TRADING UPDATES: Forgent agrees improved terms for Mount Sholl deal
The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Forgent PLC - Australian-focused minerals explorer - Agrees revised commercial terms with Raiden Resources Ltd for its option to acquire an 80% interest in the Mount Sholl nickel-copper-platinum group elements project in Western Australia. Total consideration remains AUD2.7 million, comprising AUD1.4 million in cash and AUD1.4 million in shares, but will now be paid in four instalments over nine months rather than entirely upon exercise. The initial payment is reduced by around 64% to AUD975,000, with the remaining AUD1.7 million deferred, allowing Forgent to secure the full 80% interest upon exercise while reducing upfront costs and spreading shareholder dilution. The option is extended to November 14, with no additional consideration payable for the revised terms. Chief Executive James Parsons says the changes are "commercially sensible" and preserve the company's ability to acquire the project, which contains an existing mineral resource of 23.4 million tonnes. A six-month lock-in applicable to 50% of the shares issued under each instalment.
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Strategic Minerals PLC - London-based mineral producer - Announces that Australian Foreign Investment Review Board approval has been received and the sale of Leigh Creek Copper Mine Pty Ltd to South Pacific Minerals Investments Pty Ltd, trading as Cuprum Metals has now completed. Proceeds will support the continued advancement of its flagship Redmoor tungsten-copper-tin project in Cornwall. Through the deal the firm receives AUD750,000 in cash and AUD3 million worth stock. Executive Chair Charles Manners says: "We are pleased to have completed the sale of Leigh Creek. Through our equity, royalty and earn-out interests, Strategic Minerals will be a significant stakeholder in a future copper mine, and we look forward to continuing to work closely with the Cuprum team as they advance the project. We consider the prospects for Leigh Creek to be very positive in the current market environment for copper. The cash now released from the project together with potential future payments from our various retained interests in the project will be used to further accelerate activities at our Redmoor project in Cornwall which remains our key focus."
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Made Tech Group PLC - London-based provider of digital, data and technology services to the UK public sector - Buys Target Applications Ltd, which trades as CX Feedback, for up to £6.0 million. Target Applications is a Glasgow-based housing technology provider, serving more than 100 customers across social housing and local government. The acquisition brings further scale and gives the group its first office in Scotland. In 2025, Target delivered revenue of £1.5 million and pretax profit of £490,000. Made Tech will make an initial cash payment of £3.0 million, with up to £3.0 million of additional performance-based consideration. The acquisition will be fully funded from existing cash reserves and is expected to be earnings enhancing on an adjusted earnings basis in the financial year ending May 31. "CX Feedback has many of the qualities we are looking for in an acquisition: a profitable, growing public sector business with recurring revenue and strong customer relationships," says Made Tech CEO Rory MacDonald.
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RC365 Holding PLC - payment solutions and fintech company, which operates primarily in east and southeast Asia - Provides a product update on RC AI Brain, a company-controlled knowledge and authority layer designed to help existing artificial-intelligence systems access and interpret corporate information with clearer context. It structures company information and relationships, associates records with sources and evidence, and makes knowledge available in AI-readable formats. The product is designed to let a company decide which information is authoritative and can add context to each record, such as its version, the date it takes effect, what it covers and where it applies. Source links and a change history are intended to show what a record says, where it came from and whether it is still current. RC AI Brain is at beta stage and is still being developed and assessed. Stresses any commercial use remains subject to assessment and execution. "No revenue, profit or earnings guidance is being provided in connection with this product update," it adds. Chief Executive Chi Kit Law says: "We will assess customer requirements, product readiness and a commercially sound model before making any claims about broader adoption."
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Fletcher King PLC - London-based chartered surveyors firm - Says that the disposal of 50% of Fletcher King Services Ltd to Lexington One Ltd has completed. This follows two payments of £100,000 each, being the initial and balance payments. The company and the buyer have also entered into the option agreement in respect of the remaining 50% stake in FKS. Under this, the company has the put option and the buyer has a subsequent call option over the option shares for an aggregate cash consideration of £650,000. David Fletcher, Paul Andrews, Peter Bailey, Richard Goode and David Stewart have stepped down from the board. Non-Executive Chair Martin Samworth says: "The new board will now focus on evaluating complementary property-related investment and acquisition opportunities, including those arising from technology, data and artificial intelligence, with a disciplined approach to capital allocation and long-term shareholder value."
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Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Says it plans to appeal to the Secretary of State the decision by the Local Planning Authority of North Yorkshire Council to refuse planning permission for the Cloughton gas appraisal well. Europa highlights that the refusal went against the recommendation made by the NYC's own planning officers who, after "rigorously analysing the planning application and the 13 independent experts whose separate reports all supported the application", and advised the LPA to approve the application.
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Synergia Energy Ltd - Australia-based oil and gas company focused on projects in India and the UK - Says it and its Cambay PSC joint venture partner, Antelopus Selan Energy Ltd have been engaged in detailed technical discussions concerning the planned new C-79 Cambay well. Synergia and ASEL are in broad agreement regarding the Eocene well target, well program and fracking program. ASEL previously indicated an estimated spud date of late November, but has recently indicated that no firm date exists for the mobilisation of the DEEP Industries drilling unit and that the current estimate for the C-79 spud date is now February/March 2027.
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