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GET got for £43.6 million

Electrical accessory designer GET Group has accepted a £43.6 million takeover bid from multinational giant Schneider Electric. The 260p a share offer represents a healthy premium of more than 45 per cent over Friday’s closing share price and 5p above today’s.

Elsewhere, hitherto market darling Sportingbet lost a third of its value after returning from suspension on Monday, as further details emerged concerning the detention in the US of chairman Peter Dicks. Dicks has been granted bail but has had to surrender his passport. He attends a further hearing this Thursday to determine whether he will face further trial in Louisiana, the state accusing the online bookmaker of illegal internet bookmaking.

Results season in full swing

A slew of results posted today included half-time figures from Property Recycling. Shares in the company, which acquires, improves and sells on brownfield sites, shed two per cent to 68p on lower pre-tax profits of £400,000 (£2.3m) from £1m (£3.9m) turnover. During this year’s first half there were no significant property sales, underscoring the board’s message that results will be lumpy and special dividends could feature.

Moving north with a three per cent gain to 180p was digital x-ray specialist XCounter, which pleased with news of the successful completion of an initial patient study for its breast-examining product.

Full year results are due on Tuesday from recruiter Morson, the provider of technical contract staffing which floated in March. Also due to report annual numbers are medicine management software developer Ascribe, house builder Oakdene Homes and confectionery and snack foods play Glisten. The fast-growing group is expected to post profits of £4.5 million, with chief executive Paul Simmonds having previously confirmed the sale of £56 million of sweets, cereal bars and fruit bars during the year.

On the Wednesday kitchen furniture designer and manufacturer Omega International and Quadnetics, the provider of advanced CCTV systems, will also publish annual figures. The next day finals are due from Broker Network, the network of independent community insurance brokers. Analysts are forecasting a £2.7 million profit, a healthy rise from last year’s £1.8 million.

Lottery group gambles on AIM

In a comparatively quiet week for new issues, Weather Lottery is expected to try its luck on AIM on Wednesday with a £6 million opening price tag. Broker to the issue is SVS Securities, whilst ARM Corporate Finance is acting as adviser. The company uses weather temperatures to generate numbers for its prize draws and helps sporting clubs, schools and charities to promote these lotteries to their supporters. Out of every £1 raised, 20p goes to Weather Lottery, which has been running for over nine years and now boasts around 1,500 clients.

Also set for first dealings is Deuxmil, a supplier of high specification marine gas oil to ‘super yachts’. The company, which is not looking to raise any capital, will be chaperoned by broker and adviser Daniel Stewart.

And City speculation has it that Petroneft, a Russian oil and gas exploration company, is planning to list on AIM to raise over £8 million to begin work on two wells in western Siberia holding proven and probable reserves of 33.5 million barrels.