Source - Alliance News

The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Premier Miton Group PLC - Surrey, England-based asset manager - Acquires equity boutique Tellworth Investments LLP. Tellworth has £559 million of assets under management as of end of September. ‘The acquisition is in line with Premier Miton’s stated inorganic strategy of buying complimentary asset management platforms with industry expertise and product diversification as part of a wider commitment to continue to invest in growth opportunities,’ Premier Miton says. Says initial consideration based on assets under management at completion. ‘At the current AuM this will be £5.5 million but this can vary between £3.5 million and £6 million depending on AuM at completion,’ it adds. Initial consideration to be 75% paid for in cash and 25% in shares. Premier Miton adds: ‘An additional consideration of up to £3 million may be payable depending on AuM growth between completion and the first anniversary of completion with the maximum amount payable if AuM at the first anniversary date exceeds £850 million.’

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Reconstruction Capital II Ltd - closed-end investment company - Sends circular to shareholders concerning proposal to cancel AIM admission. ‘The directors have conducted a review of the benefits and drawbacks to the company and its shareholders in retaining its admission to trading on AIM and believe that cancellation is in the best interests of the company and its shareholders as a whole,’ it says. It believes AIM listing comes with ‘considerable cost’ and mean it is unlikely to ‘provide the company with significantly wider access to capital’. It backs its continuation, however, adding: ‘The directors have concluded that given the slow process of selling the investments, exacerbated by the Covid-19 crisis followed by the war in Ukraine and resulting cost of living crisis, which has had a significant impact on the main investee company Policolor and on Mamaia Resort Hotels, it is in the best interests of the company to further extend its life.’ Shareholders will vote on AIM cancellation proposal at November 29 annual general meeting.

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Highbridge Tactical Credit Fund Ltd - credit investment fund - Says compulsorily redeemed majority of shares and resolutions to take company into voluntary liquidation passed. Shares suspended on Wednesday, with delisting expected on Thursday.

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Asian Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure projects - Enters agreement which will see Octopus Energy Generation act as its transitional investment manager. Asian Energy Impact says: ‘Octopus Energy Generation’s immediate priorities will be to assist finalising the 31 December 2022 and 30 June 2023 valuations, 2022 audit and accounts and 2023 interim report and lifting the suspension of admission to listing and trading of the company’s shares as soon as possible. This process will include undertaking detailed due diligence on the company’s assets, including the in-construction 200 MW DC solar PV project in Rewa Ultra Mega solar park, to ensure the completeness and accuracy of all information required to finalise the outstanding valuations, audit and financial reports.’

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Zephyr Energy PLC - Rocky Mountains-focused oil and gas company - Says Slawson Exploration Co operated wells, which Zephyr has working interest in, come online on Wednesday. ‘The wells will provide a significant near-term production boost and are expected to generate substantial cashflows for the company which can be reinvested into the development of its project in the Paradox Basin, Utah, US or into additional non-operated investment opportunities,’ Zephyr adds.

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Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Begins International Chamber of Commerce arbitration case against Tunisia’s national oil company, Entreprise Tunisienne d’Activites Petrolieres. Chief Executive Officer Andrea Cattaneo says: ‘It is deeply regrettable that Zenith Energy has been compelled to initiate a second arbitration and conduct conservative seizures against ETAP following failures to satisfy contractually binding payments for oil production. Shareholders can take comfort in the decisive action the board has taken to ensure that Zenith’s interests are upheld.’

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MGC Pharmaceuticals Ltd - pharmaceutical company specialising in plant-derived medicines - Receives binding commitments from ‘sophisticated and professional investors’ to subscribe for $7.9 million shares under a placement at $0.255 each. Follows shareholder approval of new share placement. ‘The $7.9 million secured represents the minimum amount required to fund MGC Pharma’s full business plan over the next 12-month period, that is focused on the investigational new drug applications of CimetrA and CannEpil in the USA,’ MGC says. Adds that following completion of share consolidation, predicted to occur on Thursday, will have 4.4 million shares in issue.

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Equals Group PLC - London-based fintech payments group - Says capital reduction approved by UK court, resulting in distributable reserves of around £25 million. Plans to declare maiden interim dividend of 0.5 pence per share. It adds: ‘Furthermore, it expects that, subject to shareholder approval, the final dividend for the 2023 full year will be 1.0 pence per share, giving a total dividend of 1.5 pence for 2023.’

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Chelverton Growth Trust PLC - invests in mid- to small-cap UK companies - Recommends members’ voluntary liquidation of company. It explains: ‘The board has concluded that the reduced size of the company and its small number of investments preclude a further tender offer, and as reported in the company’s annual report and accounts, it has for some time been investigating other options to maximise the return of funds to shareholders. Unfortunately, this process has been necessarily drawn out due to major economic events including Brexit, Covid-19 and the Russian invasion of Ukraine. These events have served to create market uncertainty and turmoil such that only in recent months has the board felt able to move forward with its plans within a more stable economic environment.’ Believes wind-up is in best interests of shareholders. Plans initial distribution of shares in AIM-listed industrial holding company CEPS PLC once liquidation proposal backed. General meeting which will include vote on proposal takes place on November 27.

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