TRADING UPDATES: MedPal acquisition; Helix begins helium sales
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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Plexus Holdings PLC - gas, oil and renewable energy projects focused on the UK & Netherlands - Enters pact with international service company Cactus Wellhead LLC to develop and qualify a range of wellhead products for offshore energy applications. Under their agreement, Plexus will undertake engineering, analysis and testing services for Cactus in exchange for an initial commitment payment of £1 million. Plexus expects to generate an additional £1.5 million over the duration of the programme, depending on the customer requirements. There is also potential for the scope of work to expand during the programme, which may result in additional revenue. The initial £1 million prepayment is secured by a debenture over all Plexus assets, until the work under the contract has been discharged, expected to occur within the 2-year contract period.
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Celsius Resources Ltd - developer of the Maalinao-Caigutan-Biyog copper-gold project in the Philippines - Updates on the omnibus loan and security agreement between Makilala Mining Company Inc and Kiri Industries Ltd's subsidiary Equinaire Holdings Ltd. Equinaire, which previously acquired Philippine sovereign wealth fund Maharlika Investment Corp's rights, title, and interests under the agreement, has issued a notice of default. Equinaire aims to initiate a foreclosure process with respect to Celsius' 40% interest in MMCI, and to initiate a public auction for the 40% interest. Celsius says it refutes the claim of an event of default, and the capacity of Equinaire to initiate a foreclosure process and sell its interest in MMCI. Says it will "protect its interests to the fullest extent of the law."
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Helix Exploration PLC - London-based helium exploration and development company advancing the Rudyard helium project in northern Montana - Says it is now completing physical helium sales following the announcement of its initial spot sales arrangement with an industrial gases group in May. Helix's leased ten-cylinder jumbo tube trailer, with a service capacity of 160 thousand cubic feet of compressed helium, has been filled with high-grade helium produced from Rudyard and has departed site for delivery to the customer. "The completion of physical helium sales represents a significant milestone in Helix's development," says Chief Executive Bo Sears, adding: "Our timing could not be better. Current helium market conditions remain extremely favourable and by controlling our own liquefaction we have positioned the business in due course to sell premium priced liquid gas to a global buyer universe. We believe Helix is exceptionally well positioned to benefit from market dynamics as we continue to scale production and build a leading independent, vertically integrated US helium business."
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Concurrent Technologies PLC - Colchester, England-based designer and manufacturer of computer products for use in critical embedded applications - Appoints Emma Ciechan as chief financial officer and executive director, effective October 5. Ciechan was most recently the finance director of the Paper, Recycling & Capex and Paper Sourcing & Procurement divisions at DS Smith.
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MedPal AI PLC - London-based digital health and AI company - Agrees to acquire Solid State Technologies Ltd, trading as eMARx, a UK provider of electronic medication administration record software to care homes and pharmacies. "The acquisition is the missing piece of MedPal's Health OS: the group now combines NHS pharmacy dispensing at scale, a B2B care home supply business, a private clinic, the Juno agentic AI health companion and, with eMARx, the software layer that sits inside care homes themselves," MedPal says. Initial consideration is valued at £380,000, based on the closing mid-market price of 3.4 pence per MedPal share on July 17. This comprises initial consideration of £133,066 in cash and 7.3 million new shares. Additionally, a completion accounts adjustment of £94,000 is expected to be issued by the end of July, making the total consideration £470,000.
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Sareum Holdings PLC - Cambridge, England-based pharmaceutical company - Completes dosing in its phase 2-enabling toxicology programme for SDC-1801, a selective oral TYK2/JAK1 inhibitor being developed as a potential treatment for a range of autoimmune diseases, with an initial focus on psoriasis. This follows the restart of the programme in February. "Using existing cash resources, Sareum is now analysing the resulting data and pursuing necessary chemistry, manufacturing and controls and formulation development activities, aimed towards completion of the full Phase 2-enabling regulatory package by [the fourth quarter]," company says.
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Residential Secure Income PLC - UK social housing real estate investment trust in managed wind-down - Updates shareholders on the distribution of proceeds from the sale of its retirement housing portfolio to Living REIT PLC. Says shareholders on the register at July 22 will receive approximately 0.3570 Living REIT shares for each Residential Secure Income share held, with the in-specie distribution expected on July 23. Says the 66.1 million Living REIT shares to be distributed are worth approximately £62.3 million at the issue price of 94.23 pence per share. Adds it also received £45.0 million in cash from the disposal and expects to return the net cash proceeds to shareholders through a redeemable B-share scheme, with an initial return of capital anticipated in the third quarter of 2026. Says up to £1.0 million of deferred consideration may also be payable in newly issued Living REIT shares.
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