Big losses for Pinewood Technologies, the FTSE250 listed provider of software for car dealerships, who had seen PE investors Apax Partners kicking the tyres in recent weeks. On Friday night after the market close, Apax announced it would not be proceeding with a bid, citing concerns over market weakness. That claim has been pushed back by management, who cite progress towards mid-term revenue goals but the market has aggressively marked down the stock as a result, pushing it to pre-bid lows as result. The Pinewood share price was down more than 30% in early trade.
The Helium exploration company saw its shares post meaningful gains in early trade after providing an update on its co-owned project in Colorado. The completion of a successful testing programme delivered consistent and reliable operational performance with flow rates exceeding expectations. The Helium One share price was up 26% shortly after the open.
The life sciences business SkinBioTherapeutics is back on the radar today, following Friday’s notable losses. A further update into the former CEO’s conduct has revealed concerns over mis-reported financial information and believes this will lead to the removal of £0.77m in booked royalty payments from the FY25 accounts. Management are keen to stress that the company retains a strong cash position and add that they believe this is the extent of the misreporting – but a full review is ongoing. The SkinBioTherapeutics share price was down a further 35% approaching 9am.
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