Author: Fiona Craig

Scancell Holdings (LSE:SCLP) has secured a loan facility of up to US$25 million from funds managed by BlackRock to support the planned Phase 3 development of its iSCIB1+ melanoma programme.

The debt financing is being arranged alongside Scancell’s proposed merger with Neuphoria Therapeutics and planned Nasdaq listing.

The facility includes partially convertible tranches and warrants and is secured over group assets. The financing therefore creates repayment obligations and could result in future dilution through its convertible elements and warrants.

The arrangements are subject to conditions including shareholder approval and completion of the proposed U.S. listing transactions.

Initial US$7 Million Drawdown Planned

Scancell plans to draw an initial US$7 million from the facility following an upcoming extraordinary general meeting.

A further US$8 million is expected to become available following completion of the U.S. listing transactions and the opening of the first global Phase 3 clinical trial site for iSCIB1+.

The remaining availability under the facility provides Scancell with additional potential debt funding subject to the applicable terms and conditions.

iSCIB1+ Phase 3 Trial Targeted for End of 2026

Scancell is developing iSCIB1+ for advanced melanoma and plans to begin the Phase 3 trial by the end of 2026.

The company has received U.S. Food and Drug Administration Investigational New Drug clearance and approval from the UK’s Medicines and Healthcare products Regulatory Agency for the programme.

Scancell is targeting progression-free survival data from the Phase 3 programme during the second half of 2028.

The company is pursuing a development pathway that could potentially support accelerated approval, although any regulatory outcome remains subject to the clinical results and applicable regulatory processes.

Scancell Develops Cancer Immunotherapies

Scancell is a clinical-stage biotechnology company developing immunotherapies for cancer.

Its pipeline includes iSCIB1+, a DNA ImmunoBody being developed for advanced melanoma, as well as the Moditope-based Modi-1 programme and a GlyMab antibody portfolio. The company also has partnered programmes with Genmab.

EMV Capital (LSE:EMVC) reported net assets of £33.4 million in its interim results, with net asset value per share increasing 145% to £1.20.

The increase was largely attributable to the deconsolidation of diagnostics companies Glycotest and ProAxsis. On an underlying basis, EMV Capital reported a 16% increase in Adjusted NAV per share.

Assets under management stood at £117.5 million as of 30 June 2026.

One-Off Gain Results in £17.8 Million Headline Profit

EMV Capital reported a headline profit of £17.8 million for the period, reflecting a one-off non-cash gain associated with changes in the treatment of portfolio companies.

The group’s core business recorded an underlying loss during the period as EMV Capital continued investing in its infrastructure and portfolio.

The company has been developing AI-enabled infrastructure, expanding recurring-revenue services and syndicating third-party capital as part of its investment platform.

Portfolio Companies Progress Development Programmes

EMV Capital reported developments across several companies in its portfolio during the period.

AMR Bio continued work on its antimicrobial programme ahead of a planned Phase 3 programme, while DeepTech Recycling progressed its plastic-to-oil technology.

SageTech continued development of its anaesthetic gas capture systems, and Sofant advanced its phased-array antenna technology.

Glycotest and ProAxsis, meanwhile, secured additional funding following their deconsolidation and are now operating on independent development paths.

EMV Capital Focuses on Deep Tech, Life Sciences and Sustainability

EMV Capital is a venture capital investment group focused on deep technology, life sciences and sustainability.

The group operates through corporate finance, value creation services and fund management, with portfolio exposure to areas including diagnostics, antimicrobial therapies, advanced recycling, medical gas technologies and communications hardware.

Cobra Resources (LSE:COBR) has reported diamond drilling results from its Blue Rose discovery at the Manna Hill Copper Project in South Australia, with copper-gold-molybdenum mineralisation identified at depths beyond 300 metres.

The company said the drilling identified geological indicators consistent with a porphyry-style system.

Reported intersections include 23 metres grading 0.63% copper in hole MHDD002, including 12.4 metres at 1.01% copper.

MHDD004 Intersects 36 Metres at 0.39% Copper

At MHDD004, Cobra reported an intersection of 36 metres grading 0.39% copper.

