News

Shares in Enova Systems slumped after the hybrid fuel engine supplier said it expects "significantly fewer orders" of drive systems from Tanfield in 2008 and 2009.

Enova had previously expected to supply Tanfield with in excess of 1,000 units in 2008 and as many as 3,000 in 2009. The group said it believes it can mitigate any decline in Tanfield orders by redirecting inventory through sales and production with other customers.

Aim listed radio broadcaster UBC Media is close to thrashing out the details of the sale of its commercial division to Global Traffic Network. The terms of the deal have been modified so that the acquisition will be an all cash affair.

Global Traffic Network (GTN) will pay £11m on completion of the deal, with provisions in place for earn-out bonuses of up to £5.5m, depending on the commercial division's turnover in the 12 months following its sale.

When originally proposed, GTN was going to buy the commercial division for £15m, of which £1m could have been satisfied in shares, at GTN's sole option. The commercial division of UBC supplies traffic, news and entertainment information to approximately 250 radio stations in the UK.

Leisure sector software company Clarity Commerce Solutions has won a "significant contract" with Amsterdam canals management company Dienst Binnenwaterbeheer Amsterdam.

Clarity is to provide Dienst Binnenwaterbeheer Amsterdam with a central administration and point of sale solution to help it manage revenues from commercial and leisure craft. The deal is worth in the region of €0.59m, plus annual maintenance charges, and is scheduled to start in the second quarter of next year.

Biodegradable spinal plates group Inion has received 510(k) marketing clearance from the US Food and Drug Administration for its biodegradable graft containment systems for spinal fusion procedures. These systems consist of biodegradable plates and screws, which are designed for bone graft containment in spinal fusion procedures.

Interior Services has been appointed as the preferred contractor on a £50m education project for Suffolk County Council to build the South West Ipswich and South Suffolk Sixth Form Centre, currently subject to planning permission. The building is due to commence early in the New Year, with completion scheduled for Summer 2010.

AIM-listed Lonrho is raising £11.11 million gross through a placing of 42.7m shares at 26p with certain institutions and other investors. The placing shares will represent approximately 10.13% of the enlarged issued share capital.

Telematics group Cybit has been awarded a five-year contract by the Highways Agency to track and monitor over 400 winter service vehicles. Cybit's winter maintenance tracking solution will be supplied on the Highways Agency's new winter service fleet which is responsible for keeping all England's motorway and major A roads free from snow and ice in winter.