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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Arecor Therapeutics PLC - West Sussex, England-based commercial biotechnology company - Says that a milestone payment from Inhibrx Inc has been triggered for a novel enhanced formulation of INBRX-101 under a license agreement entered into by the two companies in December 2020. INBRX-101 was developed by Arecor using its patented technology, Arestat. It is an optimised recombinant human AAT-Fc fusion protein, designed to treat patients with emphysema due to alpha-1 antitrypsin deficiency. Arecor has received an initial upfront payment from Inhibrx and is entitled to further payments on the achievement of certain development, regulatory and commercial milestones along with annual Technology Access Fees post commercialisation.
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Troy Income & Growth Trust PLC - Edinburgh-based investment trust managed by Troy Asset Management - Says that recent buyback activity means that it is now ‘very close’ to fully utilising its existing authority to repurchase shares; and depleting its distributable reserves. Also notes that the board is currently exploring possible options for a combination with another investment trust which would be effected by a scheme of reconstruction. Subsequently, suspends the discount control mechanism and the buyback of shares, effective Thursday. Further details of the proposed scheme of reconstruction will be announced by the end of November. There is no guarantee that the terms of any scheme will be agreed or become effective.
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Metals One PLC - Developer of brownfield battery metals projects in Finland and Norway - Says that Gunsynd PLC has confirmed its commitment to making the first payment of £250,000 to FinnAust Mining Northern OY, a wholly owned subsidiary of Metals One, pursuant to the subscription and shareholders agreement between Metals One, FinnAust and Gunsynd, shortly. The agreement covers Gunsynd’s commitment to subscribe for such number of shares in FinnAust as is equal to 25% of the voting rights of FinnAust, at an aggregate subscription price of £1.0 million.
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San Leon Energy PLC - Independent oil and gas production, development and exploration company focused on Nigeria - Provides update on $187 million investment in company by Tri Ri Asset Management Corp. Previously confirmed that all conditions precedent to its investment have been satisfied, and requested draw down of the $125.0 million convertible secured loan. Says that Tri Ri Asset has confirmed that payment has been made. Expects to receive the net proceeds of the loan shortly. Also notes that a previously announced subscription was expected to take place on or before October 31. Tri Ri - or TRAM - has signed and returned the subscription letter for the subscription shares, and is currently in the process of setting up an account in the UK with its prime broker, who will then be responsible for concluding the settlement. San Leon expects the setting up of TRAM’s account in the UK to conclude shortly, following which San Leon will apply for admission of the shares to trading on AIM.
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