AFC Energy PLC boosted by Saudi Arabian agreement

() is in demand after it announced a proposed exclusive agreement with a Saudi Arabian power specialist.

The company’s shares have climbed 4.99p or 7.76% to 69.29p as it signed a memorandum of understanding for Altaaqa Alternative Solutions, which operates one of the world’s largest rental fleets of mobile diesel generators, to distribute its hydrogen-based fuel cell systems.

AFC said the dealership would give it access to the emerging Saudi power market, already forecast to be one of the world’s largest producers of green hydrogen. The plan would be to focus first on Saudi Arabia and then broaden out to cover the rest of the Middle East & North Africa region.

2.31pm: Biomarket specialist among day’s biggest fallers

Biotech business () managed to eke out an increase in revenues and profits in the pandemic-hit year.

Full year revenues rose from £4.66mln to £4.75mln and after-tax profits from £0.15mln to £0.29mln. 

But the market is unimpressed, and its shares have slumped 16.83% or 0.85p to 4.2p. To be fair, they did jump sharply last week when the company said it expected full year profits of around £0.30mln, which turned out to be an accurate forecast.

It said pharaceutical research activity was at near-normal levels despite lockdowns, but the absence of on site meetings and trade shows hit its sales and marketing activities. It expects virtual marketing to be the main driver for at least the first half of this year.

It is also looking to grow the business with new collaborations and products, although much depends on the markets returning to more normal activity.

12.12pm: Online teaching group in £70m takeover

Wey Education PLC (LON.WEY) has chalked up a hefty rise after agreeing to a takeover bid from Inspired Education Online Ltd which values the business at more than £70m.

Inspired, which was founded in 2013 and owns 60 private pay schools across the world as well as an online business King’s College Online, is offering 47.5p a share in cash for Wey,an online education specialist. In the market Wey’s shares have jumped 14p or 43.08% to 46.5p.

The bidder has received commitments worth 53.21% of its target. In recommending the offer Wey’s directors said it provided certainty for shareholders “as against the inherent uncertainty of the delivery of future value that exists in any business.” 

Inspired’s chairman and founder Nadim Nsouli said: “, which is providing a British curriculum education through its online live teaching and learning platform, will now be able to benefit from the support of a global schools group with leading educational experts, strong brand recognition, and premium physical facilities across the globe.”

10.50am: Oil company’s partner agrees to sell stake

Shares in Oilex Ltd (LON.OEX) have surged after the company came closer to settling a dispute over an Indian gas project which it has been trying to control for more than four years.

It has wanted to buy the 55% of the Cambay field it does not own since 2016 but it got into a spat with its partner – the state-backed Gujarat State Petroleum Corporation Limited (GSPC) – over expense payments which at one point went to an Indian court.

But now it has announced that GSPC has approved the sale of the stake for US$2.2mln, as has the state government of Gujarat, giving Oilex 100% of the field. Completion of the deal will require the finalisation of a binding sales and purchase agreement, and finalisation of funding arrangements, both of which are expected to occur in the second quarter of 2021, it said. The sale also needs approval from the Indian government.

Once completed, the deal will allow the company to restart field work at the site, subject to getting the necessary funding.

Oilex’s managing director Joe Salomon said: “We are pleased that Oilex and GSPC have been able to work together to agree this outcome and in doing so a major milestone has been achieved by the company in the face of…