The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Rural Broadband Solutions PLC - provider of high-speed broadband to rural areas of the UK - Announces proposed investment from Tiger Infrastructure Partners Fund III LP into its two operating subsidiaries. Tiger Infrastructure will invest up to £75 million in Rural Broadband Solutions Holdings Ltd, a newly formed company, owning 85%. RBBS will transfer the shares it owns in Secure Web Services Ltd and Cadence Networks Ltd to RBSHL and receive £825,000 in cash over three years in return as well as 15% of RBSHL. Firm notes its ownership of RBSHL is not subject to dilution unless Tiger reaches its £75 million contribution to RBSHL. Transaction subject to approval by 50.1% of RBBS shareholders at EGM.
Separately, firm amends warrants attached to shares subscribed for at the time of its initial public offering. Extends warrant exercise period to April 21, 2024, and decreases price to 3 pence per share.
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Allied Minds PLC - Boston, Massachusetts-based intellectual property commercialization company - Will consult with shareholders regarding a possible delisting of the company. Publishes a circular relating to this proposed cancellation of Allied Minds’ listing on the Official List and the Main Market of the London Stock Exchange. Firm says: ‘the costs of maintaining a premium listing on the Official List and the Main Market of the London Stock Exchange are prohibitive for a company of Allied Minds’ current size and maintaining a public listing is no longer in best interests of the Company and its Shareholders as a whole.’ Estimates it would achieve savings of $2.2 million in the financial year following delisting. If delisting is approved at its general meeting, the delisting is expected to complete on November 30.
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Vaalco Energy Inc - Houston, Texas-based hydrocarbon explorer - Says shareholders of TransGlobe Energy Corp have approved the proposed business combination with Vaalco at a special meeting. Vaalco Chief Executive George Maxwell says: ‘We are excited for this business combination and appreciate the strong support we received from both sets of stockholders. The combination of these two companies should build a business of scale, a stronger balance sheet and a more material and diversified baseline of production that will underpin the combined Company’s opportunities for success at a rate that would not be achievable alone.’
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Dunedin Enterprise Investment Trust PLC - invests in UK lower mid-market management buyouts - Granted regulatory approval for the realisation of RED, a provider of SAP contract and permanent staff. Investment in RED, held via DENT’s interest in Dunedin Buyout Fund II LP, is valued at £23.7 million at June 30. Proceeds received from transaction total £24.1 million.
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Tertiary Minerals PLC - mineral exploration and development company focused on energy transition metals - Closes sale of its royalty interest in the the Kaaresselka and Kiekeromaa properties in Finland to Aurion Resources Ltd. Definitive sale agreement have been signed. Total consideration is C$200,000 in cash, around £131,609, as well as the issues of 83,333 shares in Aurion to Tertiary.
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Oxford BioDynamics PLC - biotechnology company developing clinical diagnostic tests for immune health - Conditionally raises £9.1 million through a placing of 45.1 million shares at a price of 20 pence per placing share. Subscribers also subscribe for 195,000 shares at the same price. In addition, firm proposes open offer to subscribe for 14.7 million shares at 20 pence each. Fundraise will provide working capital to accelerate the commercialisation of its EpiSwitch product line, it explains. Price represents a premium of 33% to the closing mid-market price on Thursday.
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RPS Group PLC - Abingdon, Oxfordshire-based professional services firm - Receives ‘significant’ minority vote against the approval of its remuneration policy at its annual general meeting. Decides that the review of the remuneration policy should be postponed pending the outcome of current corporate activity due to the recommended acquisition of RPS.
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