23rd Jan 2025 16:15
(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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Kooth PLC - London-based provider of digital youth mental health care - Says 2024 revenue is anticipated to be in line with consensus market expectations of GBP65.8 million in the financial year ending December, nearly double GBP33.3 million in 2023. Adjusted earnings before interest, tax, depreciation and amortisation is expected to be at or ahead of the top of the range of analyst forecasts of GBP12.7 million, ballooning from GBP2.3 million a year prior. Cash position improves to GBP21.5 million in 2024 from GBP11.0 million at the end of 2023. Further, says Chief Executive Tim Barker is to step down after the 2025 Annual General Meeting, likely in June. Kate Newhouse will succeed Barker as CEO at that point. Newhouse joined Kooth as chief operating officer in May 2020 having previously been CEO of Blenheim Chalcot and Doctor Care Anywhere.
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IQE PLC - Cardiff-based supplier of compound semiconductor wafer products and advanced material solutions - Expects revenue of GBP118 million in the year ending December and adjusted earnings before interest, tax, depreciation and amortisation to be at least GBP7.5 million, exceeding expectations of GBP115 million and GBP5 million respectively. Explains the strategic review continues, focused on its Taiwan operations at this stage. In addition, says it is in the "final stages" of concluding its proposed convertible loan note and that it has received strong support from shareholders. "The proposed financing will provide IQE with greater resilience as we continue to strengthen key customer relationships and expand further into emerging high growth areas," Executive Chair Mark Cubitt states.
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Eight Capital Partners PLC - technology focused operating company - Announces proposed capital reorganisation by way of a share consolidation, and the conversion of the remaining 4.8% bond into equity. Plans to consolidate every 4,000 existing ordinary shares into one ordinary share. Says the indicative new share price is 112 pence per share. In addition, agrees to convert a total of EUR1.08 million 4.8% bonds due September 3 2026 into 810,325 ordinary shares at the indicated post-capital reorganisation share price of 112p each. As a result, the company will have no further bonds outstanding. The bond conversion will reduce outstanding debt by around GBP0.91 million, strengthening the balance sheet and allowing greater financial flexibility to support planned future growth initiatives.
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Kefi Gold and Copper PLC - mining company focused on the Arabian-Nubian shield - Says that its gold and minerals SLA joint venture, GMCO, in Saudi Arabia, has been selected as one of six companies out of 49 applicants for the Saudi Government's Exploration Enablement Program. This also coincides with Kefi's recently announced strategic review of its investment in GMCO. Kefi says it has received interest from a number of parties interested in buying its 15% stake in GMCO. Kefi sets a deadline of February 28 for the submission of proposals with indicative terms. Kefi notes the Saudi government has committed USD182.6 million to the EEP for the period 2024 to 2030.
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Helix Exploration PLC - London-based helium exploration company focused on gas deposits in Montana, US - Raises GBP5 million via placing and subscription at 15 pence per share. Proceeds will be used to install and equip PSA processing plant and membrane unit at Rudyard and fund the drilling of two additional production wells at Rudyard. Additional net proceeds will fund other exploration and resource definition work across projects and general working capital requirements.
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Fintech Asia Ltd - investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia - Proposes name change to ICFG Ltd on completion of the planned reverse takeover of ICFG. The acquisition is to be satisfied by the issue of 177.8 million shares to ICFG shareholders at 64 pence per share. Ankhbold Bayanmunkh and Hirohito Namiki, current shareholders of ICFG, will be appointed executive chair and executive director of the enlarged group and Amar Lkhagvasuren, will be appointed as a non-executive director. Fintech Asia Chief Executive Oliver Fox comments: "We believe that the acquisition of ICFG provides a compelling value opportunity for the company, with strong potential from ICFG's focus on the microfinance sector employing advanced information technology solutions to offer competitive advantage and a scalable business model." Adds: "I believe that ICFG is a very exciting business that can deliver significant value for shareholders, existing and new."
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Pri0r1ty Intelligence Group PLC - artificial intelligence company transforming professional growth services for SMEs - Enters strategic partnership with Funding Circle to propel future growth in commercial lending. This allows Pri0r1ty customers to access loans of up to GBP750,000 "within minutes". Chief Executive James Sheehan says: "We believe this partnership is just the beginning of a series of strategic initiatives that will drive our future growth."
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By Jeremy Cutler, Alliance News reporter
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