11th Apr 2023 18:13
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
S-Ventures PLC - investment firm focused on health and wellness sectors - Files for insolvency of Lizza, its wholly-owned subsidiary. Notes Lizza, which was bought for EUR1 in September 2022, was already loss-making at the time of acquisition. Adds Lizza made a net loss of around EUR1 million in the five months to February 28. Explains a mix of issues affected its business and financial performance acutely, including increasing ingredient costs, labour costs and a lack of consumer demand. Feels the losses are unsustainable, and the brand and costs associated with production and distribution are not commercially viable. Explains the only option is to seek liquidation. Intends to find alternatives for European distribution which has become more complex but is still a very small amount of the group's business (around 2%). Expects to incur a write-off of around EUR1 million from the loans owed to it.
LSL Property Services PLC - Newcastle-based estate agency - Announces the sale of its mortgage, protection, and general insurance brokerage firms Embrace Financial Services Ltd and First2Protect Ltd to Pivotal Growth Ltd, its joint venture with Pollen Street Capital, established in 2021. States consideration payable for Embrace will be 7x EBITDA in calendar year 2024, capped at a maximum of GBP10 million while the consideration payable for First2Protect is GBP7.8 million, 7x adjusted 2022 EBITDA. Says proceeds will augment existing cash balances which will be used to support LSL's growth strategy. Explains disposals reflect steps taken to simplify the group in line with its strategy to focus financial services activity on business-to-business services. Adds the impact of the disposals will not be material.
Rambler Metals & Mining PLC - AIM-listed owner of Ming copper-gold mine in Baie Verte, Newfoundland and Labrador - Reports a material adverse charge as a result of disputed payments due from Transamine Trading announced previously. Says as a result no further funding will be made available to Rambler meaning a material uncertainty has arisen in relation to the company's ability to continue as a going concern and to realise its assets and discharge its liabilities in the normal course of business. After taking advice company concludes it is now insolvent and the only feasible course of action is to place it into a creditors voluntary liquidation. Adds on April 6, Begbies Traynor was instructed in this capacity. Notes as shares in the company will have been suspended for six months on April 28, they will be cancelled on that date on AIM.
Caledonia Mining Corp PLC - Jersey, UK-based gold producer with operations in Zimbabwe - Announces Zimbabwe placing has closed raising USD5.8 million. Notes a further 781,749 shares were admitted to AIM following a placing with domestic and international institutional investors taking the total raised to USD16.6 million. Says proceeds will strengthen the balance sheet and provide working capital flexibility to accelerate planned work at the three new gold projects it is currently undertaking in Zimbabwe. Also issues a further 256,152 deferred shares relating to the acquisition of Bilboes Gold Ltd.
AdEPT Technology Group PLC - Kent, England-based managed services and telecoms provider - States acquisition of all its shares by bidding company has now completed. Adds trading in AdEPT shares was suspended today with cancellation of the listing on AIM expected on April 12.
By Jeremy Cutler, Alliance News reporter
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