Today's corporate news saw Ondo InsurTech report robust revenue growth, driven by strong US performance, and Altona Rare Earths raise capital to fund its critical raw materials strategy. In construction, Galliford Try secured a substantial position on a new £750 million affordable homes framework. Meanwhile, Alternative Income REIT terminated merger talks with AEW UK REIT, deciding to remain independent, and Impax Environmental Markets confirmed its exit tender offer is proceeding, responding to concerns over a significant shareholder's potential influence.
Ondo InsurTech ONDO has announced a trading update for the financial year ended 31 March 2026, revealing a 19% increase in group revenues to £4.6 million. The growth was largely propelled by a strong performance in the United States, where revenues more than doubled to £2.3 million, now accounting for nearly half of total group revenues. Recurring revenue streams also saw robust expansion, with Annualised Contracted Recurring Revenue climbing to £6.8 million; however, the company also indicated continued financing requirements.
Galliford Try, the UK construction group, has been appointed to a new £750 million affordable homes framework by Sovereign Network Group. The framework aims to deliver over 2,000 homes annually across southern England. Galliford Try will operate in the mid and high-value bands for London, East, and West regions, building on recent framework successes. Chief Executive Bill Hocking highlighted this as a significant boost to the company's order book and its role in delivering essential housing.
Alternative Income REIT AIRE has confirmed the termination of discussions with AEW UK REIT concerning a potential all-share offer for the company. The board of Alternative Income REIT decided against extending the 'put up or shut up' deadline, asserting that continuing as an independent entity is in the best interests of its shareholders. This development means the previously announced possible offer will not proceed, impacting market expectations for the company.
Altona Rare Earths REE, a resource exploration and development company focused on critical raw materials in Africa, has raised £163,333 through the exercise of warrants by existing shareholders. This capital injection will directly fund key development activities, including resource estimation and scoping studies for its fluorspar and gallium projects. The company emphasizes that these funds will also support its broader business development initiatives.
Impax Environmental Markets IEM PLC's board has issued a response to Saba Capital, confirming that the company's Exit Tender Offer remains on track. The board highlighted that Saba Capital is expected to hold approximately 29.9% of the company's shares post-tender. This situation reinforces the board's original rationale for the tender offer, which was to protect the long-term interests of all shareholders from significant influence over the company's strategy and mandate by Saba Capital.