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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Cirata PLC - Jersey-based software solutions provider - Announces $7 million equity fundraise at a price of 55 pence per share, ‘to underpin confidence and capitalise on potential’. Fundraise includes placing, direct subscription from certain third-party investors and direct subscription by certain directors. There will also be a retail offer. In addition, Cirata says bookings in second-quarter more than double to $1.7 million on-year from $700,000. ‘Overall, we are making good progress although I feel this is not represented in the headline numbers and I felt we could have reached further in Q2 if it wasn’t for some material deal slippage which we expect to complete in Q4. Nevertheless, the team did deliver improved sales conversions and certain deals initially slated for Q2 close are now slated for H2 close are aligned to customer timelines and consistent with our reconfirmed FY24 bookings guidance,’ Chief Executive Officer Stephen Kelly says. It says some potential deals ‘slipped’ in the second-quarter and it expects these to materialise in the second-half, ‘matching the customer critical timelines’.
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Cap-XX Ltd - Manufacturer of supercapacitors for portable electronic devices - Signs deal with Schurter AG, which will see duo work on technology development and co-branded supercapacitor products. The deal ‘marks a new era of collaboration between the two companies and establishes a strategic technology partnership’.
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Libertine Holdings PLC - Sheffield, England-based linear generator technology developer - Says investors as part of £2.0 million fundraise are in process of depositing funds into either the company’s UK bank account or into a UK escrow account. ‘Due to the timing of the processes required to transfer funds from UAE and India, the board anticipates that a first subscription amount (the quantum of which is yet to be confirmed) will be deposited into the company’s UK bank account or into a UK escrow account by Reliant FZCO during July 2024,’ it adds. ‘The board anticipates that the balance of the proposed investment will be deposited by the Equity Investors in August 2024. At this point in time, there can be no guarantee in relation to the timing of the receipt of such funds.’ Subject to timing and sum of first portion of funds, it may seek ‘short-term funding’ from new or existing investors. Libertine adds: ‘In the absence of any short-term funding, the proposed investment or any other funding, the company can currently maintain its operations to mid-August 2024. Should the proposed investment not complete as planned, the board may seek the cancellation of admission of the company’s ordinary shares to trading on AIM and re-registration as a private limited company in order to attempt to undertake a solvent wind down of the company.’
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Argent BioPharma Ltd - London-based drug discovery company - Raises additional $2.0 million through issue of 2.5 million shares at $0.80 each. Placing participants will also get a free attaching warrant for every two shares subscribed for. These will be exercisable at $1.20. ‘Proceeds from the placement will support the continuation of the company’s drug development pipeline, including CannEpil and CimetrA in the US and EU markets,’ Argent says.
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Chaarat Gold Holdings Ltd - gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan - Calls a general meeting to vote on a proposed recapitalisation and cancellation from trading on AIM. Says the deal would reduce liabilities by around 50% to under $20 million, revise maturity for its debt, and provide a new $5 million working capital facility. This would allow the company ‘to focus on maximising the value of its Kyrgyz Republic assets’, it says. Chaarat says its directors believe the firm has no other viable funding options. A general meeting to vote on the proposals is set for August 8. Final day of trading will be on August 15 if delisting backed.
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Vaalco Energy Inc - Canada and Africa-focused hydrocarbon explorer - Files form which provides ‘historical financial statements and additional reserves’ related to Svenska Petroleum Exploration AB, Stockholm-based exploration and production firm it agreed to buy in February. The filing shows updated net proved reserves at December 31 of 16.9 million barrels of oil equivalent, ‘significantly higher’ than previous 1P working interest competent person’s report reserves of 13.0 million as of October 31. ‘We are very pleased with the results of our third-party reserve engineer’s calculation of proved reserves as of December 31, 2023 for Svenska that shows even greater reserves than we initially disclosed. This strategic and highly cost-effective acquisition strategically expands our West African focus area with a sizeable producing asset that has significant upside potential and considerable future development opportunities in Cote d’Ivoire, a well-established and investment-friendly country. This transaction was highly accretive on key metrics to our shareholder base and provides another strong asset to support future growth,’ Vaalco CEO George Maxwell says.
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Beowulf Mining PLC - Nordic-focused mineral resource developer - Says formal consultation process for the environmental impact assessment for Kallak iron ore project to be initiated after the summer. In regard to the pre-feasibility study, it says final results from metallurgical test-work anticipated within coming weeks. Initial findings suggest the asset ‘can produce a very high grade, low impurity concentrate’. ‘Infill drilling programme, focused on upgrading Inferred resource to measured and indicated category, now expected to commence in autumn 2024,’ Beowulf adds. ‘Conclusion of the PFS now anticipated in Q2 2025 to allow focus on environmental permitting activities.’
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Armadale Capital PLC - Africa-focused natural resource projects investor - Says £150,000 still to be received from subscription remains outstanding. ‘The company is continuing to pursue all practicable measures to collect the outstanding funds from the investors. However, the company has decided to finalise the subscription through the issue of new ordinary shares in respect of gross funds received to date, totalling £500,000,’ Armadale says.
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Real Estate Credit Investments Ltd - invests in real estate debt secured by commercial or residential properties in Western Europe, focusing primarily on the UK, France and Spain - Invests £18.5 million into senior refinancing of a portfolio of 4-star upscale hotels in central London. ‘The senior floating rate loan transaction is secured against four well-located London hotels that offer affordable rooms of a high standard, along with substantial meetings & events facilities. The loan features a conservative loan-to-value and an attractive risk-return profile,’ it adds.
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R&Q Insurance Holdings Ltd - Bermuda-based non-life insurer - FTSE Russell announces shares in company will be deleted from FTSE UK Index Series with effect July 19, amid ‘continued suspension and appointment of joint provisional liquidators’. In June, it confirmed filing of an application to liquidate the company in Bermuda and announced the sale of its general insurance business. The Bermuda-based non-life insurer announced in June that it will be filing for provisional liquidation in Bermuda. The move was the result of an alternative proposal relating to the sale of the firm’s Accredited programme management business to Onex Corp. In addition, R&Q last month said it agreed to sell its UK legacy general insurance company, Inceptum Insurance Co Ltd, to Marco Capital Holdings Ltd, a Malta-based acquisition group.
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