TalkTalk Telecom Group
(LON:TALK) shares rose 20.05% to 100.03p
Shares in the UK telecoms group jumped after it informed investors that it is considering a takeover bid offer from asset manager Toscafund that values it at £1.1 billion.
The bid for 97p-a-share offer is considerably lower than the 135p it reportedly offered last year, the Telegraph reported, Including debt, the value of the deal would be about £2bn.
To make a firm bid, the broadband provider said this morning, Toscafund would have to get the backing of TalkTalk chairman Charles Dunstone, who owns almost 30% of the company.
Toscafund also already owns almost 30% interest in TalkTalk.
Research firm Megabuyte said the offer valued TalkTalk at less than 7 times forecast earnings for 2021. “The big question is whether or not this flushes competing bids from other investors or, more interestingly, a trade buyer such as Vodafone,” wrote the FT .
It added that shares in European telecoms companies have fallen sharply this year and have as a result left these companies ‘more vulnerable to takeovers and opportunistic bids’.
Despite shares in TalkTalk falling since the onset of the coronavirus pandemic, demand for home broadband has continued to surge as millions of people continue to work from home.
Asiamet Resources (LON:ARS) shares soared 72% to 4.3p
The group announced that it is to dispose of its wholly-owned subsidiary Indokal, which hosts the BKM Copper Projectin Central Kalimantan, Indonesia, for a total of US$163.4m.
The company struck a deal with Indonesian private company, PT Wasesa Indo Nusa ("PT WIN") to acquire its wholly-owned subsidiary Indokal Limited ("Indokal") which holds the Kalimantan Surya Kencana (“KSK”) Contract of Work which includes the BKM project.
Indokal will be acquired by PT WIN in a staged transaction for a total of $163.4 million.
"The Asiamet Board fully endorses and supports this transaction,” said Tony Manini, Executive Chairman of Asiamet who added that the group will retain “a very meaningful exposure” to the upside at BKM and KSK and manage activities currently in progress.
Asiament said it intends to retain its shareholding and continue to work with PT WIN on the development of BKM while retaining the flexibility to re-evaluate its position at any time.
Osirium Technologies (AIM:OSI) shares soared 35.9% to 26.5p
The cyber security group said it has won a contract win with a major UK high street retailer.
It said the contract was secured in a competitive bid against four other privileged access management (PAM) vendors, one of which was bidding to have the contract renewed.
The group said this highlights the strength of its functionality and integrated PAM platform.
Although the name of the retailer remains undisclosed, Osirium’s Chief Executive David Guyatt said the client was a ‘prestigious household’ name operating in the retail sector.
He added, “The completion of the sales process in under three months is an illustration not only of increasing demand for PAM, but also of the effectiveness of our customer engagement model.”
Erris Resources (AIM:ERIS) shares are trading 34.69% higher at 8.25p
Shares in the European-focused exploration firm jumped as much as 80% today after it agreed to acquire a 50% shareholding in Deutsche Lithium, owner of the Zinnwald project.
Erris, which resumed trading on the stock exchange this morning following a suspension, announced last week that it would buy the late-stage lithium project in Germany.
Erris' stock traded as high at 11p this morning and was trading at 8p a share this afternoon.
CEO of Erris Resources, Anton du Plessis, said the Zinnwald lithium project represents “a compelling opportunity for investors” to gain exposure to the European lithium market.
He explained that Zinnwald holds a mine life of 30 years which equates to < 50% of the current identified mineral resource, making the Project's potential upside ‘significant.’
Following the completion of the acquisition, the group’s new strategy would be to advance Zinnwald towards construction and operation of the mine.
CMC Markets (LON:CMCX) shares fell 4.80% to 348p
The global provider of online trading and institutional platform technology solutions today released a trading update projecting solid full-year guidance for the 2021 financial year.
Today marks the third time the trading platform has lifted expectations for the period.
Net trading revenue for contract for differences (CFD) more than doubled during the six month period to 30 September 2020, rising from £85m in 1H19 to £200m in 1H20.
The group said it expects a net stockbroking revenue increase to around £26m for H1 2021 from £14m in H1 2020 which it says comes as a result of its partnership with ANZ Bank.
Operating costs are expected to rise for the period to £80m up from £65 million in 1H20.
CMC took a small hit this week after the Financial Conduct Authority announced a ban on the sale of cryptocurrency derivatives. Laith Khalaf, analyst at AJ Bell, has described the move as a “blow to the crypto world”, despite widespread opposition to the proposal, said City A.M.