Three things you need to know as the UK financial markets open, from Tony Cross.
#1. US-listed Kosmos Energy eyes Tullow buy out
Just after the market close last night, Tullow Oil LON:TLW published a statement confirming that it was in discussions with Kosmos Energy NYSE:KOS regarding a possible all-share bid for the business. Details beyond this in terms of the prospective valuation of Tullow weren’t disclosed, simply that the takeover clock is now ticking, but Kosmos is a Dallas-based upstream energy firm with a market valuation of $1.5bn, so around five times the size of Tullow.
#2. Chapel Down updates on boardroom moves and 2024 harvest
Chapel Down [LON:CDGP] issued an update today, advising the market that a new CEO had been appointed and that the CFO was standing down, although would remain with the company until the publication of full year accounts around April of next year. Management have also taken the opportunity to provide an update on the 2024 harvest which has been in line with expectations for volume and is reported as being of excellent vintage quality. The full year position remains in line and momentum is set to be carried into the new year.
#3. €800k grant awarded to cash-hungry Versarien
Versarien LON:VRS has this morning announced the award of an €800k grant to finance a project relating to next-generation energy storage devices. The note goes on to explain that “the Grant covers 70% of Gnanomat’s anticipated costs, including day-to-day fixed costs, in relation to a 24-month project to elevate the technology readiness level (TRL) of GnanoCaps, an innovative and eco-friendly energy storage device.” The company has tapped the market four times this year for around £2m in fresh capital and also sold down Korean assets. Will 2025 pave the way for commercialisation at scale?
