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TRADING UPDATES: Glanbia sells EUR178.9 million mozzarella assets

28th Apr 2023 18:06

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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Ace Liberty & Stone PLC - London-based property investment company - Appoints Laura Yates as finance director and Nick Jones as property director. Current chief financial officer Ivan Minter will remain on the board as a non-executive director. Chair Anthony Ghorayeb says: "We are delighted to welcome Nick and Laura to the board and wish them every success in their new roles as executive directors of the company. We also thank Ivan for his invaluable contribution as CFO and are pleased he will remain on the board where his knowledge and experience will help drive the success of the company."

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Equipmake Holdings PLC - UK manufacturer and developer of electrification products for use across the automotive, aerospace, bus, coach and fire truck industries - Wins GBP1.6 million grant to participate in a consortium under which Equipmake will further develop its electrification technology for electric vehicles. Says the consortium is proposing the development of an integrated fuel cell battery hybrid system, featuring Equipmake's motor, inverter and related technologies, suitable for the bus and other goods and passenger vehicle markets. Says it will develop a DC-DC converter to be integrated into a 800V fuel cell and battery system, including the development of the battery management system and thermal management system to integrate the fuel cell, battery and powertrain with the cabin heating/cooling requirements. It will also integrate the system onto its Jewel E double-decker bus platform before trialling it. Chief Executive Officer Ian Foley says: "For Equipmake, participation represents the opportunity to explore an expansion of our bus repowering capabilities by demonstrating fuel cell, as well as battery, electric solutions and the potential to capitalise on the clear integration synergies between systems."

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Sancus Lending Group Ltd - alternative finance provider - Sells 2.1 million zero dividend preference shares for GBP3.0 million. Says proceeds to be used to drawdown funding lines, funding continued growth of its loan book.

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Tungsten West PLC - mining company focussed on restarting production at the Hemerdon tungsten and tin mine in Devon, England - Managing Director James McFarlane steps down with immediate effect. McFarlane will remain with the company for three months to support permitting and funding activities. Says McFarlane played a key role in the initial public offering process and completed two feasibility studies either side of a successful re-engineering project. Says he was "instrumental in assembling a world-class team which has put the project firmly on the path to production".

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AJ Bell PLC - Manchester-based provider of investment services and platforms - Chair Helena Morrissey to step down, effective Sunday. Enters into a consultancy agreement with Helena Morrissey Ltd for an annual fee of GBP150,000 for procuring Morrissey's services for not less than 48 days per year. Says Morrissey will continue to provide support for Money Matters, AJ Bell's initiative to encourage more women to invest, alongside helping the company to "progress its ambitions around the diversity of its own workforce". Morrissey says: "AJ Bell's Money Matters initiative is a great source of knowledge and inspiration for women who want to invest more but want some help and guidance along the way. There is a gender investment gap in the UK that needs closing and I'm excited to be continuing to work with AJ Bell on this important campaign."

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Glanbia PLC - Kilkenny, Ireland-based nutrition company - Completes EUR178.9 million of its shareholdings in Glanbia Cheese, a mozzarella maker in Europe including Glanbia Cheese EU Ltd and Glanbia Cheese Ltd, to Leprino Foods Co. Transaction comprises EUR114.0 million consideration and EUR64.9 million repayment of shareholder loans received in cash, alongside a further contingent consideration of up to EUR25.0 million, depending on the performance of Glanbia Cheese over the next three years. Says the transaction will be subject to customary post completion cash and working capital adjustments, while the proceeds will be used for general corporate purposes. Glanbia Cheese will be renamed Leprino Foods UK Ltd and Leprino Foods EU Ltd.

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Caerus Mineral Resources PLC - copper miner in Cyprus - Delays publishing 2022 audited results, due to delays to information required by the auditors from a third party. As a result, requests the UK Financial Conduct Authority to temporarily suspend its shares, effective from Tuesday next week. Anticipates publishing its 2022 accounts in the coming weeks.

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MetalNRG PLC - investor in natural resources and energy - Delays the release of its 2022 audited results, as its new auditor had insufficient time to complete the audit, following the appointment of RPG Crouch Chapman LLP in early April. Blames limited number of registered auditors being available. As a result, requests the UK Financial Conduct Authority to temporarily suspend its shares, effective from Tuesday next week.

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By Greg Rosenvinge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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