TRADING UPDATES: Litigation Capital reports "unsuccessful" case
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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Litigation Capital Management Ltd - Sydney-based asset manager and provider of dispute financing - Shares close down 11% after the firm announces that an insolvency case it funded in Australia "was unsuccessful". Says it funded the case entirely from its own balance sheet with AUD2.9 million in shareholder invested capital, and that it has an ATE insurance policy in place "to mitigate adverse costs risk." Adds that it "is currently reviewing the judgment and assessing potential next steps alongside legal representatives."
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Harworth Group PLC - Rotherham, South Yorkshire-based property regeneration company - Chief Executive Lynda Shillaw sells 149,766 shares at 187 pence on Tuesday in London, and another 17,984 shares at the same price on Wednesday, for £313,693 in total. Both transactions were outside a trading venue.
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NAHL Group PLC - Kettering, England-based consumer marketing services provider focused on the legal services sector - Completes the sale of non-core, wholly-owned subsidiary Searches UK Ltd to TM Group (UK) Ltd for an enterprise value of £1.2 million on a cash and debt-free basis.
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Arkadian Strategic Metals PLC - strategic metals and gold-focused exploration and development company - Intends to apply for quotation of its ordinary shares on the OTCQB Venture Market in the US. Expects this "to complement the company's continuing admission to trading on AIM, to make the shares more accessible to North American investors and to support the company's discussions with North American institutions and government agencies." It is also part of the firm's goal to "improve liquidity in the company's shares over time." Arkadian is convening a general meeting on October 26 at which it will propose a share consolidation, to allow it to meet the OTCQB's minimum bid price requirement. Adds that "rationalising the share count and moving away from an exceptionally low quoted share price could improve the marketability of the company's shares to institutional and North American investors, some of whom have policies or reservations concerning very low-priced securities." Therefore, it expects the measure "more broadly, to widen the company's potential investor base and provide a more suitable platform for future institutional financing." Proposes a consolidation of one new share for every 1,500 existing shares, which would reduce its ordinary share capital from 25.98 billion to 17.3 million.
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Roundhouse AI Ltd - Singapore-based technology company specialising in artificial intelligence agent deployment infrastructure - Announces retail offer to raise up to £150,000 through the issue of up to 3.0 million shares at 5 pence each. Adds that subject to admission, it completed a £1.5 million placing at the same share price. Still expects dealings in existing and new shares to start on AIM, moving from the Aquis Stock Exchange Growth Market, at the London market open on Tuesday.
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