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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RBG Holdings PLC - London-based legal and professional services firm - Sells business and certain assets of Convex Capital, a sell-side M&A boutique, to K&S 1 Ltd, through management buyout. Convex’s management buys business for up to £2.6 million, £2.0 million in cash upfront. RBG adds: ‘The disposal is in line with the group’s strategy to reduce its risk profile and to refocus on and invest in RBG’s established legal services businesses - Rosenblatt and Memery Crystal - where the board believes it can best maximise profits.’ Ian Rosenblatt, vice-chair and executive director, steps down from board immediately following deal completion. RBG adds: ‘Ian is the group’s largest shareholder and individual revenue generator. He has circa four years remaining on his restrictive covenants and is fully committed to the group.’
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Nexteq PLC - Cambridge-based technology products provider for gaming and broadcast industries - Seeks shareholder approval to have authority to conduct buyback of 6.7 million shares, 10% of issued share capital. ‘With a strong cash balance, that the board believes will increase, the board has concluded that it wishes to have the flexibility to utilise the proposed buy back authority in circumstances which it decides are in the best interests of the company,’ Nexteq adds.
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Camellia PLC - agriculture and engineering services firm - Says some developments have ‘impacted’ timeline of sale of stake in BF&M. In June of last year, it agreed to sell its entire 37% stake in BF&M to Bermuda Life Insurance Co Ltd, a subsidiary of Argus Group Holdings Ltd, for $100.0 million. BF&M’s board implemented a shareholder rights agreement after the June announcement, in a move which it hoped would serve as a ’poison pill’ discouraging a shareholder snapping up ‘a more than 15% shareholding without BF&M’s consent’. Camellia adds: ‘This shareholder rights agreement has since been removed. However, BF&M thereafter separately announced a partnership with Equilibria Capital Management Limited (Argus’ major shareholder).’ That pace would see Equilibria grant BF&M an exclusive option to acquire a roughly 14% stake in Argus. As part of this deal, BF&M has also committed to a ‘significant investment in a dedicated Equilibria investment fund’. This would include ‘as its initial investment’ a just shy of 16% stake in Argus. Camellia adds: ‘These developments have impacted the anticipated timetable for regulatory approvals for the sale. While a number of the required regulatory and tax approvals have been forthcoming, some key approvals remain outstanding which we now expect in Q2 2024.’
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Live Co Group PLC - Surrey, England-based live events, entertainment & sports events company - Signs non-binding terms with one of two potential cornerstone investors. Now proceeding to next stage of mutual due diligence. Says recently signs Brick Live show deal for Animal Paradise Mini with Grand Arcade Shopping Centre in Cambridge. ‘Additional contracts are out for signature too,’ it adds.
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SuperSeed Capital Ltd - venture capital fund which backs early-stage technology companies - To issue 150,000 convertible loan notes to SuperSeed Ventures for a subscription price of £150,000.
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Doric Nimrod Air Three Ltd - Guernsey-based investment firm focused on the leasing and resale of aircraft - Receives notice from subsidiary DNA Alpha Ltd that Emirates is exercising the option to enable it to redeliver an Airbus SE A380-861 aircraft in ‘minimum condition’, equal to aircraft’s half-life, instead of full-life condition. In aviation finance, a half-life is when a craft is between two major maintenance events in its cycle. If the aircraft is returned to DNA Alpha, Emirates will pay a sum of $12.0 million to DNA Alpha, plus ‘normal’ monetary compensation.
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Maven Income & Growth VCT 3 PLC - venture capital trust - Subscriptions received to date under fundraising approaching initial £5 million target. Will use over-allotment facility.
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Pantheon Resources PLC - oil and gas company focused on developing the Ahpun and Kodiak fields, onshore US - Commissions independent expert reports from Cawley Gillespie & Associates and Lee Keeling & Associates. ‘The full reports, expected shortly, are integral to financing discussions,’ it adds. The reports are for the shallower Ahpun Topsets and the deeper Alkaid Zone. In addition, it says it is in talks with Alaska Gasline Development Corp for an offtake deal of up to 500 million cubic feet per day of natural gas. AGDC President Frank Richards says: ‘Alaska is facing an energy crisis, and AGDC is exploring every option to deliver a new, affordable, reliable, and long-term energy supply. This proposed agreement provides for more than enough gas to meet Alaska’s in-state energy requirements, this gas features very low carbon dioxide content eliminating the need for additional treatment costs, and Pantheon’s fields are conveniently situated directly along the Alaska LNG pipeline route.’
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Mosman Oil & Gas Ltd - oil exploration, development, and production company with projects in the US and Australia - Farmout with Greenvale Energy, which can see the Sydney-listed firm earn a 75% interest in EP 145, remains subject to completion pending ministerial approval. Greenvale will earn the stake by funding seismic acquisition and drilling a well, to a cap of A$5.5 million, around £2.8 million. Mosman currently owns all of the Australian project. Mosman adds: ‘Two wells have been drilled in EP 145 in the 1980’s, both encountered hydrocarbons but were not tested for hydrogen or helium which were not identified in the basin until the mid-2000’s. Those wells which have tested for helium have demonstrated significant helium content at various structural levels.’
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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Seals deal to terminate the right of first refusal with Suay Chin International for Bougouni lithium asset in Mali. Suay Chin, under its original Kodal investment in 2017, had rights to over 80% of spodumene product produced at Bougouni. In November, a deal was struck which saw Hainan Mining Group and Kodal agree a development pact for Kodal. It meant Hainan took a 51% stake in the Bougouni joint-venture, Kodal Mining UK Ltd, with Kodal Minerals owning remainder. Kodal had granted Hainan rights to 20% of spodumene concentrate to be produced from asset, and pledged to work with Hainan to ‘secure the release of Suay Chin’s right of first refusal’. ‘KMUK has now finalised negotiations with Suay Chin to release the ROFR over the spodumene concentrate for a two-stage termination payment totalling $14 million to be paid by KMUK in two instalments,’ Kodal says. ‘This allows Kodal and KMUK to enter into negotiations with the Hainan Group to finalise an offtake agreement with Hainan for 100% of the spodumene product produced at the Bougouni lithium project.’
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Sound Energy PLC - onshore petroleum licences in Morocco - Receives conversion notice to issue 30.0 new shares at 1 pence each under existing convertible loan note agreement. The note, worth an initial £2.5 million, had remaining principal outstanding of £250,000. Issued shares reduces accrued interest owed by £300,000, with £1.4 million outstanding.
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