The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Netcall PLC - Bedford, England-based customer engagement software provider - Acquires digital process automation firm Govtech Holdings Ltd for initial £9.6 million, including £1.5 million in cash retained by Govtech, plus an additional earnout. Maximum consideration is up to £13.0 million. ‘The acquisition of Govtech is expected to be immediately earnings enhancing for Netcall. It significantly strengthens the Group’s market share in the local government sector, increasing the group’s customer base from 26% to 34% of UK councils. Additionally, it provides an entry into councils’ revenues and benefits function, complementing Netcall’s existing applications across housing and social care processes for local government,’ Netcall says.
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ACP Energy PLC - formed to capture value accretive opportunities in the oil & gas industry - Deal to acquire assets from Vinccler CA now ‘very unlikely’ to be completed due to political situation in Ecuador. ACP also notes ‘withdrawal of one of the company’s funding partners following a sudden death’. ‘The directors have, therefore, entered into a conditional agreement with a private Singaporean-based company intended to, ultimately, result in the purchase of a royalty interest of a natural resources asset. If completed, the agreement will additionally provide the company with short-term funding, and a further announcement will be made in due course,’ ACP adds. Deal would constitute a reverse takeover.
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Griffin Mining Ltd - mining and investment company focused on China - To buy 10 million shares at a value of up to $10 million until August 25, ‘after which the directors will consider a further buy-back programme and or other ways of returning funds to shareholders,’ Griffin adds.
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Kazera Global PLC - mining-focused investment company - Enters into deal to acquire 10% of Tectonic Gold PLC’s shareholdings in both Deep Blue Minerals (Pty) Ltd and Whale Head Minerals (Pty) Ltd. Deal also includes Tectonic’s economic interest in loans it has with WHM’s Black Economic Empowerment partners. The deal lifts Kazera’s beneficial interest in WHM to 70% and its beneficial interest in DBM to 74%. Total consideration is $500,000, including $150,000 in cash and $350,000 to be satisfied in shares. Tectonic adds: ‘Tectonic has determined to focus strategically on Australian gold and has divested its remaining interest in the South African diamond and mineral sands JV with Kazera. Tectonic will retain an indirect interest in the South African projects through an equity holding in Kazera. The consideration shares will be subject to a lock in for a period of six months and Kazera expects to have initial production underway within this time. The equity consideration of this transaction is subject to shareholder approval, and the Kazera directors and insiders have provided undertakings to vote in favour of the transaction and on this basis we expect it to be approved.’
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Andrada Mining Ltd - raw materials producer with mining and exploration assets in Namibia - Uis Tin Mining Co subsidiary concludes £7.5 million funding agreements with Bank Windhoek Ltd. ‘These facilities replace UTMC’s current banking facilities with immediate effect. The proceeds will be allocated primarily to retirement of existing facilities, growth initiatives, and working capital. The funding has been concluded following the fulfilment of conditions precedent, including receipt of all required consents and documentation,’ Andrada adds.
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Tanfield Group PLC - passive investing company with 49% interest in producer of self-propelled, towable and push-around aerial lifts Snorkel International - Snorkel sales in fourth-quarter of 2023 rise 15% to $43.6 million from $37.8 million a year prior. Earnings before interest, tax, depreciation and amortisation total $3.4 million, swinging from loss of $2.9 million. Full-year sales total $188.7 million, a rise of 12% from $168.8 million. Ebitda amounts to $6.3 million, swinging from loss of $13.8 million.
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Libertine Holdings PLC - Sheffield, England-based linear generator technology developer - Still expects to receive £110,000 tranche of loan by August 16 and second portion of same size by September 14. ‘This is in advance of the £2 million proposed investment which the company still anticipates being deposited by Reliant FZCO into a third-party UK escrow account by September 2024 . At the time of this announcement neither tranche of the loan amount nor the proposed investment has been received,’ Libertine adds. Appoints Interpath Advisory to advise firm ‘on appropriate alternative next steps which include exploring a potential sale’ of subsidiary Libertine FPE Ltd. ‘There can be no guarantee that loan amount will be received or that the process will present a favourable alternative transaction opportunity for the company. Even if an alternative transaction should be forthcoming, there can be no certainty on the timing or level of return, if any, to shareholders. Any alternative transaction may be conditional upon, inter alia, shareholder approval,’ Libertine adds. It explains it only has cash in its coffers to maintain operations until late August.
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JPMorgan American Investment Trust PLC - has portfolio of both US value and growth stocks - Jonathan Simon, who is responsible for managing value stocks in large-cap portfolio, intends to retire in ‘early 2025’. Following meetings with managers and other senior members of JPMorgan’s US equities team, it says ‘Jack Caffrey will work alongside Jonathan on the value stocks in the large cap portfolio and Eric Ghernati will work alongside Felise Agranoff on the growth stocks in the large cap portfolio’. ‘The board believes in the merit of additional portfolio manager resources and considers that the company will benefit from four portfolio managers (two growth, two value) on the large cap portfolio as a key element of the company’s ongoing management structure,’ the investment trust says.
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Equals Group PLC - London-based payment platform developer - Says consortium mulling acquisition for Equals ‘has substantially completed its due diligence’ and is progressing discussions with preferred financing provider. In order to give consortium extra time, the ’put up or shut up’ deadline has been extended to September 4. Previous deadline was end of play on Wednesday. In July, it received an improved indicative non-binding proposal from the consortium comprising Embedded Finance Ltd and TowerBrook Capital Partners (UK) LLP regarding a possible all-cash offer at 135 pence per share. It values Equals at around £253 million.
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Apax Global Alpha Ltd - closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP - Expects to invest approximately €2.5 million in human resource management software platform greytHR on a look-through basis. Apax Digital Fund II announced a strategic investment in greytHR on Monday. Apax Global Alpha is a limited partner in Apax Digital Fund II.
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