The following is a round-up of updates by London-listed companies, issued on Friday not separately reported by Alliance News:
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Active Energy Group PLC - international biomass based renewable energy business - Provides first quarter business update. Reports the company has sufficient funds to finance all current marketing and sales activities required to accelerate and complete the first commercial roll out and deliveries of CoalSwitch. Anticipates that first production of CoalSwitch product should commence during the second quarter and that these volumes will be available for delivery to prospective AEG customers. Initial production volumes remain targeted at an annualised rate of 35,000 tons per annum for deliveries to AEG’s customers in the US and in Europe.
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Bens Creek Group PLC - the owner of a metallurgical coal mine in North America supplying the steel industry - Intends to buy further 26% interest in Ben’s Creek Rail Holding LLC for $169,000. Cash deal is in addition to announcement on December 23 and takes Bens Creek’s stake to 52%. Following this transaction Bens Creek will retain the right to acquire the remaining 48% for a further consideration of $312,000, to be satisfied in two tranches.
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Tekmar Group PLC - leading provider of technology and services for the global offshore energy markets - Announces subscription, placing and retail offer to raise £7.3 million through the issue of up to 80.8 million new shares at 9 pence each. In addition SCF-IX LP and a proposed director, Steve Lockard, will provide a strategic investment into the company by a subscription for 47.5 million shares at the issue price to raise £4.3 million and a convertible loan note of up to £18 million. Proceeds will provide the necessary balance sheet strength as the business transitions to sustained profitable growth, alongside investment to capitalise on organic growth opportunities. SCF-IP LP fundraising is conditional on the approval by shareholders to waive the obligation for SCF-IX LP and Steve Lockard to make a general offer under Rule 9 of the Takeover Code. Subsequently Tekmar announces it has so far raised raised £6.3 million via the placing from existing investors and the subscription from SCF-IX LP and Lockard.
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Georgia Capital PLC - Tbilisi-based investor focusing on domestic businesses in Georgia - Announces the sale of three assets of its hospitality business. These constitute two operational hotels in Tbilisi, currently managed under the Ramada Encore brand, followed by a vacant land plot for $28 million. Proceeds will be used to improve the balance sheet. Expects net debt will decrease by 76%, from $37 million at December 31 to $9 million.
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Pires Investments PLC - London-based investment company focusing on next-generation technology - Reports LandVault, a large metaverse builder in the Sure Valley Ventures Fund in which Pires has an interest has raised an additional $3 million after extending its Series B funding round. Proceeds of this fundraise are expected to be used to expand the growth of the company’s commercial operations across Dubai, Europe, Asia and the US.
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Circle Property PLC - London-based buyer, developer and manager of regional office assets in UK - Announces that the sales of 400 Pavilion Drive, Northampton and Concorde Park, Maidenhead, have now completed. In line with strategy and with one asset in the company remaining John Arnold, Chief Executive Officer and Edward Olins, Chief Operating Officer will step down from company with immediate effect. This reflects reduced business demands upon the executives as the company winds down prior to cancellation of trading on AIM.
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Artemis Resources Ltd - mining company with gold, copper and cobalt projects in Australia - Reports resignation of Mark Potter as non-executive Chair as at today’s date to focus on his other professional obligations. Names Guy Robertson as interim executive Chair, while the company takes steps to make a permanent appointment. Dr Simon Dominy, currently Technical Director will now also assume the role as the interim Chief Executive Officer.
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