Micro Focus almost doubles to 520.1p on takeover news
UK enterprise software company Micro Focus (MCRO) saw its shares leap after it agreed to a takeover from Canada’s OpenText that values it at £5.1bn, including debt – shareholders will receive 532p a share based on an equity valuation of £1.8bn. Micro Focus’s directors said they would unanimously recommend that its shareholders vote in favour of the deal, which is expected to complete in the first quarter of 2023.
Egdon Resources jumps 12.7% to 6.65p on UJO Wressle update
Oil explorer and producer Egdon (EDR) saw its shares spike after a Union Jack Oil (UJO) reported a milestone revenues of $9m from its Wressle oilfield in North Lincolnshire, in which Egdon holds a 30% interest, since production was restarted in August 2021. UJO’s executive chairman David Bramhill said: "Since the last production update published during July 2022, another impressive production performance from the Wressle-1 well has been recorded and the trend remains positive.
Oxford Cannabinoid Technologies loses 8.1% to 0.825p on strategic review and FD departure
Oxford Cannabinoid Technologies (OCTP) saw its shares dip after it said that it would reallocate its drug development resources to extend its cash runway. By temporarily delaying Phase I clinical trials of OCT130401, its second programme, it said its cash would now last until Q4 2023. Phase I clinical trials for the Company's lead programme, OCT461201 remain on track and on budget, and are due to commence in January 2023, with interim results anticipated in April 2023. The Company also said that Group Finance Director Karen Lowe would be stepping down to pursue her NED career and consultancy business.