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EARNINGS AND TRADING: Frontier IP sells last of Exscientia holding

29th Feb 2024 18:52

(Alliance News) - 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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Frontier IP Group PLC - London-based intellectual property commercialisation company - Sells further 493,550 American depositary shares of portfolio company Exscientia PLC, netting USD3.2 million. it adds: "Following the Exscientia share sales, Frontier IP no longer has an interest in ADSs in Exscientia. The directors of Frontier IP intend to use the net proceeds from the sale of ADSs in Exscientia for general working capital purposes and to provide further support to the group's existing portfolio companies."

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Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Says firm is still working with third-party investor towards receiving initial tranche of funding, expected to be in region of USD15 million, by end of March. "There can be no guarantee that this funding will be received nor the quantum or timing thereof," it adds. Says remains in talks with another investor regarding short-term loan facility which, if put in place, will provide company with "additional short term bridge financing".

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UIL Ltd - Closed-end Bermuda-incorporated investment company - Investee Somers Ltd enters into deal which will see Waverton Investment Management Ltd merge with London & Capital Group. UIL owns just under 42% of Somers and Waverton is Somers' largest holding.

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Infrastructure India PLC - infrastructure fund investing directly into assets in India - Says lender agrees extension to maturity date for debt facilities to May 15. It adds: "Recent maturity date extensions agreed with the debt facilities lenders had been related to the expected timetable for the completion of the disposal of DLI, which was terminated on 15 February 2024." Infrastructure India earlier in February said it will no longer be selling Distribution Logistics Infrastructure Private Ltd. In September, the company said it will sell Distribution Logistics Infrastructure Private to Pristine Malwa Logistics Park Private Ltd. However, it said earlier this month: "Some key areas of the conditional share purchase and shareholders' agreement were subject to final agreement, which could not be reached in a manner satisfactory to the IIP board, in the best interests of IIP shareholders, and potentially materially undervalued DLI in the board's view." Based on this, the company said it will not sell it.

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Mid Wynd International Investment Trust PLC - investor in international stocks - Net asset value per share at December 31 half-year end rises 6.0% to 763.33 pence from 719.84p at end of June. Maintains half-year dividend at 3.85p per share.

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City Pub Group PLC - London-based owner and operator of 52 pubs - Says court sanctions takeover by Young & Co's Brewery PLC. Final day of dealings of City Pub shares is March 3. The acquisition was agreed in November and values City Pub at around GBP162 million.

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Bushveld Minerals Ltd - Vanadium producer operating in South Africa - Receives further ZAR65 million, around USD3.4 million, from a Southern Point Resources partner. "The company has now been loaned USD9.4 million on an unsecured, non-refundable, interest-free basis by SPR," it adds. Budhveld continues: "The delay in receiving the remaining balance of USD3.1 million is due to outstanding funds from one of SPR's institutional partners. SPR has communicated that the outstanding balance will be paid no later than 14 March 2024." Says loan will be repaid once SPR provides Bushveld with the entire USD12.5 million subscription funds. Bushveld adds: "The company remains engaged in discussions with SPR as to when SPR will meet its obligations under the subscription agreement. The subscription monies owed to Bushveld remain classified as a short-term receivable on the balance sheet until they have been received."

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Oriole Resources PLC - Gold and base metal explorer focused on West Africa - Receives final USD450,000 tranche of USD1 million signature payment from BCM International Ltd. BCM accordingly granted 10% stake in Mbe gold project in Cameroon. It can earn up to a total 50% interest, in return for USD4 million in exploration funding and "future resource-linked success-based payments".

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Canadian Overseas Petroleum Ltd - oil and gas exploration company with operations in Wyoming, US - Agrees with senior credit facility lender to extend term of previously announced forbearance agreement to March 8. COPL adds: "The senior credit facility lender has agreed not to enforce certain rights and remedies that it might otherwise have as a result of the company's default(s) under the said senior credit facility." COPL says it remains in a "precarious financial situation", however. It adds: "The company is continuing to consider strategic alternatives, including some form of formal insolvency protection that may or may not leave value in the company's common shares."

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Power Metal Resources PLC - exploration company focused on North America, Africa, and Australia - Signs deal to acquire 75% of GSA (Environmental) Ltd, a UK-headquartered engineering technology. GSA "specialises in the extraction of strategic metals from 'secondary sources'." Power Metals pays initial GBP75,000 through the issue of new ordinary shares. The maximum total consideration for the acquisition is GBP1 million, payable in cash or shares.

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Vast Resources PLC - mine development company with interests in Romania, Tajikistan and Zimbabwe - Says capital reorganisation approved by shareholders. Under the reorganisation, six existing shares will be consolidated into a new one.

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Conroy Gold & Natural Resources PLC - Ireland and Finland-focused gold exploration and development company - Pretax loss in six months to November 30 widens to EUR326,246 from EUR103,577 a year prior. Generates no revenue, unchanged on-year. Chair Richard Conroy adds: "I am delighted to report further excellent progress during the period. The drilling results on the Derryhennet section of the Clay Lake gold target, in particular, are highly encouraging." Conroy also chairs Karelian Diamond Resources PLC. Karelian's pretax loss over the same period widens to EUR136,351 from EUR168,786.

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Zytronic PLC - Tyne & Wear, England-based touch sensors manufacturer - Says all resolutions put to shareholders at annual general meeting, with exception of special motion on authority to dis-apply pre-emption rights. "The company manages a proactive relationship with its shareholders, and will therefore consult with the relevant shareholders through its broker in relation to their voting," it says.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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