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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MGC Pharmaceuticals Ltd - London-based pharmaceutical company specialising in plant-inspired medicines - Terminates person discharging managerial responsibilities from their senior management role following an internal investigation. Confirms individual failed to comply with the company’s trading policy on ‘numerous occasions’. Says additional training has been arranged with all PDMRs and employees to ‘reinforce the importance of compliance with the company’s trading policy.’
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NetScientific PLC - London-based investment firm focused on life science, sustainability and technology companies - Announces £500,000 third party investment into DName-iT Holdings Ltd to support the laboratories’ industry. Says investment round was led by EMV Capital. NetScientific has a 37% stake in DName-iT worth £803,000.
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Pendragon PLC - Nottingham, England-based automotive retailer - Notes continued positive trading momentum in the second quarter of 2023 has remained in line with the company’s expectations. Adds Non-Executive Chair Ian Filby intends to step down to ‘pursue other interests’, but will remain in his role until a successor is found.
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Supply@Me Capital PLC - London-based fintech platform - Will restructure the ownership in TradeFlow Capital Management Pte Ltd to ‘better serve’ the needs of its client companies and founders of both businesses. Says ownership in TradeFlow will be reduced from 100% to 19%. Says 81% of TradeFlow will be sold to directors Tom James and John Collis for a consideration of £14.4 million. Says the separation is aimed at removing potential conflicts of interest.
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NB Global Monthly Income Fund Ltd - Guernsey-based closed-ended investment company - Buys 35.9 million shares at 79.35 pence each as part of a compulsory redemption of shares. Says shares represent 27% of sterling shares, which will be cancelled.
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Induction Healthcare Group PLC - London-based software for healthcare providers and administrators -
Remains on track for cash breakeven in 2024, as well as self-sustaining growth. Also announces the completion of the sale of directory app, Switch, for an undisclosed sum. Says the consideration has been applied to its working capital. Adds interim Chief Operating Officer Paul Tambeau has been promoted to chief executive officer. Says interim Chief Financial Officer Josh McIntosh now CFO.
Adds Christopher Samler reverts to non-executive chair from executive.
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Costain Group PLC - Construction and engineering firm - Agrees to new payment plan with unnamed pension scheme trustee. Says contribution plan is for a payment of £3.3 million per year, payable monthly, and will run from July 1, 2023 to March 31, 2027. Adds plan will total £7.4 million in 2023. Says plan replaces the previous contribution plan to the scheme, which increased to an annual payment of £12 million from April 2023, and was paid in monthly instalments.
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Michelmersh Brick Holdings PLC - West Sussex, England-based brick maker - Resumes share buyback programme. Says will buy back a consideration worth up to £2.0 million.
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