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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Barkby Group PLC - Abingdon, England-based commercial property development and investment firm - Completes sale of Workshop Trading Holdings, under the brand name Workshop Coffee, via a management buyout. Says MBO was led by independent adviser Castle Corporate Finance and Workshop founder and Chief Executive Officer James Dickson, and includes the transfer of £1.7 million of third party liabilities, the repayment of £200,00 of intercompany lending and a £300,000 deferred consideration, payable in cash in June next year. Says proceeds of the disposal will be used for general working capital purposes. This comes after the company announced its intention to focus on real-estate and dispose of its non-core businesses. Dickson says: ‘The sale of Workshop Coffee will enable its management team to maximise its potential, whilst ensuring Barkby is able to dedicate all of its resources and management time to the successful execution of its roadside real estate strategy.’
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Saietta Group PLC - Bicester, England-based engineering firm - Replaces joint commercialisation and development agreement with Vancouver-based commercial automotive components manufacturer and supplier, Consolidated Metco Inc. Says rearrangement will result in ConMet making a net payment of €3.3 million to Saietta. Adds it allows it to narrow its near-term focus on revenue opportunities in the lightweight electric vehicle sector. This comes after Saietta and ConMet agreed to collaborate on bringing an in-wheel generator and and an in-wheel motor to commercial production under the JDCA in August of last year. Saietta Chair & Interim Chief Executive Officer Tony Gott says: ‘This development is fully aligned with our stated strategy of driving Saietta into positive earnings before interest, tax, depreciation and amortisation as soon as possible, with a target of early 2024.’
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Wishbone Gold PLC - Australia-focused mining company - Raises £1.4 million through issue of 59.1 million shares priced at 2.4p each. Represents an oversubscription of 42% against the initial target subscription of £1 million. Says the net proceeds will provide additional working capital for the company but will primarily be used to fund the exploration programs on Red Setter and Cottesloe. Chair Richard Poulden says: ‘We are immensely grateful for the support of existing shareholders and new investors in the current challenging financial markets. We are looking forward to the next round of exploration based on the new analysis of Red Setter and Cottesloe.’
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United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and the UK - Says conditions under asset purchase agreement with UK-based energy company, Quattro Energy Ltd, for the conditional sale of UK Central North Sea P2519 licence has not met its deadline of July 31. Notes it is in discussions with Quattro for an extension.
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MaxCyte Inc - Maryland, US-based ell-engineering technology platform - Signs platform licence pact with Massachusetts, US-based biotechnology company, Prime Medicine Inc to advance Prime’s gene editing therapies. Prime will have clinical and commercial rights to use MxCyte’s Flow Electroporation technology and ExPERT platform. MaxCyte will receive annual licence fees and programme-related revenue in return. MaxCyte Chief Executive Officer Doug Doerfler says: ‘We are pleased to partner with Prime Medicine and support their breakthrough gene editing technology. The company’s innovative vision and transformative scientific approach are clearly reshaping how genetic diseases are studied and ultimately will be treated.’
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Concurrent Technologies PLC - Essex, England-based designer and manufacturer of computer boards - Launches dual enclave switch card called Iris. Says product has been manufactured by an unnamed partner company which specialises in electromagnetic spectrum solutions. Says initial orders will be completed this year, with deployment starting in 2024. Chief Executive Officer Miles Adcock says: Iris fills the last high-value gap in our systems portfolio and leveraging this functionality from a trusted partner enables us to deliver leading-edge products to market at an increasingly swift cadence. Over the last year, I have personally met our partner a number of times as we have built our mutual respect based on aligned values and the desire to support each other’s business.‘
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Panther Metals PLC - Canada-focused mineral and exploration company - Says Australian subsidiary Panther Metals Ltd has completed second drilling campaign at Coglia nickel-cobalt project in Western Australia to grow the current 70.6 million tonnes inferred mineral resource. Says drilling campaign also targeted additional prospects at 40 Mile Camp, Mount Goose and Comet Well South.
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