Darktrace (DARK) shares jump 10.06% to 374.1p as Directors offers light relief
On Thursday, Darktrace acknowledged its recent share price movement amid media speculation in relation to the civil proceedings in connection with the sale of Autonomy.
It stated that neither Darktrace “nor any of its acting executives” was a party to the civil proceedings nor is either the target of any investigation. It stated: “We see no link between Darktrace and the civil action against Dr Mike Lynch by
Hewlett Packard or its subsidiaries. There has been no change to the prospects or trading of the business since its last update.
Darktrace’s executive team has since stepped in to buy shares in the company after the stock fell by 20% in response to the newspaper report that highlighted the link between Darktrace’s strategy chief and software firm Autonomy, which is at the centre of accusations of fraud.
The accusations were made by Hewlett-Packard Co, which bought Autonomy back in 2011.
M&C Saatchi (SAA) shares jump 29.70% to 214.5p after it accepts £310.1m takeover deal
Today, the data-driven growth consulting company Next Fifteen Communications Group reached an acquisition agreement with M&C Saatchi - which earlier this week rejected a £253.6 million offer from AdvancedAdvT - that will value the agency at around £310.1m.
On Tuesday, M&C Saatchi announced that it had rejected a £253.6m takeover proposal from AdvancedAdvT, telling investors that it significantly undervalued its business and prospects.
Following the completion of today’s proposed acquisition, M&C Saatchi shareholders will own approximately 17.3% of the enlarged company on a fully diluted basis, the company reported.
The Directors of M&C Saatchi said they would be recommending the terms of the acquisition. Addressing shareholders, they also said they considered the terms superior to those offered by AdvancedAdvT Ltd, thereby urging shareholders to take no action regarding that offer.
Osirium Technologies (OSI) shares rise 24.14% to 8.5p as it signs first US customer
On Tuesday, Osirum, a vendor of cloud-based cybersecurity and IT automation software, announced that it had signed its first customer in the US via one of its channel partners.
The new customer - a global investment bank headquartered in New York and listed on the NYSE - has selected Osirium’sPrivileged Access Management (“PAM”) security product.
Whilst the contract is not expected to have a material impact on Osirium’s results for the current financial year, the
Directors of the Company consider that it is strategically important in demonstrating the potential demand for its products in the significant market in the USA.
Tungsten Corporation (TUNG) shares jump 12.56% to 56.9p as Directors back revised offer
In a statement released this afternoon, Tungsten’s Directors confirmed that they have withdrawn their recommendation in favour of the firm’s acquisition by Pagero Group AB.
In fact, the Directors outlined that they now intend to recommend unanimously that Tungsten Corporation’s shareholders vote in favour of a revised offer proposed today by Project California Bidco, a newly-formed vehicle and indirectly wholly-owned by Kofax Parent.
The revised Kofax offer price of 55 pence per share in cash represents an aggregate value of approximately £70.6 million for Tungsten’s entire issued and to be issued share capital and represents a premium of 14.6 per cent. to the Pagero Offer price of 48 pence per share.
Tony Bromovsky, Chairman of Tungsten said he believes the offer provides shareholders with “even greater value in cash for their shares” and provides Tungsten with the opportunity to expand the scale of its business by offering its products to a wider customer base “leveraging Kofax’s geographical reach, capacity for investment and operational infrastructure.”