Today's corporate news highlights significant M&A activity, with Centrica completing its acquisition of a 50% stake in Grain LNG from National Grid, while Alphawave IP secured bridge financing related to its recommended takeover by Aqua Acquisition Sub LLC. Conversely, SolGold's board unanimously rejected a preliminary takeover proposal from Jiangxi Copper, signalling higher valuation expectations. In other company updates, Whitbread reported continued positive trading but flagged a substantial future increase in business rates due to the UK Budget, and Satsuma Technology announced robust interim results, including significant Bitcoin holdings and a successful capital raise. Aferian extended its banking facilities amid ongoing strategic sale explorations, and Bay Capital broadened its investment strategy into higher-growth sectors alongside directorate changes.
Premier Inn owner Whitbread WTB provided a trading update, revealing continued market growth into Q3 with positive RevPAR growth and forward bookings ahead of last year in the UK. Performance in Germany also outpaced the market, supported by a robust events calendar. While the company reaffirmed its FY26 guidance, it warned of a substantial £40m to £50m increase in business rates for FY27, stemming from changes in the recent UK Government Budget.
Satsuma Technology SATS announced strong unaudited interim results, detailing significant financial and operational progress. The technology company successfully raised £169 million through convertible loan notes. It now holds a substantial treasury of 1,153.328 Bitcoin, complemented by approximately £60.6 million in cash and cash equivalents. The report also indicated increased utilisation of its Tao subnet and growing revenues, with future expansion plans underway.
Aferian AFRN provided an update on its banking facilities, announcing another short extension to the repayment deadline for its $16.5 million secured debt, moving it to 12 December 2025. The company is actively pursuing sales of its Amino and 24i businesses or a full company sale. Furthermore, Aferian plans to seek a further extension until 30 January 2026, but cautioned that agreement for this additional extension is not guaranteed, underscoring persistent liquidity concerns.
Mining company SolGold SOLG confirmed it received and unanimously rejected a preliminary and conditional non-binding takeover proposal from Jiangxi Copper Company Limited. The proposed cash offer was for 26 pence per ordinary share. This rejection marks the second time SolGold's board has dismissed an offer from Jiangxi Copper, indicating the board believes the company is worth more or prefers to continue its current strategy.
Alphawave IP Group AWE announced it has entered into a bridge loan agreement. This development is connected to the recommended acquisition of Alphawave by Aqua Acquisition Sub, a subsidiary of Qualcomm. The acquisition, initially announced on 9 June 2025, is progressing through a Court-sanctioned scheme of arrangement under the Companies Act 2006, with relevant resolutions already approved by shareholders.
Centrica CNA announced the completion of its strategic acquisition of a 50% interest in Grain LNG, the United Kingdom's largest liquefied natural gas import terminal. The deal, valued at an enterprise value of £1.5 billion, was undertaken in partnership with Energy Capital Partners. Centrica's equity contribution amounted to approximately £200 million, signalling a key move to enhance UK energy security and pivot towards predictable infrastructure earnings.
National Grid NG. announced the successful completion of the sale of its Grain LNG business. The asset was acquired by a consortium formed by multinational energy company Centrica and energy transition infrastructure investment firm Energy Capital Partners. This significant disposal allows National Grid to further refine its portfolio, influencing its financial framework and strategic priorities moving forward.
Bay Capital BAY reported key directorate changes, including the retirement of Peter Tom CBE as Chair and Non-Executive Director, with David Williams stepping into the Chair role. Additionally, Tony Morris has been appointed as a Non-Executive Director. In a significant strategic shift, Bay Capital also revealed plans to expand its investment and acquisition strategy beyond the industrials sector, targeting other higher-growth industries to drive shareholder value.