TRADING UPDATES: Tekcapital's MicroSalt plans IPO in 2023

(Alliance News - This is a summary of updates from London-listed companies. It was not reported separately by Alliance News.

Tekcapital PLC - A London-based investor in intellectual property - Announces that MicroSalt Ltd, its portfolio company of 97%, plans to IPO on AIM by 2023. MicroSalt is a manufacturer and developer of low-sodium salt. MicroSalt Inc., MicroSalt Inc.'s US subsidiary, is MicroSalt Capital's 97%-owned portfolio. Tekcapital also owns 73% of MicroSalt Inc.

Braemar PLC – London-based shipbroker & adviser in shipping investment - Purchases Southport Maritime Inc, Florida-based for USD7.3 million. The acquisition is expected to increase earnings in the financial year 2024. "Southport is the largest US-based shipbroking and tanker company. Braemar states that they are a leader in crude and refined products on the North American export markets, as well as the Latin American and Caribbean market. Braemar announced last week that it had launched a Greek corporate finance office led by Stefanos Fragas. Fragos previously worked for DVB Bank SE and Yieldstreet Inc. Braemar stated last week that it was aiming to raise equity and debt to support the growth ambitions of the Greek shipowners. It explained that the desk is responding to a "clear requirement" for expert counsel for Greek shipowners.

Gresham Technologies PLC, a London-based software company and services provider - Has won USD1.9 million with a "tier-1 global asset manager" for 3 years. Gresham states that "on 17 December 2022, the largest asset manager in the world signed a contract to provide Control and Data Services in cloud. This was to replace its legacy reconciliation product and streamline its data aggregation process. Gresham will work with the US-based company, which is consistently ranked among the top five global asset mangers by [assets under administration], to consolidate all market-facing reconciliations as well as data controls for their institutional investor management business onto a modern cloud platform.

Hargreave Hale AIM VCT – Blackpool-based venture capitaltrust - Notifies that the net asset value per share at September 30 fell 40% to 60.19p from 100.39p one year ago. NAV total returns turn to negative 33%, down from positive 42% one year earlier. NAV total return with dividends reinvested, is negative 35%. This is slightly less than its benchmark, the FTSE AIM All-Share Total Return Index which returns negative 34%. Pretax loss of GBP88.7million compared to a profit in GBP67.9million a year earlier. "Russia's invasion in Ukraine was devastating for all those involved and triggered an energy shock that had profound consequences for the economy, households, and wider society. The central banks responded quickly with both immediate and long-term consequences for capital costs to households and companies. Chair David Brock states that the economic outlook has deteriorated from its previous challenges. The total dividend for 2022 amounts to 6.65p, an increase of 51% over the 4.40p in the previous year. The company believes that recessions can spawn innovation and provide opportunities for the future. Capital will be required to invest in research, infrastructure, and people. We don't expect that the losses last year will lead to a permanent loss in value. We can look forward to better times in 2023. Fundamentals will improve as we come out of recession and markets will regain their equilibrium.

Hutchmed China Ltd – Biopharmaceutical firm specialising in the discovery and development cancer and immunological diseases treatments - The US Food & Drug Administration begins rolling submission of a drug application for its refractory metastatic cancer drug candidate fruquintinib. The new drug application is expected to be completed in the first half of 2023. It is noted that the drug has a 34% lower death rate than a placebo.

It will increase Scripps' partnership to include additional brands in Scripps' portfolio. Mirriad explains that Scripps Networks can use Mirriad's platform for brands and products integration across ION, Bounce, including in blockbuster holiday movies like 'Johnson', 'Finding Happy, and the newly-announced comedy Act Your Age', which will premiere in spring 2023.

Xtract Resources PLC – Australia, Mozambique, and Zambia-focused gold producers, exploration, and development company. Reports 87 megatonnes of copper equivalent at Ascot site at 0.22% and 34 megatonnes across Bushranger project, New South Wales, Australia. According to the company, the maiden Ascot inferred resource adds approximately 190,000.00 tonnes of copper equivalent metal to 1.1Mt previously reported at Bushranger Project.

Tom Budszus is an Alliance News reporter. Comments and questions can be sent to EMAIL Copyright: 2022 Alliance News Ltd.