The Morning News Update with Vodafone, Ultra Electronics and Majestic Wine

FTSE 100

Vodafone (VOD) – announces its intentions to acquire Cobra Automotive Technologies through a voluntary tender offer at €1.49 per share in cash, valuing the entire fully diluted ordinary share capital of Cobra at €145 million (£115 million). 

FTSE 250

Mitchells & Butlers (MAB) – has acquired the majority of the activities of the Orchid Group, including 173 predominantly freehold pubs and the Orchid head office, for £266 million.

Ultra Electronics (ULE) – has acquired Lab Impex Systems Ltd for a cash consideration of £3.2 million, from private investors which include the original founder.

Small caps

Majestic Wine (MJW) – Group profit before tax increased by £0.1 million to £23.8 million in the 52 weeks to March, dividend up by 0.2p to 16p per share.

Doriemus (DOR) – Horse Hill Development Ltd, the operators of the Horse Hill Prospect in the Weald Basin near Gatwick Airport, have advised that site construction has now commenced for the proposed 8,512 feet Horse Hill-1 well. The well is expected to spud in July 2014 and is targeting a number of conventional stacked oil and gas targets.

Begbies Traynor (BEG) – announce completion of the acquisition of the trade and assets of Ian Franses Associates Ltd, the London-based corporate insolvency specialist.

Allocate Software (ALL) – delivered another strong performance for its financial year ended 31st May, with full year revenues in line and EBITDA and cash ahead of market expectations.

InternetQ (INTQ) – has reached an agreement to acquire UpMobile, a mobile marketing and interactive TV and radio content provider in Mexico.