Quindell (QPP:AIM) shoots up 25.3% to 124.63p on a report in the Sunday Times that the insurance services group's board is about to recommend a £640 million offer for its legal services arm from Slater & Gordon. That's greater than Quindell's current market cap (£548 million). Quindell has finally responded to the speculation by confirming discussions have involved various deal structures including one with an upfront value of £640 million and a share of receipts from settlement of Noise Induced Hearing Loss cases, but says there's no certainty any of these talks with lead to a firm offer.
Web-based white goods retailer AO World (AO.) sheds 6.7p to 184.9p after chairman Richard Rose sold more than £10 million worth of shares at 180p. Shares recently highlighted the risks regarding the retailer's lofty valuation here.
Alkaline fuel cell specialist AFC Energy (AFC:AIM) is among the strongest risers, adding 23.7% to 28p as trading momentum continues on the back of its 10 March announcement of a 50MW deal with Samyoung and Changshin for the Commercial Deployment of Fuel Cell Technology in South Korea.
Diversified commodities group Alba Mineral Resources (ALBA:AIM) slumps 30% to 0.28p after issuing new shares at a whopping 37.5% discount to last Friday's market close. It raises £500,000 at 0.25p to invest in the Horse Hill oil and gas project.
Renewed pressure on oil prices, reflecting economic jitters and US supplies pushing up against capacity, is bad news for the oil and gas producers with EnQuest (ENQ) down 5.6% to 34p and Nostrum Oil & Gas (NOG) slipping 4.4% to 560p.
Against a sea of red in the sector a 0.4% rise to 70.25p stands out for Faroe Petroleum (FPM:AIM) as it kicks off its 2015 exploration programme with drilling on the Shango prospect in the Norwegian North Sea. French firm Total (FP:EPA) is operator and Faroe has a 20% stake in the well.
Camden market owner Market Tech (MKT:AIM) climbs 3.3% to 247p on buying a controlling stake in Belin-based mobile marketing specialist Glispa for an initial €32 million. This is part of the company’s plan to expand its e-commerce offering.
Genetic analysis specialist Premaitha Health (NIPT:AIM) dives 35.4% to 17.7p on a patent infringement filed in the US against its pre-natal diagnostic device IONA by Illumina. The device secured regulatory approval in Europe last month and Swiss outfit Genoma was confirmed as its first customer this morning.
Testing-kit maker EKF Diagnostics (EKF:AIM) drops 13.9% to 20.8p on analyst earnings downgrades as the company moves away from Drug Metabolising Enzymes testing after US social insurer Medicare withdrew reimbursement.