Hayward Tyler Group PLC (LON:HAYT) was one of the biggest risers in London this afternoon after it confirmed it had been approached by fellow AIM company Avingtrans PLC (LON:AVVG) about a possible takeover offer.
The pumps and motor specialist said discussions were still in the early stages and that there was no certainty that an offer would be made.
That didn’t stop investors from ploughing into the stock in the hopes that an offer would materialise in the near future.
Avingtrans, which supplies engineered components and services to the energy, medical and traffic management industries, has until 5pm on 28 April to make an offer.
Shares gained more than 33% to 49.5p.
Engineer North Midland Construction plc (LON:NMD) wasn’t too far behind, with shares up 29% to 264p on the back of a solid set of full-years.
Despite only posting a modest increase in revenues, operating profits almost trebled to £2.2mln although the company refused to praise itself, saying that it wants more.
The strong trading performance also led to the company re-establishing its full-year dividend which went down well with investors.
The firm was pretty bullish in its outlook too, claiming that the UK construction industry was “struggling to keep up with…demand”, which should bode well for the coming year.
Woodford feels the pain as the US knocks back Oxford Pharma plans
Oxford Pharmascience Group plc (LON: OXP) slumped as the US Food and Drug Administration knocked back trial plans for its re-formulated version of ibuprofen.
The firm, which boasts star fund Woodford Investments as a major backer, said the FDA disagreed with the endpoints for a phase III study.
The FDA wants claims of improved gastro-intestinal (GI) safety to be backed up by the trial and for there to be an improvement in peptic ulcer bleeding and related complications.
Alternatively, the FDA has suggested the claim for the drugs are toned down, which would not need such a detailed clinical study.
Oxford said it would consider the FDA suggestions carefully before a decision is made on the development programme.
Shares fell by a third to 2.02p.
Feedback plc (LON:FDBK) roared higher for a second day following news that its TexRAD Lung product could soon be available on the diagnostic imaging platform of a leading global imaging company.
A letter of intent (with an unnamed company) and will make TexRAD Lung easily available for hundreds of potential users worldwide on a subscription basis.
A CE mark in May of this year would expedite the process.
Feedback's subsidiary company, Cambridge Computed Imaging (CCI), is also talking to other medical imaging groups to broaden the appeal of TexRAD.
Shares rose 43% to 2.85p.
Proactive news headlines
Eland Oil & Gas (LON:ELA) has given details of its success production restart at the Opuama field in Nigeria, where new crude shipping arrangement have unlocked new opportunities. Shares rose 5% to 48.2p.
Mining group Ortac Resources Ltd (LON:OTC) has further increased its holding in DRC-focused gold explorer Casa Mining and now holds 22.80% of the private firm.
Eco Atlantic Oil & Gas (LON:ECO) highlighted Exxon's latest neighbouring oil discovery, marking its third find in the block adjacent to the junior explorer's.
Digital media and social video broadcaster Brave Bison Group plc (LON:BBSN) slashed its losses last year as revenues jumped and its cost-cutting strategy kicked in.Sahres rose 2% to 1.15p.
Akers Biosciences Inc (LON:AKR) has announced a US$2mln fundraising to prop up its balance sheet. The group will issue 1,448,400 common shares at US$1.40 per share. Shares fell 17% to 145p.
Drug developer MaxCyte PLC (LON:MXCT) has unveiled ambitious plans to raise £20mln, which will be used to accelerate the development of its immuno-oncology platform, CARMA.
Lithium explorer European Metals Holdings Ltd (LON:EMH) has confirmed the pre-feasibility study for its Cinovec deposit in the Czech Republic will be published in April.
Nigeria-focused LEKOIL (LON:LEK) has agreed a US$15mln advanced payment facility with a local offshoot of Royal Dutch Shell for production from the Otakikpo field. Shares rose 4% to 22.8p.