TechMARK movers: C&W's Bahamas deal

2nd Dec 2010 14:49

Cable & Wireless Communications is acquiring a 51% stake in mobile phone network operator Bahamas Telecommunications Company subject to due diligence and final contract terms. CWC shares, which have been heading lower for more than two months, have been pushed higher by the news. The deal should complete in the first quarter of 2011. CWC will pay $210m for the 51% stake and management control and he Bahamas government will continue to own the rest of BTC. BTC will not lose its exclusivity in the mobile market for at least three years. There are likely to be some voluntary redundancies. Accountancy software provider Sage continues to rise on the back of yesterday's results. In contrast, Parkinson's disease treatment developer Phytopharm is falling following its figures earlier this week. Phytopharm is making progress with the development of Cogane for the treatment of Parkinson's disease. There was a cash outflow of £4.44m in the year to September 2010 leaving £23.6m in the bank. Cost savings of £1m have been identified over the next three years. FTSE TechMARK - RisersOxford Biomedica (OXB) 9.50p +7.95%Sage Group (SGE) 283.20p +4.50%Asterand (ATD) 11.75p +4.44%Cable & Wireless Communications (CWC) 46.09p +3.88%Sepura (SEPU) 44.00p +3.53%Phoenix IT Group (PNX) 256.00p +2.61%Axis-Shield (ASD) 256.25p +2.50%Ricardo (RCDO) 270.00p +1.89%Sinclair Pharma (SPH) 31.25p +1.63%Biocompatibles International (BII) 378.50p +1.61%FTSE TechMARK - FallersAntisoma (ASM) 5.75p -5.58%Skyepharma (SKP) 33.00p -5.04%NXT (NTX) 3.38p -3.43%Phytopharm (PYM) 7.48p -2.86%Filtronic (FTC) 34.50p -2.13%KCOM Group (KCOM) 54.75p -1.79%Micro Focus International Plc (MCRO) 353.30p -1.70%Alterian (ALN) 193.00p -1.53%BATM Advanced Communications Ltd. (BVC) 22.00p -1.12%Renovo Group (RNVO) 44.50p -1.11%