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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Pod Point Group Holdings PLC - London-based electric vehicle charging infrastructure provider - Signs partnership agreement with UK Power Networks. UK Power Networks serves 8.3 million homes and businesses across London, the south east and east of England. Will provide flexibility services by adjusting electric vehicle charging schedules to help match renewable power generation. With user permission, Pod Point will schedule the charging of EVs away from peak periods, which will help balance the grid, it says.
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Live Co Group PLC - Surrey, England-based live events, entertainment and sports events company - Signs junior sponsorship agreement with South Korean motor vehicle maker Kia. The maker of the Sportage and Rio vehicles will sponsor the Madrid K-Pop event occurring next month. ‘Korean motor company. The deal is worth €25,000 with an additional commitment of a purchase of tickets for the event to the amount of €18,315. KIA will use their sponsorship of the event not only for brand awareness but also as a form of corporate entertainment for its guests,’ Live Co says. It adds: ‘While the deal is for one event conversations are ongoing with the possibility of sponsoring other events and potentially becoming the title sponsor of next year’s Madrid concert.’
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System1 Group PLC - London-based marketing research company - Reaches ‘mutually agreeable resolution’ of lawsuit filed against System1 LLC in the Southern District of New York over trademark infringement. ‘The parties have signed a global agreement which governs the co-existence of their respective use of the ’System1’ mark in connection with their operations,’ the company says. London-listed System1 Group receives a fixed undisclosed payment payable in instalments. Other details of the deal are confidential.
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NFT Investments PLC - invests in non-fungible tokens - Cryptocurrency holdings are the end of second quarter total £27.4 million, down 1.4% from the £27.8 million reported for the first-quarter. In addition, NFT reports 2022 results, showing its pretax loss widened to £9.4 million from £2.8 million in 2021. It reports no revenue, unchanged. Takes £2.7 million hit from fair valuation movements in investments, compared to a £216,398 gain in 2021, and a £5.5 million hit from valuation movements in digital assets and tokens, worsening from a £1.2 million hit in 2021. It noted it was hurt by the ’crypto winter’, when valuations of crypto assets suffered a prolonged decline. It affirms plans to return value to its shareholders by way of a tender offer for its shares following the next bitcoin halving, expected around April 2024. Bitcoin halving refers to when the reward for mining the cryptocurrency is lowered.
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Kropz PLC - South Africa-focused phosphate producer and developer - Reports further sales of 33,000 tonnes of phosphate concentrate from Kropz Elandsfontein during the month of June, bringing sales to date to 130,000 tonnes. Elandsfontein is located on South Africa’s west coast. Kropz adds that it audit of 2022 accounts continues, and they will not be published by Friday’s deadline. Its stock will be suspended from AIM on Monday next week as a result. Kropz expects to publish the accounts in July.
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Neometals Ltd - sustainable battery materials producer - Says joint-venture partners at vanadium recovery project, or VRP1, extend financial investment decision deadline to end of September. Neometals has just under a 73% stake in the company. Nordic investment banks have been engaged to lead financing progress for VRP1. ‘Project financing activities are progressing well with due diligence led by the European Investment Bank and a preferred banking club. Project level equity finance is attracting good interest from Nordic and International investors,’ Neometals says. The investment decision deadline has been extended to ‘allow for additional due diligence evaluation work and negotiations with potential financiers’.
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Strip Tinning Holdings PLC - Birmingham-based electrical connectors provider for automotive sector - Seeing ‘progress’ in 2023 after the ‘difficulties of 2022’, Executive Chair Adam Robson says. Strip Tinning is earnings before interest, tax, depreciation, and amortisation positive in each of the first six months of 2023, Robson tells company’s annual general meeting. Strip Tinning is ‘confident’ of meeting expectations for 2023. Robson says: ‘Our progress is not just financial. We have a growing pipeline of electric vehicle opportunities, which we believe will result in material new production nominations in both the short and the medium term.’ He adds: ‘Our strong glazing order book is showing greater resilience than originally expected for FY23 and we are working on significant new leads with production start dates in 2024 or 2025, which the board believe will deliver material growth for the coming years, in line with our pre-Covid trajectory.’
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