CYBA moves a step closer to its first acquisition
The special purpose acquisition vehicle listed in March, saying it would invest in companies operating in the cybersecurity industry.
Narf Industries was one of two businesses it said it was planning to acquire; it has now entered into legally binding heads of agreement to acquire Narf for a total consideration of US$25.6mln.
2.35pm: Panther Metals buffs up after revealing new target
The company revealed a new JORC exploration target for the Coglia nickel-cobalt project, following an independent review undertaken by Geomin Services.
Geomin considered the results of two historical exploration drilling campaigns undertaken between 2001-2003 and in 2018. Accordingly, it has set out an exploration target for Coglia of between 30mln and 50mln tonnes of laterite ore grading between 0.6% and 0.8% nickel and between 400 parts per million (ppm) and 600ppm cobalt over an interpreted strike of approximately 5.5 kilometres.
1.40pm: Nmcn slides as it confirms recapitalisation plans
Nmcn PLC (LON:NMCN) dived 8.9% to 180p after it announced plans to recapitalise.
The company, formerly known as North Midland Construction, is to get a capital injection of £10mln through a bridging loan, convertible into Nmcn shares at 29p a pop.
It also announced an equity fundraising at the same price to raise £19mln.
#NMCN – Re-financing includes a £10.0m bridging loan that will convert (with fees & rolled up interest) to shares at 20p. £14.0m raised from new investors at 20p. Up to £5.0m to be raised from existing shareholders at 20p.
SP at close 18/06 197.50p ???? Existing holders done over. pic.twitter.com/x1UMZBqTCD
— James (@1James1n1) June 21, 2021
12.45pm: Avacta off the boil despite announcing lateral flow test distribution agreement
The agreement covers Avacta’s AffiDX SARS-CoV-2 antigen lateral flow test for professional use in the UK and European Economic Area (EEA).
The test will be listed on Calibre’s website and available to be purchased by professional users.
11.50am: Rio out of step with sector peers after UBS downgrade
In an otherwise buoyant mining sector this morning, the shares retreated after UBS advised its clients to sell the stock on the basis that the iron ore price is approaching an inflexion point.
Rio’s share price is now estimated by the bank’s analysts to discount an iron ore price of $80-90 per tonne versus UBS’s long-term price forecast of $65 per tonne.
10.55am: Senior trading below LSF’s fifth and final offer proposal
LSF, which is advised by Lone Star Global Acquisitions, said its fifth and final offer proposal has been pitched at 200p a share.
Senior’s board had previously rejected a 185p a share offer from LSF last week.
10.00am: Private equity predators circlings Morrisons
The supermarket giant recently rejected the unsolicited £5.5bn takeover approach from US private equity firm Clayton, Dubilier & Rice on the grounds that it “significantly undervalued” the business.
It was priced at 230p per share, which is now below the current level of 234.7p (up 32%) following this morning’s rally. Under takeover rules CD&R has until 17 July to make a formal offer.
9.05am: Dev Clever after enter into “transformational” tactical partnership; Asimilar rises in sympathy
The developer of online career guidance and development platforms has hooked up with Dubai-based Aldebaron DMCC. The partnership will enable the company to commit to a vastly accelerated global rollout plan across Asian territories. As part of the agreement, Aldebaron has been given the option to acquire 7mln Dev Clever shares at a nominal value.
The software company also announced the acquisition of The Inspirational Learning Group for £200,000 in cash plus 6mln new Dev Clever shares.
Asimilar Group PLC (LON:ASLR), which holds a stake in Dev Clever, rose 4.7% to 66.5p in sympathy.
The investment company also announced the appointment of Michael Preen to the board of Asimilar as a non-executive director.
Preen, a qualified solicitor, has been awarded 250,000 warrants over ordinary shares in the company with an exercise price of 60p per share, 6.5p below the current mid-market price for the shares.
Proactive news headlines
The High Court in New Zealand has found in favour of the plaintiff in a case backed by Litigation Capital Management Limited (LON:LIT), crystalising a pay-out of NZD$26.8mln to the company, including the NZD$6.7mln it invested in the action.
Cloudbreak PLC (LON:CDL), a natural resource project generator, is pleased to announce that, further to the announcement on 3 June 2021, the change of name from Imperial X PLC to Cloudbreak Discovery PLC has now become effective.
Panthera Resources PLC (LON:PAT) has commenced a 150 line kilometres induced polarisation survey at the Kalaka gold project in southern Mali. This survey follows the successful initial 167 line kilometre IP survey conducted in early 2021 in the south of the licence area.
Tiziana Life Sciences PLC (NASDAQ:TLSA, LON:TILS) has appointed a vice-president of regulatory affairs. Dr Kevin Shutz, who has 19 years pharma industry experience, 14 of them in the regulatory field, will lead clinical trial ‘interactions’ with drug watchdogs in the US, Europe and Asia.
Galantas Gold Corporation (TSXV:GAL; LON:GAL) received notification that on 17 June and 18 June chief executive Mario Stifano bought 12,000 shares at an average price of C$0.71 apiece. And on 28 May chief financial officer Alan Buckley bought 51,459 shares at a price of 41p apiece.
Record PLC (LON), the specialist currency and derivatives manager, is pleased to announce that CEO, Leslie Hill and CFO, Steve Cullen will provide a live presentation relating of the latest annual results via the Investor Meet Company platform on 30 June at 5pm BST for existing and potential shareholders.