80 Mile Plc

80 Mile PLC shares climbed 7% to 0.80p after Greenland Energy agreed indicative terms for a £61.48 million all-share acquisition. Under the proposal, each 80 Mile share would exchange for 0.01108 new Greenland Energy common shares, implying a value of approximately 1.1p per share. The implied premiums are 46.67% against the 7 September mid-market price, 42.86% against the 3 September mid-market price, and 64.18% against July's placing price. Greenland Energy has already acquired 246.7 million 80 Mile shares, representing 4.42% of existing issued capital, at a weighted average price of 0.73p. The deal is subject to pre-conditions including confirmatory due diligence and unanimous backing from 80 Mile's Independent Directors.

Genflow Biosciences announced that its SLAB gene therapy trial in ageing dogs has met its primary endpoint, and it is now in talks with major animal health companies about a licensing deal. EnergyPathways has appointed Jacobs as engineering and regulatory partner for its MESH energy storage project in the Irish Sea, moving toward a key Ofgem funding submission. Itaconix is targeting a doubling of revenue to $30 million in the medium term, after half-year revenue jumped 72% on strong detergent demand. Gaming Realms says it is well placed to keep growing despite a UK tax hike hitting margins, with core content licensing revenue up 12% in the first half. Total Graphite reports that fresh drilling in Madagascar has strengthened the case for restarting mining at Vatomina, with one hole returning 19 metres at 3.3% graphite. 80 Mile has agreed indicative terms for a £61.5 million all-share takeover by Nasdaq-listed Greenland Energy, representing a near-47% premium to its share price.

Greenland Energy will fully fund a two-well drilling program in Greenland's Jameson Land Basin planned for the second half of 2026, earning a 70% interest in the project while 80 Mile retains 30%. The basin spans more than 8,400 square kilometers and is one of the world's largest remaining underexplored onshore hydrocarbon regions. Greenland Energy has engaged Halliburton for consulting, logistics, and operational support, and expects additional agreements with Stampede Drilling to enhance drilling capabilities.