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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Quiz PLC - Glasgow, Scotland-based fashion retailer - Chief Executive Officer Tarak Ramzan, who also founded Quiz and is largest shareholder, steps down from post. He takes on a non-executive director role. Chief Commercial Officer Sheraz Ramzan takes over as CEO immediately. ‘He will implement a turnaround strategy to recalibrate the Quiz brand, its product offering, and reconnect with consumers with the aim of moving the business back into profitable growth,’ the firm says. Non-Executive Chair Peter Cowgill to take a ‘more active role in supporting the Company through to conclusion of the ongoing review of strategic options’. Cowgill was formerly executive chair of JD Sports Fashion PLC. Quiz adds: ‘In addition to these changes, the board continues to search for at least one additional independent non-executive director following Charlotte O’Sullivan’s departure in November 2023 and will provide an update in due course.’ Quiz says UK sales continue to be ‘impacted by subdued levels of traffic both in-store and online’. Between the start of 2024 up to February 29, sales fell 9% on-year to £8.6 million. Sales since the start of the financial year on April 1 until the end of February fell 12% annually to £74.4 million. Expects revenue and a pretax loss in line with expectations. Quiz adds: ‘The group is taking a number of positive steps to counter the impact of the declining revenues including targeting cost savings for the forthcoming year, eliminating loss making activities, reviewing operational efficiencies and optimising its product offer.’
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Byotrol PLC - manufacturer of biocidal and antimicrobial cleaning products - Proposes cancellation of AIM listing and re-registration as private company, as its directors conclude that it is no longer financially viable to continue trading shares publicly. In a trading update, Byotrol says it expects product sales in the financial year ending Sunday to be in line with expectations at £3.9 million, up 5.4% from £3.7 million a year earlier on a like-for-like basis, excluding discontinued items. It now expects headline loss before interest, tax, depreciation and amortisation, before exceptionals, of £1.0 million, widening from £700,000 a year earlier.
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Molecular Energies PLC - North, Central and South America-focused oil and gas company - Proposes cancelling its listing on AIM in London, saying it can no longer justify the ‘disproportionately high costs’.‘I take no joy in recommending the cancellation of trading in Molecular’s shares on AIM and know that this proposal will impact many shareholders. However, the primary benefits of being listed are to avail oneself of access to capital, the ability to utilise one’s shares as currency and enjoying the reputational boost of being on the London Stock Exchange. Molecular no longer receives any of those benefits,’ says Chair Peter Levine. ‘As a group its interests are best served by turning to the private arena where Molecular can regenerate away from the microscope and constraints of the public markets yet avail itself of funding and exit opportunities in some ways more flexible and abundant than remaining as a small public company on the London market.’ Reconsiders merit of float of 75% owned carbon removal and mitigation subsidiary Green House Capital Group PLC but believes the IPO is not in the ‘best interests of the company or its shareholders at the current time’. Shareholders to vote on Molecular’s delisting proposal on April 15. The last day of dealings could be April 26.
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Hellenic Dynamics PLC - Cultivator and supplier of medical cannabis products with a facility in northern Greece - Riverfort Securities Ltd subscribes for shares in Hellenic in order to discharge part of an outstanding loan to the medical cannabis cultivator. The loan and accrued interest of £90,757 will be settled through the issue of 3.9 million shares at 2.34 pence each.
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Provexis PLC - Reading, England-based producer of heart-health functional food ingredient Fruitflow - Agrees purchase of further batch of Fruitflow II SD inventory from dsm-firmenich, to satisfy increasing demand. Purchase totals £341,000. Provexis issues 45.1 million new shares, worth £293,304, to dsm-firmenich to part satisfy purchase. Rest of consideration to be satisfied in cash. ‘The Company is also pleased to confirm that it has now completed the setup of a new Irish subsidiary company, Provexis Ireland Ltd, which will facilitate tariff free sales of Fruitflow to customers in the EU,’ Provexis adds.
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Faron Pharmaceuticals Ltd - Turku, Finland-based drug discovery and development company - Says in advanced talks with ‘various investors in order to secure immediate funding’. ‘The company’s current cash balance is sufficient to allow the Faron to continue its operations into April 2024, however whilst the company is in advanced negotiations to complete the remaining bridge financing of approximately €5 million shortly, the Company notes that there is no guarantee that the required funds will be raised,’ Faron adds.
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Real Estate Credit Investments Ltd - investor in European real estate credit markets - Plans further buyback programme which runs to September 30 worth £10.0 million in total. Initial buyback of £5.0 million had expired at end of March.
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Coro Energy PLC - South East Asian-focused energy company - Notes announcement from Conrad Asia Energy Ltd, holder of 77% interest in Duyung production sharing contract in offshore Indonesia. Conrad announces gas sales agreement for domestic portion of Mako gas to Indonesia’s national oil company PT Pertamina. Coro has a 15% stake in the production sharing pact. Empyrean Energy PLC, with an 8.5% interest, also notes the announcement. Both also note a new reserves report for Duyung. Revised estimate of best case recoverable dry gas as of December 31 stands at 329 billion cubic feet. This is a 10% decrease from a July 2022 report.
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San Leon Energy PLC - Nigeria-focused oil and gas production, development and exploration company - Notes Decklar Petroleum Ltd announces Crude oil volumes from Oza field through Trans Niger pipeline to Bonny export terminal. Just over 18,400 barrels of crude oil transported so far in 2024. ‘Decklar and Millenium have injected a total of 34,600 barrels of crude oil into the Bonny Export Terminal from commencement of TNP pipeline operation in late 2023,’ San Leon adds. It has an 11% shareholding in Decklar.
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Global Connectivity PLC - Isle of Man-based broadband provider to rural areas in the UK - Changes terms of warrants attached to shares subscribed for at time of initial public offering back in October 2020. Extends warrant exercise period by two years to April 20, 2026 for 100.0 million investor warrants and cuts exercise price to 1.5p per share. For 1.6 million adviser warrants, which had been due to expire in October 2025, the exercise period is also extended to April 2026 and also at 1.5p per share. Executive Chair Keith Harris says: ‘In recognition of the support offered to us by investors and other stakeholders at the stage of our initial listing, your board has decided to improve the terms of the warrants issued at that time as described above. We continue to explore other potential investments in companies in the communication services space and technologies that enhance connectivity.’
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