There is no new information about the potential bid for SmartSpace Software (LON: SMRT) but the share price has jumped 27.1% to 75p. The share price has been drifting downwards since the initial announcement that the company had received a bid approach from Sign In Solutions Inc at an offer price of 90p/share. Management says that it would back this offer, which values SmartSpace Software at £26m. This bid is subject to due diligence. Late last year, venue management software supplier Skedda Inc proposed an 82p/share offer for the smart building technology company, but last month it decided not to bid.
X-ray imaging technology developer Image Scan (LON: IGE) has launched the AXIS-CI cabinet with AI software, which is for building and mail screening. This helped the shares recover 21.7% to 1.4p.
Primorus Investments (LON: PRIM) is paying a special dividend of 1.5p/share, which will cost £2.1m. The ex-dividend date is 21 March. Primorus Investments received $6.1m from the takeover of Payapps Ltd. The share price rose 15.8% to 5.5p.
Dekel Agri-Vision (LON: DKL) director Lincoln Moore bought 500,000 shares at 1.3p each following yesterday’s production update. February 2024 crude palm oil production of 3,742 tonnes was 70% higher than the previous February. The share price is 15.4% higher at 1.5p.
FALLERS
Renalytix (LON: RENX) has raised £7.8m at 20p/share and this should be enough to fund the company until the fourth quarter of 2024. This will give time for the formal sale process to make progress. A large diagnostics company has made a bid approach to kidney disease diagnostics developer Renalytix. This sparked the formal sale process, so that the company can assess whether there are other potential bidders. It is also possible that there could be a decision to stay independent. The share price slumped 31.3% to 27.5p, which is below the level before the potential bid was revealed.
Digital media services provider Catenai (LON: CTAI) raised £720,000 at 0.3p/share and issued shares to pay creditors £76,600. Sanderson Capital has converted £151,000 of convertible loan notes and £65,100 of associated fees into 72 million shares and it has received 25.17 million warrants exercisable at 0.3p each. The share price fell back 30% to 0.35p.
The Competition and Markets Authority’s announcement that it has concerns about the pet market knocked CVS Group (LON: CVSG) shares. Concerns include, lack of information, weak competition in certain areas and actions by large groups like vet practices operator CVS Group. A package of possible remedies has been suggested by CVS Group and its peers and they believe these could be implemented more quickly than an 18-month investigation. The share price has recovered from its low, but it is still down 23.9% to 1108.5p.
Shoe Zone (LON: SHOE) has a history of beating forecasts in recent years, but at the AGM the retailer said that trading is marginally below expectations because of higher wage and freight costs. Also, the end of the autumn/winter season was slower than anticipated. The share price declined 17% to 232.5p.
