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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SulNOx Group PLC - London-based green technology company - Raises around £760,000 via placing and subscription of new shares at 11.5 pence price. Says largest shareholder Nistad AS invests further £80,000 to hold 13% in equity at SulNox. Follows announcement from yesterday which proposed fundraise to raise a minimum of £750,0000. ‘Despite difficult market conditions, we are pleased to have received institutional investor backing for SulNOx as an ESG, energy transition company with tremendous potential from reducing fossil fuel consumption and emissions across the globe,’ says Chief Executive Officer Ben Richardson. ‘Following the fundraising, SulNOx will have a runway to deliver increasing revenues and be able to accelerate our growth plans through 2023.’
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Cindrigo Holdings Ltd - London-based clean energy producer - Reaches agreement with Danir AB, its largest shareholder and creditor, to provide new funding and restructure short-term debt of £4.3 million into long-term convertible loans. Danir provides additional loan funding of £750,000, following BK Fortuna AS’s reported failure to provide agreed funding to Cindrigo, as announced on September 30. Says additional Danir funding is via 24-month convertible loan with a 5% interest rate per year. Says this loan is convertible into Cindrigo shares from 60 days after the company is readmitted to listing, with conversion price equal to the higher of either a 25% discount to the 30-day volume-weighted average share price or the minimum price per share of 125 pence. Existing £3.8m debt funding from Danir will be restructured and replaced by issue of new 10-year zero coupon convertible loan notes with a conversion price of 15p per share. Can be converted for a maximum of 25.3 million new Cindrigo shares.
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Synairgen PLC - Southampton, England-based respiratory company developing SNG001 treatment, containing the broad-spectrum antiviral protein interferon beta - Publishes results of Sprinter phase 3 trial in the European Respiratory Journal Open Research. Says while Sprinter trial does not meet the primary endpoints of discharge from the hospital and recovery, there is an encouraging signal in reduction in the relative risk of progression to severe disease or death with 35 days. Says SNG001 is well tolerated, as shown in previous clinical trials. Chief Scientific Officer & Lead Author Phillip Monk says: ‘The results from the SG016 phase 2 and the Sprinter trial of SNG001 in hospitalised patients, and the Activ-2 trial in the home setting, suggest that SNG001 may be preventing progression to severe disease. With these data, we remain confident in the potential of SNG001 as a broad-spectrum antiviral for high-risk patient populations infected with respiratory viruses including influenza and RSV and are focused on its continued clinical development.’ Says SNG001 is not approved for use anywhere in the world.
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Says it expects to achieve an average gross daily production rate of around 90 million standard cubic feet per day for 2022, compared to previous guidance of between 75MMscf/d and 85MMscf/d. As of Monday, current production levels are steady at a supply-constrained 90MMscf/d, below current demand nominations of 95MMscf/d from its key offtaker the Tanzania Petroleum Development Corp. Says Mnazi Bay joint venture is undertaking an infield workover and perforation programme, aiming to meet gas demand nominations in 2023. Hopes production levels will reach 90MMscf/d from late 2024 until at least 2027. Cash is $30.0 million on December 1, while joint venture capital expenditure budget for 2023 is $13.5 million.
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SEEEN PLC - London-based media and technology platform - Raises around £2.6 million via open offer of 523,887 shares. Says net proceeds are intended to bolster company’s sales and marketing team, alongside investing into technology development projects to support planned next stage of growth.
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Dolphin Capital Investors Ltd - Cardiff, Wales-based investor in high-end resort developments in the eastern Mediterranean - Completes the €17.9 million disposal of its entire interest in the One&Only at Kea Island project. Prior to sale, Dolphin was 67% owner of Single Purpose Vehicle Ten Ltd, which owned 50% of OOKI, giving Dolphin Capital an effective 33% equity interest in OOKI. Receives €900,000 of sale proceeds on December 5 as an advance payment. Receives the remaining €17.0 million balance on completion. Around €13.0 million of the disposal proceeds used to repay its existing loan facility by December 31, which Dolphin Capital drew down in June and July. Says all debt has now been fully repaid.
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Curtis Banks Group PLC - Bristol-based financial services company - Says Nucleus Financial Platforms Ltd completes its due diligence amid advanced discussions over a possible offer for the entire share capital of Curtis Banks. Says both parties are close to agreeing transaction. Extends deadline for nucleus to announce offer to January 9 from Friday. Follows announcement of a potential takeover on November 25.
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