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TRADING UPDATES: Milton plans energy focus; Guild completes fund raise

9th Nov 2023 17:28

(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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Milton Capital PLC - cash shell looking for targets in field of technology - Provides strategy update. Intends to primarily focus on opportunities in the energy sector, and in particular, light to medium hydrocarbon exploration and extraction and natural hydrogen. Believes that these types of investment opportunities are integral to the energy transition and, as such, will provide considerable growth potential for shareholders. Further, names Nick Pillar as a non-executive director. Richard Mays, non-executive director, becomes non-executive chair. Grants 7.5 million share options to directors and consultants.

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Guild Esports PLC - London-based esports business - Completes follow-on fundraising by way of a share placing and subscription of up to 26 million shares at a price of GBP0.005 each. The placement follows and was at the same price as the company's recently announced subscription. Executive management subscribes for 6 million shares at the placing price, representing a total contribution of GBP30,000. Chief Executive Jasmine Skee explains: "This additional funding will be used together with the injection of capital announced last month [and] opens exciting avenues for Guild and provides us with the means to accelerate our strategic initiatives as we look to build the world's leading gaming-focused media brand."

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Myanmar Investments International Ltd - Myanmar-focused investor - The investment firm proposes delisting from AIM as the military coup in Myanmar has "created significant uncertainty to the business prospects of the company's remaining investments". Its investees are not paying dividends, so the firm's listing costs are being paid for through company cash reserve. It said it will "consider a potential distribution to shareholders" but for now believes "that the cash reserves should be conserved within the company to pay future operating expenses as they are incurred". "When the sale of an investment has been completed, the directors will re-consider this decision and consider capital distributions to shareholders. If the investments have not been sold before the time that the company reaches a cash level representing one year's forecast expenses, the directors will need to arrange alternative funding such as a loan from or placement of new shares with shareholders or new investors," it adds. Calls general meeting for December 1.

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Libertine Holdings PLC - Sheffield, England-based technology platform solutions provider - Issues trading update. Says at September 30, the group had cash reserves of GBP0.9 million, which provides the group, absent any additional revenues, with the funds required to maintain current operations through to May 2024. Remains committed to developing its intelliGEN and Hexagen technology platforms provided to its original equipment manufacturer customers for their development of Linear Generator and Linear Motor products. Says the company is engaged in commercial and technical dialogue under a non-disclosure agreement with prospective OEM customers across a number of different applications and geographic regions.

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Regional REIT Ltd - London-based real estate investment trust - Exchanges and completes on the sale of its Venlaw and Elmbank Gardens offices in Glasgow for GBP6.25 million. Explains the proceeds will be used to reduce debt. Remains focused on a controlled disposal programme to bring the loan to value back to the long-term target of 40%. Notes the sale brings total disposals to GBP26.0 million in the financial year to date. Further, updates on third quarter trading. Says continued to trade well during the period and has made good progress, completing a number of lease renewals during the quarter. Retention remained high with around 73% of units up for renewal let to the same tenants. Renewals achieved a 6.2% uplift in rental income. Declares dividend of 1.20 pence.

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Ergomed PLC - Guildford, England-based pharmaceutical services company - Says scheme by which bid for company by Permira Advisors has been sanctioned by the court. Scheme is expected to become effective on November 10. Shares are expected to be cancelled on November 14.

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MobilityOne Ltd - e-commerce platform provider - Updates on proposed joint venture with Super Apps. Notes amended draft proxy statement has been filed by Tete Technologies Inc, a wholly owned subsidiary of Technology & Telecommunication Acquisition Corp. The purpose of the filing is to provide Tete shareholders with information on the proposals ahead of seeking approval for the merger itself. An extraordinary general meeting will be convened in due course for this purpose by Tete. As announced by the company on October 19, the payment of the consideration to MobilityOne in relation to the terms of the proposed disposal is subject to the completion of the merger and such consideration payments will be dependent on timings for completion of the merger.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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