(Alliance News) - 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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Gresham House PLC - London-based asset management and investment company - Appointed as asset manager for a 24,800-hectare Australian forestry investment, Green Triangle Forest Products, which AXA IM Alts has agreed to acquire, subject to regulatory approval, on behalf of clients. Gresham House also acted as the advisor for AXA IM Alts in relation to this transaction. "The Australian mandate follows Gresham House's appointment by AXA IM Alts in 2019 as the asset manager to a 4,074-hectare portfolio of forests in Ireland and will see the international relationship between the two managers strengthened. Gresham House is the UK's largest commercial forestry manager, harvesting approximately 10% of the UK's softwood annually and managing about 140,000 hectares, worth more than GBP1.8 billion, company expalins.
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Duke Royalty Ltd - London-based provider of alternative capital solutions to businesses in Europe - First quarter, ended June, cash revenue marginally above management's expectations at GBP2.9 million. Expects cash revenue in second quarter to be GBP3.2 million, which would be record for company. Chief Executive Neil Johnson says: "Duke's current strong liquidity position, combined with its deep pipeline of late stage deal opportunities, gives me confidence that further deployments will be completed in the short term that will translate into further increases in quarterly cash revenue for the benefit of all shareholders."
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Esken Ltd - airport and aviation services operator - Ends role as strategic partner and operator of Teesside International Airport. To give up 25% stake in airport to new owners for nominal amount, but could get up to GBP31.3 million in deferred consideration if there is a future sale of the airport before January 2023. Executive Chair David Shearer says: "We are pleased to have had the opportunity to play a role in supporting Teesside International Airport's return to public ownership and help it on the start of a journey that is now underway with a multimillion-pound overhaul of the terminal."
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essensys PLC - London-based flexible workspace software maker - Raises about GBP1.9 million from open offer from 657,338 shares, which was 94% of available shares under offer. After open offer, total placing now GBP33.2 million, through total of issue of 11.0 million placing shares and open offer shares.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Sees record quarter deliveries in three months to June, generating revenue of about USD945,000, with USD665,000 from phytocannabinoid medicines. "During the June quarter MGC Pharma delivered a number of landmark achievements which highlight the progress that the company has continued to deliver since its listing on the London Stock Exchange in February of this year. During the June quarter the company achieved a number of significant milestones including the Republic Ireland adding CannEpil to their Primary Care Reimbursement Service, which makes CannEpil free of charge when dispensed under Ireland's Medical Cannabis Access Program. In addition to this, the Company commenced the enrolment process for patients into both its CimetrATM and CannEpil clinical trials," Co-Founder & Managing Director Roby Zomer says.
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Parkmead Group PLC - Netherlands-focussed gas explorer - Extends GBP2.9 million interest-bearing loan to Energy Management Associates Ltd by 24 months, ahead of loan expiring on Tuesday. "By providing this facility, Parkmead benefits from an exclusive arrangement to join EMAL in new ventures being evaluated by the company, including inter alia potential opportunities relating to renewable energies," company says. Loan will continue to bear a fixed interest rate of 2.5% per annum, payable to Parkmead.
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Kanabo Group PLC - London-based medical cannabis company - Signs non-binding term sheet with 11157353 Canada Corp, which trades under the name of Materia, to acquire Materia's European businesses. The acquisition is to be fully satisfied through the issue of Kanabo shares, and company will also make a CAD2.5 million, about GBP1.4 million, loan facility available to Materia, with CAD500,000 available immediately. "Materia owns an EU GMP certified facility in Malta and a licensed medical cannabis wholesaler in Germany, giving Kanabo access to hundreds of pharmacies across Germany," company says.
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GENinCode PLC - Oxford-based cardiovascular disease detection and prevention company - Thrombo inCode sees positive results from case-control study performed at the Karolinska Institute, Sweden. "The study returned positive clinical results which strengthen Thrombo inCode as a leading diagnostic product for the diagnosis of inherited thrombophilia and venous thromboembolism risk assessment. The Karolinska Institute is one of the world's leading medical universities with a vision to advance knowledge about life and strive towards better health for all," company explains. Thrombo inCode is CE Marked and one of company's three primary products of commercialisation focus over the immediate term.
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Cadence Minerals PLC - London based identifier, investor, and developer of rare-earth assets - Notes DEV Mineracao SA allowed to export further USD10 million of iron ore from its stockpiles situated at its port in Santana, Amapa, Brazil. First permission granted since mid-February. Cadence owns 20% of joint venture which owns 99% of DEV. "The net profit from the sale of the iron ore will be used primarily for commissioning studies, capital projects and working capital. As per the first permission, 10% of the net profits will be reserved for payment against the amounts owed to the secured bank lenders," company adds.
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Castillo Copper Ltd - base metal explorer focused on Australia and Zambia - Initial assays for Big One deposits "encouraging," with drill-holes BO_315-317RC returning up to 9.19% copper and verified extensions to known mineralisation at the deposit in Mt Isa's copper-belt. In addition, visual inspection of samples from drill-holes BO_322-27RC identified further copper mineralisation, with the best intercept of 26 metres found in BO_326RC. "It is encouraging there is a strong correlation between visual mineralisation and the assays, as the board optimistically looks forward to receiving further results. Otherwise, the progress of the drilling campaign is taking shape, especially verification the underlying copper system at the Big One Deposit is likely to be larger than our geology team's initial expectations," Managing Director Simon Paull says.
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S-Ventures PLC - investment firm - Buys 100% of plant-based nutrition company Pulsin Ltd for about GBP2 million in cash and about GBP2 million in loan notes plus a total of 15.2 million new shares, of which 3 million will be deferred and are contingent upon net sales performance of Pulsin. Pulsin had gross sales of about GBP7.1 million in twelve months to April 30. "The acquisition adds significantly to S-Ventures' interests in the health and wellness foods marketplace following acquisitions earlier this year of a probiotic chocolate brand, Ohso Chocolate, and a plant-based snacking company, We Love Purely. The entire Pulsin team, led by Simon Ashburner, will join the S-Ventures family. Simon will continue as managing director of Pulsin and also contribute to S-Ventures more widely as a member of the senior executive team," company says.
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Angus Energy PLC - oil and gas development company - Lincolnshire County Council Planning Committee decides in favour of company's application to perform a short-term side track operation at the Saltfleetby gas field site. "We welcome the decision and look forward to the written notice detailing conditions," company says. Approval follows successful grants by Lincolnshire County Council for the associated pipeline works at nearby Theddlethorpe and the gas processing facilities on B site extension.
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Journeo PLC - information systems and transport technical services company - Wins GBP800,000 tender award for real-time passenger information systems and services for Aberdeenshire County Council. Tender includes the provision of software and communications to generate and manage timetables and a 5-year services and support package. Turning to trading, overall performance in first half better than the same period last year. Revenue up 7% year on year to GBP7.2 million, with Passenger Systems revenue broadly similar at GBP3.5 million, but Fleet Systems up 17% at GBP3.7 million.
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By Paul McGowan; paulmcgowan@alliancenews.com
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