TRADING UPDATES: Ipsen buys Schroders Capital Global investee
The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Schroders Capital Global Innovation Trust PLC - investment trust in managed wind-down - Biopharmaceutical firm Ipsen SA strikes a deal to acquire Memo Therapeutics AG for an initial EUR200 million, but the deal could be worth up to EUR700 million. Schroders Capital Global is an investor in biotechnology firm Memo Therapeutics, having first invested £1.2 million back in October 2023. The investor stands to net £2.1 million initially from the Ipsen deal, £6.7 million if the deferred consideration is met. "Schroders Capital was an early investor in Memo and supported the company's development of its antibody discovery platform and clinical-stage pipeline. The proposed transaction represents a further positive validation of biotechnology innovation within the company's portfolio," it explains. The deal is to close in the third quarter. "Aligned with the objective of the company's managed wind down, and the previously announced tender offer, the upfront proceeds from this transaction will contribute to the increase of the planned capital return to shareholders of £23.5 million less costs (revised up from the £20 million less costs set out in the circular)."
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CT Private Equity Trust PLC - Edinburgh-based investment trust for private equity assets - It seals the sale of a portfolio of fund interests for £24.7 million. "The portfolio comprised nine of the Company's older European fund positions dating from 2008 to 2019, which were considered to have less potential for further value creation," it adds. The sale, to institutional buyers, is at a 16% discount to the December net asset value. "The level of discount reflects the age, concentration, size and more limited growth prospects of the underlying assets. The proceeds represent 4.9% of the company's Q1 2026 NAV and the transaction has resulted in a 1.3% reduction in NAV," it explains. "Proceeds from the sale will be used to reduce leverage and to fund new investments, with the manager currently seeing attractive opportunities, particularly in direct co-investments."
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Redcentric PLC - Harrogate, North Yorkshire-based IT managed services provider - Redcentric's capital reduction gets court sanctioning, paving the way for a tender offer. Last month, it announced a proposed tender offer worth up to £90 million, priced at 160 pence a share, together with a share capital restructure. The restructure is aimed at enabling an "efficient" exit of a large number of minority shareholders holding less than 20 shares, significantly reducing the administrative burden and cost. Subject to approval by shareholders, and after completion of the tender offer, Redcentric will undertake a 20 for 1 share consolidation immediately followed by a 1 for 20 sub-division. "The company will make a further announcement confirming the effective date of the capital reduction, including the final tender offer timetable," it says Thursday.
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Braemar PLC - London-based provider of investment, chartering and risk management advice - Braemar says "positive momentum" continues in its new financial year and it is confident of achieving "profitable growth" in line with market expectations for the 12 months to February 28, 2027. It puts consensus at £14.2 million for underlying operating profit and £139.7 million for revenue. In financial 2026, underlying operating profit totalled £13.2 million and revenue amounted to £135.6 million. The trading update came ahead of its annual general meeting on Thursday. After the AGM, Grant Foley becomes chief executive officer, replacing James Gundy. Foley was both the finance and operating chief. Richard Heading joined as chief financial officer late last month.
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PCI-PAL PLC - London-based secure payments provider - PCI-PAL retains its deal with the UK tax office HM Revenue & Customs, "following a competitive re-tender process". The deal is to generate revenue "broadly in line with the group's existing contract with HMRC". "The retention of this long-standing enterprise customer further strengthens PCI Pal's position as the trusted secure payments provider to the majority of the business communications market globally; and a leading provider to the sizeable UK public sector. The contract additionally supports long term recurring revenue visibility, underpinning the board's continued confidence in the group's growth trajectory," it adds.
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Eco Animal Health Group PLC - London-based animal health firm - It announces the launch of the ECOVAXXIN live poultry vaccine across the European Union. The vaccine offers protection against mycoplasma synoviae, which can cause diseases in the animals. "We believe this will deliver meaningful clinical benefit for layer and breeder flocks across Europe and look forward to building on this commercial momentum across our launch markets," Chief Commercial Officer Andrew Buglass says.
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Georgina Energy PLC - onshore helium and hydrogen explorer with permits in Australia - It is continuing to progress with pre-drill site works needed ahead of a drilling programme at Hussar. Current operations are "proceeding as planned", ahead of a planned spud in September. "Access, airstrip, water well, drill pad and accommodation pad works are being progressed," it says. "Contracted Ensign Rig 970 remains scheduled for mobilisation to site following completion of the current preparatory works."
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Zephyr Energy PLC - Rocky Mountain region-focused oil and gas company - Zephyr increases its operated land position in the Paradox Basin, Utah. It acquires further acreage from Utah Trust Lands Administration leases. The additional 2,294 acres give the firm an "increased acreage footprint immediately to the north of its White Sands Unit". "The acreage was nominated for auction by Zephyr and was acquired through a sealed-bid process conducted by the TLA. The related leases have a five-year primary term and a 16.67% lease royalty. The acquisition cost associated with the TLA leases was paid from the company's existing cash resources," it says.
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