The investment vehicle of corporate trouble-maker Edward Bramson took a stake in Barclays in 2018 with a view to persuading management to rein in its investment banking ambitions.
The official story from Sherborne is that it has found better places to invest its money and given that it has dropped a packet on its Barclays investment, that may well be true, although with the shares almost double what they were eight months ago the investment company may be having one last little dig at Barclays, suggesting the price may have become a little “toppy”.
12.20pm: Meggitt higher after reports of potential takeover offer by Woodward
The jet parts manufacturer was worth GBP4.9bn based on Thursday’s closing share price, while Nasdaq-listed Woodward was valued at US$8bn (GBP5.7bn).
Meggitt’s share price is trading 30% below pre-pandemic levels after travel restrictions hit the aerospace industry hard.
11am: St. Modwen Properties climbs after Blackstone tables GBP1.2bn takeover offer
The mooted offer of 542p per share is around a 21% premium to the closing price last night and directors of St Modwen said that if Blackstone makes a formal approach at that level they would likely recommend it.
St Modwen added that the offer is the latest in a series of unsolicited approaches from the US fund manager and is a premium of 24% to its latest published net asset value of 438p.
10am: Syncona dips after Gyroscope Therapeutics postpones IPO
“In light of market conditions, we have decided to postpone our planned initial public offering,” said Khurem Farooq, chief executive.
“Based on the positive feedback we have received from institutional investors on the strength of our science and investigational gene therapies, we believe it’s in the best interest of our existing shareholders and employees to execute our IPO in more favourable market conditions. In the meantime, we are continuing to advance our clinical program for our investigational gene therapy, GT005, as well as our earlier stage pipeline.”
To deal with these issues, the miner is investigating financing options.
The development plan for 2021 will significantly improve the developed state of the mine, the company added, with production increasing in the second half.
8.40am: Tekcapital rises after investee Belluscura announces plans to float on AIM
Belluscura, a medical device developer focused on lightweight and portable oxygen enrichment technology, said it’s looking to raise GBP15mln on its IPO, giving the whole company a valuation of GBP50-55mln.
Tekcapital owns 17.8% of Belluscura.
Buoyed by a more than doubling in investment banking income, revenues in the half-year to March 31 jumped 83% to GBP115.4mln while underlying profitability grew by 325% to GBP38.8mln.
The stockbroker and corporate advisor said IPO volumes over the past six months had been at their “strongest level for many years”, while M&A volumes have started to recover, driven by domestic and international buyers.
Proactive news headlines
Sensyne Health PLC (LON:SENS) confirmed its MagnifEye software that uses artificial intelligence to automate the accurate reading and analysis of lateral flow diagnostics has been given the green light by the UK regulator.
Love Hemp Group PLC (LON:LIFE), the cannabidiol (CBD) product supplier, is to give subscribers to its newsletter who are aged 16 or over free access to the Togetherall platform. Togetherall is an online mental health and well-being support service.
Power Metal Resources PLC (LON:POW) said a new company is to be created to advance the Molopopo Farms Complex in Botswana. The plan is for the new company, in which Power Metal will have a 21.7% stake, to be listed on a recognised exchange in London this year.
Power Metal also informed shareholders it has published a new corporate presentation on its website.
Diversified Gas and Oil PLC (LON:DGOC) has enacted its name change and will now be called Diversified Energy Company PLC. The London listed shares will now trade under the ticker ‘DEC’.
Tiziana Life Sciences PLC (NASDAQ:TLSA, LON:TILS) announced that an interview with CEO and CSO Dr Kunwar Shailubhai will air on The RedChip Money Report on the Bloomberg Network in the US on Saturday, May 8 at 7pm local time. The RedChip Money Report airs on Bloomberg Television U.S. on Saturdays at 7 p.m. local time in approximately 73mln homes.
To view the interview segment, please visit: https://youtu.be/_S1mS9thG38.
Adams PLC (LON:ADA) on 6 May purchased 8mln ordinary shares in Seeing Machines Ltd (LON:SEE) on the open market at an average price of 11.35p per share for a total consideration of GBP908,000. This represents a stake of 0.21% of the currently issued ordinary share capital.