The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
----------
Dialight PLC - London-based producer of LED lighting for heavy industrial applications - Says trading in final three months of financial year ended March 31 remained in line with management expectations. In addition, notes progress made on disposal of one of its non-core businesses. Dialight says ‘heads of terms signed and final documentation well advanced’. Dialight says preparations for trial concerning Sanmina litigation are ‘well underway’. Trial is set for July 15. ‘The company is currently waiting for judgments to be released on a number of pre-trial motions and will make further announcements if and when appropriate,’ Dialight says. In December, it noted one-time partner Sanmina received a blow in the ongoing legal battle. A court denied Sanmina’s motion to dismiss Dialight’s fraudulent inducement claim. It meant the claim, as well as some counter-claims, would go to trial. Finally, Dialight adds Thursday that it will change its reporting currency to dollars. It notes most of its revenue, costs and financing are dollar-denominated.
----------
Petards Group PLC - London-based developer of security and surveillance systems - Revenue in 2023 falls 13% to £9.4 million from £10.9 million. Swings to pretax loss of £1.2 million, from profit of £178,000. On current trading, Chair Raschid Abdullah says: ‘Group trading was slightly ahead of budget for the first quarter but the second quarter has so far shown some signs of weakness relating to delays in respect of some orders anticipated to be received and delivered in the period. The current expectation is that most, if not all, of these orders will be received during the course of the year, revenues from which will be determined by the timing of order receipt.’ In addition, it agrees deal to acquire Affini Technology Group Ltd, a UK-based critical communications solutions provider to the transport, blue light, energy, defence and construction sectors. Consideration is £2.8 million, £1.5 million for adjusted net assets and £1.3 million payment for goodwill. Will be satisfied by £2.5 million in cash and 4.2 million in new shares.
----------
James Fisher & Sons PLC - Cumbria-based marine services company - Disposal of RMSpumptools Ltd approved by just under 100% of shareholders at general meeting. The £90 million sale to the UK arm of ChampionX Corp was announced in March. ‘The disposal is conditional upon receipt (or waiver) of certain other conditions, including merger control clearance from the Saudi Arabian General Authority for competition,’ firm adds.
----------
Quantum Exponential Group PLC - invests in quantum technology - Still in talks with investor group over ‘potential substantial investment’ in Quantum Exponential. ‘Whilst there can be no certainty as to the outcome of these discussions, the Directors remain confident that matters will reach a positive conclusion in the very near future,’ it adds. As a result, it proposes that the adjourned general meeting penned for Friday should be pushed back further to July 12. It adds: ‘Whilst the board recognises the time elapsed since this initial interest from these investors, it still considers it to be in the best interest of shareholders to allow this extended time for it to reach its conclusion.’
----------
R&Q Insurance Holdings Ltd - non-life speciality insurance company - Updates investors on sale of Accredited. In October, R&Q entered an agreement to sell 100% of the equity interest in Randall & Quilter America Holding Inc, the holding company of its programme management business, Accredited. Says it has seen adverse reserve development and a degree of ‘general stress’ on its businesses. These will have an impact on the company’s stability as a business. Talks with Onex Corp, possible buyer of Accredited progress. Says Onex has provided an alternative transaction structure that could be implemented instead. This would see R&Q file for provisional liquidation in Bermuda, before sealing the Accredited disposal through that process. R&Q warns: ‘The provisional liquidators would then look to realise value from the group’s remaining assets. The directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the company’s shareholders.’ It adds: ‘The board is currently exploring and evaluating all options that may be available to the company, including alternative transactions (including the alternative proposal) and potential sources of liquidity, whilst continuing to work to complete the original sale.’
----------
Oberon Investments Group PLC - investment management, wealth planning and corporate broking firm - Revenue for year ended March 31 to rise more than 50%, topping £7.5 million, from £5.0 million. ‘Oberon has established strong foundations, in terms of personnel and infrastructure, across its three core business areas, Fund Management, Wealth Management and Corporate Broking. Oberon will benefit from the operational gearing inherent in our business model, by further adding high-quality teams and revenue generators to these foundations. This process is well underway and we expect to see the associated impact on revenue and profitability in FY25,’ it adds. Expects to have trimmed loss by 25%, and eyes ‘move towards profit’ in second half of new financial year.
----------
Tekcapital PLC - London-based intellectual property investor - Investee Innovative Eyewear Inc launches application to allow handsfree ChatGPT access on its glasses. ‘This brings a powerful new feature to Samsung phone users for the first time - the ability to access ChatGPT via the device’s native voice assistant. All users of Bixby can now speak to and hear responses from ChatGPT through Lucyd eyewear connected to their Samsung device, or on the device itself. The company believes this seamless, voice-controlled access to new AI features will support numerous new utilities for Samsung phone and tablet users, such as real-time translations and detailed research capabilities on almost any subject,’ Tekcapital adds. It owns 5.2 million shares in Innovative Eyewear.
----------
JLEN Environmental Assets Group Ltd - environmental infrastructure investment fund - Refinances three-year facilities, providing multicurrency revolving credit facility of £200 million with an uncommitted accordion facility of up to £30 million. ‘Taken together this provides £30 million increased funding capability over the previous facility,’ JLEN adds. Notes the financing qualifies as a sustainability-linked loan.
----------
Mineral & Financial Investments Ltd - natural resources sector-focused investment company - Net asset value per share at March 31 third-quarter end up 16% on-year to 26.0 pence from 22.5p. ‘The quarter was challenging which we believe is due to cost inflation and interest rises keeping the profitability of the mining sector under pressure and valuation levels in check. Commodity prices have risen in part because of continued global positive economic growth, but also in our opinion, because inflation has increased break-even costs for most resource businesses,’ it adds.
----------
Jadestone Energy PLC - Asia-Pacific focused upstream oil and gas company - Year-to-date output averages around 17,200 barrels of oil equivalent per day, up 50% on-year. Output in second half of year ‘expected to increase significantly’ amid start of output at Akatara project. It adds: ‘As previously reported, the lower end of the 20-22,000 boe/d 2024 production guidance range remains the most likely outcome.’
----------
Empyrean Energy PLC - oil and gas developer with projects in China, Indonesia and the US - Yet to drill Topaz prospect and does not meet requirements to continue the cooperation on Block 29/11 in offshore China. In order to proceed with second phase at block, it needed to drill Topaz by June 12. It adds: ‘During 2023, Empyrean engaged LAB Energy Advisors (London) with respect to broadening the reach for possible risk sharing alternatives and farm out opportunities for the Topaz prospect. Despite strong interest in the technical merit of the Topaz prospect, no farm out deal has been reached as of today’s date. Empyrean has put forward a submission to CNOOC for an extension on Block 29/11. The company will make a further announcement should its request for an extension be granted.’
----------
Bivictrix Therapeutics PLC - biotechnology company focused on cancer therapies - Notes ‘compelling safety profile’ of BVX001 offering in pre-clinical models. Findings support progression to clinical studies. CEO Tiffany Thorn adds: ‘The need for more effective therapies to treat acute myeloid leukaemia is clear and currently approved AML therapies are associated with severely toxic side effects, including potentially fatal infections and sepsis, limiting their use to younger, fitter patients.’
----------
Copyright 2024 Alliance News Ltd. All Rights Reserved.
