TRADING UPDATES: Cordiant deploys IPO funds; Scotgold gets loan

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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:

Cordiant Digital Infrastructure Ltd – investment firm focused on digital infrastructure assets – Announces deployment or commitment of substantially all of the net proceeds from its IPO into digital infrastructure platforms in the Czech Republic and Norway. Company has completed the acquisition of Ceske Radiokomunikace and entered into a legally binding letter of intent to acquire a Norwegian fibre network and certain land for data centre development for a combined total consideration of GBP451 million, comprising GBP318 million of equity and the assumption of an amount equal to GBP133 million of debt. Adds it has raised its dividend guidance, now targeting “no less than 3 pence per share” for the current financial year, up from 1p. Firm floated in London in February.

Hutchmed (China) Ltd – Hong-Kong-based pharmaceutical company – Completes rolling submission of a new drug application to the US FDA for surufatinib for the treatment of pancreatic and extra-pancreatic neuroendocrine tumors. “Having successfully launched surufatinib in China early this year, we are now looking forward, subject to its approval, to being able to provide access to this important new therapeutic option for NETs patients in the US and beyond,” says Marek Kania, managing director & chief medical officer of Hutchmed International Corp.

AfriTin Mining Ltd – tin miner with asset in Namibia – Says definitive feasibility study confirms the feasibility of expanding the current phase 1 processing plant, resulting in a 67% increase in tin concentrate production to 1,200 tonnes per year from 720 tonnes. “The DFS confirms the highly attractive economics from a low-cost modular expansion of the current phase 1 at Uis which can be implemented in eight months. The DFS also coincides with the company achieving its first full quarter of steady state production at the phase 1 plant as a global tin prices reach a 10-year high,” says Chief Executive Anthony Viljoen.

SDX Energy PLC – London-headquartered oil and gas exploration, production, and development company – Starts the first phase of its 2021 drilling campaign in Morocco, which will comprise up to five wells over the year. The first phase will consist of three appraisal/development wells. The second phase of the Moroccan drilling campaign will commence in the autumn.

Intelligent Ultrasound Group PLC – Cardiff, Wales-based artificial intelligence ultrasound software firm – Successfully registers with the MHRA to market ScanNav Anatomy: Peripheral Nerve Block in the UK and will be launching the product into the UK market at the forthcoming RA-UK annual scientific meeting. Continues to progress regulatory filing with US Food & Drug Administration, as well as seeking to licence an integrated version of the product to major ultrasound manufacturers. “ScanNav PNB uses the latest AI technology to automatically highlight the live ultrasound image to enhance the accuracy and standardisation of ultrasound image interpretation, by making it easier to identify key anatomical structures,” company explains.

CAP-XX Ltd – Australia-based supercapacitors and energy management systems manufacturer – Says Jack, developer of the first windshield breakage detection solution, has selected the CAP-XX HS208F supercap for its solar-powered Internet-of-Things device. “We are proud to provide the high energy and power density Jack needs to power its advanced communication system,” said Anthony Kongats, chief executive at CAP-XX. “This is just one of the many possible applications for thin CAP-XX supercapacitors in IoT devices.”

Panther Metals PLC – company focused on mineral exploration in Canada and Australia – Receives new exploration permit to proceed with the revised plans for reconnaissance diamond drilling, ground induced polarisation geophysics and trenching focussed on testing intrusive contact shear-zone hosted gold mineralisation in the vicinity of the north shore of Dotted Lake. The new permit will allow Panther to drill up to 8 diamond drill holes this season where initial results warrant. The new permit extends these exploration permissions for three years to April 26, 2024. “This receipt now facilitates us to move our revised plans forward and we are currently engaging with potential contractors with a view to drill at the earliest opportunity,” says Chief Executive Darren Hazelwood.

Tribal Group PLC – provider of education software and services – Has acquired and paid for the remaining issued share capital of Semestry Limited, a supplier of cloud based scheduling and timetabling software to the higher education market. “Semestry has traded in line with expectations since the acquisition and the integration is progressing to plan,” says Tribal.

Secured Income Fund PLC – investor focused on SME loan assets and secured lending opportunities – Will return GBP3.7 million to shareholders via a second return of capital by the issue of B shares. Proceeds from the redemption of the B shares is equivalent to 7.0p per ordinary share, firm says. Capital being returned represents around 11% of company’s net asset value as at end of March.

Power Metal Resources PLC – metal exploration and development company – Establishes new 100%-owned and subsidiary ‘incubator’ business, Power Capital Investments Ltd, which will be initially be fully funded by the company. “Power Capital will actively identify small, entrepreneurial business ventures with significant growth potential in the junior resource space and provide support with regard to business management, project development and corporate development to enable them to scale rapidly and realise their potential. Power Capital may also provide financial support,” Power Metal Resources explains.

Scotgold Resources Ltd – gold exploration and production company focused on Scotland – Gets short-term loan of GBP2 million from group comprising Non-Executive Chair Nathaniel le Roux; non-executive directors Bill Styslinger, Peter Hetherington and Ian Proctor; and an unrelated third party. Loan provided to SGZ Cononish Ltd, a wholly-owned subsidiary of Scotgold.

By Lucy Heming;

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