Attraqt shares soar 65.71% to 29p on £63.2m Crownpeak takeover offer
Attraqt said it reached an agreement with Bidco, a wholly-owned subsidiary of Crownepak, on a cash offer to be made by Bidco for the entire share capital of Attraqt. The deal values Attraqt at approximately £63.2m.
Bidco agreed to pay 30p/share, a 70% premium to Attraqt's 17.50p closing price on Wednesday. Crownpeak has so far received approval from 42% of Attraqt's shareholders. The Attraqt board has unanimously recommended the acquisition.
Crownpeak said Attraqt was an "excellent fit" for its investment and strategic criteria, based on Attraqt's "leading position in delivering omni-channel AI-powered research, merchandising, and recommendation software to the eCommerce sector" as well as its "technology-led business model, and multiple levers for future value creation."
Attraqt also reported 1H results. Its pretax loss widened to £2.2m from £1.8m last year while revenues increased 9.5% to £12.2m from £11m.
Pathfinder Minerals shares soar 38.10% to 0.73p on claim against Mozambique government for the expropriation of a mining concession
Pathfinder said it had entered into an option agreement with Acumen Advisory Group (AAG), a Delaware-based asset recovery specialist, to sell its wholly-owned IM Minerals and bring a claim against the Mozambique government for a mining concession in the country.
The exclusive option is granted to AAG for a period of 3 months to 27 December 2022. AAG will pay £2m in cash to Pathfinder for the full acquisition of IMM on signature of the agreement, and commit to bringing legal proceedings against the government of Mozambique.
Acumen has to confirm it has secured at least US$15m in funding and will use its "best endeavours to pursue the claim to a satisfactory conclusion within five years". Contingent payment by AAG to Pathfinder will follow of US$24m or 20% of net recoveries, whichever is greater, from any award or settlement of the claim.
Peter Taylor, CEO of Pathfinder, commented:
"This transaction, if completed, will ensure that the full force of a timely and well-funded Claim is brought against the Government of Mozambique and that Pathfinder could participate very considerably in any financial upside which has been independently evaluated to be worth in a range of US$110 million to US$1.5 billion."
Rosslyn Data Technologies shares rise 13.85% to 1.85p on £500K contract win
Rosslyn announced it has secured a three-year contract worth £500k from an unnamed multinational medtech corporation, a new customer for the company. The customer has an option to extend the contract for a further two years.
The customer, which is based in Switzerland and serves clients in over 100 countries, has selected the Rosslyn procurement analytics platform as the foundation for embedding its digital transformation programme across its supply chain management. The adoption of the Rosslyn platform represents a modernisation of the customer's legacy technology, and is expected to enable it to generate savings of approximately 10% in the first two years.
Paul Watts, CEO of Rosslyn, said:
"I am delighted that we have secured a new, multi-year contract with a major medtech multinational corporation and that our Rosslyn platform has been selected to form the backbone of the digital transformation of their procurement operations. This deal exemplifies the wider state of transition in the marketplace as organisations increasingly demand a full field of vision on their spend, which can only be gained by maximising data through the application of ever-more sophisticated technology."
Eve Sleep shares jump 14.81% to 0.775p on volatility after announcement of widened pretax loss and urgent need for funding
Eve Sleep said last week it had commenced a formal sales process in June 2022 to explore financing options, including the possibility of selling the company, with no firm offers materialising thus far.
Eve noted that despite significant cost savings, the company would require funding in October 2022, and if such funding could not be raised or a firm offer for the company was not received before its cash reserves were depleted, its board would take "appropriate steps to preserve value for creditors".
Adding to the grim outlook, the company also reported a widened pretax loss of £4.6m from £2.3m the previous year, and a revenue fall of 16% to £11.6m from £13.9m.
Eve shares plunged 41.38% on the day of the announcement last week, but have since recovered to pre-announcement levels on hopes that a buyer will be found.