Chemring Group (CHG) shares 4.24% to 319p as it moves to bolster its Roke business
The technology-focused business has agreed to acquire Cubica Technology Limited and Q6 Holdings Limited, known collectively as the "Cubica Group", in a move intended to create further opportunities for the group to enhance and accelerate growth in its Roke business.
Addressing shareholders, Chemring explained that Roke's customers require an ‘exponential increase in capability’ in order to achieve a digital advantage against complex threats.
The company highlighted that Cubica's ‘leading edge’ capability in Machine Augmented Intelligence and Autonomy complements Roke's existing capabilities in cyber security, intelligence and electronic warfare, offering customers a force multiplier for their missions.
To support its accelerated growth, Roke plans to invest c.£1m in Cubica and Vigil AI, an online child exploitation image detection specialist of which Q6 is a majority shareholder of.
CyanConnode (CYAN) shares soared 37.10% to 12.88p as it successfully raises £3.15m
Shares in the group which specialises in narrowband radio frequency (RF) smart mesh networks jumped after it successfully raised £3.15 million to strengthen its balance sheet.
CyanConnode raised the funds through an oversubscribed placing and subscription at 9.5p with the issue price reflecting a premium of 2.2% to the closing price on 2 June 2021.
The proceeds will increase working capital, allowing the group to further develop its ‘significant growth opportunities’ and to execute its growing order book and pipeline.
Zambeef Products (ZAM) shares jump 14.81% to 7.75p as profit exceeds expectations
The cold chain foods and retail business told investors that it expects its profits to end 20% - 30% ahead of current market expectations for the year ending 30 September 2021.
In a trading update released today, the group said it expects revenue to be in line with current market expectations while earnings for the half-year period ended 31 March 2021 are now expected to be 2167% higher in Kwacha than that for the previous half-year period.
The company attributes the increase in earnings predominantly to the ‘strong start ‘ to the financial year which saw the group deliver results similar to that of pre-pandemic levels.
Despite the challenges posed by the pandemic, the demand for products, particularly poultry products, remained strong allowing it to remain in line with revenue expectations.
Advanced Oncotherapy (AVO) shares rose 10.45% to 37p amid £75.5m proposal
The company announced that it has signed a Letter of Intent ("LOI") with Geneva-based investment advisory and asset management firm, Saba Partners SA, for the proposed purchase of a three-treatment room LIGHT system which is valued up to $107m or £75.5m.
Saba Partners, a firm which is looking to build a centre of excellence for cancer treatment in Glion as the first step in building an ecosystem of medical centres, said Advanced’s cancer-focused proton therapy LIGHT system represents “a key element” to its ambitions.
Advanced Oncotherapy added that it intends to enter into an exclusivity agreement with Saba for the provision of proton therapy services in the Gulf Cooperation Council ("GCC").
The group said it expects to benefit from Saba Partners' presence in the Saudi Arabian hospital sector to make the LIGHT system available to countries within the GCC region consisting of Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.
Trainline (TRN) shares fall again by 5.20% to 277.2p following railway overhaul
Once again, the stock continues to shed value (it lost almost one-third of its value last Friday) amid the UK Government’s plans to commit to digital ticketing through a new public body which some analysts say will be competing directly with the Trainline’s offering.
Trainline released a statement last Friday in which it shared its support of the plan’s findings and recommendations, which it said were broadly in line with its expectations.
The company noted to investors that it expects that the plan's proposals, which it says will need to be ‘developed and subsequently implemented over the next several years,’ should improve the experience for rail passengers and drive efficiency for the wider industry.