The following is a round-up of updates by London-listed companies, issued on Tuesday and Wednesday and not separately reported by Alliance News:
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BP Marsh & Partners PLC - London-based venture capital investor, which backs financial services businesses - On Tuesday, updates investors on the intended use of £41.8 million proceeds that it expects to receive on completion of the sale of its stake in Paladin Holdings Ltd, announced on December 7. Intends to pay extra £2 million in dividends per annum for the financial years 2024, 2025 and 2026. Following the allocation of funds for this and for recent investment activity, BP Marsh will have £74.5 million cash available. This will be used to assist its portfolio of investments and invest in early-stage businesses. Currently has 11 potential opportunities under review for the first half of 2024.
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Ashington Innovation PLC - special purpose acquisition company - On Tuesday, terminates talks with regard to planned acquisition of Cell Therapy Ltd. Given current market conditions it was not certain that the required funding for the transaction would be available. Therefore concludes that it was no longer in the best interests of shareholders to proceed. Shares were suspended from trading on August 17 2023, but given collapse of the deal, intends to request that the suspension be lifted. Will continue to evaluate other acquisition opportunities in the technology sector that it believes will be accretive to shareholder value.
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Impellam Group PLC - Luton, England-based staffing firm - Declares cash dividend of 22.5 pence per share, higher than the 22.4p previously indicated. Payment date February 23. In December, company agreed to a £483.2 million takeover by HeadFirst, valuing each Impellam share at 1,084.4 pence in total. 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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Afentra PLC - upstream oil and gas company focused on acquiring mature production and development assets in Africa - Provides an operational and financial update for 2023. Afentra currently holds non-operated 18% and 5.33% working interests in Blocks 3/05 and 3/05A, respectively, in offshore Angola with working interests to increase to 30% and 21.33% following completion of the impending Azule transaction. Reports 2023 average gross production for Block 3/05 and 3/05A was 20,180 barrels of oil per day. Highlights strong operational performance and successful well interventions have positively impacted performance with gross production of over 22,000 bopd in December 2023.
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MetalNRG PLC - London-based natural resources and energy-focused investor - Signs an out of court settlement of all litigation, current and pending, between the company and BritEnergy Holdings LLP, BritNRG Ltd and Pierpaolo Rocco. Further, together with counterparties, enters a global settlement agreement that addresses the company’s High Court procedure against the counterparties and all counterclaims made by them; the issues brought forward by Rocco in the Scottish Employment Tribunal; and all current and prospective costs orders. Agreement is made expressly without any admission of liability by MetalNRG or any of the counterparties. BritEnergy Holdings LLP will pay MetalNRG £20,000 as a costs contribution for the legal fees awarded, and MetalNRG has agreed to provide specific non-financial based support to the counterparties. MetalNRG will receive 25% of any damages that are awarded in favour of the counterparties in the PN claim.
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Mobile Tornado Group PLC - Harrogate, England-based critical communications services provider - Says revenue for the six months to December 31 was around £1.0 million with an approximate earnings before interest, tax, depreciation and amortisation loss of around £0.1 million. Expects full year revenue for 2023 to be around £2.3 million with an Ebitda loss of around £300,000 million. Recurring revenue remained stable at around £2.0 million, unchanged from 2022. Non-recurring revenue was around £0.3 million, up from £0.2 million. Operating expenses remained stable at £2.4 million, down from £2.5 million in 2022. Will provide further update alongside full-year results in April.
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Fulcrum Metals PLC - Canada-focused mineral exploration and development company - Announces the start of a strategic sampling programme at the Teck-Hughes gold tailings project, Canada. Explains this milestone marks a significant step forward as the company enters the first phase of a testing and study agreement with Extrakt Process Solutions LLC. This moves it closer to agreeing a licencing agreement with Extrakt. Extrakt is a sustainable technology company using separation technology to extract metals from tailings without the use of cyanide.
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Equals Group PLC - London-based payment platform developer - Extends put up or shut deadline for any possible bid by Madison Dearborn Partners LLC until February 21. Explains talks between the two are ongoing. Further, reports current trading continues to be in line with the board’s expectations. Remains confident in the longer-term growth prospects of the business.
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UK Oil & Gas PLC - London-based exploration and production company, with projects in the UK and Turkey - To further reduce the balance of the funding facility announced on June 28, company delivers to RiverFort Global Opportunities PCC Ltd and YA II PN Ltd a fourth tranche of ordinary shares. Conversion of these equity shares now reduces the balance of the £2 million gross first cash sum received to around £0.7 million. The loan’s fourth tranche of 876 million shares were converted at an average of 0.0175 pence per share.
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