28th Mar 2024 13:31
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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accesso Technology Group PLC - Berkshire-based provider of software for leisure, entertainment and cultural sectors - Pens "landmark agreement" with Saudi Entertainment Ventures, part of the Public Investment Fund. Saudi Entertainment Ventures plans to introduce "21 cutting-edge entertainment destinations across 14 cities, featuring over 150 attractions, diverse dining outlets, local and international retail outlets". "SEVEN has awarded accesso as the key provider of ticketing and visitor management technology for all destinations and sub-venues associated with the project," the company adds.
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BP Marsh & Partners PLC - private equity investor in early stage financial services businesses - Subscribes for 30% cumulative preferred ordinary shareholding in Devonshire, a London-based underwriting agency. Devonshire specialises in transactional risks, including warranty & indemnity, specific tax, and legal contingency insurance. BP Marsh provides GBP1.9 million of funding via both equity and a loan facility.
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FBD Holdings PLC - Dublin-based insurer - Will propose resolution to cancel the admission of shares on Main Market in London. Last day of dealings is expected to be June 7. FBD will retains its primary listing in Dublin. Earlier in March, FBD said trading of shares in London "significantly reduced over recent years" so it mulled the "merits and costs of retaining" a Main Market listing.
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abrdn Private Equity Opportunities Trust PLC - Europe-focused investor in private equity funds and co-investments - Completes due diligence exercise and agrees to back abrdn PLC's sale of its European-headquartered private equity business to Nasdaq-listed Latin America-focused alternative investment firm Patria Investments Ltd. abrdn announced the deal, worth up to GBP100 million, in October.
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Troy Income & Growth Trust PLC - predominantly invests in UK equities - Says motion to appoint liquidators and place it in members' voluntary liquidation approved by just over 99% at meeting. Motion relates to tie-up with STS Global Income & Growth Trust PLC. STS notes announcement and says will acquire roughly GBP118 million worth of Troy's net assets in exchange for 52.9 million new STS shares to Troy Income investors. The merger was announced in November. Both firms are managed by Troy Asset Management Ltd. Troy Income & Growth shares were suspended on Wednesday. They will be cancelled on April 3.
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Rights & Issues Investment Trust PLC - Essex, England-based investor in smaller UK companies - Says around 26% of shareholders reject resolutions two and five at annual general meeting. The second resolution concerns the directors' remuneration policy and the fifth is in relation to the re-election of Simon Knott as a director. Rights & Issues says: "The board understands that the vote against resolution 2 relates to the ex gratia payment made to Dr David Bramwell, the former chairman, in recognition of his long service with the company and his contribution as chair. The board understands that the vote against resolution 5 relates to concerns over Mr Knott's independence, having formerly been the CEO of the company, and his membership of the audit, risk and compliance and remuneration and nominations committee. The board proposes to consult with shareholders to address any concerns that have influenced their voting."
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Asimilar Group PLC - London-based investor in technology and software sector - Cancellation of shares on AQSE effective on Thursday. It says on Wednesday that four of five resolutions put to shareholders at annual general meeting pass. Resolution 4, relating to the disapplication of pre-emption rights in respect of any future equity issues, was rejected. "However, the board has no current intention to issue shares and this resolution had only been included to provide flexibility should circumstances change in the future," Asimilar adds. In February, it called the March AGM which included a motion asking shareholders to approve cancellation of trading on Aquis Stock Exchange. Company is seeking an orderly realisation of its portfolio of unquoted holdings, aiming to return this to shareholders. It saved some money moving to Aquis from AIM, but says its low market capitalisation, lack of liquidity in its shares, and its share price being below its underlying net asset value, have offset the potential advantages of having its shares traded on the exchange.
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Supply@Me Capital PLC - fintech platform - Enters arrangement to change the way it repays TAG working capital loan. Says GBP800,000 of amount drawn to be repaid through issue of 1.5 million shares at fixed subscription price per share of 0.053p. Interest payable to be offset against interest receivable by Supply@Me under contractual funding arrangements also currently in place with TAG.
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DP Poland PLC - operator of Domino's pizza stores and restaurants in Poland and Croatia - Plots fundraise of GBP20.5 million, including GBP11.0 million backing from Domino's Pizza Group PLC. In addition to Domino's Pizza investment, plans to raise GBP8.5 million from placing of 85.7 million shares at 9.92 pence each. To raise another GBP1.0 million from retail offer.
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Critical Mineral Resources PLC - exploration and development company focused on clean energy metals in Morocco - Notes "positive initial work" at Ifri project. "Prospecting by CMR's geological team has demonstrated copper and silver in multiple shear zone and quartz vein structures with some structures containing gold mineralisation," it says.
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Titon Holdings PLC - Colchester-based maker of ventilation systems and window and door hardware - Says around 25% of shareholders reject re-election of Jamie Brooke as chair. A more sizeable 44% reject re-election of Tyson Anderson as deputy chair. Titon adds: "The board is committed to on-going engagement with shareholders and will consult with those that voted against to understand their views and feedback."
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By Eric Cunha, Alliance News news editor
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