The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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LMS Capital PLC - London-based investment company - Net asset value per share at September 30 third-quarter end ebbs to 43.3 pence per share from 45.2p in June. ‘Overall portfolio net losses were £900,000, due entirely to the strengthening of sterling compared to the US dollar in Q3. There were no net underlying gains or losses on the portfolio,’ LMS adds.
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Cloudcoco Group PLC - London-based provider of managed IT services and communications solutions - To sell CloudCoCo Connect Ltd unit to BE Co of United Kingdom Ltd for £250,000, including sale of net liabilities of £1.7 million. ‘The board intends to use the cash proceeds from the Proposed Disposal for working capital purposes. The BE Company is a provider of clean energy infrastructure for power-intensive industries, utilising a project developer model that promotes clean energy-as-a-Service. Their core competencies include project development, management, and financing, offering low-cost clean energy at an industrial scale,’ Cloudcoco says.
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GCP Asset Backed Income Fund Ltd - investor in instruments secured against physical assets, or contract cash flows, focused on sector ‘integral to society’ - To make second capital distribution through compulsory partial redemption of shares by end of next month. Will be worth at least £45 million. To redeem shares at price equal to June 30 net asset value of 90.92 pence each.
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Harmony Energy Income Trust PLC - Great Britain-focused investor in commercial-scale battery energy storage systems - ‘Encouraged’ by interest and non-binding offers received from a number of parties as part of a sale process. The interest is for ‘both individual assets as well as the full portfolio’. ‘A selected number of parties have been invited to proceed to the second phase of the process, with negotiations expected to conclude by the end of 2024,’ it adds.
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Asiamet Resources Ltd - copper mine development in Indonesia - Raises further $260,000 from retail offer. Takes total fundraise to $3.6 million. ‘The net proceeds of the retail offer, together with the net proceeds from the subscription, will deliver the final optimisation milestones for the BKM project with a particular focus on significantly reducing the project’s initial construction capital cost prior to project financing,’ Asiamet says.
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OptiBiotix Health PLC - York-based life sciences firm - Affirms will support proposal to remove some directors at investee ProBiotix Health PLC at general meeting to be held next month November. Requisition, by Seneca Partners, includes motion to oust Steen Andersen as chief executive officer of ProBiotix, a Wakefield, England-based life sciences business developing probiotics to tackle cardiovascular disease and other lifestyle conditions. OptiBiotix owns just under 34% of voting rights in ProBiotix. OptiBiotix CEO Stephen O’Hara is an independent non-executive at ProBiotix. OptiBiotix says: ‘Seneca is an institutional shareholder committed to creating long term value for its own investors with a highly experienced investment committee; Seneca behaves in a very objective manner and would not be taking this action absent compelling and urgent measures being needed to be taken to avoid detriment to shareholders.’ ProBiotix and OptiBiotix had been at loggerheads in September over a £1.2 million equity raise by ProBiotix. All the new shares were sold to Danish investor Frederik Bruhn-Petersen, whose son now sits on the ProBiotix board and is a director that Seneca wants removed. OptiBiotix adds Friday: ‘PBX have stated that they started discussions with Mr Bruhn-Petersen in April 2024 (we believe that it was earlier than this). The discussions with Mr Bruhn-Petersen were not disclosed to the full board of PBX, with Mr O’Hara only being informed of the investment on the evening prior to its announcement. It is against this backdrop that Seneca are taking action that we support. It is the most appalling example of corporate governance to effectively conduct negotiations to bring in a new major shareholder in secret and to only inform all board members hours before announcing it.’ ProBiotix on Thursday noted neither OptiBiotix nor Seneca suggested candidates to be the next ProBiotix CEO.
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MicroSalt PLC - London-based provider of low-sodium salt products - Notes share price rise from Thursday, when it surged 46%. It rises 3.4% on Friday. It ‘confirms there is no trading or operational update’ further to prior announcements.
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Substrate Artificial Inteligence SA - Madrid-based incubator of companies providing artificial intelligence products and services in fintech, agritech, energy, human resources, and health sectors - Plans to withdraw from AQSE Growth Market. Trading of shares on AQSE to cease on November 15. Will remain listed in Madrid.
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