Kitwave Group (LON: KITW) is recommending a 295p/share cash bid from OEP Partners and the shares have jumped 32.6% to 293.5p. The bid values the grocery distributor at £251m. The acquirer will support further growth through acquisitions. Interim figures show a 21% increase in revenues to £802.7m, but there was a like-for-like decline of 1%. Underlying operating profit rose 12% to £38m despite the increasing overheads due to higher staff costs. Net debt is £57.3m, down from £63.7m one year earlier. The May 2021 placing price was 150p.
Alba Mineral Resources (LON: ALBA) is sending a circular to shareholders to gain approval for the second party of the acquisition of a 51% interest in the Motzfeldt critical metals project in Greenland. This is a prospective Niobium-Tantalum-Zirconium-Rare Earth Element project. A 25.5% stake is being acquired from a person connected to one of its directors George Frangeskides, who will also receive repayment of loans and fees. The share price gained 23.7% to 0.0235p.
Shares in Indus Gas (LON: INDI) rebounded 16.5% to 1.585p ahead of leaving AIM on 23 January. JP Jenkins will provide a matched bargains facility.
Digital mental health services provider Kooth (LON: KOO) has won an initial contract for services to students in a US state worth $2.6m. This is the third state it is providing services to. Harwood Capital managed Rockwood Strategic (LON: RKW) has increased its stake from 10.2% to 11.1%. The share price improved 9.05% to 114.5p.
FALLERS
Genetics based testing company GENinCode (LON: GENI) has raised £3.9m via a placing and subscription at 1p/share – that is more than the £3.5m minimum sought. Up to £500,000 more could be raised by a retail offer, which closes on 26 January. The company has been working with the FDA to gain 510k approval for the CARDIO inCode-Score test. Highlighted deficiencies are being attended to, including a greater emphasis on African American community data and further clinical validation. The cash will fund this and expansion in the UK and EU. The share price decreased 40.5% to 1.1p.
Trading in Landore Resources (LON: LND) shares recommenced after it published an updated mineral resource estimate for the BAM gold project in Ontario. It includes estimates for the B-47 nickel copper cobalt PGE deposit and VW nickel copper cobalt deposit at the Junior Lake nickel deposit. BAM has indicated gold of 622,300 ounces with 33,700 ounces inferred. B47 has indicated resources of 3,428 tonnes at 0.6% nickel, 0.41% copper, 0.05% cobalt, 0.13g/t platinum, 0.48g/t Pg and 0.03%g/t gold. VW has indicated resources of 3,428 tonnes at 0.4% nickel, 0.05% copper, 0.02% cobalt, 0.03g/t platinum, 0.04g/t Pg and 0.01%g/t gold. Strategic options are being considered for Junior Lake. There are potential changes at subsidiary Landore Resources Canada Inc. The share price slid 29.2% to 2.55p.
TheWorks.co.uk (LON: WRKS) says like-for-like sales over the Christmas and New Year period were 1.2% ahead, compared with 0.1% in the first half. There was an interim EBITDA loss of £1m, but management believes that the retailer is on course for a full year EBITDA of £11m. The share price declined 16.5% to 33.8p.
Airea (LON: AIEA) says demand for its floor tiles was softer in the second half, although full year sales were still 1% ahead at £21.4m. Uncertainty ahead of the Budget hit sales. International sales were 4% down. Operating profit should be better than that reported for 2024. The new manufacturing facility is in the final stages of commissioning. The share price slipped 13.3% to 19.5p.
Ex-dividends
Brickability (LON: BRCK) is paying an interim dividend of 1.12p/share and the share price dipped 0.3p to 52.7p.
MS International (LON: MSI) is paying an interim dividend of 6p/share and the share price jumped 70p to £12.50.
Solid State (LON: SOLI) is paying an interim dividend of 0.92p/share and the share price is unchanged at 160p.
Thor Explorations (LON: THX) is paying a dividend of 0.67p/share and the share price rose 1.5p to 84p.
M Winkworth (LON: WINK) is paying a dividend of 3.3p/share and the share price fell 2.5p to 182.5p.