The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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FRP Advisory Group PLC - London-based business advisory firm - Completes placing of around 20.4 million shares at 128 pence with new and existing institutional investors. Says following the placing extensions to lock-in arrangements have become effective. This means that around 59.4 million shares held by former and current Partners will be subject to lock-in agreements expiring at the end of July 2026. A single selling shareholder, who is not party to an existing lock-in agreement, will be subject to a reduced lock-in period ending on August 31. Says as part of the placing, Chief Executive Geoff Rowley sells 1.9 million shares and Chief Operating Officer Jeremy French sells 1.5 million shares. FRP points out the placing was oversubscribed.
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Surface Transforms PLC - Liverpool-based manufacturer of carbon-ceramic brake discs for automotive and aircraft applications - Says placing was ‘significantly’ over-subscribed with applications in excess of 450 million shares compared to the 200 million available. As a result, decides to extend the open offer and accept 300 million shares, raising £3.0 million. In aggregate, raises £9.5 million via placing, subscription and open offer.
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Pennant International Group PLC - Cheltenham, England-based provider of training technologies and product support for various industries including defence and aerospace - Raises £1.4 million via placing and subscription at 25 pence each. Further, says some directors may subscribe for additional £200,000 worth shares. Chief Executive Phil Walker comments: ‘The support of our shareholders enables the continued development of Pennant’s integrated software suite, and marks another step in Pennant’s transition to a high margin software and service-led business.’
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EnSilica PLC - Oxfordshire, England-based semiconductor designer - Raises £4.9 million via placing and subscription at 45 pence per share. Further, launches retail offer to raise a further £300,000 on the same terms.
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PensionBee Group PLC - London-based online pension provider - Enters final binding agreement with a large, US-based global financial institution in order to expand into the US. PensionBee will deliver its US service through PensionBee Inc, a wholly-owned subsidiary of PensionBee Group, established in Delaware with operational headquarters in New York. Pension Bee Group will make a financial contribution to PensionBee Inc funded from existing resources. Sees the potential for its US business to grow rapidly, becoming at least the size of its growing UK business over the next decade.
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Trident Royalties PLC - diversified mining royalty company - Notes recent positive announcement by Equinox Gold in relation to its Greenstone gold mine in Ontario, Canada. Trident holds an off-take for 100% of the gold produced at Greenstone up to 58,500 ounces per annum until March 1, 2027. Trident notes Greenstone has achieved its inaugural gold pour on schedule, producing 1,800 ounces of gold from the full recovery circuit, with all equipment operating as expected. Greenstone will be Equinox’s flagship asset and largest, lowest-cost producer. When operating at capacity, the Greenstone open-pit is expected to produce approximately 400,000 ounces of gold annually for the first five years, and average 360,000 ounces of gold per year for its initial 14-year mine life, making Greenstone one of Canada’s largest gold mines.
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Tullow Oil PLC - London-based oil and gas explorer - Formalises strategic partnership with the Ghana Forestry Commission to implement a reduced emissions from deforestation and degradation programme that will deliver certified carbon offsets in line with Tullow’s 2030 net zero roadmap. Expects the programme to generate up to 1 million tonnes per annum of certified carbon offsets from around 2 million hectares of land across the Bono and Bono East regions of Ghana.
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Boston International Holdings PLC - London-based special purpose acquisition company - Says talks to buy Hyperion Resources Ltd, a private Seychelles company, have been terminated. Actively considering other potential opportunities. Shares remain suspended pending publication of results for year to December 31.
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JPMorgan Emerging EMEA Securities - investment trust - Updates on Russian litigation proceedings. Company’s manager says JEMA’s assets (both securities and funds) held in accounts in the name of JPMorgan Bank International, JPMorgan’s Russian subsidiary, are not subject to the previously mentioned freezing order and the civil proceedings being brought by VTB in the Russian courts, which were commenced on April 17. 2024.
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APQ Global Ltd - Guernsey-based emerging markets income company - Says book value per ordinary share at March 29 was 29.95 US cents, around 23.71 pence.
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