30th Dec 2025 07:46
(Alliance News) - Ocado says it can bring its "technology offering back to market" as exclusivity deals end, while Edinburgh Worldwide Investment Trust has hit out at Saba Capital again.
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 0.1% at 9,877.03
GBP: higher at USD1.3501 (USD1.3491 at previous London equities close)
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BROKER RATINGS
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Citigroup raises Fresnillo price target to 3,900 (3,000) pence - 'buy'
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COMPANIES - FTSE 250
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Ocado Group says a mutual exclusivity period covering its technology in the "majority of markets" where it operates has ended. This includes the US with retailer Kroger. The grocer and warehouse technology firm notes that back in July, it said it expected the exclusivity agreements to "roll off" before the end of the year. "This enables Ocado to bring its proven and much evolved technology offering back to market in many of the world's largest grocery markets. Ocado continues to work closely with its grocery retail partners across the world and will continue to build on the positive progress it is making with partners. The company now also expects to commence new commercial activity in multiple international grocery markets," Ocado adds. Earlier in December, it said it was to receive a USD350 million cash payment from Cincinnati, Ohio-based Kroger after an announcement that three customer fulfilment centres will be closed, with plans for another, which had been set for next year, not proceeding. Ocado and Kroger struck a deal back in 2018, when they had agreed to build customer fulfilment centres, known as CFCs, where automated robots sort orders. "This payment reflects Kroger's decision to close three CFCs in January 2026, as well as a decision by Kroger not to proceed with Charlotte, one of the two planned CFCs due to go-live in 2026," Ocado had said earlier this month. Kroger announced in November that it will close three CFCs in Frederick, Pleasant Prairie and Groveland. Frederick is in Maryland, Pleasant Prairie in Wisconsin and Groveland is in Florida.
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Edinburgh Worldwide Investment Trust has accused Saba Capital Management of staying "silent on your agenda", and is asking for clarity about whether the activist investor will look to change the firm's investment manager and strategy should its bid to remove the board succeed. Saba owns around 30% of Edinburgh Worldwide Investment Trust, which invests in companies that operate at the "frontiers of technological innovation and transformation". In a letter to Boaz Weinstein, Saba's founder and chief investment officer, EWIT says it wants "full transparency and clarity". "Less than a year ago, you launched a similar campaign seeking to remove the board and replace it with your own nominees, replace the independent investment manager with Saba, change the investment strategy and pursue a liquidity event. That proposal was overwhelmingly rejected by shareholders who recognised your objectives for what they were - an attempt to take control of the board in order to pursue your own agenda rather than the long-term interests of EWIT shareholders as a whole. Twelve months on, you have launched a substantially similar campaign although this time you have stayed silent on your agenda," EWIT says. EWIT says it looked to engage with Saba on "numerous occasions".
It notes it has also proposed "credible options" but these have rejected by Saba. Earlier this month, Baillie Gifford US Growth Trust and EWIT outlined a proposed merger, but said the tie-up was derailed by Saba. Saba on Monday again called for EWIT shareholders to back its proposal at a general meeting to be held on January 20. Among the directors Saba has called to be replaced is Chair Jonathan Simpson-Dent. Saba on Monday noted EWIT's failure to disclose the chair's role as chief financial officer of HomeServe, "which received the largest retail company fine" in Financial Conduct Authority history. Saba had also taken aim at Gregory Eckersley, the newest member of the EWIT board. "The newest member of the EWI board – Gregory Eckersley – previously served as interim CFO of Lekoil Ltd. During his tenure, the company was defrauded after paying USD600,000 for a fake USD184 million loan agreement with an organisation pretending to be the Qatari sovereign wealth fund – which calls into question his judgement and the trustworthiness," Saba said on Monday. Saba also believes the longest-serving member of the EWIT board should not be considered independent. EWIT wants to know if the proposed Saba directors have "experience serving on the board of a UK-listed investment trust or other UK listed company" as well as the nature of their "past or present relationship" with the activist investor.
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OTHER COMPANIES
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Empire Metals has entered a conditional deal to sell its 75% stake in the Eclipse mining lease in Western Australia. It deems the project a "non-core gold asset". The firm, with exploration assets in Australia and Austria, says the buyer is a "reputable Western Australian mining services company operating in the Kalgoorlie region". The total consideration is AUD750,000, around GBP372,771. The deal includes a three-month exclusivity and due diligence period. "This conditional sale represents a further step in our strategy to streamline the portfolio and focus management attention and capital on advancing the Pitfield project. Eclipse is a non-core asset for Empire, and this transaction provides an opportunity to unlock value while reducing ongoing holding and resourcing costs. We look forward to progressing the due diligence phase with the purchaser," Empire Metals Managing Director Shaun Bunn says.
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Gulf Marine Services says it has secured a two-year contract extension for a mid-size vessel currently operating in the Gulf Cooperation Council region. The GCC comprises Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman. The extension comprises a one-year firm agreement, with the option of another year. "With this extension secured, the company's backlog has increased to USD607 million," the operator of self-propelled self-elevating support vessels for the offshore energy industry says.
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Eurasia Mining has agreed to sell its West Kytlim mining operations in the Urals to a Russian company for USD9 million, saying the decision reduces the risk the mine will be nationalised by Russia without compensation in response to the freeze of Russian assets in Europe. Eurasia said the sale of the producing, but loss-making, operations will also allow the company to concentrate on its more resource-rich, and better legally protected, Arctic assets in Russia. It explained that the Arctic assets, including the "cornerstone" Monchetundra-NKT cluster, benefit from an agreement signed in 2021 with state-owned Far East & Arctic Region Development Corp. Eurasia called a general meeting of shareholders for January 15 to approve the deal, saying company directors and management will vote in favour for their aggregate 19% stake. Eurasia said it will sell the West Kytlim assets to LLC KS Logistics, "a non-sanctioned infrastructure company in Russia working in transportation, infra-structure development, retail sales and information technology development and management."
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By Eric Cunha, Alliance News news editor
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Related Shares:
FresnilloEmpire MetalsEdinburgh Worldwide Investment TrustOcadoEurasia Mining