The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Live Co Group PLC - Surrey, England-based live events, entertainment & sports events company - Is in talks with creditor, Creative Technology Northern Europe AB, who has filed a winding up petition on LVCG in relation to monies owed concerning KPOP Lux Madrid 2023. Has been unable to agree a payment plan despite extensive talks. If not otherwise resolved, the hearing will take place on September 10. Continues to consult with its restructuring advisors with a view to putting both the company and its substantive business, Brick Live International Ltd into administration as soon as is practical. In the interim BLI has ceased to take new orders at present. In addition, notes no progress on the cornerstone investor and, says the audit has not progressed and its timing is uncertain.
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Keystone Positive Change IT PLC - invests in companies which make positive social or environmental impact and is managed by Baillie Gifford - while positive on its prospects, the firm notes a ‘challenging period of performance during a difficult backdrop for the investment trust sector’. Keystone believes a ‘transaction’ may be in the best interests of shareholders. ‘The board therefore intends to consult more widely with shareholders and to explore the company’s options which include a rollover into the Baillie Gifford Positive Change Fund, an FCA authorised open-ended investment company with assets of £1.8 billion, substantially all of which is invested in the same portfolio of listed equities as the company,’ it adds. ‘The board intends that any proposal would include a cash exit option at a modest discount to the company’s net asset value.’
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Armadale Capital PLC - Africa-focused natural resource projects investor - While makes significant progress in opening up the historic workings at Canyon Silver project for further evaluation and sampling, says progress has been slower than planned. This is because ground conditions have been more difficult than expected. Further sampling will be carried out after the reopening is complete, allowing the company to access the potential of the project. As announced in June, initial assay results at the project produced high grade mineralisation of up to 1010 grammes per tonne silver and 18% lead.
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Coro Energy PLC - South East Asian energy company with a natural gas and clean energy portfolio - Pretax loss in the year to December narrows to $5.0 million from $8.2 million a year prior. Revenue rises to $235,000 from $51,000. Results include gain on disposal of investments in associates and subsidiaries of $1.3 million compared to nil a year before.
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GSK PLC - London-based pharmaceuticals company - Swift-1 and Swift-2 phase III data shows depemokimab delivers a statistically significant and clinically meaningful reduction in exacerbations over 52 weeks versus placebo plus standard of care, for severe asthma. Both trials met their primary endpoints with statistically significant reductions in the annualised rate of clinically significant exacerbations (asthma attacks) over 52 weeks versus placebo, showing a significant 54% reduction in exacerbations.
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Ethernity Networks Ltd - Lod, Israel-based supplier of data processing semiconductor technology for networking appliances - plans to raise £540,500 through a placing at 0.3 pence per share. Peterhouse Capital Ltd acts as placing agent. The placing has not been underwritten. Participants in the placing will receive one warrant for every placing share, exercisable at 0.75p for 18 months. Further, Chief Executive David Levi subscribes for around 9 million shares to raise further £27.025. Levi explains: ‘Over the past several months we have been engaged in discussions with two Tier-1 wireless backhaul equipment vendors. Both vendors have prior experience with Ethernity’s technology, and one has been successfully testing our UEP solution for the past nine months. They have indicated that devices from Ethernity’s competitors do not meet their need and, therefore, they have expressed interest in building a next-generation solution based on Ethernity’s offering. These solutions would cover several use cases in their domain, enabling them to gain market share while also improving their respective gross margins. Consequently, we believe that Ethernity is strategically positioned to capitalise on its UEP technology.’
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Calculus VCT PLC - venture capital trust - intends to launch a prospectus offer of new shares for subscription in the 2024/25 tax year. The offer will seek to raise up to £10 million. The offer will have an over-allotment facility, which, if utilised, will seek to raise an extra £10 million.
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CyanConnode Holdings PLC - Cambridge, England-based developer of narrowband radio frequency mesh networks - Plans to raise £5 million via placing to institutional investors, and a subscription by a new strategic investor, Axia Investments Ltd, and certain company’s directors at 9 pence per share. The placing will be effected by way of an accelerated bookbuild. Certain directors, namely John Cronin, David Johns-Powell and Heather Peacock intend to subscribe for up to £295,000 worth shares. Axia intends to subscribe for 33.3 million shares to raise £3 million. Proceeds will be used to provide ongoing working capital for growth, further strengthen the balance sheet and fund the setup of a hardware product design laboratory in India, which will enable a ramp up of operations.
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