While Meggitt PLC (LSE:MGGT) has hogged the headlines with its acquiescence to a takeover by a US rival, another storied engineering company, Senior PLC (LSE:SNR) is revelling in its independence.
Shares in Senior were up 10.9% at 179.6p after the company, which was the subject of a bid approach earlier this year, posted a positive adjusted profit before tax.
The profit of £0.9mln in the first half of 2021 contrasted with a profit of £3.6mln the year before on revenue that slumped 19% (13% in constant currency) to £333mln.
READ Senior shares shrug higher on fifth bid from US private equity group
The company, which raised full-year expectations last month, said there are clear signs of a recovery in its end markets.
12.40pm: CyanConnode on a charge
CyanConnode Holdings PLC (AIM:CYAN) shares were on a charge after the company announced a contract win with a new Indian customer.
The shares rose 8.2% to 10.875p after the smart meter specialist said Schneider Electric has commissioned it to deploy smart meters in Northern India.
CyanConnode will supply 152,000 omnimesh modules together with advanced metering infrastructure standards-based hardware.
11.40am: Symphony Environmental boosted by glove deal
Symphony Environmental Technologies PLC (AIM:SYM, FRA:XP7) shot up 21% to 27.25p after it unveiled a “significant” collaboration with Meditech Global.
The company has concluded four separate agreements on distribution, manufacturing, marketing and corporate investment with Meditech, a glove manufacturer based in the Far East.
The plan is to speed up and expand sales of d2w and d2p technologies and finished products in China and globally, through Meditech's network of manufacturers and commercial end-users.
10.45am: ThinkSmart lifted by takeover activity
ThinkSmart Limited (LSE:TSL), the financial services firm, was 50% higher after Square inc (NYSE:SQ) announced plans to acquire Afterpay, lifting ThinkSmart’s market capitalisation to around £65mln.
It turns out Afterpay has the right to exercise an option to acquire ThinkSmart’s stake in Clearpay Finance if there is a change in ownership in Afterpay. Furthermore, if Afterpay exercises its option and its shares are no longer publicly listed, Afterpay must pay ThinkSmart in cash for the AIM-listed firm’s stake in Clearpay.
The exercise price for the call option will be determined by the same pre-agreed valuation principles whether or not the option is exercised early. ThinkSmart's 10% holding in Clearpay UK was last valued at £106.6m on 31 December 2020.
10.00am: Escape Hunt's punters rush to recreate that lockdown experience
With a single bound, Escape Hunt PLC (AIM:ESC) shareholders were free!
The shares leapt 15% to 40.4p after a trading update from the operator of “escape rooms” – a kind of Crystal Maze experience for paying punters.
Trading in the ten weeks to 25 July 2021 has been encouraging, with levels of occupancy returning faster than expected after lockdown. As a result, revenue and site-level underlying earnings (EBITDA) from the UK owner-operated estate during the period has been ahead of management's expectations.
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9.05: Reach for the sky!
Meggitt PLC (LSE:MGGT) soared 59% to 745.8p after Parker-Hannifin Corporation (NYSE:PH) launched an agreed bid worth 800p in cash per share.
The terms value Meggitt at roughly £6.3bn.
“Meggitt, like Parker, has a rich heritage in the aerospace and defence segments with a strong culture, underpinned by a number of core values focusing on teamwork, engagement, integrity, operational excellence, and innovation,” Parker Hannifin said, explaining one of the reasons for it launching the takeover bid.
Catenae Innovation Plc (AIM:CTEA, FRA:NZS0) surged 29% to 1.35p after it signed a collaboration agreement with material science and medical innovations specialist ProMake Limited to become the exclusive provider of data management services.
Under the deal, Catenae said it will provide its services to ProMake to fulfil its position on the Public Health England (PHE) National Microbiology Framework, which is designed to support the newly formed UK Health Security Agency (UKHSA) and the Government's effort to provide a broad range of medical testing and diagnostic services for people in the UK.
Catenae added that it forms part of a ProMake-led consortium that has been awarded positions in Lot 2 (Research and Development Goods and Services) and Lot 4 (Clinical Laboratory Diagnostic Testing Services) of the PHE Framework Agreement.