The inspection and product testing company Intertek issued a note after the close on Friday night announcing that the board had rejected an unsolicited bid for the company, citing the fact the business is undervalued and the proposal fails to recognise the future potential here. Tabled in the middle of last week at £54 a share, Intertek’s valuation had ticked higher as a result but the losses posted this morning are more dramatic. The Intertek share price was down almost 4% in early trade, although this does now put the suitor in a formal offer window.
The technology VC play Molten Ventures issued a full year trading update this morning, noting a 13% increase in NAV, with £38m having been returned to shareholders via buybacks. The discount however remains notable, with a NAV of 760p whilst the shares trade at around 550p, but with a reported £130m stake in Revolut and a market cap approaching £1bn, this is a meaningful sized fund. The Molten Ventures share price was up 4% shortly after the open.
The industrial gas manufacturing company Clean Power Hydrogen updated the market this morning with news that it had signed a memorandum of understanding to explore the idea of a division of BKW Infra Services Europa to distribute its services. BKW is one of the largest energy supply companies with a significant footprint in both Germany and Switzerland and management add that the agreement reinforces the scalability and market appetite for the brand-new category of electrolyser CPH has developed. The Clean Power Hydrogen share price was trading 10% higher at 8.45am.
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