12th Mar 2026 01:25
(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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Rainbow Rare Earths Ltd - developer of the Phalaborwa rare earths project in South Africa and the Uberaba project in Brazil - Announces economic assessment results for the Uberaba project in Brazil. The project entails processing phosphogypsum, a waste product from phosphoric acid production, from which Rainbow will extract both light and heavy rare earth elements. The project is similar to its flagship Phalaborwa project, Rainbow says. The EA envisages processing the phosphogypsum waste residue at an annual throughput of around 2.7 megatons per annum over an initial project life of 30 years. "There is excellent potential to extend this life due to the underlying long life of the phosphate feedstock at Uberaba," Rainbow says. The EA projects annual revenue of USD319 million with a basket price of USD128 per kilogram. This is expected to translate to annual earnings before interest, taxes, depreciation and amortisation of USD217 million. As a result, signs a joint project development agreement with Mosaic Co, a US producer and marketer of concentrated phosphate and potash crop nutrients. "On completion of a positive PFS and a decision to proceed with a definitive feasibility study, Rainbow and Mosaic currently intend to establish a joint venture with Mosaic holding 51% and Rainbow 49%, subject to negotiation of final heads of terms," Rainbow says.
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Nuformix PLC - London-based developer of treatments for fibrosis and oncology - Expects placing to raise gross proceeds of GBP1.0 million through the issue of 500.0 million shares at 0.20 pence each. Proceeds will go towards the NXP002 programme, an inhaled treatment for idiopathic pulmonary fibrosis and progressive pulmonary fibrosis, and general corporate purposes. Specifically, proceeds will fund additional pre-clinical studies to reinforce areas identified during ongoing out-licensing discussions, as well as due diligence with both large pharmaceutical and speciality pharma partners. "Whilst completion of the focused studies will represent important value inflection points for the NXP002 programme it is not expected that all the studies will need to conclude for an out-licensing or collaborative development transaction to complete," company says.
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Ascent Resources PLC - oil and gas exploration and production with principal assets in Slovenia and the US - Updates on court proceedings related to the joint venture between subsidiary Ascent Slovenia Ltd and Geoenergo doo, 50% owned by Petrol dd. Slovenian court rejects Geoenergo doo's appeal of the domestic arbitration tribunal ruling communicated July 3. The tribunal ruled favour of ALS's claim for around EUR7.8 million in unpaid hydrocarbon production proceeds plus late interest. Also, court notes that no other creditor contests ASL's claim in the Geoenergo insolvency estate. Further court decisions are expected in the coming weeks/months, with recovery remaining subject to the conclusion of the administration process, Ascent says, adding that the rulings "continue to reinforce Ascent Slovenia Ltd's position." Adds: "ASL continues to defend claims brought by Petrol Geo doo against the joint venture and remains engaged in seeking an amicable resolution of both parties' respective claims," adds. Regarding the energy charter treaty dispute, Ascent continues to expect the tribunal's award on the merits this month.
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Ajax Resources PLC - natural resources investment company focused on South America - Issues 27,000 shares at 8 pence as consideration for entering into a definitive option-to-purchase agreement for 100% of the Macacha Project, announced last week.
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European Green Transition PLC - developing green economy assets in Europe - To raise GBP7.5 million before expenses via placing and subscription of shares at 6 pence each. The issue price represents a discount of approximately 7.7%. to the closing price per ordinary share of 6.5 pence on March 10. Proceeds will go towards its acquisition of an established, Ebitda profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business in the UK and Ireland, announced last month. It will also put GBP1.5 million towards the repayment of short-term bridge facillities. Proceeds will strengthen the balance sheet of the enlarged group and support continued development and growth of the O&M Business, including the delivery of the repowering pipeline and projected growth initiatives. They will also fund the pursuit of selective strategic bolt-on acquisitions, the company says.
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Litigation Capital Management Ltd - asset manager focused on dispute financing - Says funded party has been successful in the High Court of Australia in a trademark dispute claim it funded on behalf of Katie Perry, a Sydney-based fashion designer against the singer Katy Perry and her related corporate entities. The claim was initially brought in the Federal Court of Australia where there was a finding of infringement of the designer's trademark by the singer and one of her related corporate entities. The singer appealed to the Full Court of the Federal Court who found that the designer's trademark should be cancelled as she had applied for the trademark knowing of the singer's reputation. The designer then applied for and was granted special leave to appeal to the High Court of Australia. The appeal was successful. The matter will now go back to the Full Court in respect of outstanding issues, including costs of the proceeding before the primary judge and the Full Court. LCM has invested AUD3.3 million of shareholder capital into the claim.
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abrdn Diversified Income & Growth PLC - Edinburgh-based investor across asset classes - Updates on wind-down. Completes two secondary sales of its fund investments and private market assets raising gross consideration of GBP13.8 million. In addition, enters into further conditional sale and purchase agreements in respect of an additional fund interest for gross consideration of GBP13.3 million.
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Mercia Asset Management PLC - alternative asset manager focused on regional UK small and medium enterprises - Northern Venture Capital Trusts, part of Mercia's third-party funds under management, completes GBP80.0 million expanded fundraise through share offers launched in September. The Northern VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC. Mercia Chief Executive Officer Mark Payton says: "I am delighted that the Northern VCTs have achieved a record fund raise in the context of a more challenging fund raising environment. The successful GBP80.0 million fund raise is another example of how Mercia is scaling its broad range of investment capabilities across venture, development capital and property finance. It also underscores the trust that Mercia has built in managing the Northern VCTs, which remain a vital source of investment for SMEs throughout the UK, whilst they navigate the current economic climate."
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Zenith Energy Ltd - Calgary, Canada-based oil company, which has interests in Italy, Tunisia and the US - Provides update on the application for annulment of the ICC-2 arbitration before the Swiss Federal Supreme Court, submitted by its wholly owned subsidiary, Canadian North Africa Oil and Gas Ltd. Zenith confirms that the Republic of Tunisia failed to submit its response to the annulment application within the timeframe given by the court and has instead sent a submission to the Swiss Court contesting its jurisdiction, Zenith says, adding: "Further, the Republic of Tunisia has advanced a legally unfounded and unreasonable argument that the Annulment Application should be adjudicated by a Court of Appeal seated within the Republic of Tunisia." Zenith will provide an update once further information becomes available.
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BP Marsh & Partners PLC - London-based investor in early-stage financial services businesses - Notes Tuesday's announcement by portfolio company Sodalis Capital Ltd regarding the launch of Brecon Specialty Ltd, a London-based wholesale insurance broker. BP Marsh's investment in 2025 was made alongside Alliant Insurance Services Inc which also holds around 27% in Sodalis. "The launch of Brecon is entirely consistent with Sodalis' strategy at inception: to build a diversified international specialty insurance platform," company says.
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Baronsmead Second Venture Trust PLC, Baronsmead Venture Trust PLC - venture capital trusts - Updates on offers for subscription to raise up to GBP30 million, with over-allotment facilities to raise a further GBP20 million. Says valid applications have been received for over GBP12 million; therefore the initial amount is likely to be fully subscribed for shortly. Based on investor demand, firms intend to utilise the full over-allotment facility of up to GBP10 million.
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By Aidan Lane, Alliance News reporter
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Related Shares:
Rainbow Rare EarthsNuformixAjax ResourcesEuropean Green TransitionLitigation Cap.Abrdn Di&gMercia AssetZenith EnergyBaronsmead 2vtB.p Marsh