a subscription for 15.0 million new shares at a price of 10 pence per share. The subscription shares will represent roughly 3.9% of the company’s issued share capital. Plans to use part of the net proceeds to repay the outstanding £400,000 loan facility and retain the benefit of the Wyld Network’s AB shares.
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Forward Partners Group PLC - London-based investment firm - Says portfolio company Koyo expanded its credit facility to £100 million and completes £5 million equity raise. Says that Outthink completed a seed-stage $10 million raise. Adds that Makers completed a £7 million raise. ‘These start-ups continue to solve acute problems for people and industries through visionary thinking, new technology and challenger mindsets. Many companies within our portfolio continue to grow, demonstrate strong fundamentals and significant potential. It’s great to see validation of our convictions through these rounds led by great investors, particularly at a time when they are being more selective in their deployment of capital. Despite the challenging macro-economic backdrop, we operate in a market with exciting long-term growth potential, and we remain excited about our portfolio companies’ prospects for growth,’ CEO Nic Brisbourne comments.
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Greencare Capital PLC - invests in medicinal cannabis - Proposes a name change to MaxRS Ventures PLC. The proposal requires shareholder consent. Plans to hold a general meeting regarding its name change proposal on December 28.
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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Expects that its holding in Prometheus Biosciences will translate into a materially accretive net asset value performance for the company. Says that Prometheus shared two positive data readouts from its phase 2 study in UC and phase 2a study. ‘We are delighted with Prometheus’ successful phase 2 clinical trial results and look forward to supporting the company in its efforts to bring novel therapeutics for patients with inflammatory bowel disease,’ Chief Business Officer Stephanie Sirota comments.
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