Recruitment firm Impellam (LON: IPEL) has finally agreed a takeover offer after months of being in a bid situation. HeadFirst is offering 557.2p/share in cash and 392.8p/shares in loan notes for each Impellam share. Shareholders will also receive the 55.9p/share dividend announced, plus a further cash dividend of 22.4p/share and a in specie dividend of 56.1p/share. This all adds up to 1,084.4p/share and values Impellam at £483.2m. The non-convertible loan notes offer annual interest of 17% and last an initial 3 years. The convertibles have annual interest of 12% and the total loan amount can be converted into 20% of the bid vehicle. The share price rose 34.6% to 875p.
Power Metal Resources (LON: POW) is pushing ahead with the sale of its Canadian uranium assets to former AIM company Teathers Financial, which will be renamed Uranium Energy Exploration. The proposed disposal was originally announced in August 2022. Teathers Financial has raised pre-IPO funding of £421,500 at 1.241135p/share. A London quotation is planned for the first half of 2024. The share price improved 14.2% to 0.725p.
Wishbone Gold (LON: WSBN) says visual inspection of core from recent drilling at the Cottesloe project in Western Australia show zones containing base metals while x-ray fluorescence scanning shows elevated base metals readings. Assay results will make things clearer. The share price is 9.85% higher at 1.45p.
Phase 3 trials of the grass allergy treatment developed by Allergy Therapeutics (LON: AGY) show highly statistically significant reductions in symptoms compared with a placebo. There will be a meeting with the regulators in the first quarter of 2024. This helped the share price to recover 8.25% to 2.1p, following last week’s announcement that cash would last until January.
FALLERS
Toys and leisure products supplier Tandem (LON: TND) says full year results will be worse than anticipated and a £1.1m loss is forecast for 2023 – down from a 2022 pre-tax profit of £1.2m. The only bright area was bicycles, where new product launches helped growth. Elsewhere, pre-Christmas trading has been tough. There is potential to generate additional income from leasing spare warehouse space. The share price slumped 22.8% to 110p.
There is a continued decline in the share price of energy and water efficiency company Eneraqua Technologies (LON: ETP) after yesterday afternoon’s announcement that two local authorities are delaying spending. There is also a £900,000 exceptional charge relating to defective equipment. A loss of £6m is forecast for 2023-24. There was a near one-third share price decline yesterday and today there is a further fall of 12% to 40.5p.
Trading in platinum-focused miner Future Metals (LON: FME) shares has been halted on ASX due to an imminent capital raising but continues on AIM. The share price has slipped 11.9% to 1.3p, which is a new low.
Steppe Cement (LON: STCM) says new tax legislation in the Netherlands and Kazakhstan makes the payment of dividends inefficient. Tax would be charged in multiple jurisdictions. A dividend of 2p-3p/share had been promised. Alternative ways of returning cash to shareholders are being assessed. The share price is 8.33% lower at 22p.
