The FTSE 100 started slightly higher (+0.05%) Monday morning, alongside other European equities after a mixed Asia session.
- Argo Blockchain (LON: ARB) has plummeted 58% after it said that a non-binding LOI with a strategic investor to raise approximately £24 million will no longer “be consummated under the previously announced terms,” and it is continuing to explore other financing opportunities.
- However, there can be no assurance that any agreements will be signed, and should Argo be unsuccessful in completing any further financing, it would become cash flow negative in the near term and would need to curtail or cease operations.
- As a result, to further maximize liquidity and preserve cash, Argo has sold 3,843 new-in-box Bitmain S19J Pro machines for £4.8 million.
- The machines are the last batch of Argo’s original Bitmain order scheduled for installation in October 2022.
- The Times reported on Monday morning that IAG (LON: IAG) could look to easyJet or TAP as takeover targets.
- The news follows IAG announcing positive results on Friday.
- IAG shares are up 0.7% in early trading.
- Science Group (LON: SAG) and TP Group (LON: TPG) announced they have reached an agreement for Science Group to acquire the entire share capital of TP Group.
- TP Group shareholders will receive 2.25p per share, representing a premium of approximately 190% to the closing price of 0.78 pence on October 28.
- The acquisition values TP Grou at approximately £17.53 million.
- Engineering company IMI PLC (LON: IMI) announced it has acquired CorSolutions LLC for an initial cash consideration of $10 million.
- Corsolutions is an innovator in micro-fluid flow control based in Ithaca, New York.
- CorSolutions will become part of IMI’s Precision Fluid OEM business unit within IMI Precision Engineering.