HaiKe Chemical Group, a petrochemical, specialty chemical and biochemical business based in China, has purchased a minority stake in Dongying Hi-Tech Ruilin Chemical for a total consideration of RMB121m (c.12m pounds), taking HaiKe's interest in Hi-Tech Ruilin from 65.7 per centto 88.85 per cent. Hi-Tech Chemical Group, HaiKe's 88.85 per cent-owned subsidiary, has agreed to acquire 104m shares in Donyingm, representing 26 per cent of the Hi-Tech Ruilin shares in issue for RMB121m. RMB21m will be paid by cash and the remaining RMB100m will be settled by a one-year interest bearing advance from Jindayuan with a coupon at market level (8.0 per cent). Following the acquisition, Hi-Tech Chemical's shareholding in Hi-Tech Ruilin increased from 74 per cent to 100 per cent and HaiKe's interest in Hi-Tech Ruilin increased from 65.7 per cent to 88.85 per cent. The acquisition was completed on July 10th.
Mobile Tornado Group, a provider of instant communication mobile applications to the enterprise market, has unveiled a partnership with Cellhire, a global service provider, making Mobile's Instant Communication platform available as a fully serviced rental solution for major events and large-scale corporate use. The technology allows the establishment of half-duplex voice links, allowing one-to-one or one-to-many communication. "Our Instant Communication applications provides a more effective way to communicate, with greater flexibility and functionality than the traditional radio, mobile or PDA," Mobile said.
GETECH, an oil services business specialising in the provision of exploration data and geological exploration studies, has announced a major further licence for its Russian Arctic Shelf magnetic data set with a gross sales value of $1.28m. The Russian Arctic Shelf is a major under-explored area which is still in the early stages of exploration for oil and gas due to its harsh climate conditions and high exploration/production costs. It is the firm's third licence from this data set. "In recent years there has been an increase in the number of international oil companies establishing strategic links with Russian companies, which suggests there will be a continuing and active interest in exploration in Russia," the company said.
Coral Products, a specialist in the design, manufacture and supply of injection moulded plastic products, has posted a 31% rise in revenue from £13.2m to £17.3m for the year ended April 30th, boosted by a strong performance from food packaging sales following acquisition of Interpack. Underlying EBITDA doubled from to £1.2m, an operating loss of £0.7m turned to a profit of £0.25m and gearing increased from 15.5% to 23.3%. Underlying profit before tax came in at £0.185m compared to a loss of £0.753m the previous year and underlying earnings per share were 0.58p (2011: loss 3.74p per share). The firm opted to pay a dividend per share of 0.5p (2011: nil).
SkyePharma, a pharmaceuticals company, has been granted marketing authorisation in Germany for its flutiform product, a combination product for the treatment of asthma. The launch of flutiform in Germany is expected to take place later this year, earning the firm €4.0m. The approval follows the European Commission's decision earlier this month to adopt a legally-binding decision in favour of the granting of marketing authorisations for flutiform. It is anticipated that further national marketing authorisations will be granted in some countries shortly. In other countries negotiations will also be required with national pricing and reimbursement authorities before the product can be made commercially available.
SimiGon, a provider of simulation training solutions, has entered into a new contract with one of its major European customers for the development of an initial aircraft training program within its SIMbox simulation environment. The contract is worth $0.43m and will have no effect on the firm's expectations for the year ended December 31st. The Simulation Based Training systems will be installed at the end user site and will be the backbone of its new Academic Training Centre.
Tri-Star Resources, an integrated antimony exploration and development company, has entered into share subscription agreements with a number of institutional and other investors for a total of 223.5m new ordinary shares at a subscription price of 0.565p each. The subscription will raise £1.26m before expenses. The proceeds will be used to fund on going development of the cantimony projects and for general working capital purposes.
PHSC, the Aylesford-based provider of health, safety and environmental services to corporate and public sector clients, has signed an irrevocable agreement for the acquisition of the entire share capital of QCS International. The acquisition will complete at the end of this month. The company specialises in quality, environmental, and health and safety management systems. QCS earned adjusted operating profits of £0.1m in the year to April 2011. A consideration of £160,000 cash will be paid, together with the issue of 79,186 new ordinary shares in the capital of the company at completion, £160,000 on the first anniversary and a final payment of between £40,000 and £80,000 two years after completion, subject to certain targets being achieved.
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