A predictably quiet start back after the Christmas break but Wood Group saw some activity, jumping in early trade after news that it had completed the sale of its stake in Ethos Energy for $138m. Ethos contributed $34m of adjusted EBITDA to the company’s results in 2023, with Wood Group’s shares trading as much as 4% higher shortly after the open.
Shares in the small cap biopharma company Poolbeg slumped in early trade after news that it had entered into non-binding discussions for an all-share acquisition by Nasdaq-listed HOOKIPA to create a strong clinical stage biopharmaceuticals company with a focus on next generation immunotherapies for the treatment of cancer and other serious diseases. Each Poolbeg share would be exchanged for 0.03 HOOKIPA shares, with this morning’s sell off reflecting the cut price acquisition. The Poolbeg share price was trading down more than 40% before 9am.
Sticking with the smaller caps, Emmerson shares found support on Thursday morning after the potash development company announced it had secured litigation and working capital funding of up to $11m, enabling it to pursue a legal claim against the Kingdom of Morocco. That’s a significant tranche given the current market cap is just over £10m. Funding has been provided on a non-recourse basis although further details are limited given the confidential nature of the agreement. Emmerson shares are trading up 40% on the day so far, pushing back to levels not seen since early November.
Most read news on Investegate this morning
Update on claim against Revolution Beauty Group - - Chrysalis Investments Limited NPV (CHRY)
Appointment of new Chief Financial Officer - - Auction Technology Group (ATG)
SEASTARS - CINEA Horizon Grant Agreement - - Quadrise (QED)
