SMALL CAP MOVERS: Immunodiagnostics Purchased by PerkinElmer for £ 110M; The Hurricane Energy saga takes a new turn
An agreed tender offer from PerkinElmer valued at £ 110 million made Immunodiagnostic Systems one of the top risers of the week.
The stock rose 47 percent to 375 pence, a shadow below the offering price of 382 pence per share.
The Diagnostics Group said the acquisition will allow it to accelerate its growth plans while working more closely with its existing partner Euroimmun, which is also part of the PerkinElmer Group.
In other acquisition news, the market gave the thumbs up for the conditional acquisition of Saracen Fund Managers by AssetCo.
Immundiagnostik was one of the top risers of the week following a £ 110m takeover by PerkinElmer
AssetCo’s shares rose 37 percent to 1,950 pence after an agreement was reached to pay £ 2.75 million for Saracens, of which £ 664,774 will be paid in cash, the remainder in shares.
“Saracen is a small fund management company with great potential. The business model, people and product offering are key assets and are an ideal fit for AssetCo, ”said Peter McKellar, Vice Chairman and CEO of AssetCo.
ESG – environmental, social and governance issues – are becoming increasingly important to investors, which could explain why Itaconix stocks reacted positively to news that the company was using the London Stock Exchange’s Green Economy Mark in recognition of its contributions to the global green Economy had received.
Itaconix generated 96 percent of its sales in 2020 with the sale of herbal products.
The bio-based specialty polymers company is perhaps best known for its polymers in home care detergents and cleaning products. The proportion rose 26 percent this week.
It’s not often the case that stocks go up after the company enters the market, but Galantas Gold made that rare feat this week after completing its stock placement at $ 0.30 per unit and just under $ 8 million had collected.
Eric Sprott, the well-known Canadian commodity investor, acquired 6.3 million units for C $ 1.9 million through his vehicle 2176423 Ontario Ltd and thus held an 8.6 percent stake in Galantas.
After the funding was closed and dusted off, Roland Phelps stepped down as managing director and was replaced by Mario Stifano, a seasoned mining manager who had substantial capital for a number of mining and resource companies in the exploration, development and production sectors such as Lake Shore Gold Corp. has applied.
Galantas Gold, an Anglo-Canadian company, owns and operates the producing gold mine near Omagh, County Tyrone, Northern Ireland. The stock rose 42 percent this week to 40.5 pence.
The Staffline Group, the recruiting and training group, didn’t get out that easily after entering the market, issuing stocks at 50p a pop.
The stock ended the week 16.5 percent lower at 58.7p after raising £ 44 million from the stock issue. The company is aiming to raise an additional £ 4.4 million through an open offer of shares at the same price.
The Company intends to use the net proceeds from the proposed placement and subscription to reduce the Group’s debt and provide working capital for growth.
The Group’s average net debt decreased by £ 14.5m to £ 54.9m (including deferred VAT) in the first quarter of 2021 due to cost-saving initiatives.
The group said they had benefited from a £ 46.5 million Covid VAT deferral, which will be repaid in eight equal monthly installments starting next month.
Finally, we said in last week’s column that no weekly small cap mover feature seems complete this year without a listing on Hurricane Energy, and the trend has continued. Shares rose 93 percent from the week to 1.275 pence after activist investor Crystal Amber The Fund called for an extraordinary general meeting to oust five non-executive directors and appoint two of its own agents.
The fund, which owns 14.7 percent of the company, said it had raised funds totaling £ 25 million in three tranches since 2013, but has since lost trust in the board of directors.
Tune in (probably) next week for the latest developments in this saga.