TRADING UPDATES: Supermarket Income REIT and Trident raise funds

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

Supermarket Income REIT PLC – real estate investment trust dedicated to investing in supermarket property – Raises GBP150 million via share issue and a further GBP3 million under a PrimaryBid offer. The board increased the size of the issue to GBP150 million from GBP100 million, after careful consideration of the strong level of support and quality of demand from investors in the issue. “Notwithstanding this increase, investor demand substantially exceeded the maximum size of the issue and, accordingly, a scaling back exercise was undertaken,” company says.

Trident Royalties PLC – mining royalty and streaming company – Plans to buy 60% interest in an existing gross revenue royalty over the Thacker Pass lithium project operated by Lithium Americas Corp from an Orion Mine Finance Fund for USD28 million. The consideration is payable in USD26.0 million in cash and 4.2 million Trident shares issued to Orion. In order to finance the cash component of the consideration for the acquisition, Trident has conditionally raised around GBP20.2 million via a share placing. Further, it has raised gross proceeds of GBP510,000 via a retail offer which was closed early after being significantly oversubscribed. “When added to the fundraise announced at 7:00am today, Trident is also pleased to announce that in aggregate it has conditionally (conditions being admission of the shares to AIM and fulfilment of the placing agreements) raised approximately GBP20.7 million,” the firm says.

Henry Boot PLC – construction firm – Unveils “significant” deal at Wakefield Hub, one of the largest industrial developments in the North of England. HBD, the group’s property development business, will deliver a 260,000 square foot industrial unit on behalf of a German pharmaceutical company. Subject to securing planning in mid 2021 work is expected to start on site in the second half of 2021 with the total gross development value in excess of GBP30 million.

CML Microsystems PLC – Maldon, England-based radio frequency semiconductor maker – Says that the order intake improvement seen during the final weeks of the first half period continued through the second half. Notes that for the financial year to March 31, the group’s profitability will be “overwhelmingly dominated” by the exceptional profit arising from the sale of the Storage division and will also include a nine month contribution to group profit from the division.

BATM Advanced Communications Ltd – laboratory diagnostic equipment distributor – Completes sale of NG Soft Ltd to Aztek Technologies (1984) Ltd following the receipt of approval from the Israel Competition Authority and the transaction becoming unconditional in all respects. BATM has received a total of NIS93.7 million, worth around USD29 million. “The group intends to invest the proceeds of the sale to strengthen its innovation and commercialisation engine, both organically and through acquisition, to enable the group to accelerate its core activities – in particular, in network function virtualisation and molecular diagnostics,” company says.

Idox PLC – Reading, England-based management software provider – Agrees to sell its Netherlands-based Grants Consultancy and databases business to an affiliate of SilverTree Equity Partners for up to EUR8.1 million. The consideration comprises an initial EUR4.3 million of cash, earn-out of up to EUR1.0 million in cash and a 6% non-amortising loan note of EUR1.4 million and a further earn-out of up to EUR1.5 million of cash. “Following the recent sale of Idox Compliance, the sale of the Grants Consultancy business marks the disposal of the remaining business within Idox’s Content Division, with the Group now exclusively focused on its core Idox Software activities,” company says.

Separately notes that Dye & Durham does not intend to make an offer for Idox. Says it engaged “constructively” with Dye & Durham and is confident in its future as an independent company. “We have now completed the intended reshaping of our group with the recent disposals of all remaining parts of our Idox Content division, and will look to scale our group further through carefully selected bolt-on acquisitions. These disposals, together with positive momentum from current trading, have significantly strengthened the group’s balance sheet, which in turn offers greater strategic optionality for shareholder value creation,” says Chief Executive David Meaden.

AEX Gold Inc – Greenland-focused gold miner – Says it has consulted with the holders of the vast majority of its shares and has been “greatly encouraged” by the high level of support expressed, and believes there is widespread acceptance among its shareholders that the board’s decision to defer the Nalunaq development plan and avoid committing the bulk of the company’s available liquidity during a period of such high uncertainty was the correct one. Has engaged Ausenco to conduct a thorough, independent, review of all technical aspects of the mine development for Nalunaq. Says 2020 full-year results, which were due to be announced March 25, will now be deferred until April 29, though anticipates these to be in line with management expectations.

OTAQ PLC – Lancaster-based marine aquaculture technology company – Elects to convert all of its 6% convertible loan notes issued by US-based aquaculture technology company Minnowtech LLP into shares. In addition to this, OTAQ agrees to a further equity investment of USD150,000 in Minnowtech. Following all of this, OTAQ will hold just over a 15% interest in Minnowtec. “The additional investment and the agreement for OTAQ to supply Minnowtech on an exclusive basis with sonar hardware for its shrimp biomass analysis systems strengthens the development agreement entered into in early 2020, giving both parties a stronger relationship and capability in innovative product and market development,” OTAQ says.

Supply@ME Capital PLC – London-headquartered fintech platform – After on Wednesday saying it had signed heads of terms agreement for the acquisition of an unnamed fintech-powered commodities trade enabler focused on small and medium-sized enterprises based in Singapore, confirms the identity of the target business is TradeFlow Capital Management Pte Ltd.

Ten Lifestyle Group PLC – London-based lifestyle and travel service platform company – Says net revenue in half-year to February 28 was GBP17.4 million, with adjusted earnings before interest, taxes, depreciation and amortisation broadly in line with board expectations. Says its future performance is closely linked with the global recovery from Covid-19. “Whilst demand is beginning to return in some countries, the continuing effects of Covid-19 globally, combined with the recent strengthening of sterling, is expected to delay the recovery of net revenue and adjusted Ebitda in the second half of the financial year,” says Ten Lifestyle.

Xtract Resources PLC – miner with projects in Mozambique and Zambia – Says laboratory assays have been received from the first drill hole (BRDD-20-001) completed on the phase one diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, Australia. Says results confirm mineralisation at Racecourse forms a very substantial copper-gold mineral system and there is significant potential to expand the mineral resource. “The assay results from the first hole at the Racecourse deposit are exciting in that they confirm mineralisation for almost a kilometre down-plunge. The overall grade of 0.33% CuEq is very pleasing and I am particularly encouraged by the grade uniformity over the entire intercept,” says Chair Colin Bird.

Frontier IP Group PLC – London-based intellectual property commercialisation firm – Says portfolio company Fieldwork Robotics, a spin out from the University of Plymouth, has raised GBP675,000 through an equity fundraising from existing and new investors. The proceeds will be used to support the company’s development of its flexible agricultural robot technology for harvesting soft fruit and vegetables. The funding round means Frontier IP’s equity stake in the business is now just over 22%.

HeiQ PLC – textiles technology firm – Signs exclusive licence and chemicals supply agreement with ICP Industrial Inc, a division of ICP Group, which is expected to deliver USD30 million of royalty revenue. The five-year contract, which is subject to renewal after the first two years, will give ICP exclusive worldwide rights to apply HeiQ Viroblock to coatings for printing processes such as commercial print, food, beverage and pharma packaging. The two companies are currently completing the product development, due to be finalised by August 1, following which the exclusivity period begins.

By Lucy Heming;

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