Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Another project win for ITM
Slim pickings in the way of news filings this morning as markets seem to have one eye firmly on the Christmas break, but ITM LON:ITM has today announced it has been selected as the supplier for a 50MW hydrogen production site in the EU. The customer details aren’t disclosed but the project is based on deploying an array of ITM’s mid-sized NEPTUNE V units, a format that management see as being prime for further demand in the near term.
#2. FCA approves change of control at N Brown
The FCA has today approved the change of control of N Brown Group LON:BWNG following its recently announced sale to private equity buyers. The acquisition process was already well through, but this hurdle did need to be navigated. It’s anticipated that the shares will delist from AIM in February 2025.
#3. Buyouts yield £13m for IP Group, accelerate buyback plan
IP Group LON:IPO, the portfolio company holding breakthrough science and innovation investments, has this morning announced that two of its constituents have received cash offers. IP Group owns 20.8% of Intelligent Ultrasound, which is expected to yield £8.8m to the business, whilst Abliva, of which it owns 9.5%, has been sold for £52.4m, yielding £5m. Around 20% of the total £13.8m due will be used to increase the company share buyback scheme, in line with capital allocation policies.
That concludes Three Quick Facts for the year. Wishing you all a Merry Christmas, and a happy, healthy and prosperous 2025. We’ll be back on Monday January 6th.
