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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SIMEC Atlantis Energy Ltd - Edinburgh-based energy company focused on tidal energy - Asks bondholders to agree to delay repayment of £5.0 million debt due on March 31. This is because it will receive funds from annual lease income of its 230 megawatt / 460 megawatt hours battery energy storage solutions project, which it estimates in either the second or third quarter of 2023. In recognition of this deferral and increasing interest rates over past 12 months, bond issuer Atlantis Future Energy will offer an enhanced interest rate of 10% on the AFE 2018 debentures, to accrue from April 1 for the duration of the extension period. Says it continues to progress above project at its Uskmouth site in Wales, with the option agreement for the lease of the land at Uskmouth running until May 23. From then, it expects the company that owns the battery project, Uskmouth Energy Storage Limited, to enter a 30-year lease with the group, triggering the payment of a £4m development premium to SAE around 30 days later. Appoints specialist real estate advisers Gerald Eve LLP as agent to monetise the lease, seeking offers in the region of £11.8 million.
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Pires Investments PLC - London-based investment company focusing on next-generation technology - Agrees to invest in venture capital fund Sure Valley Ventures III Ltd Partnership alongside cornerstone investor Enterprise Ireland. Initially invests €54,000, expects to invest up to €5 million over the 10-year life of the fund, providing Pires a 16.7% interest. The fund plans to invest in around 15 high-growth artificial intelligence companies in sectors such as enterprise, immersive technologies and cybersecurity across Ireland. Fund has received €30 million in commitments at first close, including €15 million from Enterprise Ireland. Pires Director Nicholas Lee says: ‘The technology sector experienced a challenging 2022 and so, consequently, there are a number of interesting investment opportunities becoming available at attractive valuations. The directors therefore believe that this is an ideal time to invest in a new technology focused fund.’
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Corre Energy BV - Groningen, Netherlands-based renewable energy storage solutions and green hydrogen producer - Raises €8.9 million through placing of 2.0 million shares and 529,810 subscribed shares at a placing price of $3.50 per share. Says placing price represents a discount of approximately 10% to the closing mid-market price of €3.90 on Tuesday. Said on Wednesday proceeds to go towards progressing firm’s Zuidwending asset in Netherlands and Green Hydrogen Hub in Denmark. Chief Executive Officer Keith McGrane says: ‘It is a great endorsement of the company and recognises the progress made regarding our near-term projects and positions the company well for further growth.’
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Logistics Development Group PLC - London-based investment company - Buys additional 5.8 million shares in Alliance Pharma PLC at an average price of £0.5911 per share or total £3.5 million cash consideration. Now has an interest in 18.7 million Alliance Pharma shares or 3.5% of share capital.
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