The interval included 10 metres grading 0.99% copper, alongside molybdenum mineralisation.

Cobra said the results provide further evidence of a hydrothermal system at Blue Rose, while extending the identified copper-gold-molybdenum mineralisation to depths exceeding 300 metres.

Follow-Up Drilling Programme Underway

Following the diamond drilling results, Cobra has started a slimline reverse circulation drilling programme of up to 6,000 metres across four prospects at the Manna Hill project.

The programme is designed to test strike extensions to the mineralisation identified at Blue Rose and assess additional targets, including Netley Hill and Anabama.

Results from the follow-up campaign will provide further geological information on the extent of the mineral systems being explored across Manna Hill.

Cobra Resources’ South Australian Projects

Cobra Resources is a South Australian mineral exploration and development company focused on the Manna Hill Copper Project and Wudinna Rare Earth Project.

At Manna Hill, the company is exploring for shallow skarn and deeper porphyry-style copper-gold mineral systems within the Nackara Arc copper-gold province.

Halma (LSE:HLMA) has raised its adjusted EBIT margin guidance following first-half trading, while forecasting low double-digit organic revenue growth for the full year.

The FTSE 100 technology group said growth was broad-based across its operations despite economic and geopolitical uncertainty. Halma also reported continued order intake and cash generation during the period.

Adjusted EBIT Margin Guidance Raised

Halma now expects an adjusted EBIT margin of between 23.5% and 24% for the 2027 financial year, compared with previous guidance of approximately 22.7%.

The company expects low double-digit organic revenue growth for the full year.

This includes an approximately five percentage point contribution from its photonics business, where Halma expects organic revenue growth of around 30%.

Halma also said a stronger pound is expected to have a modest negative effect on reported revenue and profit through currency translation.

Acquisition Spending Reaches £515 Million

Halma reported record acquisition spending of £515 million across six transactions as it continued to deploy capital into its portfolio.

The group also completed three disposals, generating approximately £83 million.

Halma operates a decentralised business model, with its individual companies retaining operational autonomy while capital allocation and portfolio decisions are managed at group level.

Halma Operates Across Three Market Sectors

Halma comprises technology businesses operating across safety, environmental and analysis, and healthcare markets.

Its businesses develop products and technologies used in areas including safety and critical infrastructure, environmental monitoring and analysis, and the prevention, diagnosis and treatment of medical conditions.

The group employs more than 9,000 people across more than 20 countries.

System1 Group (LSE:SYS1) has raised its full-year adjusted profit guidance after reporting an increase in profitability during the five months to 31 August 2026.

Adjusted profit before tax increased to £2.1 million from £0.3 million in the corresponding period a year earlier, while revenue rose 11%.

The marketing decision-making platform reported a gross margin of 87% for the period.

Customer Activity and Cost Controls Support Results

System1 said the performance reflected increased engagement from existing customers alongside new business activity.

Costs were also lower in some areas, including salary expenses, although this was partly offset by targeted spending on marketing.

The company has been implementing cost-efficiency measures including workflow standardisation, improvements to its systems and increased use of artificial intelligence and automation.

Full-Year Profit Guidance Raised to £5 Million

Following the five-month performance, System1’s board increased its adjusted profit before tax guidance for the year ending 31 March 2027 by approximately 19% to £5.0 million.

The revised forecast would bring adjusted profit before tax back in line with the level recorded in the 2025 financial year.

System1 did not increase its full-year revenue guidance as part of the update.

About System1 Group

System1 provides a marketing decision-making platform designed to help advertisers assess the potential commercial impact of advertising, innovation and brand ideas by measuring consumer emotion.

The company serves more than 600 clients across 81 markets, including 48 of the world’s 100 largest brands by media spend.

NWF Group (LSE:NWF) has maintained its expectations for the full financial year after reporting mixed first-quarter trading across its Fuels, Food and Feeds divisions.

The company provided the update ahead of the winter period, which is seasonally important for its operations.

NWF said its longer-term strategy continues to focus on investment, operational improvements and targeted acquisitions.

