TRADING UPDATES: Avacta raises funds; Orcadian ends development deal
The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Avacta Group PLC - London-based clinical-stage biopharmaceutical company - Intends to raise minimum £12.5 million through a placing and subscription at 68 pence per share. Proceeds will provide working capital to extend the company's cash runway into the second quarter of 2027 and to progress the pre|CISION platform technology, to continue to develop AVA6103, to continue the ongoing trial with faridoxorubicin, and to progress its next-generation dual-payload asset, AVA6207. In addition, £2.5 million will be used to satisfy the next quarterly convertible bond repayment due in October.
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Premier African Minerals Ltd - developer of the RHA tungsten and Zulu lithium projects in Zimbabwe - Completes a subscription to raise £1.2 million through the issue of shares at 0.00436 pence each. Proceeds will provide additional working capital to support the planned recommencement of operations at the Zulu lithium and tantalum project, including the potential remobilisation of mining activities and restart of the processing plant. Managing Director Graham Hill says the funding "enables us to move directly towards restarting plant operations at Zulu. This represents a change from our original plan, which was to build a larger [rum-of-mine] stockpile before recommencing processing. However, the progress achieved during the previous operating period has provided the board with a basis to proceed with the restart, while maintaining our focus on achieving stable and consistent production of spodumene concentrate." Hill believes that the best use of available resources at this stage is to process the material already on the ROM pad and demonstrate the satisfactory performance of the plant. The immediate target is an approximately 15-day campaign, during which the principal focus will be on sustained plant operation, product quality and recoveries. Importantly, this approach should provide us with the opportunity to extend operations.
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Orcadian Energy PLC - oil and gas development company - Orcadian terminates its joint-development deal that it announced last month. The firm in September entered into a non-exclusive, joint development agreement with a US developer of offshore data centre infrastructure. "Both companies have now agreed to terminate the agreement, as the development scope and timeline for Earlham did not align with the potential partner's near-term deployment priorities," the company says. Chief Executive Steve Brown says: "This particular agreement has not progressed, but the work we did together has materially advanced our understanding of what an offshore compute development at Earlham would require. Our view of the opportunity is undiminished, and we continue to engage with a number of other potential partners."
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Kelso Group PLC - London-headquartered investment company focused on small and mid-cap UK businesses - Says it now holds 600,00 shares in Saga PLC at an average cost of 446 pence per share following a recent purchase of 100,000 shares following its recent results. Kelso says its holding is valued at £4.6 million and represents around 20% of its total investments. Chair Nigel Knowles says: "Saga is the third Kelso investment to double in value during 2026, alongside Filtronic PLC and The Works PLC. Kelso believes in running its winners which is why we bought more shares in Saga following these results."
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Symphony Environmental Technologies PLC - Hertfordshire, England-based biodegradable plastic technology developer - Announces a second positive development in Colombia. Following the approval of d2w for polypropylene drinking straws, announced in September, the Ministry of Environment & Sustainable Development has now accepted scientific evidence supporting the use of Symphony's d2w biodegradable technology in polyethylene films and bags. Symphony and its local partners are now working to convert this regulatory progress into sales. Chief Executive Michael Laurier says: "This second confirmation from the Colombian government is significant because it extends regulatory recognition of d2w technology beyond polypropylene products to polyethylene films and bags."
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Aptitude Software Group PLC - London-based finance software company - Announces £6.5 million of Aptitude accounting hub renewals with two large banking groups and the successful implementation of Fynapse at a leading UK telecommunications provider in just 12 weeks. CEO Alex Curran says: "These multi-year AAH renewals demonstrate the strength of those relationships and provide an opportunity for these clients to migrate onto Fynapse." While taking a leading UK telecommunications provider live in just 12 weeks "shows what this next generation offering delivers in practice: value delivered in weeks rather than years," Curran adds.
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Sabien Technology Group PLC - London-based provider of energy efficiency technologies - Decides to end talks with Haydale PLC and Intelligent Resource Management Ltd trading as SaveMoneyCutCarbon which were aimed at agreeing a UK distribution and implementation agreement for the company's M2G technology platform. Talks took place in good faith but no binding agreement has been reached and material commercial and legal terms remain unresolved. "In the board's view, the length of time taken to date and the absence of a definitive outcome on a number of key terms has reduced confidence that a mutually beneficial agreement can be achieved within an acceptable timeframe," Sabien says. In addition, Sabien has decided to suspend the previously announced strategic review of its interests in COF's Regenerated Green Oil and b.grn. Executive Chair Richard Parris says: "Today's announcements mark the end of one chapter and the beginning of another. By concluding discussions that were no longer progressing and preserving a strategic opportunity where commercial momentum is building, the board has created the clarity needed to accelerate Sabien's strategic transition."
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Quartix Technologies PLC - Newtown, Wales-headquartered vehicle tracking software firm - Reports a continuing strong financial performance in the year so far. Full-year revenue is expected to be in line with current market expectations and adjusted pretax profit is expected to be modestly ahead of current market expectations, reflecting the cost savings identified at the time of the interim results. Annualised recurring revenue, which comprises committed software subscription revenues only and excludes other service revenues, rises to £39.7 million in the nine months ended September from £36.7 million the year prior. Says ARR growth in he third quarter was particularly encouraging. At September 30, says it held cash of £5.3 million and no debt. Estimates free cash flow for the nine months to September 30 of £4.7 million. Executive Chair Andy Walters says: "The performance demonstrates the resilience of the group’s subscription model and the continued growth in the value of its installed customer base. The board remains confident in meeting market expectations for the full year."
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