NOTE: Cats are waiting for the cream on Telit sales
Oozi Cats don’t roll over easily. Two weeks ago, the controversial former Telit Communications CEO told The Mail on Sunday that he was not satisfied with Dbay’s takeover bid of £ 300 million (£ 2.20 per share) for the chip designer he founded 20 years ago.
As a result, Dbay, an activist private equity firm, was forced to postpone a shareholder vote to approve the deal and then had to increase its offer to 2.29½ pence per share.
The new Telit shareholders’ meeting to approve the privatization of the company is scheduled for next week. But Cats, who could have made more than £ 40million on his 12 percent stake if he had accepted Dbay’s offer, remains determined.
City-Slicker: Oozi Cats could have made more than £ 40 million with his 12 percent stake if he had accepted Dbay’s offer
He says, “This is still a half price deal. So I plan to vote against Dbay’s new offer at the shareholders’ meeting next week.
‘I urge other Telit shareholders to do the same.’
This cat is clearly on the lookout for the cream.
Grow wants to capitalize on cannabis
A UK start-up wants to capitalize on the accelerating “green rush” for cannabis investments.
Grow was founded in 2017 by former JP Morgan banker Ben Langley and has grown into an established importer of medicinal cannabis.
The biopharmaceutical company has already raised £ 9.5 million to expand its business through multiple rounds of donations and is now looking for £ 3.2 million through the Seedrs crowdfunding platform.
Langley is hoping to expand in the UK – where Grow believes it has captured about 20 percent of the emerging market – as well as across the continent, and says it will invest in further research.
According to sources, there are already plans for an IPO in the first half of next year.
First results for musicMagpie
MusicMagpie is releasing its first public company results this week.
The half-year numbers are expected to show respectable sales and earnings growth, as well as progress in the emerging subscriber rental business.
The company specializes in reselling equipment and has erected a striking sculpture of the heads of G7 leaders in Cornwall, made from discarded electronics to warn of waste.
The stock stays below the float price, so it may take more than quirky marketing to convince investors.
Annual sprint for results
The annual leap to company results release before the August vacation comes next week with an avalanche of numbers for investors to digest.
NatWest, Lloyds and Barclays are among those posting interim results. The latter could prove to be the most interesting after the recent onslaught of deal-making and IPOs.
Barclays bankers have been aware of several deals and this week advised on the highly anticipated launch of the Robinhood trading app.
Analysts expect first-half profits of £ 4 billion compared to £ 1.3 billion a year earlier, so an interim dividend of 1.8p per share and 5.7p for the year is expected.