TRADING UPDATES: 600 Group disposal and funding talks continue

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

Alliance News 4 December, 2023 | 5:33PM
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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:


Upland Resources Ltd - London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea - Signs letter of intent for the provision of specialist drilling crew services with an established and proven partner Vanguard Drilling Ltd. Explains Vanguard Drilling brings extensive experience in new generation onshore drilling. Chair & Chief Executive Bolhassan Di says: "This is a significant step forward for the company, we are making tangible progress and laying strong foundations towards our intended drill campaign. We look forward to increased market engagement as we scale up operations on Block SK334 in Sarawak."


Ondine Biomedical Inc - Vancouver-based life sciences company - Raises GBP2.5 million via placing and subscription. Further, in light of the demand for the placing and subscription, increases overall fundraising size from GBP2.5 million cap as commitments already received mean that there are insufficient shares to allocate to the broker option or to employee subscribers.


Genedrive PLC - Manchester-based molecular diagnostics company - Says Genedrive MT-RNR1 ID kit is now in routine use in the Trevor Mann Baby Unit at the Royal Sussex County Hospital, part of University Hospitals Sussex NHS Foundation Trust. This site is the second NHS Trust in the country to be using the Genedrive test for antibiotic induced hearing loss.


AMTE Power PLC - London-based lithium-ion and sodium-ion battery cells developer and manufacturer - Announces both resolutions were passed at its general meeting today to approve the placing agreement and the convertible loan facility. Proceeds will provide working capital until late-December 2023, by when it is anticipated that the subscription agreement will have been completed. Pending receipt of the proceeds, explains the group has sufficient working capital until mid-December 2023.


Catenae Innovation PLC - London-based digital media and technology provider using blockchain technology to support clients with operations and staff management - Settles with certain minority shareholders of Hyperneph Software Ltd in relation to the claim which was initially announced on May 17 2022. Explains the minority shareholders of HSL have agreed to pay a nominal amount, in cash, for the company's 51% shareholding in HSL. Stresses the HSL disposal will not have any material impact on the company's continuing activities.


AFC Energy PLC - Surrey, England-based provider of hydrogen-powered generator technology - Announces the unveiling of its world first modular ammonia cracker system demonstrating the production of hydrogen in the UK from ammonia procured from OCI Global. Explains the cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen per annum. Notes hydrogen from the cracker plant is targeted for sale into AFC Energy's UK H-Power generator deployments. Also expects to commence cracking green ammonia for the next stage of the project.


600 Group PLC - West Yorkshire, England-based manufacturer and distributor of machine tools, precision engineered components and industrial laser systems - Says talks continue with a US based mid-market private equity firm over the possible sale of a majority interest in the business and assets of the group's wholly owned TYKMA Electrox and Control Micro Systems industrial laser businesses. However, agrees to terminate, without penalty and with immediate effect, the binding period of exclusivity between the two parties. This would have expired otherwise on December 27. Further, says trading has remained difficult since the time of the trading update in September and the group continues to be loss making at an operating level. Remains in talks with its lender in respect of an extension and amendment to the debt facility which matured on November 30. Points out no extension has yet been confirmed and the group continues to consider various financial alternatives. Adds audit process relating to results for year to March 31 is ongoing. Expects these results to be published prior to the end of February 2024. As a result, shares remain suspended.


Verditek PLC - London-based producer of lightweight solar panels - Calls general meeting for December 21. Plans to seek authority to allot up to 100% of the existing issued share capital and authority to allot such capital on a non-pre-emptive basis. Explains this will give the flexibility to issue new shares in the event that future required working capital is to be funded via share issuance.


Microsaic Systems PLC - Surrey-based mass spectrometry equipment developer - Announces general meeting on December 19. Seeks shareholder approval to enable proposed fundraising to take place. This requires the passing of resolutions to enable a re-organisation of the company's share capital, to provide authority to issue new shares and to wave pre-emption rights, and the adoption of new articles of association.


By Jeremy Cutler, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
600 Group (The) PLC 2.65 GBX 0.00 -
Catenae Innovation PLC 0.60 GBX 0.00 -
Microsaic Systems PLC 1.33 GBX 0.00 -
Genedrive PLC 4.38 GBX 2.94 -
Upland Resources Ltd 3.34 GBX 6.03 -
Amte Power PLC Ordinary Shares 0.88 GBX -7.89 -
Verditek PLC 0.10 GBX 0.00 -
Ondine Biomedical Inc Common Share 10.25 GBX 0.00 -
AFC Energy PLC 15.10 GBX -5.03 -

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