Picture: Hurricane Energy WEST of Shetland-focused Hurricane Energy is facing a fresh challenge after a court decided that shareholders should get a vote after all on a controversial restructuring it plans to complete. Hurricane has proposed a debt-for-equity swap that will result in creditors owning the vast bulk of the company. The Surrey-based business previously stoked excitement about the potential of the West of Shetland area after making what appeared to be big finds. Shares in the firm plunged after it suffered production reverses and slashed estimates of the size of the finds. The proposed restructuring plan has drawn scathing criticism from the Crystal Amber Fund investment business, which last week tried to instigate a boardoom coup at Hurricane.
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Small cap movers: Immunodiagnostic Systems succumbs to agreed bid from PerkinElmer
A look at some of the week s major movers in the small-cap world including - inevitably - Hurricane Energy.
An agreed takeover offer worth £110mln from PerkinElmer made Immunodiagnostic Systems Holdings PLC (LON:IDH) one of the week’s top risers.
The shares rose 47% to 375p, a shade below the 382p a share offer price.
The diagnostics group said that the takeover will allow it to speed up its growth plans while cooperating more closely with existing partner Euroimmun, which is also part of the PerkinElmer group.
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Proactive Oil & Gas weekly highlights: Diversified Energy Company, Union Jack Oil, Tower Resources, ADM, Scirocco, Hurricane, Kistos, Challenger Energy
It was another active week in the small-cap oil and gas sector.
Diversified Energy Company PLC (LON:DEC) confirmed it has raised US$225mln in a placing and retail offer as it advances its latest acquisition. It will issue 141.5mln new shares at 112p per share.
Proceeds will cover the cost of the newly announced Blackbeard acquisition which sees the company pick up another 820 wells producing 16,000 barrels oil equivalent per day (boepd) in its recently established Central regional focus area (RFA). The deal consideration is US$166mln.
An agreed takeover offer worth £110million from PerkinElmer made Immunodiagnostic Systems one of the week s top risers, while Hurricane Energy shares shot up 93 per cent.
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