TRADING UPDATES: Velocys agrees bid, Helical lets office to Sainsbury

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

Alliance News 5 December, 2023 | 5:54PM
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:


Gem Diamonds Ltd - diamond miner in Lesotho and Botswana - Engages with significant shareholder following sizeable votes against two resolutions, on remuneration and the renewing the authority of the Directors to allot shares, at last June's Annual General Meeting. Will consider feedback when setting this year's remuneration. But, is aware that certain shareholders, including the significant shareholder, have a policy of not supporting resolutions regarding the flexibility afforded by the authority to allot shares. Therefore, decides not to engage in further consultation with the significant shareholder but will continue to regularly consider their approach to this matter.


Equals Group PLC - London-based fintech payments group - Updates further to the completion of the acquisition of Roqqett Ltd and the allotment of ordinary shares to its share incentive plan trust for eligible employees and to good leavers under its discretionary long-term incentive plan. Says the conditions for the third deferred payment have now been met and accordingly the consideration shares have been allotted and issued conditional on admission. The second deferred payment remains conditional upon certain capabilities being added to the platform.


Helical PLC - London-focused property developer - Lets, in conjunction with Ashby Capital the first, second and third floors comprising 68,002 square feet of office space at The JJ Mack Building, 33 Charterhouse Street, EC1 to J Sainsbury PLC. Notes the JJ Mack Building is now 58% occupied.


Sancus Lending Group Ltd - alternative finance provider - Enters joint venture agreement with Hawk Lending Ltd to form a new property alternative finance lender and debt advisory business based and operating in Jersey and focused on serving international clients with Jersey presence. The new Hawk businesses will be equally owned by Sancus Group and Hawk Group, and Rory Mepham, chief executive of Sancus, and Robert Morton, chair of Hawk Group will be appointed to the board of the joint venture. Funding will be provided through a combination of funding sources including a GBP30 million facility provided by the Morton family, the respective existing co-funder networks, existing and new loan notes, and other institutional sources of funding, including the Sancus Group's GBP125 million facility with Pollen Street Capital.


Advancedadvt Ltd - London-based acquisition vehicle - Intends to cancel the company's listing on the main market and apply for admission the the AIM market instead. Explains that the cancellation and admission will take place simultaneously. Chair Vin Murria says: "AIM provides a more suitable regulatory environment for a business of our size and structure as well as offering flexibility with regard to corporate transactions, and will provide access to a broader pool of institutional and other investors."


Rainbow Rare Earths Ltd - South Africa and east Africa-focused rare earth oxide producer - Says proposed USD50 million TechMet investment in Phalaborwa to be funded by the US International Development Finance Corp. Agreement follows a period of extensive due diligence by the DFC and TechMet into Rainbow and the project.


Great Southern Copper PLC - mining company, which is focused on copper-gold and lithium exploration in Chile - Completes the necessary permitting procedures to commence its proposed scout reverse circulation drilling programme at Especularita with drilling planned to commence in the first half of December 2023. Chief Executive Sam Garrett says: "We are very excited that drilling at Abundante will commence imminently. The scout RC drill holes are targeting high-grade copper mineralisation and are the first step in understanding how the breccia-hosted mineralisation will develop at depth beneath the existing mine workings. The results will provide critical geological, geochemical and structural information necessary for the preparation of follow-up larger-scale drill programmes designed to vector in on potential economic mineralisation."


PYX Resources Ltd - Sydney-based, Indonesia-focused zircon and mineral sand producer - Advises that an application for quotation of additional securities has been issued on the NSX. Explains company has received an eighth subscription notice totalling USD350,000 in shares. As such, company issues and allots around 2.0 million shares of no par value.


Velocys PLC - Oxford, England-based sustainable fuels technology company - Agrees bid from Madison Bidco Ltd which values each share at 0.25 pence. Madison Bidco is a newly formed company indirectly owned by a fund advised by Lightrock, a fund advised by Carbon Direct Capital, GenZero and Kibo Investments. In addition, Madison agrees to provide up to GBP31.5 million of growth capital to Velocys which is expected to ensure that Velocys and its management have the capital resources needed to deliver against Velocys' medium-term strategic plans. In connection with the deal, the Carbon Direct Fund agrees to provide a secured bridging loan of GBP3.5 million with a view to providing sufficient capital for Velocys through to the acquisition becoming effective. Bid values Velocys at GBP4.1 million on a fully diluted basis and provides a post growth capital valuation of up to around GBP35.6 million.


By Jeremy Cutler, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Equals Group PLC 116.00 GBX 0.00 -
Sancus Lending Group Ltd 0.83 GBX 0.00 -
Gem Diamonds Ltd 10.00 GBX 0.91 -
Helical PLC 196.80 GBX -1.20 -
Great Southern Copper PLC 2.70 GBX 3.85 -
Sainsbury (J) PLC 254.00 GBX -0.04
Rainbow Rare Earths Ltd 11.75 GBX -3.09 -
Velocys PLC 0.24 -
PYX Resources Ltd 14.90 GBX -2.30 -
AdvancedAdvT Ltd Ordinary Shares 114.50 GBX -2.55 -
PYX Resources Ltd 0.51 -

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