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EARNINGS AND TRADING: PureTech seals tender offer; HL bid questioned

24th Jun 2024 19:46

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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PureTech Health PLC - London-listed Biotech company headquartered in Boston - Confirms USD100 million tender offer is complete. Earlier Monday, said valid tenders were received in respect of 172.4 million shares. As a result, the tender offer was scaled down pro-rata.

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CC Japan Income & Growth Trust PLC - investor specialising in equities listed or quoted in Japan - Net asset value per share at April 30 is 204.6 pence up from 174.5p at October 31. Says share price total return in the six months to April is 19.7% compared with 12.1% a year prior. Declares first interim dividend of 1.60p, up from 1.55p a year ago. Looking ahead says the Japanese market "remains attractive, supported by domestic policies and improving economic conditions." However: "Challenges include a weak yen, a potential global economic slowdown, and continued geopolitical uncertainties with conflicts in the Ukraine and the Middle East contributing to global instability and negatively influencing energy prices and economic outlook."

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C&C Group PLC - Dublin-based drinks maker, best known for its cider brands Magners and Bulmers - Responds to open letter published Monday by Engine Capital LP, a shareholder in the company. C&C says it welcomes feedback from all shareholders and has a clear focus on creating shareholder value. Notes the underlying performance of the business has been in line with expectations, and progress has been made in returning capital to shareholders. Operationally, states the key priority is to deliver the substantial actions currently being progressed at pace throughout the business, driving forward both Brand and Distribution revenue, improving margin, while returning up to EUR150 million by the end of financial 2027.

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Jubilee Metals Group PLC - London-based metal processing company - Announces significant progress in the roll-out of its integrated copper strategy in Zambia. Says the upgrade and expansion of Roan has completed civil and mechanical construction, with commissioning activity commenced. Jubilee says it has commenced with pre-processing of targeted feed material destined for Roan in preparation of an accelerated commissioning and ramp-up during July. Further, company also announces the acquisition of two further copper resources currently in operation, Project M and Project G. Project M to be settled for around USD0.3 million cash and USD1.5 million through the issue of 15.1 million shares at 7.81 pence each. Project G settled by USD2.1 million cash and the issue of around 21.1 million shares. Also reports that copper production is on track to meet its revised copper guidance of 3,250 to 4,000 tonnes.

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Hargreaves Lansdown PLC - Bristol, England-based wealth management platform - Shareholder Lancaster Investment Management remains unconvinced offer by consortium is "fair" for shareholders. Questions the valuation of the offer; the board's assessment of HL's weak historic operating performance against HL's potential for strong future growth; and thirdly sees a risk of potential conflict of interest in the terms of the current offer. Also questions the fairness of a deal where "we expect only a small number of shareholders will be able to remain invested via a private "rollover equity alternative", while we expect the majority of shareholders, including Lancaster's Global Equity Funds, will not be able to participate by going private." Also dismayed that this offer is the latest in a stream of "de-equitisation events in the UK market". "We find it an unfortunate irony that HL, as a champion of open access to financial services, may itself now be close to exiting the public markets without full value offered to public shareholders in our opinion."

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Sondrel Holdings PLC - Reading, England-based semiconductor design services firm - No longer expects to be able to publish the 2023 annual report by June 30. This is because its auditors require more time to complete their audit following the subscription to raise GBP5.6 million on June 14. As a result, expects shares to be suspended from July 1. Suspension is expected to be lifted with the publication of the 2023 annual report in due course.

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NatWest Group PLC - London-based lender - Chief Operating Officer Jen Tippin sells 50,000 shares at 319.09 pence each. Worth around total GBP159,500. Interim CEO, Coutts and Wealth Businesses Mohammad Kamal Syed sells 24,321 shares at 319.58p. Worth around total GBP77,584. Both sales took place on Monday.

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Trinity Exploration & Production - San Fernando, Trinidad-based exploration and production company - Says shareholder approve scheme by which bid by Touchstone Exploration Inc will be implemented.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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