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TyraTech Rises 26% Following Announcement Of Conditional Merger Agreement.
TyraTech, Inc. (TYR) , a life sciences company focused on nature-derived insect and parasite control products, has announced this morning it has entered into a conditional agreement with American Vanguard Corporation.
The TyraTech Board stated the merger decision was made due to the fact that the level of income generated from the animal health products will not support the commercial and R&D investments required to develop products with much larger market potential.
Commenting on the Transaction, Jose Barella, “The proposed consideration of 3.15 pence per Share represents a significant premium over the Company's current share price and is in addition to the US$8.4m already returned to shareholders through the Tender Offer in January of this year.”.
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Tanfield Group Rises 8.64% Following The release Of Its Interim Results
The investing company Tanfield Group (TAN) , currently owns 49% of Snorkel International Holdings LLC ("Snorkel") and 5.76% of Smith Electric Vehicles Corp. ("Smith").
Based on the unaudited financial information received from Snorkel, during the first six months of 2018 the business achieved further sales growth resulting in sales of $96.3m, an increase of 21% compared to H1 2017.
In 2015 the investment in Smith was impaired to nil due to the uncertainty around its future and the level of funding it required. The Board is of the opinion that it is highly unlikely that any value will materialise from the investment.
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Beeks Financial Cloud Group Rises 7.5% This Morning Following Its Posting Of Its Annual Report
Beeks Financial Cloud Group (BKS) , the cloud computing and connectivity provider for financial markets, posting strong results for the year.
Revenues increased by 41% to £5.58m, Gross profit up 90% to £2.98m and operationally, the company expanded into Singapore and opened of sales offices in Shanghai and London.
Commenting on the results, Chairman Mark Cubitt “The Company’s business model generates high levels of recurring revenue with a high retention rate from a growing number of clients” “As we move into 2018/19, activity will be focused on continued geographical expansion and enhancements to our offerings.”
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Baron Oil Rises 9% This Morning Following The Release Of Its Interim Results
Baron Oil (BOIL) oil and gas exploration and production company primarily focused on opportunities in the UK and Latin America, posted its results and operational updates.
Operating loss of £400,000 and net loss after finance, down from a net loss of £916,000 in the same period in 2017, and from a net loss of £1,539,000 in the year ended 31 December 2017.
The Wick exploration well and Colter appraisal well rig site surveys have been completed, Colter is estimated to have the potential to hold unrisked Pmean Prospective Resources of 23 million barrels of oil equivalent recoverable and Wick has estimated in-place P50 Prospective Resources of around 250 million barrels of oil (unrisked) in sands.
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