Potential bid for parcel deliverer DX
Freight and parcel delivery company DX is still in talks with potential bidder HIG European Capital Partners, which has indicated a possible cash offer of 48.5p/share. That is less than 13 times prospective earnings.
Gatemore Capital Management and former chief executive Lloyd Dunn, who holds 12.6%, are supportive of a bid of at least 45p/share. The performance of the business continues to improve with underlying pre-tax profit rising by one-third to £26.8m in 2022-23.
Net cash was £37.6m at the end of June 2023. A final dividend of 1p/share has been announced and will be paid on 7 December.
Gelion adds to IP portfolio
Lithium-sulfur battery developer Gelion is raising up to £4.5m at 24p/share, which will help to finance the £4.2m purchase of UK-based battery developer OXLID.
The portfolio of IP that comes with the acquisition will be added to the existing lithium-sulfur IP held by Gelion and help to accelerate development progress. This technology could produce batteries which are safer and have higher energy density than other lithium batteries.
Pouch cell prototypes are planned for 2024, followed by prototype validation before pilot production in 2027.
PrimaryBid has appointed Stacey Parsons as managing director and head of fixed income as part of its plan to make corporate and government debt to private investors. PrimaryBid is already an important source for cash from share issues.
Stacey Parsons has more than 25 years’ experience in the sector, including time as a gilt-edged market maker and head of fixed income at market maker Winterflood Securities.
She was a founder of the Investor Access to Regulated Bonds working group and a member of the London Stock Exchange Primary Markets Group. The FCA is consulting on reforms to the debt market and PrimaryBid should be in a good position to take advantage of any changes.
Avenir bond issue registry services
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The same core methodologies we apply at Avenir Registrars to equity issuance, ensuring that processes are optimised to keep timelines short and costs low, also sit at the heart of our debt issuance model. If you have clients who are looking for a cost-effective way of managing a debt issuance – either on a public or private basis – we’d be more than happy to talk.
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