16th Jul 2024 19:25
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Gateley Holdings PLC - Birmingham, England-based provider of legal and other professional services - Revenue in year ended April 30 rises 6.0% to GBP172.5 million from GBP162.7 million. Pretax profit declines 14% to GBP14.0 million from GBP16.2 million. Maintains dividend at 9.5 pence per share. "The group continues to perform well against its strategy set out at IPO, being to generate growth and resilience through diversification, delivering strong returns for our stakeholders," it adds. Says new year has started in line with expectations.
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4Global PLC - London-based data, services and software company specialising in major sporting events - Revenue in year ended March 31 rises 14% to GBP6.4 million from GBP5.6 million. Pretax profit, however, falls 60% to GBP170,051 from GBP496,921. Reports GBP512,658 exceptional administrative expenses, stemming from provision against long term repayment plan. Says first-quarter revenue "ahead of last year". "FY25 revenue will be second half weighted as in previous years due to the seasonality of buying behaviours of our clients," it adds.
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Blue Star Capital PLC - Crawley, England-based investing company focused on esports and blockchain - Says investee Dynasty Gaming & Media Pte Ltd seals acquisition of Lets Play Live in an all-share transaction for a consideration of roughly 15% of Dynasty's issued shares. "LPL is the largest gaming tournament operator and broadcaster in Oceania, and the fastest growing in Southeast Asia, and the exclusive partner for many of the world's leading publishers operating major gaming events in the region, including Epic Games, EA, Riot Games, and Supercell," Blue Star adds.
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Infrastructure India PLC - invests in Indian assets - Says board, which following a resignation announced on Friday now stands at two directors, is not "quorate under the company's articles of association". Therefore, it is "not able to operate effectively under the articles, with the powers of the directors limited to the appointment of additional directors or the convening of a general meeting for the purpose of making such appointment". "The company is exploring the board composition and a further announcements will be made, as appropriate, in due course," Infrastructure India adds. Its shares are suspended from trading pending the appointment of at least one additional director. In addition, it notes its lenders have agreed to maturity extension, though due to limitations of powers of board, the firm is unable to enter into these agreements. "Consequently, all parties have agreed to remain in discussion regarding the path forward, whilst IIP reviews its board composition," Infrastructure India adds. The debt facilities include a term loan provided by IIP Bridge Facility LLC, a working capital loan provided by GGIC Ltd and a bridging loan provided by Cedar Valley Financial.
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Kinovo PLC - London-based property services provider - Reaches deal to terminate its contract for the ninth legacy project of its former construction subsidiary DCB Kent Ltd, paying a cash consideration of GBP2.2 million. The project would have been completed in 2026. The agreement releases Kinovo "from all liabilities under the parent company guarantee". "The consideration will be paid in monthly instalments over an 18-month period, providing certainty over future cashflow and is expected to be funded by cash from the core business and existing facilities. The agreement removes the risk from possible future cost overruns or claims from this final DCB legacy project," Kinovo adds. "With seven DCB projects having already been concluded, the eighth is expected to complete in July 2024, with minimal net cash remaining payable on these eight projects."
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Likewise Group PLC - Birmingham, England-based floor coverings distributor - To conduct share buyback of up to GBP250,000. Enters into agreement for its broker Zeus Capital Ltd to carry out the purchases on Likewise's behalf.
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Sound Energy PLC - Moroccan-focused upstream energy company - Receives confirmation of the approval of board of Managem, for the sale of part of Sound Energy's Moroccan assets. Sound Energy in June announced a deal to sell part of the assets to Managem SA for USD45.2 million. "We are very pleased to have received Managem's formal board approval for the Transaction and we are working to effect completion of all remaining conditions precedent to the SPA in the near term. Meanwhile a transition plan is being executed with the Managem team to ensure a smooth hand over," Executive Chair Graham Lyon says.
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Global Petroleum Ltd - Africa and Mediterranean-focused oil and gas company - Enters short-term loan agreement for USD270,000 with "major shareholder". Funds will go towards general working capital requirements. Loan is interest free and repayable at end of September.
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Harvest Minerals Ltd - South America-focused fertiliser producer - Begins rare earths exploration programme at Arapua fertiliser project in Brazil. Work has two phases, with first focused on evaluating nature of "rare earths exploration and its main elements based on historical data", it says. "The second phase will execute new drilling to access potential deposit dimensions along with preliminary bench scale processing route," Harvest Minerals adds.
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Celadon Pharmaceuticals PLC - pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines - Reports completion of its eighth harvest of 2024. Celadon adds: "The yields obtained from the harvests are also increasing in line with management's expectations as the cultivation environment is adjusted to the different strains' individual characteristics. Additional yield enhancement developments are in process and are anticipated to further improve yields, in line with Celadon's commitment to continuous improvement." Says products from harvests to be supplied to UK pharmaceutical firms it entered into sales contracts with. "These contracts are anticipated to generate revenue of up to GBP1.4 million per annum. The amount of suppliable product from the first harvests has reduced slightly because some of it will undergo stability testing to demonstrate its quality even after an extended period of time," Celadon adds.
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By Eric Cunha, Alliance News news editor
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