Wednesday 15 August 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
MBL Group – part one: notice to seek cancellation of AIM admission… though potential shareholder return hit
Technology group Elektron (EKT) “is pleased to” announce first half year sales from continuing operations +16.9% and that “we now expect our performance for the full year to be ahead of market expectations”. Does this make the shares a buy?...
Having already risen from 7p as recently as May, shares in Elektron Technology (EKT) are currently smartly further higher towards 20p on the back of a “Trading Statement” including “the board now expects full year performance to be ahead of its previous expectations”. Sounds promising…
Elektron Technology (EKT) CEO John Wilson emphasises that “the group continues to make progress in the delivery of new product development programmes in our growth brands, which the board believes will significantly enhance shareholder value”, though current revenues (six months ending 31st July 2016) “are expected to be lower than those for the same period last year”. Hmmm…
An unsatisfactorily managed "strategic alternatives process" (see HERE) has been brought to an end by Elektron Technology plc (EKT), with the company announcing that it has raised £2.34 million through a placing of 46.8 million new shares at 5p each. It plans to raise up to a further £1.16 million by way of an open offer of up to 23.2 million new shares at the same price. However, with results for the year ended 31st January 2014 showing a loss from continuing operations of £5.3 million, year-end net debt of £8 million and reporting that a shareholder is seeking court permission to make a claim “alleging various breaches of duty by the directors, including dishonesty, 'a reckless acquisition spree', illegal share price manipulation and the implementation of unfair bonus and share schemes without proper shareholder approval”, is the fundraising going to be enough?
Microgen plc (MCGN) has announced that, whilst its preferred structure remains a refinancing investment of Elektron Technology plc (EKT), having been advised by Elektron’s board that only offers for the company as a whole would be considered, it has submitted a potential offer of 5p per share which has been rejected. With Microgen adding that “without a recommendation from the board of Elektron, Microgen confirms that it is inappropriate to proceed with its offer proposal at the present time”, the following updates on the situation here.
The board of fully-listed Microgen plc (MCGN) has “decided to pre-emptively publicly declare its interest” in AIM-listed Elektron Technology plc (EKT) after considering some of Elektron’s non-disclosure terms “inappropriate to the circumstances and unacceptable”. The following reviews with Elektron having hit back that “all other participants in the formal sale process entered into a uniform non-disclosure agreement on the same terms in all material respects as those offered to Microgen”.
Shares in engineered products developer Elektron Technology (EKT) have fallen significantly since reaching 45p in May 2011 and currently trade a further near 13% lower today, at 5.875p, on the back of an update on the company’s year ended 31st January 2014. Is it time to bottom fish?
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