Immunodiagnostic Systems Holdings PLC succumbs to agreed offer from PerkinElmer

A look at some of the week’s top players in the small-cap world, including – inevitably – Hurricane Energy.

A £ 110million takeover bid from PerkinElmer made Immunodiagnostic Systems Holdings PLC (LON: IDH) one of the top risers of the week.

Shares rose 47% to 375p, a shade below the 382p an offer price of shares.

The diagnostic group said the takeover would allow it to accelerate its growth plans while also working more closely with existing partner Euroimmun, which is also part of the PerkinElmer group.

In other acquisition news, the market has approved the conditional acquisition of Saracen Fund Managers by AssetCo PLC (LON: ASTO).

Shares of AssetCo rose 37% to 1,950 pence after agreeing to pay £ 2.75million for the Saracens, of which £ 664,774 will be paid in cash with the remainder settled in shares.

“Saracen is a small fund management company with great potential. Its business model, people and product offering are its main strengths and are a perfect fit for AssetCo,” said Peter McKellar, Vice President and CEO from AssetCo.

ESG issues – environmental, social and governance – are becoming increasingly important to investors, which could explain why shares of Itaconix PLC (LON: ITX) reacted positively to the announcement the company had received. the Green Economy Mark of the London Stock Exchange in recognition of his contributions to the global green economy.

Itaconix generated 96% of its 2020 revenue from the sale of herbal products, the company noted.

The bio-based specialty polymer company is perhaps best known for having its polymers included in home care detergents and cleansers.

The share has increased by 26% this week.

It’s not often the case for stocks to rise after the company has exploited the market, but Galantas Gold Corp (CVE: GAL, LON: GAL) pulled off this rare feat this week after completing its stock placement at C $ 0.30 per unit, raising just under C $ 8 million.

Eric Sprott, the well-known Canadian resource investor, acquired 6.3 million units for C $ 1.9 million, through his vehicle 2176423 Ontario Ltd, giving him an 8.6% stake in Galantas.

With the funding done and dusted, Roland Phelps retired as Managing Director to be replaced by Mario Stifano, a seasoned mining executive who has raised significant capital for a number of mining and resource companies in exploration, development and production such as Lake Shore Gold Corp.

Galantas Gold, an Anglo-Canadian company, owns and operates the producing gold mine near Omagh, County Tyrone, Northern Ireland.

Shares are up 42% this week to 40.5 pence.

Staffline Group PLC (LON: STAF), the recruiting and training group, did not come out so lightly after hitting the market, issuing shares at 50p per person.

The stock ended the week down 16.5% to 58.7 pence after raising £ 44million through the issuance of shares. The company is looking to raise up to an additional £ 4.4million through an open share offering at the same price.

The company intends to use the net proceeds of the proposed offering and subscription to reduce the group’s leverage and provide working capital for growth.

The group’s average net debt in the first quarter of 2021 has been reduced from £ 14.5million to £ 54.9million (including deferred VAT) thanks to cost reduction initiatives.

The group said it had benefited from a £ 46.5million Covid-19 VAT deferral which will be repaid in eight equal monthly installments from next month.

Finally, in last week’s column, we said that no small-cap movers weekly feature this year feels complete without an entry on Hurricane Energy PLC (LON: HUR) and the trend has continued, with shares up 93% on the week to 1.275p. after activist investor Crystal Amber Fund called for an extraordinary general meeting to oust five non-executive directors and put in place its own two people.

The fund, which owns 14.7% of the company, said it had provided it with funds totaling £ 25million in three installments since 2013, but had since lost confidence in the board.

Tune in next week (probably) for the latest developments in this saga.

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