Catenae Innovation PLC (LON:CTREA) shares rose 28% to 0.14p after the digital media and technology company said it signed a memorandum of understanding with online music firm Tribe of Noise.
Under the MoU, Catanae has proposed buying a 51% interest in Tribe of Noise for €600,000 in cash and shares.
Tribe of Noise is a Netherlands digital music licensing company and website for connecting musicians with media professionals and businesses.
Catanae, which recently changed its name from Milestone Gorup, said the MoU is subject to completion of legal, accounting and commercial due diligence.
The credit management services provider said underlying pre-tax profit rose 10.3% to £11.4mln and revenue grew 19.6% to £77.1mln.
The group added that it is on track to meet its financial targets for the year.
2.00pm: Sprue Aegis gains as it settles dispute with BRK Brands
The settlement will result in the “orderly termination” of a distribution agreement, manufacturing and supply deal and “all other related issues” between the two companies, Sprue said.
BRK had alleged Sprue breached their agreement causing it "severe" damage.
As part of the settlement, BRK will buy back all of its inventory made from the start of January for £1mln by deducting payments due from Sprue, except for 3,097 units required by Sprue for warranty purposes.
Sprue will sell all of BRK inventory made before January 2017 at its own cost. BRK has also approved the sale by Sprue of excess stock of Sprue's carbon monoxide alarms using BRK's brands valued at £300,000 for six months.
Sprue will pay the outstanding £10.9mln balance of payments owed to BRK under the terms of the distribution deal and manufacturing and supply agreement in monthly instalments by the end of this year.
The dispute had prompted Sprue to delay the publication of its 2017 results that were due in March.
The results will now be released on Tuesday next week and will include a £3.8mnln exceptional charge related to the BRK settlement.
11.20am: Toople shares topple as it reports wider first half loss
The provider of telecom services to UK small and medium enterprises said its loss before tax rose to £714,033 from £603,763 the previous year on higher costs.
Revenue increased to £689,769 from £654,721, supported by growth in direct SME revenues, billable customers and orders of revenue generating units.
Shares dropped 16% to 0.75p.
The AIM-listed firm said its in-depth internal review process across all aspects of its operations and portfolio assets revealed that the Mankanyan project represents one of the most advanced copper-gold projects not currently being developed.
Shares climbed 12% to 0.46p.
9.40am: Capita shares go ex-rights
Capita PLC (LON:CPI) shares fell more than 35% after the outsourcing company issued more than one billion shares.
Shareholders had the opportunity to buy three shares for every two they hold at 70p each yesterday. The shares went ex-rights today.
Taking into account the value of nil paid shares, the share price is up by around 5% on a like-for-like basis to 129p each.
The group announced plans for a rights issue in April as it unveiled a wider loss for 2017, scrapped its dividend and warned on 2018 profits.
Segal, who has been in the role since October 2013, will be replaced by non-executive senior independent director, Lee Ginsberg, at a date “yet to be confirmed”, the company said.
On the upside, shares in CSF Group PLC (LON:CSFG) jumped 33% to 2p after saying it has completed the sale of its CSF CX data centre to Bridge Data Centres Malaysia Holdings.
CSF Group, which designs and constructs data centres, said conditions of its share sale and purchase agreement for CSF CX have been fulfilled.
The company received a request to remove chief executive Nick Trew and chairman Henry Bellingham from the board in April and shareholders had called for a general meeting.
On Wednesday, the group received notice from the shareholders who demanded the general meeting that they have withdrawn the request. “In light of the withdrawal, the requisitioned resolutions will not be put to the general meeting due to be held on 15 May 2018,” the company said.
Proactive news headlines:
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Southend airport owner Stobart Group Ltd (LON:STOB) swung into profit as it booked a substantial gain on the sale of a stake in logistics associate Eddie Stobart. The airport saw passenger numbers rise by 29% in the year to February, but progress was impeded by the collapse of Monarch Airlines.
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Rambler Metals and Mining PLC (LON:RMM) (TSXV:RAB), a copper and gold producer operating in Newfoundland and Labrador, Canada, announced that the employees of its Ming Mine, Nugget Pond Mill and Goodyear's Cove facilities are the recipients of the 2017 John T. Ryan National Award from the Canadian Institute of Mining, Metallurgy and Petroleum as the safest underground metal mine in Canada for 2017.
Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company announced that, following the settlement and funding of US$300mln 6.5% senior notes due 2021 issued recently under its global medium term note programme, it has now issued a redemption notice for US$150mln of the 7.5% senior notes due 2020. The redemption will become effective on 27 May 2018 with payment to noteholders being made on 29 May 2018. Following redemption. The group said, there will be no Notes due 2020 outstanding.