TRADING UPDATES: River Global to go private; Software Circle buy
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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River Global PLC - London-based cash shell, formerly an investment manager - Plans to cancel its AIM listing and re-register as a private company following the June sale of River Global Holdings Ltd to Liontrust Asset Management PLC. Its principal remaining asset is a structured 30% equity interest in Parmenion Capital Partners LLP, which it intends to realise before returning capital to B shareholders and eventually winding up the company. Says pursuing a reverse takeover or re-admission as an investment company would not be in shareholders' best interests, and that realising the Parmenion interest would be more efficient as an unquoted company. Cancellation and re-registration require at least 75% approval from eligible shareholders, with cancellation targeted for early December. Separately, agrees to receive £1.1 million in cash from Liontrust in lieu of additional consideration of up to £2.1 million under the sale agreement. The original additional consideration depended on revenue generated by the enlarged Liontrust group within 12 months of completion, including revenue from certain European Opportunities Trust PLC assets that remained under Liontrust management following EOT's reconstruction. The cash payment is subject to potential clawbacks of up to £985,000 if withdrawals reach a specified threshold, with the clawback declining to nil by the end of August 2028.
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Panthera Resources PLC - London-based gold explorer and mine developer in West Africa and India - Updates on Australian subsidiary Indo Gold Pty Ltd's USD1.58 billion claim against the Republic of India submitted in May 2025 over the latter's breach of the 1999 agreement between Australia and India on the promotion and protection of investments. Announes that India has filed its rejoinder on merits and principles of compensation in line with the procedural calendar announced in October 2025. This completes the written phase of phase one. The remaining procedural steps are the hearing on jurisdiction, the merits, and principles of compensation from December 14 to 16 and oral closing submissions on January 11. Managing director Mark Bolton says: "With India's Rejoinder now filed, the written phase of the arbitration is complete, and both parties have met every deadline set by the arbitral tribunal since October 2025. IGPL's legal team is now focused entirely on preparation for the hearing at the peace palace in December 2026, where we look forward to presenting IGPL's case before the arbitral tribunal. We will continue to keep shareholders informed as the matter progresses."
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Aberdeen New India Investment Trust PLC - investor in Indian growth companies - Updates on performance to September 30 in relation to its performance-related conditional tender offer. The five-year assessment period is from April 1 2022 to March 31 2027. Performance is measured against the MSCI India Index. If Aberdeen's adjusted net asset value per share total return fails to equal or exceed the total return of the benchmark, it will put forward proposals for a tender offer for 25% of the its share capital. At September 30, NAV per share is 771.11 pence and adjusted NAV per share is 825.79 pence. Adjusted NAV per share total return from the beginning of the assessment period to September 30 is 18.4%, compared with a total return of 13.2% from the benchmark.
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BSF Enterprise PLC - London-based biotechnology investment group - Subsidiary Lab-Grown Leather enters into partner-funded commercial evaluation programmes with two leading global luxury fashion houses for its cultivated animal leather product, Elemental Lux. Says the agreements mark a move beyond preliminary material testing towards product prototyping and potential commercial supply arrangements. Initial material samples have been delivered and invoiced under the first agreement, while the second establishes a funded, multi-stage programme covering tanning optimisation, mechanical testing and prototype development. The next phase, scheduled for the first half of 2027, will include testing against conventional leather and the production of larger material samples for luxury goods prototypes. Successful evaluations could pave the way for formal proof-of-concept and supply agreements, BSF says. Chief Executive Che Connon says: "Translating our scientific platform into commercial customer partnerships is a central priority across the BSF portfolio. These evaluation agreements for our elemental lux material with two leading luxury fashion houses represent a clear operational progression for Lab-Grown Leather. Rather than exploratory sampling, our work is now structured around partner-funded technical deliverables - combining proprietary tanning trials, ISO mechanical benchmarking, and the scheduled delivery of large-format sheets for artisan prototype fabrication. Coupled with the US patent allowance for 3DBT's macromolecular crowding platform, moving into structured prototyping provides a clear, stage-gated path toward potential long-term commercial supply agreements."
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Software Circle PLC - Manchester, England-based vertical market software investor - Acquires the entire issued share capital of Gintech Solutions Ltd, which provides specialist practice management software to the UK private healthcare market through its subsidiary Avebury Computing Ltd. The total consideration is worth up to £4.5 million. The acquisition is expected to be cash flow generative and earnings enhancing in the first year after acquisition. The initial consideration paid at completion is £2.6 million, with deferred consideration of £600,000 to be paid on the first anniversary of completion. Up to a further £1.3 million is payable contingent upon the achievement of certain targets relating to the future financial performance of Midexpro
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NeoTerra Group PlC - African critical minerals exploration and development company - Complete phases 3 of the farm-out agreement signed in June 2021 as it meets the minimum expenditure requirement. This triggers an increase of the NeoTerra's interest in Monte Muambe Mining Limitada, the holder of the Monte Muambe mining licence, from 51% to 70%. CEO Cedric Simonet says: "The completion of phase 3, which triggers the increase of our interest in MMM to 70% represent an important milestone in advancing Monte Muambe towards development and strengthening the company's ownership of this increasingly strategic asset. We are very pleased with the progress achieved during phase 3. Key milestones include the award of a 25-year mining licence for rare earths and fluorspar, securing a USD1.875 million grant from the US Government and rapidly advancing the fluorspar mining opportunity towards development through exploration, resource drilling and technical studies. The discovery of gallium and the identification of heavy rare earth element enrichment associated with fluorspar represent further significant achievements, introducing potentially substantial new value drivers for the project."
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