The EdTech business, which was restructured in 2017 to focus on high-growth opportunities in Student Success, will be sold in two separate transactions.
Hobsons’ Naviance and Intersect businesses are being sold to US-based PowerSchool, for around US$320mln while the Starfish business is being lobbed out to EAB, a US-based education company, for around US$90mln.
2.20pm: Kanabo Group slips after investor Vela Technologies halves holding
The investing company, which focuses on early stage and pre-IPO long-term disruptive technology investments, offloaded 1mln shares at 23.5p, bagging GBP233,801.
Vela originally subscribed for 2mln shares in Kanabo at 6.5p each so it has made a net profit of GBP168,801.
Following the disposal, Vela will hold 1.31 mln shares in Kanabo, equivalent to approximately 0.36% of the issued share capital.
12.10pm: Kingspan surges after overhauling insulation arm following Grenfell disaster
Kingspan PLC (LON:KGP) surged 10% to EUR62.50 at noon after apologising for what it says was “unacceptable employee conduct at its UK Insulation Boards business” in the run-up to the Grenfell Tower disaster.
Witnesses at the official inquiry into the fatal fire have accused the company of hiding the results of fire tests on its K15 product used at Grenfell and ignoring safety concerns.
The building materials group is implementing widespread changes to its insulation board division practices, including the publication of all fire test reports, and would act on recommendations by legal firm Eversheds Sutherland.
11am: Idox jumps after confirming takeover proposal
Idox PLC (LON:IDOX) jumped 21% to 74p after confirming it has received three non-binding indicative proposals regarding possible cash offers for Idox from Dye & Durham.
The document management specialist received the latest proposal received on Thursday for a possible cash offer at 75 pence per share.
It added that it has entered into discussions with Dye & Durham, a cloud-based software provider, but there is no certainty that an offer will be made.
10am: Path Investments tumbles after placing heavily discounted shares
Path Investments PLC (LON:PATH) tumbled 39% to 0.5p after raising GBP3.5mln by placing 1.4bn shares at 0.25p each.
The price represents a 70% discount to Thursday’s closing price of 0.82p.
The energy and natural resources investment company said the proceeds will be used to support its strategy of owning and operating a diversified portfolio of long-life assets, while it focuses on cutting carbon intensity.
The UK bus operator said no staff were injured and the fire is not thought to have been malicious.
The AIM-listed firm added that damages amount to GBP250,000 but are expected to be fully recoverable from insurance with more than one insurer, so there shouldn’t be any long-term financial consequences.
8.45am: GSTechnologies tops early morning risers with Singapore subsidiary update
GSTechnologies Limited (LON:GST) was the top riser early on Friday as it shot 22% higher to 3.12p on the back of an update from its Singapore subsidiary.
The information and communication technology infrastructure solutions provider confirmed that GS Fintech Singapore has now been established.
Alongside the recently established UK subsidiary, the new arm will support the firm’s expansion into blockchain-related technologies and services.
The provider of lab services and products will oversee all laboratory operations and processes and will have responsibility for clinical governance, quality assurance, staff training, sample processing and information management.
The AIM-listed firm said it will run the service on behalf of outsourcing specialist Mitie for the remainder of this early phase, adding that it is “working towards involvement in a potential UK-wide programme”.
Proactive news headlines
BASE Resources PLC (LON:BSE) has passed an important milestone in its bid to increase the mine life of its mineral sands operation in Kenya.
Union Jack Oil PLC (LON:UJO) announced the convening of a general meeting, including a proposed consolidation of the company’s share capital. A shareholder circular explaining the reasons for the consolidation and other proposals is being posted to shareholders and will be available on the company’s website at www.unionjackoil.com under the AIM Rule 26 section.