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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Wentworth Resources PLC - Tanzania-focused natural gas production company - Etablissements Maurel & Prom SA, a Paris-based, energy industry-focused company, says it is moving closer to acquiring Wentworth. Explains that it has signed an agreement with the Tanzania Petroleum Development Corporation, which is structured as a ’call option’ and allows Tanzania Petroleum to increase its ownership in the production interest by up to 20%. Wentworth has arranged for the Jersey Court to consider and possibly sanction the scheme at a hearing on December 19. Following this date, M&P will take ownership of Wentworth and acquire its 32% direct and indirect interest in Mnazi Bay. Subsequent to the closing of the Acquisition, M&P expects Tanzania Petroleum this call option, meaning that M&P will hold a 60% ownership in Mnazi Bay, and Tanzania Petroleum will hold 40%. M&P says the joint operating agreement will be changed to reflect these new partnership conditions. Adds that it will fund the acquisition with the £63 millio placed in escrow.
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N4 Pharma PLC - Derbyshire-based specialist pharmaceutical company focused on a delivery system for oncology, gene therapy and vaccines - Says that its work-to-date on its ongoing in vitro small interfering ribonucleic acid research, or siRNA, is ‘very encouraging’, and shows that Nuvec has ‘considerable potential’ to be able to knockdown two independent pathways leading to ‘more effective ’cancer treatments. Explains that it has been investigating the ability of Nuvec nanoparticles to be loaded with, and deliver at the same time, two different siRNA known to inhibit relevant oncology targets. After confirming dual loading of Nuvec, N4 then tested the effect of BRD4 combined with EGFR and PLK1 combined with EGFR on knockdown and cell viability. Says that when when loaded together there was an interaction which resulted in a reduction in knockdown of EGFR receptor, though the reduction on cell viability was retained. It is now exploring varying the amount of each siRNA loaded on Nuvec, and also looking at how low the dose can be reduced to still achieve a functional cell inhibition endpoint. In terms of strategy moving forwards, says that that the precise combinations of siRNA, both in terms of target and concentration of siRNA, will vary depending in which cell type they are tested in.
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Software Circle PLC - Manchester-based printing and software company - Regarding the sale of Works Manchester Ltd, says that Works Manchester has filed a notice of intention to appoint administrators. This follows an earlier announcement in June, when Software said it had not received the first instalment of deferred consideration from Rymack Sign Solutions Ltd to buy Works Manchester. Further, due to reduced confidence of receiving payment of any deferred consideration from Rymack, the carrying value of the £2.81 million due under the sale and purchase agreement has been reduced to £350,000. Software is in the process of taking steps to recover the sums due, and says it will update the market again in due course. Adds that the Nettl Systems management team have been making arrangements with alternative suppliers so that continuity of supply is in place for products available through the Nettl Systems platform.
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Ecofin US Renewables Infrastructure Trust PLC - Investor in US renewable energy assets - Expects its Whirlwind Energy wind asset in in Floydada, Texas to reenergise in mid-December, after moving ‘significantly closer’ to coming back online. Says that AEP, the owner of the Matador and Paducah substations, has now finished testing a new transmission line past Matador to Paducah. Adds that the first payment on its business interruption coverage has now been received and further payments are scheduled to follow, ‘substantially mitigating lost revenue’. Meanwhile, the Ellis Road solar farm in Westminster, Massachusetts is back online, following a rodent infestation. Finally, says that progress continues to be made on a previously announced strategic review. Says there can be no certainty as to the outcome of the review or any asset sale process, nor whether any potential transaction or transactions arising could be successfully completed.
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