Leading the pack was cash machine advertising expert I-Design (LON:IDG), which recommended that shareholders accept an ?8.5 million takeover offer from US group Cardtronics. With a market cap of ?3.2 million ahead of the news, it?s unlikely that investors will need to be asked twice. The surprise deal represents a premium of 161% over I-Design?s closing price on Monday and the stock closed on Wednesday up 156% at 59p.
AIM was trading generally flat during the morning on Thursday. Plethora Solutions (LON:PLE), the financially troubled pharmaceuticals group put the brakes on a plunging share price by revealing that talks were under way with a potential lead equity investor. Plethora is also in discussions with its three debt providers as it searches for more funding to get its PSD502 treatment through European approval. The shares were up 30% to 1.79p having fallen from 5p since the start of February.
New Zealand oil explorer Kea Petroleum (LON:KEA) rose by more than 21% to 9.1p on news of an oil discovery in a new sand reservoir at its Puka 2 well. Kea said it was expecting better flow rates than its Puka 1 well, which is expected to flow at sustainable rates of between 150 to 200 bopd. Chairman Ian Gowrie-Smith said the company could now look forward with confidence to an early and substantial cash flow.
Elsewhere, shares in Italian focused oil exploration company Sound Oil (LON:SOU) have drifted lower during February despite plans to spud a high impact well at its Nervesa site in the coming weeks. News today that it had formally signed a rig contract for that well pushed the shares up by 3.4% to 7.59p. Mobilisation of the rig could occur on March 25 assuming Sound Oil gets the permissions it needs.
Among the fallers this morning, infection control and hygiene products business Tristel (LON:TSTL) issued a profits warning (that it will actually make a loss) for the first six months of the year to last December (interims are due March 4). The company said it was still hoping to finish the full year in profit but claimed a faster that expected decline in its legacy endoscopy business had hit the numbers. Tristel is currently focusing on building up its own branded product ranges in its key markets. The shares were down by 23% to 22.2p.
Finally, online dating group Cupid (LON:CUP) kept up the momentum with its stock buy-back yesterday, snapping up 70,000 of its own shares at a volume weighted average price of 135.9p each. The shares were up by 1.1% at 132.88p this morning but last week?s crash (partly caused by an article by blogger Aubrey Brocklebank) so far seems to have seriously dented confidence in the stock. Full year results are due on March 5, when Cupid will presumably be on an all-out offensive to woo back its investors. Happy Valentine?s Day.
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