10th Jul 2026 07:59
(Alliance News) - easyJet backs a higher-priced GBP5.7 billion possible takeover from Apollo, LondonMetric and Schroder Real Estate Investment Trust improve their proposed offer for Picton Property Income, while Polar Capital Technology Trust reports its net asset value more than doubled in financial 2026.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.4% at 10,513.65
GBP: higher at USD1.3425 (USD1.3397 at previous London equities close)
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BROKER RATINGS
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Deutsche Bank Research cuts Bytes Technology to 'hold' (buy) - price target 410 (390) pence
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RBC cuts Wizz Air to 'underperform' (sector perform) - price target 900 pence
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COMPANIES - FTSE 100
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Polar Capital Technology Trust reports net asset value per share more than doubled to 657.41 pence at April 30 from 325.20p a year earlier, outperforming its benchmark, the Dow Jones Global Technology index, with a 102% NAV total return. Total net assets surged 93% to GBP7.32 billion, while the share price rose 109% to 603.00p and the discount to NAV narrowed to 8.3% from 11.3%. The trust recommends no dividend, unchanged from a year earlier, and says artificial intelligence-driven gains delivered its strongest relative performance in at least two decades. Chair Catherine Cripps says: "While macroeconomic uncertainty remains and market volatility may continue, we remain confident in the long-term outlook for the sector. We believe these conditions can create attractive investment opportunities, and both the investment team and the portfolio are well positioned to benefit from continued developments in artificial intelligence."
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Investment vehicle Vega, owned by the Xavier Niel family, agrees to acquire Emirates Telecommunications' 16.2% stake in Vodafone Group for GBP4.4 billion, becoming the telecom firm's largest shareholder subject to regulatory approval. Vega says it has no intention of making a takeover offer for Vodafone and plans to engage with the UK government over the transaction. Vodafone says its relationship agreement with Emirates Telecommunications has ended and e& nominee director Hatem Dowidar has stepped down from the board with immediate effect.
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LondonMetric Property and Schroder Real Estate Investment Trust increase the share component of their proposed all-share offer for Picton Property Income, valuing the company at GBP397.0 million, or 77.0 pence per share. Under the revised terms, Picton shareholders would receive 0.190 new LondonMetric shares and 0.894 new Schroder REIT shares for each Picton share. Picton says it remains minded to unanimously recommend the revised offer, subject to confirmatory due diligence and final transaction documentation. The consortium says it continues to progress towards a possible firm offer, though there is no certainty one will be made.
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COMPANIES - FTSE 250
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easyJet says it has reached agreement in principle with Apollo on a possible cash takeover worth GBP7.15 per share, valuing the airline at about GBP5.7 billion. The offer is higher than Castlelake's latest GBP6.90-per-share proposal, and easyJet's board says it would be minded to recommend Apollo's bid to shareholders if a firm offer is made on the same terms. Apollo is also proposing an equity alternative for eligible shareholders seeking continued exposure to easyJet. The board says it is no longer minded to recommend Castlelake's proposal. Apollo has until August 7 to announce a firm offer or walk away.
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Hays expects financial 2026 pre-exceptional operating profit at the top end of the current GBP37.0 million to GBP46.0 million consensus range after continued cost discipline offset weaker trading. Fourth-quarter net fees fall 5% on a like-for-like basis, with temporary and contracting fees down 3% and permanent recruitment down 7%. The company says temporary recruitment volumes remain stable, while permanent hiring softened slightly through the quarter. Hays reports net cash of around GBP20 million as of June 30, compared with GBP15 million net debt as of March 31, and says it has delivered GBP50 million in annualised structural cost savings, exceeding its target three years ahead of schedule. It adds that it is reshaping its international portfolio to focus on 16 core markets and expects consultant headcount to remain broadly stable in the first quarter of financial 2027. CEO Mark Dearnley says: "The YoY decline in group net fees eased to 5% in Q4 driven by good Temp & Contracting growth in several of our countries and stable average hours worked in Germany despite slightly softer Perm activity through the quarter."
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OTHER COMPANIES
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Schroder Real Estate Investment Trust reports lower annual profit as property revaluation gains eased, with pretax profit falling to GBP14.1 million in the year ended March 31 from GBP31.1 million a year earlier. Net asset value per share slips to 60.9 pence from 61.6p, while NAV total return slows to 4.8% from 11.0%. The company raises its total dividend by 2.9% to 3.6p per share from 3.5p and says it remains well placed to benefit from current market conditions, citing strong leasing activity, a continuing shortage of high-quality space and progress on its proposed consortium bid for Picton Property Income with LondonMetric.
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LPA Group says it has secured rail aftercare contracts worth a combined GBP989,000 over the past five weeks, with deliveries due to begin in October. The engineering company says the awards include a GBP550,000 contract to supply rail components for a UK train fleet refurbishment programme and a GBP349,000 deal to manufacture inter-car jumpers for a multinational train maker's overhaul programme. The remaining GBP90,000 comprises smaller component and spares contracts.
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By Eva Castanedo, Alliance News senior economics reporter
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Related Shares:
Polar Capital Technology TrustSchroder Real Estate Investment TrustLondonMetricPicton PropHayseasyJetBytes TechWizz AirLpaVodafone