Hot Summer Reduces Heating Oil Demand

In the Fuels division, record-high UK summer temperatures reduced demand for domestic heating oil during the quarter.

NWF also reported increased competition within commercial fuel markets, while oil prices remained volatile amid tensions in the Middle East.

Food Volumes Increase on Contracted Demand

The Food division recorded higher storage and throughput volumes, supported by contracted demand.

The level of demand required NWF to use additional offsite storage capacity. The company is also planning to expand its national warehouse and transport network.

Feeds Reports Higher Volumes

NWF’s Feeds division reported increased volumes during the period, while margins remained stable.

The company said the performance was supported by new business wins and higher milk prices.

Despite differing trading conditions across its three divisions during the first quarter, NWF left its expectations for the full financial year unchanged.

About NWF Group

NWF Group operates three specialist distribution businesses in the UK across Fuels, Food and Feeds.

The Fuels division supplies domestic and commercial fuels, while Food provides logistics and storage services. The Feeds business manufactures and distributes animal feed.

Oriole Resources PLC (LSE:ORR) has reported results from maiden diamond drilling at its 85%-owned Wapouzé project in north-eastern Cameroon, confirming metamorphosed limestone across the areas tested.

The programme comprised 21 diamond drill holes for a total of 1,053.8 metres, with marble intersected in every hole.

According to Oriole, many of the reported intervals contained calcium oxide and magnesium oxide levels that meet or exceed thresholds required for cement manufacturing, while some also meet specifications for chemical lime production.

Drilling Results to Support Mineral Resource Work

Results from the drilling programme will be incorporated into an independently prepared JORC-compliant Mineral Resource Estimate or Exploration Target.

Oriole expects this work to be completed early in the fourth quarter of 2026.

The assessment will use data generated from the maiden drilling campaign to evaluate the scale and characteristics of the marble mineralisation identified at Wapouzé.

Environmental Assessment Underway

Alongside the resource work, a local-level Environmental and Social Impact Assessment is underway.

The assessment is intended to support an application for an exploitation licence, which Oriole plans to submit later in 2026.

The company is seeking a cement industry partner for the project and is considering a royalty-based model that could provide income to support its gold exploration activities in Cameroon.

Oriole’s Cameroon Portfolio

Oriole Resources is an AIM-quoted exploration and development company with projects in Central and West Africa covering gold and industrial minerals.

At Wapouzé, the company is assessing metamorphosed limestone for potential applications in cement manufacturing and chemical lime production as it progresses technical and permitting work on the project.

Rainbow Rare Earths (LSE:RBW) has signed a memorandum of understanding with Neo Performance Materials covering a technical partnership and offtake arrangements for the Phalaborwa rare earths project in South Africa.

Under the proposed arrangement, Neo will act as technical partner for the project’s final solvent extraction separation circuit, which is intended to produce high-purity neodymium-praseodymium (NdPr) oxide and a mixed heavy rare earth carbonate.

Rainbow will receive access to Neo’s solvent extraction technology as part of the agreement.

Neo Secures Offtake Rights to Phalaborwa Production

In exchange for access to the technology, Rainbow will grant Neo offtake rights covering 40% of Phalaborwa’s NdPr production and 65% of its SEG+ heavy rare earth carbonate output.

Pricing under the offtake arrangements will be linked to market indices.

The agreement brings Neo’s rare earth separation technology and facilities into the development plans for Phalaborwa’s final separation circuit.

Rainbow Targets Phalaborwa Studies in 2026 and 2027

Rainbow plans to publish a pre-feasibility study for Phalaborwa during the fourth quarter of 2026, followed by completion of a definitive feasibility study in the first half of 2027.

The company is also progressing financing and permitting activities for the project and is considering a potential U.S. listing.

Phalaborwa and Uberaba Projects

Rainbow Rare Earths is developing the Phalaborwa project in South Africa and the Uberaba project in Brazil.

Both projects are focused on recovering rare earth elements from phosphogypsum, a by-product of fertiliser production.

Rainbow is targeting the production of critical rare earth materials for Western supply chains, including materials used in industrial, energy transition and defence applications.