(Alliance News) – The following is a summary of earnings and trading updates for London-listed companies published on Tuesday and not reported separately by Alliance News.
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TMT Investments PLC – a venture capital investor in high-growth technology companies – reported net asset value per share of US$6.62 for the year ended December 31, an increase of 3.3% from US$6.41 in the year-ago period. Total NAV rose from USD 201.7 million to USD 208.1 million. It explains that the improvement is primarily a result of price increases for Backblaze and Collectly during the period. TMT, which has “no financial debt and $11 million in cash and cash equivalent reserves,” plans to “navigate through the current market volatility, continue to invest, and continue to invest fully and fully if the right opportunity presents itself.” We are well-positioned to achieve a partial disposal.”
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Ten Lifestyle Group PLC – London-based lifestyle and travel services company – publishes trading update for the six months to 29 February. Half-year net revenue is expected to be approximately £30.9m, flat year-on-year, or up 4% at constant currency. Active members continue to grow, he said, from 316,000 last year to 356,000, a 13% increase. It said the group secured and launched several key contracts during this period that are expected to generate revenue in the second half of the year. Adjusted profit before interest, tax, depreciation and amortization is expected to be around £5.3m, up from £5m last year. The company said cash and cash equivalents were £8.0m at the end of the first half, compared with £8.2m at the end of the previous year.
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First Class Metals PLC – an exploration company focused in Ontario, Canada – enters into an exclusive 60-day agreement with Emerald Geological Services Ltd for the proceeds of the McInnes Lake property in Ontario. CEO Mark Sale commented: “This is an exciting development for FCM greenfield exploration opportunities on land potentially containing the same structures that exist at Red Lake. The lack of exploration is an important discovery.'' Pay CAD 5,000, approximately £2,897 during the exclusivity period.
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ValiRx PLC – a life sciences company based in Nuneaton, UK focused on early stage cancer treatment – begins search for Chief Executive Officer to lead its next phase of growth. The process is expected to take several months, during which Susie Dilley will remain as CEO. As part of the restructuring process, Dilley and the board will consider potential alternative roles. In addition, Adrian de Coursey will join the Board of Directors as a non-executive director.
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Atlantic Lithium Ltd – Lithium development company now focused on developing the Ewoyaa project on the coast of Ghana – Announces further extensive and high-grade analysis results from completed resource drilling at the Ewoyaa lithium project in Ghana. Note the multiple high-grade, extensive extended drill intersections reported on the new dogleg target. Describes results in Dog-Leg as “remarkable.” It noted that drilling has intersected near-surface mineralized pegmatite bodies in shallow dips with a true thickness of up to 35 meters in excess of mineral resource estimates, demonstrating significant resource increase potential. Plans to advance drilling program to be implemented in 2024. Mineral resource estimate upgrades incorporating all drilling in 2023 and 2024 for both lithium and feldspar are targeted for the second half of 2024.
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Evgen Pharma PLC – a clinical stage drug development company developing sulforaphane-based medicines – has agreed to acquire Chronos Therapeutics Ltd for an initial price of £899,481, or 1.44 pence per share. The price could rise to £3.4m, subject to the achievement of certain milestones. Chronos features a neuropsychiatric portfolio that includes two of his assets developed to the late preclinical stage. A further £850,000 was raised through issues and subscriptions at 1 pence each. Additionally, we have announced a retail offer to raise up to £1m. Proceeds from the financing will be used for working capital and to maintain the Group's expanded patent portfolio. The name will be changed to TheraCryf PLC.
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Imperum Group PLC, a specialist recruitment solutions provider based in Luton, UK, has stated that a High Court sanction scheme will facilitate a bid from Headfirst Global BV. The scheme will come into effect on Thursday and we expect stocks to be suspended as well.
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Custodian Property Income REIT PLC – Real Estate Investment Trust – abrdn The Company's allotment of shares or the right to subscribe for securities or the conversion of securities into shares of the Company in connection with the proposed merger with abrdn Property Income Trust Ltd. A negative shareholder resolution authorizing the granting of rights. Chairman David McClellan: “The Board of Directors is pleased with the results of the vote, which demonstrated very strong support from CREI shareholders, further eliminating the risk of implementation of the proposed merger.'' We encourage you to vote yes.
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Jeremy Cutler, Alliance News reporter
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