23rd Jan 2024 18:39
(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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Downing Renewables & Infrastructure - investor in solar parks, wind farms and hydroelectric assets - Acquires its first Icelandic asset, Urdarfellsvirkjun, a 1.1 Megawatt hydropower plant located in south-central Iceland with an annual average production of around 8 gigawatt hours. Total investment was around GBP5 million. Downing believes the Icelandic hydropower market provides an attractive investment proposition. Investing in Icelandic hydropower offers returns that are accretive to its return target and also provides potential for significant precipitation diversification to the existing portfolio. Deal financed through the utilisation of the debt facilities at Downing Hydro AB.
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NetScientific PLC - technology and life sciences investor - Portfolio company Glycotest Inc closes USD1 million follow-on investment by Fosun Industrial Co Ltd.
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Esken Ltd - Liverpool-based infrastructure, aviation and energy services provider - Further to statements in 2023, says wholly owned subsidiary London Southend Airport Co Ltd submitted defence in relation to a court claim by Carlyle Global Infrastructure Fund on January 19. Carlyle alleges a technical breach by LSA with respect to the convertible loan agreement entered into between LSA and CGI. Esken is confident that LSA has a robust position in relation to the CGI claim. LSA has subsequently been notified that CGI is alleging a number of further breaches and has issued an acceleration notice demanding repayment of the loan in the amount of GBP193.8 million by February 16. Esken and LSA are investigating the validity of the alleged breaches in conjunction with advisers. Esken believes that any such acceleration would have significant adverse implications for LSA and be value destructive for all stakeholders. However, Esken believes that there is considerable value in the LSA business and continues to support its liquidity needs in line with the recovery plan.
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Sovereign Metals Ltd - Malawi-focused mining exploration and development company - Says African-based social specialist consultancy, SocialEssence, has been appointed to lead social and community development programs for Sovereign in Malawi. SocialEssence will build upon existing relationships.
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Vinanz Ltd - bitcoin mining company - Says Luxor Firmware is now starting to be deployed into the company's Canadian Bitcoin mining fleet installed in the BlockLAB facilities in Labrador with excellent results already evident. BlockLAB, who host 270 of Vinanz's Bitcoin miners, will now continue to progressively roll-out the over-clocking on all of these units in their facility. Chair David Lenigas comments: "As we roll out this software to over-clock all of our 270 miners in Canada, we should expect to see an overall increase in Bitcoin generated capacity from these machines by at least 10% as well - a brilliant result. Hopefully we can have all of our miners in Canada spinning at faster rates by the end of February."
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Great Southern Copper PLC - UK-based mineral exploration company targeting copper-gold and lithium deposits in Chile - Scout drilling programme at the Abundante prospect has been completed and drilling has commenced at the Teresita prospect. Both prospects are within the Especularita Cu-Au project located in the coastal metallogenic belt of northern Chile. Says six scout reverse circulation holes completed for a total of 484 metres at Abundante, targeting breccia-hosted high-grade copper mineralisation. Copper mineralisation visually identified in four holes targeting the breccia.
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Gowin New Energy Group Ltd - China-based LED lighting products and tea trading - Enters loan agreement with Chief Executive Chen Chih-Lung under which Chen has made available a loan of GBP30,000. Under the terms of the agreement, the interest rate is 2% per annum and the loan is repayable in twelve months, extendable by mutual consent. Explains the purpose of the loan is to provide short term liquidity to allow the company to satisfy its payment obligations.
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Unigel Group PLC - Eastbourne, England-based manufacturer and distributor of steel tape and thixotropic gels under the Unitape and Unigel brands - Enters share purchase agreement with Unigel Compounds Sdn Bhd to acquire its 40% shareholding in Unigel (UK) Ltd for GBP1.3 million. Currently owns 60% through its wholly owned subsidiary Unigel Technologies. Deal being funded from existing cash resources payable in three instalments May 31.
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MaxCyte Inc - Maryland, US-based provider of cell engineering platform technologies - Signs strategic platform license with Imugene to advance their cancer immunotherapy programs. Under the terms of the agreement, Imugene obtains non-exclusive clinical and commercial rights to use MaxCyte's Flow Electroporation technology and ExPERT platform. In return, MaxCyte entitled to receive platform licensing fees and program-related revenue.
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By Jeremy Cutler, Alliance News reporter
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