TRADING UPDATES: Tekcapital's MicroSalt plans IPO in 2023

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on ...

Alliance News 19 December, 2022 | 7:29PM
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:


Tekcapital PLC - London-based intellectual property investor - Announces that its 97%-owned portfolio firm MicroSalt Ltd plans IPO on AIM in 2023. MicroSalt develops and manufactures low-sodium salt. Besides owning about 97% in MicroSalt's portfolio, Tekcapital owns about 73% in MicroSalt's US subsidiary, MicroSalt Inc.


Braemar PLC - London-based shipbroker & advisor in shipping investment - Buys Florida-based Southport Maritime Inc for USD7.3 million. Expects the acquisition to be earnings enhancing in financial year 2024. "Southport is one of the highest volume US-based shipbroking tanker companies. They are recognised as a leader for crude and refined products in the North American export market, as well as in the Latin American and Caribbean markets," Braemar says. Last week Monday, Braemar said it launched a Greek corporate finance desk led by Stefanos Fragos, who used to work for alternative investment platform Yieldstreet Inc, and DVB Bank SE. Braemar last week said it aimed to raise debt and equity to support the Greek shipowners' growth ambitions, explaining that the desk responds to a "clear need" for expert counsel for Greek shipowners.


Gresham Technologies PLC - London-based software and services company - Hails USD1.9 million new customer win with a "tier 1 global asset manager" lasting 3 years. Gresham says: "On 17 December 2022, one of world's largest asset managers signed a contract for Control and Data Services in the cloud to replace a legacy reconciliation product and to streamline its data aggregation processes. The US-based firm, consistently ranked in the top five global asset managers by [assets under management], will partner with Gresham to consolidate all market-facing reconciliations and data controls for their institutional investment management business onto a modern cloud platform."


Hargreave Hale AIM VCT - Blackpool-based venture capital trust - Notes that net asset value per share as at September 30 falls 40% to 60.19 pence from 100.39p a year prior. NAV total return turns to negative 33% from positive 42% a year prior. NAV total return with dividends reinvested is negative 35%, slightly underperforming against its benchmark, the FTSE AIM All-Share Total Return Index, which returns negative 34%. Turns to pretax loss of GBP88.7 million from a profit of GBP67.9 million a year prior. "Russia's invasion of Ukraine, devastating for those directly involved, catalysed an energy shock with profound implications for the economy, households and wider society. Central banks have responded aggressively with immediate consequences for the cost of capital, both to companies and households. The economic outlook, already challenging, got significantly worse," Chair David Brock says. Total financial year 2022 dividend amounts to 6.65p, up 51% from 4.40p a year prior. Looking ahead, the company says: "Recessions spawn innovation and create opportunity. Growth companies will continue to require capital for investment into research, infrastructure, people and working capital. We do not expect the falls endured last year to translate to permanent loss of value. At some point in 2023, we will be able to look forward to better times. As we emerge from recession, fundamentals will improve and markets will recover their poise."


Hutchmed China Ltd - Biopharmaceutical company specialising in discovery and development of cancer and immunological disease treatments - Starts rolling submission of a new drug application of its refractory metastatic colorectal cancer drug candidate fruquintinib to the US Food & Drug Administration. Expects the new drug application to complete in the first half 2023. Notes that its drug reduced death risk by 34% compared to a placebo.


Mirriad Advertising PLC - London-based advertising company, which provides customers with an AI & computer-vision-powered platform that inserts products and signage formats after content is produced - Partners with Scripps Networks to integrate brands across marketplace. Says it will expand Scripps partnership to further brands in Scripps portfolio. Mirriad explains: "Scripps Networks will be able to use Mirriad's platform to integrate brands and products across ION and Bounce, including in new original holiday movies as well as in the blockbuster series, 'Johnson,' and 'Finding Happy' and the newly-announced comedy 'Act Your Age' premiering in the spring of 2023."


Xtract Resources PLC - Australia, Mozambique and Zambia-focused gold producer, exploration and development company - Reports 87 megatonnes at 0.22% grade of copper equivalent at Ascot site as well as 34 megatonnes at 0.3% copper equivalent across Bushranger project in New South Wales, Australia. "The maiden Ascot inferred mineral resource adds a further approximately 190,000 tonnes of copper equivalent metal to the 1.1Mt reported previously at the Bushranger Project," the company says.


By Tom Budszus, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Hargreave Hale AIM VCT Ord 42.40 GBX -1.40 -
Mirriad Advertising PLC Ordinary Shares 0.94 GBX 0.27 -
Tekcapital PLC 9.68 GBX -0.77 -
Gresham Technologies PLC 161.50 GBX 0.31 -
Braemar PLC 296.00 GBX 1.89 -
Xtract Resources PLC 0.76 GBX -16.11 -
HUTCHMED (China) Ltd 278.00 GBX -2.80 -

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