Smoove confirms takeover talks, shares soar

Smoove confirmed it was in takeover discussions on Monday, sending shares in the property portal soaring.

The AIM-listed firm said it was in talks with Australia’s Pexa Group regarding a possible cash offer, as well as considering an alternative potential transaction from an unnamed third party.

It stressed discussions with Pexa, a digital property settlements platform, were at an early stage and there was no guarantee an offer would be made. It did not provide any further details about the alternative potential transaction, other than to note that it would not result in an offer for the company under the rules of the Takeover Code.

That did not stop shares in the firm soaring, however, and by 1245 BST the stock had put on 41% at 45.03p.

Smoove, which has a market valuation of around £25.7m, posted an interim loss of £3m last November on revenues of £10.6m. The technology firm helps homebuyers manage their move through a dedicated online portal.