Avast shares soar 43.55% to 686p on UK regulator approval of Norton takeover bid
Avast said its merger with NortonLifeLock has been provisionally approved by the UK Competition and Markets Authority (CMA). The CMA has provisionally concluded that the merger is not expected to result in substantial lessening of competition in the UK, Avast said.
Last year, the two companies detailed plans to merge in a US$8.6 billion deal under the Norton brand.
The CMA's final report will be issued in September, and the regulator is accepting responses to its provisional findings by 24 August.
Phoenix Global Resources shares rise 16.94% to 7.25p as majority shareholder Mercuria Energy Group takes the company private
Phoenix Global Resources announced plans to delist from London's AIM market after majority shareholder Mercuria Energy Group said it would buy the remaining 16% of shares and take the company private.
Mercuria, currently owning 84% of Phoenix, will offer remaining shareholders a cash exit opportunity at 7.5p per share, representing a 25% premium to Phoenix's closing price on 21 June 2022, the day before Phoenix announced it was in discussions with Mercuria regarding the exit.
Phoenix will also delist from the Buenos Aires Stock Exchange.
Agriterra shares rise 21.43% to 5.25p on US$7.9m cash injection from Magister Investments
Agriterra said on Friday it had secured new debt funding from its majority shareholder Magister Investments, worth US$7.9m. The capital will enable immediate repayment of an existing high-cost US$6.1m facility owed to an external banking institution. It will also enable cheaper financing of grain purchasing in Mozambique, without making use of local borrowing/overdraft facilities that typically carry higher interest rates, the company said.
Management estimates that this debt refinancing will enable Agriterra to save approximately US$600K in annual interest and fee costs during the first year.
Kromek shares rise 19.38% to 10.63p on revenue increase, and two new orders worth $750K
Kromek reported a 16% increase in revenue to £12.1m from £10.4 the year prior, as pretax loss narrowed to £6.1m from £6.3m. Still, growth was impeded during the year by supply chain pressures, particularly global electronic component shortages, the company said.
Dr Arnab Basu, CEO, commented:
"Looking ahead, we entered the new financial year with a higher order book than the previous year and the highest level of revenue visibility in our history. The current geopolitical environment is driving greater interest from government agencies for our CBRN family of products and in advanced imaging we are experiencing heightened engagement with OEMs due to our strategic position as the only commercial independent global supplier of CZT. Consequently, for FY 2023 we anticipate substantial year-on-year revenue growth and we look forward to the future with increased confidence."
Kromek also announced yesterday US$750K in two new orders from existing OEM customers in the medical imaging market, to be delivered in the current fiscal year.
Revolution Beauty shares fall 19.60% to 20.1p on revenue and EBITDA downgrade for FY 2023
Revolution Beauty shares fell again on the back of a 7% revenue downgrade and a 38% EBITDA downgrade for FY 2023. The company is now guiding to sales of £215m-£225m, against £194m last year, and EBITDA of £18m-£20m against £22m last year. Read our own Paul Hill's analysis of yesterday's announcement by REVB.
Despite the revenue downgrade, the top line is still set to expand 15%-20% (ex Russia/Ukraine) this year and the company will still be profitable with the seasonally stronger second half, meaning it is likely to hit broker Zeus's 1.5p EPS target.
Lastly, the FY 2022 results will now be published on 30th August - against the previous expectation of 4th August - reflecting delays completing the statutory audit. Nothing material has been raised by the accountants, however.