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TRADING UPDATES: Sareum ups retail offer; SThree nabs former ITV exec

2nd Apr 2024 17:35

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Sareum Holdings PLC - Cambridge, England-based pharmaceutical company - Raises gross proceeds of GBP1.1 million at a price of 10 pence per share, as part of its WRAP retail offer. The net proceeds, together with a conditional placing and subscription of up to GBP1.2 million, will be used to advance its clinical and pre-clinical projects. Follows an announcement earlier on Tuesday, when Sareum said that, due to excess demand, it had decided to increase the size of its WRAP retail offer. Having crossed its original target of GBP300,000, the board decided to accept excess demand from shareholders until the original deadline.

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SThree PLC - London-based staffing company - Names Sanjeevan Bala as an independent non-executive director, with effect from the conclusion of the firm's annual general meeting on April 25. Bala was most recently group chief data and artificial intelligence officer at ITV PLC, and was previously also head of data science at Channel 4. Chair James Bilefield says: "Sanjeevan is a highly experienced multi award-winning data and analytics professional with a proven track record of driving customer-centric business transformations through the strategic use of data. He brings with him extensive strategic and commercial experience which will be particularly relevant as we continue to roll out our Technology Improvement Programme, positioning us as game-changers in the market and demonstrating our ambition to be digital-first innovators. "

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M&C Saatchi PLC - London-based advertising agency - Announces divestment of certain French associate investments, namely Cometis, Australie, and M&C Saatchi Little Stories, for a cash consideration of EUR1 million. The proceeds of the disposal will be retained by the group. The French Associate Investments, which are being acquired by the existing local leadership team, collectively generated a loss of EUR279,000 in 2022.

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Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Maintains that discussions with the investor on its proposed financing transaction have continued to make progress, but admits there have been further delays. An initial tranche of funding, which is expected to be "in the region" of EUR15 million, was not received by the end of March, and is now expected at some point in April. Since the end of February, the firm has continued to "carefully manage its working capital position and its creditors". It has "negligible cash resources" and "significant debt levels", however. Nevertheless, Advanced Oncotherapy notes that it also remains in advanced discussions with a third-party investor regarding a short-term loan facility. Notes that while the board is "hopeful of a satisfactory outcome", there can be no certainty that either the financing will proceed, or that the short-term loan facility will be put in place.

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Argent BioPharma Ltd - drug discovery company within the biopharmaceutical sector - Formally changes name from MGC Pharmaceuticals Ltd to Argent BioPharma Ltd, as approved by shareholders at a general meeting held March 18. The name change has been processed by the Australian Securities and Investments Commission and will take effect on the ASX from the start of trading on Wednesday. The name change will have a delayed effective date - April 10 - in the UK due to additional regulatory requirements.

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XLMedia PLC - London-based global digital media company - Completes divestment of assets in Europe and Canada to Gambling.com Group Ltd. The terms of the deal include a total consideration of up to USD42.5 million, with a fixed consideration of USD37.5 million. It also provides earnout consideration of up to a further USD5.0 million, based on revenue performance. XLMedia confirms that it has received an initial cash instalment of USD20.0 million. The firm will incur transaction costs over a period of six-months to support the migration of the assets. Net proceeds after these costs are expected to be USD35.0 million.

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Nostrum Oil & Gas PLC - Kazakhstan-focused oil and gas development, production and exploration company - Together with its subsidiaries, announces a final investment decision for the initial field development phase of the Kamensko-Teplovsko-Tokarevskoe area in West Kazakhstan, owned by its subsidiary, Positiv Invest LLP. During the initial development phase, Nostrum will drill four development wells across key reservoirs, targeting recoverable resource potential between 30 million barrels of oil equivalent and 50 million barrels. First production is being targeted for the end of 2026. The forecast total capital budget for this initial field development phase is USD100 million gross.

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Esken Ltd - London-based provider of infrastructure, aviation and energy services - Confirms cancellation of shares from admission to trading on London Stock Exchange, with effect from Tuesday. Previously announced on March 21 that it had appointed administrators, after deciding that a previously-conceived restructuring plan had "ceased to be commercially viable"

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Itsarm PLC - formerly In The Style Group PLC, a cash shell since March after selling its only operating subsidiary In The Style Fashion Ltd - Share cancellation from LSE similarly becomes effective, after announcing on September 27 that its stock would be suspended after failing to complete a takeover deal.

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By Holly Beveridge, Alliance News reporter

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