2nd Nov 2020 15:27
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Fletcher King PLC - London-based chartered surveyors - Confirms trading loss for half-year ended October 31 expected to be approximately GBP450,000 before tax and fair value adjustment to investments. Transaction-based fees suffer, as expected, amid "huge uncertainty and market dislocation caused by the Covid pandemic". Second-half performance depends on investor sentiment and economic environment, with transaction-based fees likely to continue to be affected by virus given new lockdown measures just announced in UK.
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Adamas Finance Asia Ltd - Asia-focused small-business investor - Still awaits receipt of remaining placement cash from one investor of GBP1.1 million. Delay results from "issues raised by the remitting financial institution". Receives written confirmation from investor that regulatory issues now resolved and second transfer will be initiated to cover outstanding funds. Adamas still confident it will receive funds.
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Thalassa Holdings Ltd - British Virgin Islands-based investment holding company - Leads GBP7.8 million investment in Tappit Technologies (UK) Ltd. Thalassa invests GBP3.0 million in convertible loan notes offering, with further GBP905,000 investment by existing Tappit shareholders and new investors. Total GBP3.9 million investment matched by UK government's Future Fund initiative. Key terms of CLN include 8% per annum coupon, term of 36 months with no early repayment, and conversion price per share to "be the lowest price paid by any new investors in fund raises by Tappit, with a 20% discount applied".
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McBride PLC - Manchester-based domestic household and professional cleaning and hygiene products - Will commence share buy-back programme for up to GBP12 million in ordinary shares. Programme will run until next annual general meeting, expected in October 2021. Maximum number of shares that can be repurchased under programme 18.3 million. Inks agreement with Investec Bank PLC to act as principal in relation to buyback.
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Fulcrum Utility Services Ltd - Sheffield-based multi-utility infrastructure and services provider - Notes that asset sale agreement regarding the disposal of its domestic customer gas connection assets and associated meters to ES Pipelines Ltd initially stated that future asset transfers would take place when value of completed assets exceeded GBP6.5 million, or at 12-month intervals. However, given Covid-19 lockdown delays to house building, future asset transfers will instead take place at fixed intervals of November 30 and May 31 each year. First transfer will thus occur on November 30, with GBP4.7 million in total estimated consideration, of which GBP4.4 million will be received in cash, with the rest to be received May 31. Achieves first milestones and is thus eligible for additional payments from ES Pipelines of GBP400,000. Gross consideration receivable rises by around GBP1 million to about GBP49 million, with GBP17.4 million received to date.
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By Anna Farley; [email protected]
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