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TRADING UPDATES: Poolbeg acquires license; Afentra expects PSA delay

14th Dec 2022 21:54

(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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International Biotechnology Trust PLC - London-based investment trust managed by SV Health Managers LLP - Notes a material adjustment to the valuation of an investment from the "unqoted portfolio" managed by SV Health Managers LLP in which company is invested. Net asset value of International Biotechnology Trust increases by GBP2.5 million, a six pence per share uplift.

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Afentra PLC - upstream operator in Africa with carried interest in Odewayne block onshore southwestern Somaliland - Production Sharing Agreement extension for Sonangol acquisition now unlikely to be finalised before December 31. Company, with Sonangol, are working on extending the long stop date for the Sonangol acquisition in order to facilitate satisfaction of the remaining conditions precedent to enable completion in first quarter of 2023. Says INA acquisition is awaiting governmental approval. Formal completion expected to occur in early 2023. Given "progress made to date", company not considering extended the long-stop date of the INA Acquisition. CEO Paul McDade says: "We expect governmental approval of the INA Acquisition shortly which will allow us to complete this acquisition, marking our entry into Angola in early 2023 and the inception of our partnership with Sonangol in Blocks 3/05 and 3/05A with whom we intend to work closely with to optimise production and to extend the life of this quality, long-life asset."

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Poolbeg Pharma PLC - London-based clinical stage infectious disease pharmaceutical company - Acquires exclusive licence from InsuCaps Ltd, sister company of AnaBio Technologies, to use InsuCaps' patented microencapsulation and nanoencapsulation oral delivery technologies in metabolic syndrome related diseases including obesity, pre-diabetes and diabetes. Following the licence, in first half of 2023 Poolbeg will commence a proof-of-technology clinical trial to determine that a Glucagon-like Peptide 1 receptor agonist can be safely delivered orally in humans. CEO Jeremy Skillington comments: "Drawing on our growing understanding of this technology from our Oral Vaccine Platform, we believe that there is significant opportunity in other adjacent areas, such as metabolic diseases. Diabetes and obesity are extremely fast growing markets and the ability to administer drugs orally, rather than through injection, will improve access and quality of life for millions of patients."

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Ediston Property Investment Co PLC - Edinburgh-based real estate investment company - Revenue for financial 2022 falls to GBP16.4 million down from GBP17.4 million last year. Pretax profit GBP24.5 million up from GBP20.2 million. Sold four office assets and two leisure assets for GBP69.5 million in financial 2022. EPRA NAV per share 94.9 pence at September 30, up year-on-year from 89.6p. Total NAV rises to GBP200.5 million at the end of September, up from GBP189.6 million a year before. 98% of rent was collected.

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River & Mercantile UK Micro Cap Investment Co Ltd - London-based advisory and asset management company - Net asset value per share at September 30 falls to GBP1.71, down from GBP3.28 from the same time last year. Says portfolio rebound opportunity is "striking". Says UK smaller companies still offer underlying value.

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Pires Investments PLC - London-based technology-focused investor - Provides update on investee Sure Valley Ventures UK Software Technology Fund. Sure Valley Ventures has led a GBP3 million seed round in Opsmatix Systems Ltd, trading as Jaid, marking the fund's second investment. Jaid provides AI-powered human communication solutions. Proceeds of the funding will be used to expand its industry-leading machine learning team, build out business development efforts across America and Europe and expand into Asia. Director Nicholas Lee comments: "Jaid represents a very exciting, high-growth potential opportunity in the increasingly influential AI as a Service sector. The proceeds from the funding will be used to scale the business, grow Jaid's machine-learning team and geographical reach, as well as for the exploration of new verticals, such as the healthcare industry, where the company sees significant untapped value."

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Helium One Global Ltd - Tanzania-focused helium exploration company - Increases total fundraise to GBP9.9 million as a result of "investor demand". Additional funds will "provide the company with greater working capital flexibility" during and after its proposed drilling programme in first quarter of 2023. Capital raise initially announced on Tuesday with minimum of GBP7.0 million by way of placing and subscription at a price of 5 pence per share. CEO David Minchin comments: "Helium One are poised for growth as we prepare to commence Phase II exploration drilling at Tai. With a drilling rig and related services under [memorandum of understanding] for mobilisation in Q1 2023, Helium One offers a fantastic opportunity for investors to gain exposure to the helium sector with a high-grade, exploration prospect ready for drilling."

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By Chris Dorrell, Alliance News reporter

Comments and questions to [email protected]

Copyright 2022 Alliance News Ltd. All Rights Reserved.

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