The following is a round-up of updates by London-listed companies, issued Wednesday and not separately reported by Alliance News:
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AB Dynamics PLC - Wiltshire-based designer, manufacturer and supplier of advanced testing, simulation and measurement products serving transport market - Says trading in six-month period ending February 29 has been ‘positive’ and in line with expectations. Expects first-half revenue growth of 5% on-year to £51 million. ‘The group continues to drive benefits from the investment made in its commercial and operational infrastructure, which together with the revenue growth, are expected to result in an improved adjusted operating margin over the same period in FY 2023,’ AB Dynamics adds. It continues: ‘The group delivered strong order intake during the first half and has a solid order book, providing good visibility into the second half of the year. The board remains confident that the group will make further financial and strategic progress this year, with its expectations for FY 2024 performance unchanged at this stage.’
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Verditek PLC - London-based producer of lightweight solar panels - Says disposal of solar business gets backing of 95% of shareholders at general meeting. Business sold to Verditek Solar Ltd, owned by Verditek’s bondholders, for £528,340. Also announces resignation of Chair David Willetts, Chief Executive Robert Richards and Non-Executive Director George Katzaros from board, and proposed appointment of Bob Holt and John Charlton. Holt recently served as CEO of Revolution Beauty Group PLC. Holt will assist Verditek ‘in procuring subscribers for 400 million new ordinary shares’ at price of 0.075p per share, which would raise £300,000. Holt also enters into £300,000 loan agreement with Verditek, of which £250,000 ‘will be advanced shortly to enable it to satisfy certain outstanding liabilities of the company’. Verditek will also shortly issue further details on a proposed fundraising to raise approximately £1.5 million. It will need shareholder consent at a general meeting. A motion on a 100:1 share consolidation will also be put to shareholders. It notes the sale of the solar assets now make it a cash shell. It plans to change its name to EARNZ PLC, which stands for Energy Advisory Regeneration Net Zero.
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Bradda Head Lithium Ltd - US-focused lithium exploration company - Reports finalisation of land exchange over unpatented lode claims at Wikieup clay project in Arizona, US. Bradda Head will retain 66 new claims. ‘In turn, Bradda has transferred 55 unpatented lode claims to Arizona Lithium’s subsidiary, Big Sandy Inc,’ it adds. It continues: ‘This final exchange furthers Bradda’s exposure to high-quality lithium-in-clay targets and further enhances the company’s portfolio of this high-quality project. The new ground will, in due course, be explored with geological mapping and surface sampling for opportunities, developing priority drill targets potentially for later in year.’
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88 Energy Ltd - Alaska-focused oil exploration company - Says mobilisation operations are complete and pre-flow testing operations ‘advanced’ at Hickory-1 discovery well. ‘Two flow tests are scheduled, one each in the Upper SFS and SMD-B reservoirs, with each expected to take approximately ten days,’ 88 says.
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East Star Resources PLC - Kazakhstan-focused gold and copper exploration and development company - Reports award of first copper porphyry exploration licence, under copper porphyry exploration strategy. Chief Executive Alex Walker says: ‘We’re happy to have our first licence under the new copper porphyry strategy which has already undergone an initial site visit in June 2023 by Non-Executive Director Chris van Wijk. The site visit confirmed easy site access and hydrothermal alteration associated with a silica lithocap which was identified from satellite imagery. We’re looking forward to getting on the ground for geological mapping and soil sampling to advance this prospect and continuing our high-level desktop work for other prospects in this huge and underexplored mineral belt by using the foundational frameworks shared by BHP as part of the Xplor programme.’
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Vinanz Ltd - bitcoin mining company with operations in the US and Canada - Raises £447,750 at 12 pence per share. Funds to be used ‘primarily to assist with raising company awareness in the US for its OTCQB listing’. Vinanz adds: ‘The company will also apply some of this funding to initiate enquiries to potentially list Vinanz shares on Nasdaq. These enquiries are at an early stage and there is no guarantee that the company will achieve a listing on Nasdaq, but if it is successful in doing so it should upgrade our trading exposure to US shareholders and may improve liquidity in the company’s shares.’ Says also investigating possibility of shares being traded in Frankfurt. On the fundraise, Vinanz adds: ‘This funding will see the acquisition of new bitcoin miners which will add to our existing fleet of miners in the US and Canada. This next bitcoin miner purchase will bring in the first series of next generation S21 miners into Vinanz’s fleet.’
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Nexxen International Ltd - New York-based advertising technology company, formerly known as Tremor International Ltd - Reaches settlement agreement and launched a three-year strategic partnership with Alphonso Inc and LG Electronics Inc. Nexxen adds: ‘The executed settlement agreement includes a cash component and a commercial strategic partnership that resolves the disputes underlying the complaints, thus concluding the parties’ litigation.’ It explains Alphonso, a connected TV and cross-screen advertising firm, grants Nexxen access ‘to monetize a portion of LG’s premium [connected TV] inventory’.
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EDX Medical Group PLC - Cambridge, England-based company that develops digital diagnostic products and services to treat cancer, heart disease, and infectious diseases - Board approves issue of 13.0 million shares at 12 pence each, raising £1.6 million as part of a subscription. ‘The subscription completes a fund-raising round that has raised £5.7million, in aggregate, at 12p per share,’ it says.
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Image Scan Holdings PLC - Loughborough, England-based x-ray screen system supplier - Reports slower start to trading in 2024 in regards to sales and order intake. As at January, its order book stood at £611,000. Now expect results for the year to be ‘significantly’ weighted towards the second half. Says the board and its largest shareholder have begun to identify and analyse organisations which could offer potential partnerships and acquisition opportunities.
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ASA International Group PLC - microfinance provider in South Asia, South East Asia, West and East Africa - Outstanding loan portfolio increases $377 million as of December 31, a rise of 4% from October. ‘All operating subsidiaries, achieved collection efficiency of more than 90% with 12 countries achieving more than 95%,’ it adds. Collection efficiency in India improved to 97% in December 2023 compared to 95% in October, ASA explains. Looking ahead, it adds: ‘Whilst the inflation and related FX movements will continue to impact the group’s operating subsidiaries’ financial performance in USD terms, based on the positive developments in H2 2023, the company expects the operating environment for its clients to continue to improve in most markets in 2024. As a result, the company expects financial performance in 2024 to continue to improve compared to 2023.’
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Animalcare Group PLC - York, England-based veterinary drug maker - Announces the disposal of its majority shareholding in pet microchipping company Identicare Ltd for £24.9 million in cash. ‘This represents a significant crystallisation of value for the company and its shareholders from a non-core asset and allows the company to focus on growth in its pharmaceutical-based animal health market,’ it says.
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