URBIUM ticked higher amid murmurs that Regent Inns may appeal directly to shareholders of the late-night bar operator after the rejection of its recent bid approach.
Earlier this month, AIM- listed Urbium, the owner of the Tiger Tiger nightclub chain, confirmed that it had received and rejected an indicative all-paper bid from Regent worth 820p a share, with a cash alternative in respect of 30 per cent.
Although it is not known whether Regent is prepared to sweeten its offer — which values Urbium at £85 million, or £108 million including debt — it is thought that a clutch of Urbium shareholders are not averse to opening talks. Investors contacted by The Times have indicated that an all-cash bid may find favour. Urbium added 5p to 802½p, with the FTSE 250 up 40.3 at 7,343.7.
Wyevale Garden Centres, where Laxey Partners, the 19.5 per cent shareholder, is pushing for former MEPC director Robert Ware to be installed as chairman, added 10p to 516p as Trefick, the investment vehicle of Jack Petchey, declared a raised 5.07 per cent stake.
An upbeat trading statement helped AIM-listed Pure Wafer up 7p to 180½p. The semiconductor maker, floated last December at 145p, was also bolstered by the clearance of a stock overhang as Numis Securities placed 7.3 million shares, or 27.6 per cent, at 145p. The stock is said to have come from IBM and HBOS, both pre-float backers, whose six-month lock-in expired earlier this month.
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Rotork faded 18p to 485p as Panmure Gordon moved from “buy” to “hold” after the engineer hosted an analyst visit to its fluid systems division in Italy. Arbuthnot Securities was also cautious, repeating its “reduce” stance. Inmarsat, the satellite group behind Thailand’s new tsunami early warning system that listed at 245p on Friday, lost 5p to 280p on its first day of unconditional trading.
Walker Greenbank, the wall coverings maker behind the Sanderson brand, leapt 158p to 1218p after selling its Norwegian subsidiary for £1.85 million and hiring Teather & Greenwood as broker. Voller Energy rose 6½p to 57½p on receiving CE certification for its portable fuel cell system.