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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Bluejay Mining PLC - metals mining company with operations in Greenland and Finland - Raises around £1.5 million via placing with existing shareholders and other investors at 0.3p each. Funds will help prepare Disko 2025 fieldwork as well as stakeholder engagement; prepare White Flame Jameson environmental impact assessment and drilling consultation; site surveys and regional sampling at the company’s Thule copper project; resampling and partner engagement at Outokumpu; plus general corporate and working capital purposes. The placing is being conducted by Zeus Capital.
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Facilities by ADF PLC - provider of serviced vehicles, including mobile makeup trailers and offices, for TV and film productions - Buys Autotrak Portable Roadways Ltd for up to £21.3 million. In order to finance the deal, proposes to raise £10.0 million via placing at 50 pence per share. Company to pay initial £10 million, a contingent payment of £4.2 million spread over three years and an earnout consideration of £4.0 million payable in cash. Says the acquisition will be significantly earnings per share accretive following integration into the group. Adds two institutional investors have confirmed their intention to seek to invest £7.6 million in the placing. In addition, hopes to raise £0.5 million via retail offer. Further, plans to raise £10 million via share sale to meet strong institutional demand.
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Novacyt SA - Paris-based biotechnology group focused on clinical diagnostics - Says it has successfully reclaimed £12.2 million in VAT from HMRC. This relates to Department of Health and Social Care invoices that will now not be paid following the dispute settlement reached with the DHSC. Following settlement of the dispute, including the payment of £5.0 million to the DHSC in July, the group’s net cash position has increased by over £7.0 million.
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Entain PLC - Isle of Man-based sports betting and gaming firm which owns Ladbrokes - Says US joint venture BetMGM becomes the first sports betting app to offer Nevada gamblers seamless, nationwide connectivity through a single, digital wallet.
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Triad Group PLC - Godalming, England-based technology consultant - Reiterates sentiment behind comments made alongside results in June when company said ‘a transformation of our results is now being achieved in the current financial year.’ Confident investors will not be disappointed by results when they are published.
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Calnex Solutions PLC - Linlithgow, Scotland provider of test and measurement solutions for the global telecommunications sector - Anticipates that the company’s performance in financial 2025 will be in line with market expectations. Notes the telecoms market has remained challenging throughout the first four months of the financial year. ‘While activity levels across the sector are generally expected to stay at subdued levels for the remainder of the year, the fundamental need for the company’s testing solutions remains strong,’ company says. Encouraged by the early successes of Calnex’s new product launches, which are expected to underpin a return to growth in the second half of the year.
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Biome Technologies PLC - Southampton, England-based bioplastics and radio frequency technology business - Increases size of retail offer to £160,000 from £80,000 reflecting significant shareholder demand. As a result, raises just over £1.1 billion including the subscription and retail offer.
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Getech Group PLC - Leeds, England-based geo-energy and green hydrogen location company - Raises £200,000 via retail offer at 2 pence each. Chief Executive Richard Bennett says: ‘We are pleased to have received good demand for this retail offer and to be able to ensure that all shareholders have had the opportunity to maintain their shareholdings. With the new capital raised, shareholders have strengthened the overall financial position of the business and provided the funds to invest behind growing group revenues.’
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Neometals Ltd - West Perth, Western Australia-based lithium-ion battery recycling technology - Provides a strategy update. Plans restructuring and right-sizing of the organisation and its underlying cost base to reflect a new strategic refocus. Prioritises the progression of Primobius and capital management initiatives through the targeted sale of non-core assets and strategic partnering to enable development of other technologies. These steps are expected to lower the corporate and administrative cost base by around 40% year-on-year. Managing Director Chris Reed says: ‘We have taken these tough but necessary decisions to simplify our strategy, focus and organisation to prioritise the growth of the Primobius revenue base and forward order book. The headwinds in the battery materials sector dictate that we must adapt to suit conditions by conserving capital, securing partners to fund our pre-commercial technologies and divesting non-core assets’. In addition, Neometals allows lapse of option to acquire 80% of private US company with proprietary technology to recover precious metals from industrial waste. Explains due diligence has not provided sufficient confidence in technical feasibility or economic viability of the technology at its current stage of maturity.
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Petro Matad Ltd - petroleum exploration, development and production company, focused on projects in Mongolia - Says the Heron-1 oil discovery well has been re-entered, stimulated and completed for production. Further, neighbouring operator PetroChina provides oil storage tanks that will complete the surface configuration for the production well site facilities. In addition, DQE Drilling has been approved as the winning tenderer for the 2024 drilling programme and the rig to drill Heron-2 is expected to start mobilisation by the end of August with spud anticipated in mid-September.
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Ariana Resources PLC - London-based mineral exploration and development company with gold mining interests in Africa and Europe - Announces the completion of a merger of Zenit Madencilik San ve Tic AS and Pontid Madencilik San ve Tic AS. Confirms there is no change as a result of this transaction in Ariana’s effective interests.
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Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems - Says company’s principal lender states the company’s working capital requirements will only be supported until December 31. As at July 31, company had debt facilities totalling €121.5 million, of which €110.4 million was drawn, as well as accrued interest under the facilities of €37.8 million. In talks with other potential sources of finance and, in light of this development, will accelerate those discussions in order that the business can continue as a going concern.
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Technology Minerals PLC - London-based battery metals recycling firm - Provides update regarding its 48.35% owned battery recycling business, Recyclus Group Ltd. Says Recyclus continues to progress operations at its lithium-ion recycling facility. Recyclus’ industrial-scale facility operated every day with a high level of availability and shredding production levels surpassed the current budgeted level for the month. Chair of Technology Minerals and Director Robin Brundle says: ‘We are pleased to see ongoing steady progress throughout our business, particularly at our Wolverhampton facility. July has been the busiest for us commercially where we have exceeded our battery throughput targets and continued to build traction across a number of sectors in the UK market which require an end-to-end battery recycling solution.’
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