(Correcting the announcement date.)
The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Revolution Beauty Group PLC - AIM-listed beauty products retailer - Amends the terms of the deferred consideration and completion net asset adjustment for the acquisition of Medichem Manufacturing Ltd. The acquisition had a total consideration of £23.0 million with a deferred consideration of £16.0 million plus a completion net asset adjustment of £4.5 million were payable in equal annual instalments of £5.1 million over four years, it says. Reduces the instalment payable on October 21, 2025 to £3.6 million.
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Xtract Resources PLC - Australia and Africa-focused resource, development and mining company - Says that its independent consultant Optimal Mining Solutions Pty Ltd identified that the economics of the Bushranger copper gold project in Australia can be improved through modern ore sorting technology. Notes that Optimal Mining identified a copper project with similar grades to Bushranger where pre-concentration reduced the amount of material to be concentrated up to approximately 50%, significantly reducing pre-production capital and operating costs. Adds that the full study of the consultant will be completed based on further test work already underway on this option.
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System1 Group PLC - London-based marketing and brand consultancy - Gets a meeting requisition from its former Chief Executive Officer Stefan Barden and former Chief Financial Officer James Geddes demanding board changes. Says these changes include the removal of Rupert Howell as chair and a non-executive director and appointing Barden in these positions. Adds that they are asking for Philip Machray to retire as a non-executive director and for the board to re-elect John Kearon as a director.
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Catenae Innovation PLC - London-based digital media and technology provider using blockchain technology to support clients with operations and staff management - Records a loss of £523,497 for the 15-month period that ended December 31 2022, narrowed from £1.2 million in the 12-month period to September 30, 2021. Reports revenue of £152,437, multiplied from £30,210. Proposes to change its accounting reference date from September 30 to December 31. ‘The company continues to pursue business opportunities following receipt of the £56,940 payment in February 2023. Also, the company has not drawn down any funds under the convertible loan facility with Sanderson Capital Partners Ltd. referred to in the company’s interims announcement of 30 September 2022, as it is focused on where the board discerns the best probability of profitable returns. We look forward to keeping the market updated on further progress,’ CEO Guy Meyer comments.
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