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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Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Requests suspension of trading in company’s shares. This follows the receipt on Wednesday of a redemption notice from ACAM GP Ltd, in its capacity as general partner of ACAM LP. Explains the notice is for the redemption of the principal and outstanding interest pursuant to the around $7.57 million of unsecured loan notes Bens Creek issued to ACAM, as announced in July 2023. As announced last Friday, company is severely cash constrained. As a result, it is unable to repay the amount due to ACAM. Therefore, considers options available, which may include appointing administrators.
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EnergyPathways PLC - West Sussex, England-based energy company primarily focused on developing the Marram Field offshore gas project - Continues to make solid progress on the planned development of its flagship Marram energy storage project which targets first gas in 2025. Says ‘Out of Round’ requests for gas production and gas storage licences are progressing with the North Sea Transition Authority. But notes the company was outbid for the Castletown discovery block application made in the 33rd licensing round. Adds talks are progressing with a major regional wind company for the supply of renewable wind power to the Marram Project and an expanded UK Irish Sea energy storage project. Further, says talks are progressing well on both debt and equity financing.
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Horizonte Minerals PLC - nickel development company focused on projects in Para State, Brazil - Requests suspension of trading in company’s shares on Thursday. Explains, as per announcement in April, it has been unable to secure interest in the full financing needed to complete its 100% owned Araguaia nickel project. Regrettably concludes that Horizonte should be placed into administration in order to seek to preserve the value of the business for creditors and other stakeholders. Appoints Geoff Rowley and Chad Griffin of FRP Advisory as administrators.
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SolGold PLC - Ecuador-focused copper and gold exploration company - In the three months to March 31, pretax loss widens $30.8 million from $23.2 million a year prior. This includes $24.1 million remeasurement of amortised cost of financial liability versus zero the year before. Losses per diluted share are 1.0 US cents compared to 1.1 cents.
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Angle PLC - Guildford, England-based liquid biopsy company - Announces the publication of a study using the Parsortix system to identify markers present in circulating tumour cells harvested from metastatic mutant-p53 platinum-resistant ovarian cancer patients. The study was conducted as an offshoot of the European multi-centre GANNET53 Phase II clinical trial and investigated the efficacy of ganetespib in combination with paclitaxel versus paclitaxel alone. Patients were enrolled across 12 clinical centres in Germany, Belgium, France, and Austria. The study identified two CTC-associated markers with potential prognostic value. Says the analysis of these biomarkers has the potential to provide an early indication of progression free survival ahead of clinical trial results and suggests that CTC characterisation may be a valuable tool for pharma drug trials in the future.
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Oxford BioDynamics PLC - Oxford-based biotechnology company - Announces it is collaborating with King’s College, University of London, in the immediate follow up of the APIPPRA trial, the largest rheumatoid arthritis prevention trial to date. Break-through results of the trial were recently published in The Lancet in February. Points out 25% of treated patients who initially showed response subsequently developed RA. King’s College is now collaborating with Oxford BioDynamics, to develop prognostic and predictive blood-based EpiSwitch biomarkers to identify patients at risk of RA who can benefit from treatment.
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Hellenic Dynamics PLC - Greece-based cultivator and supplier of pharmaceutical standard medical cannabis products - Enters deed of amendment with RiverFort Global Opportunities PCC Ltd in respect of its unsecured mezzanine loan facility of up to $3 million announced in October. Under the terms of the facility, Hellenic was required to maintain sufficient headroom to be able to satisfy the outstanding balance of the facility by the issue of new ordinary shares in the company, if not repaid in cash. Following the recent fundraise, Hellenic and Riverfort have agreed to amend the facility to allow the placing to take proceed. The June to September repayments will be deferred. In return, Riverfort charges additional fee of 10% of outstanding balance.
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Upland Resources Ltd - Jersey-based oil and gas company focused on Sarawak, Malaysia - Following the meeting with key heads of Sarawak State in London in April, confirms that a number of meetings have been held in Kuching this week with key officials of Sarawak State and with Petroleum Sarawak. Discussions have been to finalise Upland’s application for a petroleum sharing contract. Further, confirms that it is now in discussions with five established exploration and production companies, including oil & gas majors to participate in the exploration and production of Block SK334. Signs two letters of intent on potential joint venture, farm-in agreements. Actively determining which of the current options will provide the best shareholder value. Chair and Chief Executive Bolhassan Di says: ‘As we would expect the potential of SK334 is attracting a lot of attention and we already have some very serious alternatives to consider. We do expect there to be a lot more interest and as a company we will make sure that the options we choose move us ahead but also are in the long-term interests of all our stakeholders.’ Further, names Albert May as chief commercial officer from May 1.
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Nexxen International Ltd - Tel Aviv-based advertising technology platform - Announces a partnership with Nasdaq listed, Stagwell Inc to offer data solutions and integrated applications within the Stagwell Marketing Cloud.
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Murray International Trust PLC - Edinburgh-based investment trust, managed by abrdn PLC - Repays its maturing £30 million 5 year fixed rate loan with The Royal Bank of Scotland International Ltd. Following the repayment, borrowings consist of £50 million in unsecured loan notes, maturing in May 2031 and £60 million in unsecured loan notes maturing in May 2037. The weighted cost of borrowing based on these borrowings will be 2.56%.
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UK Commercial Property REIT Ltd - UK-focused commercial property investor - Says scheme of arrangement by which merger with Tritax Big Box REIT will be facilitated becomes effective. Says dealings in company’s shares suspended Thursday and shares will be cancelled Friday.
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Aviva PLC - London-based insurer - Gives notice to the holders of the €700 million 3.875% dated Tier 2 reset notes that Aviva will redeem the notes in full on July 3.
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Gresham Technologies PLC - London-based software and services for data integrity and financial management - Court Meeting and General Meeting held on Thursday approve the scheme of arrangement by which the bid for Gresham by STG Partners LLC will be made. In April, Gresham agreed to a nearly £150 million takeover offer from funds advised by private equity firm STG. Shareholders will be receive 163 pence per share in cash. Gresham also plans to pay an interim dividend for 2023 of 0.75p per share, taking the total offer value to 163.75p per share.
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