The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Abingdon Health PLC - York, England-based lateral flow technology - Agrees to buy regulatory consultant IVDeology Holdings Ltd for £700,000. Explains IVDeology is a UK-based leading provider of regulatory consultancy support to an international customer base in the in vitro diagnostics sector. Points out the regulatory environment for in vitro diagnostics, including lateral flow tests, is going through a period of significant change in Europe and the UK. Finances deal through the issue, to the owners of IVDeology, of 5 million shares in Abingdon at 10 pence each. This equates to £500,000. In addition, subject to achieving certain revenue targets in the two financial years following acquisition, an earn-out of approximately £200,000 will be payable at the time.
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Aferian PLC - Cambridge, England-based business-to-business company - Secures extension to the maturity dates of its senior loan facilities and its shareholder loan. Explains these have been extended to September 30, 2025 from December 23, 2024. At April 30, $12.5 million was drawn under these facilities. Notes the interest margin payable on the drawn amount of the facilities has been increased to between 3% to 4.5% over Sonia. The leverage, interest cover and fixed charge cover ratio covenants have been removed and the available liquidity covenant has been relaxed, affording the group greater flexibility, Aferian says. Expects to report full year results for the year ended November 30 later this month.
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AdvancedAdvT Ltd - software solutions provider for healthcare compliance, and human capital management sectors - Agrees to buy Celaton Ltd, the operator of an intelligent document processing platform inSTREAM, for £5.0 million. Says deal to be funded from existing resources. As at June 30, 2023, Celaton had net assets of £1.5 million. Further updates on trading for the eight months to February 29. Says revenues and adjusted earnings before interest, tax, depreciation and amortisation continue to perform well, recurring revenue remains at around 77% of continuing revenue. Explains pretax profit will benefit from the gain on the sale of Synaptic Ltd in the order of £2.6 million, an increase in fair value of investment in M&C Saatchi PLC of around £2.5 million and interest income of around £2.2 million.
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Allergy Therapeutics PLC - Sussex, England-based biotechnology company - Provides further detail from positive top line results from G306 Phase III field trial to evaluate efficacy and safety of Grass MATA MPL. Notes a statistically significant reduction in the combined symptom medication score was seen in the active treatment group compared to placebo. Points out the sensitivity analyses of primary endpoint and secondary endpoints show high consistency with primary endpoint results. Prepares marketing authorisation application for planned submission in the fourth quarter.
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Zotefoams PLC - Croydon, south London-based cellular material technology provider - Signs global alliance agreement with Suzhou Shincell New Materials Co Ltd of Suzhou, China. Explains the alliance matches Zotefoams’ nitrogen-expanded foams with Shincell’s latest innovations in foaming technology. It consists of agreements on technology licensing from Shincell to Zotefoams, development and market co-operation, and regional product distribution agreements. Zotefoams pays technology licensing fees of around £9 million over the five-year term of the agreement, which will support the further development of the technology and Shincell business.
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Kingswood Holdings Ltd - London-based wealth and investment management company - Announces additional £3.0 million debt facility to support capital requirements and growth. Notes the facility has a repayment date of earlier of October 29, 2030 or date of an exit or partial exit and an interest rate of 12%, paid at maturity.
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Revolution Bars Group - Manchester-based bar group, which operates the brands Revolution and Revolucion de Cuba - Provides update further to recent announcements and the postponement of the General Meeting, as announced on April 30. Remains of the view that it is in the best interests of the company to explore all its strategic options, including supporting the proposal by Revolution Bars Ltd, of a restructuring plan as well as exploring, in parallel, the formal sale process, in order to deliver the best outcome for stakeholders. Welcomes the interest of all parties in the group and its businesses and is open to exploring all options that may deliver a superior outcome to the restructuring plan. Last Thursday, Nightcap PLC confirmed talks with Revolution Bars which could result in the former making a takeover offer.
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Nexxen International Ltd - Tel Aviv-based advertising technology platform - Begins further $50 million share buyback. Plans to continue further buybacks should the company’s shares continue to trade at prices the company believes reflect discounted valuation levels, and if the company remains cash generative. Believes this represents a strong investment opportunity that can generate long-term value for its shareholders.
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ECR Minerals PLC - Australia-focused gold exploration company - Provides an update on the bulk sample results for the first four reverse circulation drill holes as well as the final two holes drilled at the Kuboid Hill prospect in Creswick earlier this year. Notes reportable bulk sampling results of 3.05 grams per tonne gold and 2.53 grams per tonne gold over one metre upgraded from 0.76 and 0.37 grams gold respectively. Says techniques employed give potential scope for a marked improvement in grades for the remaining ‘best hole’ bulk samples from pan concentrate.
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Cadence Minerals PLC - investment and development company focused on energy transition minerals - Announces the approval of its Mine Management Plan, enabling EverGreen to commence high impact exploration activities such as auger sampling and drilling at its flagship Bynoe project.
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European Metals Holdings Ltd - Czech Republic-focused mineral exploration and development - Advises that it has been registered as an Australian company effective from Tuesday. Believes that the Australian continuance should lead to substantial cost savings and improvements in the company’s administration and efficiency of operations. Additionally, it will remove a potential impediment to obtaining European development financial assistance for the Cinovec project.
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