Randall & Quilter Investment Holdings Ltd jumped 7.1% to 98.5p after announcing plans to raise US$108mln via a share placing and open offer.
Its shares will be offered at a price of 105p per share, which explained the hike in value, experts reported.
Although the Bermudan insurer also said it swung to a pre-tax loss of US$162mln in 2021 from a US$38.7mln profit in 2020.
It blamed the loss on a US$90mln pre-tax non-cash charge and the transformation of its Legacy Insurance business model from upfront “day-one” underwriting income to annual recurring fee income.
Regarding its outlook, the company said it anticipates reaching US$1.8bn of gross written premiums this year and expects a pre-tax operating profit of US$90mln by 2024.
2.20pm: Smurfit Kappa Birmingham plant up in flames
A huge fire at a major Smurfit Kappa Group plc (LSE:SKG) (Smurfit Kappa Group plc (LSE:SKG)) packaging plant on Sunday night sent its shares tumbling soon on Monday.
Over 30 fire engines were needed to put out the blaze that destroyed paper and cardboard bales in Birmingham.
The blue chip paper and packaging firm lost 3.3% in value, changing hands at 2,860p.
There were no casualties or reports of a potential cause at one of the Irish company’s two UK paper mills.
It usually produces 500-700 tonnes of packaging paper per day, which is then converted to cardboard boxes.
12.45pm: Go-Ahead receives two possible takeover bids
Go-Ahead Group PLC (LSE:GOG) jumped 14% to 1,384p after confirming it is considering bids from two different bidders to be taken over.
Gatwick Express and Thameslink operator received unsolicited potential offers from the Kelsian group and a consortium of Kinetic and Globalvia Inversiones.
The company, which is also a nationwide leading provider of bus services, would become the most recent British transport company to be bought.
Go-Ahead commented both proposals were “at a level which, should a firm offer be made, the board would be minded to recommend to shareholders.”
On Monday, its shares rose to their highest level since pre-pandemic in 2020, when its value nosedived as Covid-19 began.
11.16am: Devolver nosedives on video game revenue disappointment
Devolver Digital Inc (AIM:DEVO) plunged 45% lower to 75p after it warned of “slower than expected” sales from newly-released video games.
The American video game published attributed the poor revenues to a competitive game release window and "specific factors for each title which are being actively addressed for future titles."
"At the same time there has been an expected step-up in amortisation costs related to these heavier-investment games upon release, as well as increases in general operating expenses due to inflation, headcount and marketing," it added.
The company expects its revenue for 2022 to be between US$130mln and US$140mln, which would represent a 40% premium on last year.
Meanwhile, adjusted EBITDA could surge by as much as 25% in the year.
9.56am: Tekmar sinks as formal sale process begins
Tekmar Group PLC (AIM:TGP) plummeted 28% to 28p after it began a formal sale process to find a strategic partner to aid its growth opportunities and strengthen its balance sheet.
The supplier of technology and services for the global offshore energy markets also unveiled an update for the six months ended 31 March, which revealed “challenging” trading.
Its results were in-line with management’s expectations, with loss before tax up to £3.2mln from £2.2mln.
It commented its balance sheet "has not been rebuilt and strengthened as much as Tekmar's board of directors would have preferred in order to fully execute its growth strategy and address the industry headwinds and uncertainties that still remain."
Tekmar’s revenues of £13mln were down from £13.9mln compared with the same period the prior year, while adjusted EBITDA stood at a loss of £1.8mln, up from £1.1mln.