The following is a round-up of trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Forward Partners Group PLC - London-based early-stage technology-focused investor - Says nearly all shareholders vote in favour of takeover by Molten Ventures PLC on Wednesday at court and general meetings. In November, Molten Ventures agreed to buy Forward Partners, backed by the latter’s largest shareholder asset manager BlackRock Inc. Tech-focused investor Molten said that under the terms of the acquisition, Forward Partners shareholders will receive one new Molten share for each nine shares in Forward Partners they hold. In turn, Molten’s 279.6 pence closing price on Friday values Forward Partners at £41.4 million. Molten shareholders will own just over 91% of the enlarged firm.
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City Pub Group PLC - London-based owner and operator of 52 pubs - Says 95% of shareholders voted in favour of takeover by Young & Co’s Brewery PLC at court meeting and 99.5% of shareholders voted in favour at general meeting. The acquisition was agreed in November and values City Pub at around £162 million.
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Impellam Group PLC - Luton, England-based staffing firm - Shareholders vote almost unanimously in favour of a takeover by Heather Global PLC, a bidding vehicle for HeadFirst Global BV, at the court and general meetings. In December, it agreed to a £483.2 million deal, with HeadFirst valuing each Impellam share at 1,084.4 pence in total. The offer is supported by Impellam’s majority owner Michael Ashcroft, a UK businessman who was formerly deputy chair of the UK Conservative Party.
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Orcadian Energy PLC - North Sea oil and gas developer - Shareholders approve the sale of an 81% interest in P2244, the Pilot field development project to Ping Petroleum UK PLC at its general meeting and annual general meeting. All of other resolutions were also passed. In December, Orcadian executed a conditional sale & purchase agreement with Ping Petroleum for Orcadian’s flagship asset, the Pilot Development project. A week prior, Orcadian announced an extension to execute documentation for Ping Petroleum, which back then was unnamed. The total consideration under the agreement is $3.1 million. At the time, Orcadian also requested approval from the North Sea Transition Authority for the assignment of an 81% interest in the P2244 licence to Ping. Subject to outstanding conditions, which have now been fulfilled, Ping would buy the planned 81% interest in the licence and become operator of the Pilot licence and development project.
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Tirupati Graphite PLC - natural flake graphite producer, which has operations in Madagascar and Mozambique - Raises £1.0 million via a private placing of 9.5 million new shares at a price of 11 pence each. Shares are expected to be admitted to trading on the Main Market of the London Stock Exchange on Monday next week. Also accepts subscription from numerous directors and members of the senior management team for 5.7 million new shares at the placing price, raising around £627,000. Says the net proceeds will be used towards working capital for optimising production from its existing facilities in Madagascar. Says it aims to to increase its production in Madagascar with immediate target to reach 1,500 tons per month output and expand its markets ‘in light of growing opportunities’. Executive Chair Shishir Poddar comments: ‘Since the beginning of the current financial year, when we had completed the developments initiated after listing in December 2020, we have continued to ramp up operations at our projects despite having limited cash resources. This placing will support the business while we continue to pursue non-dilutive capital raising efforts. The placing and subscription will enable us to focus on increasing production and sales from our Madagascar operations which has been restricted due to limited working capital availability.’
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