8th Apr 2016 07:14
LONDON (Alliance News) - Seaside city Brighton may be about to get even more rowdy.
Eclectic Bar Group, which runs bars for students and young professionals, said Friday it has agreed to buy The Brighton Marine Palace & Pier Co, which owns and operates Brighton Pier, for GBP18.0 million in cash in a reverse takeover.
Eclectic said it proposes to fund the acquisition through a share placing of up to 1.9 million shares to raise proceeds of no less than GBP8.5 million, in an accelerated bookbuild, with the remaining to be funded through a new GBP13.0 million debt financing agreed with Barclays Bank PLC.
Eclectic added that once the acquisition is completed, Chief Executive Reuben Harley will step down from the board and intends to sell 1.9 million shares in the placing.
"We are very pleased to announce the acquisition of Brighton Pier, one of the most iconic and instantly recognisable attractions in the UK. The pier is hugely popular with the British public and it occupies a special place as a landmark at the heart of Brighton," said Executive Chairman Luke Johnson.
Eclectic Bar shares were suspended from trading on AIM due to the transaction being classified as a reverse takeover. The overall market started the day firm.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.6% at 6,171.37
FTSE 250: up 0.1% at 16,731.63
AIM ALL-SHARE: up 0.1% at 717.64
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Hang Seng: down 0.2% at 20,233.87
Nikkei 225: closed up 0.5% at 15,821.52
DJIA: closed down 1.0% at 17,541.96
S&P 500: closed down 1.2% at 2,041.91
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GBP: soft at USD1.4064 (USD1.4096)
EUR: soft at USD1.1354 (USD1.1373)
GOLD: down at USD1,232.25 per ounce (USD1,238.74)
OIL (Brent): up at USD40.10 a barrel (USD38.93)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Friday's Key Economic Events still to come
(all times in BST)
09:30 UK industrial and manufacturing production
09:30 UK trade balance
13:15 Canada housing starts
13:30 Canada unemployment rate
15:00 US wholesale inventories
15:00 UK NIESR GDP estimate
18:00 US Baker Hughes US oil rig count
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UK Prime Minister David Cameron insisted he does not have "anything to hide" about his financial affairs after revealing he and his wife sold shares worth more than GBP30,000 in an offshore tax haven fund set up by his late father. The Prime Minister has faced intense pressure to detail his interests since the Panama Papers leaks included details of Blairmore Holdings - which used "bearer shares" to protect investors' privacy. In an interview with ITV News, he insisted it was a "fundamental misconception" that it was set up to avoid tax, saying his father Ian was being "unfairly written about".
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Investigators in Argentina said they want to open a probe of President Mauricio Macri in connection with data leaked from a law firm based in Panama. Prosecutor Federico Delgado asked for the investigation of Macri, whose name allegedly appears as the director of an offshore company in the Panama Papers. Delgado said he wanted to investigate Macri for alleged willful omission of information in his tax returns, a statement from Delgado's office said. A judge must decide whether to allow the investigation to go forward.
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Iceland's prime minister since 2013 formally resigned on Thursday in the wake of a data leak from a Panama-based law firm suggesting he and his wife had an offshore company in a Caribbean tax haven. Sigmundur David Gunnlaugsson's resignation was made at a state council meeting at President Olafur Ragnar Grimsson's residence on the outskirts of the capital Reykjavik.
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Brazil's top prosecutor asked the country's Supreme Court to block former president Luiz Inacio Lula da Silva's appointment to the cabinet, media reports said. Rodrigo Janot, the prosecutor, said that allowing Lula to join President Dilma Rousseff's cabinet would interfere with corruption investigations pending against the former leader, Globo reported. Cabinet members enjoy special legal protections.
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Permanent job placements in the UK grew at the weakest pace in six months in March, the Report on Jobs compiled by the Recruitment and Employment Confederation and Markit Economics showed. The number of people placed in permanent jobs climbed further in March. However, the rate of growth eased to a six-month low. On the other hand, temporary and contract staff billings rose at the sharpest pace in four months.
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Germany's exports rebounded in February, while imports grew at a slower pace, data from Destatis showed. Exports grew 1.3% month-on-month following a 0.6% drop in January and a 1.3% fall in December. Economists had forecast a 0.5% rise for February. Meanwhile, growth in imports eased to 0.4% from 1.3% a month ago. Imports were expected to drop 0.3%. Consequently, the trade surplus rose to a seasonally adjusted EUR19.7 billion from EUR18.7 billion in the previous month.
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Japanese consumer confidence strengthened more-than-expected in March after easing for two consecutive months, survey data from the Cabinet Office showed. The consumer sentiment index rose to a seasonally adjusted 41.7 in March from 40.1 in February. The expected score was 40.5.
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Japan posted a current account surplus of JPY2.434 trillion in February, the Ministry of Finance said - up 63.7% on year. The headline figure topped forecasts for a surplus of JPY2.011 trillion following the 520.8 billion yen surplus in January. The trade surplus was JPY425.2 billion - exceeding expectations for JPY398.0 billion following the JPY411.0 billion deficit in the previous month. Exports were down 5.5% on year to JPY5.643 trillion, while imports tumbled an annual 15% to JPY5.217 trillion.
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BROKER RATING CHANGES
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EXANE BNP CUTS SCHRODERS TO 'NEUTRAL' ('OUTPERFORM') - TARGET 2700 (3000) PENCE
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HSBC CUTS EXPERIAN TO 'REDUCE' ('BUY') - TARGET 1140 (1290) PENCE
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TRADERS: DEUTSCHE BANK RAISES VODAFONE TO 'SHORT-TERM-BUY-LIST'
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BERENBERG CUTS ELEMENTIS TO 'HOLD' ('BUY') - TARGET 220 (258) PENCE
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HSBC CUTS LONMIN TO 'REDUCE' ('HOLD') - TARGET 76 PENCE
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COMPANIES - FTSE 100
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Biopharmaceutical business AstraZeneca and US healthcare company Eli Lilly & Co said they will continue with a clinical trial for a potential treatment for early Alzheimer's disease, the most common form of dementia. Amaranth, a Phase II/III study of AZD3293, an oral beta secretase cleaving enzyme inhibitor in development as a potential treatment for early Alzheimer's disease, will continue into Phase III of the Phase II/III seamless trial, according to a statement. Under the terms of the agreement, AstraZeneca will receive a further milestone payment from Eli Lilly now that AZD3293 will move into Phase III testing. The payment of USD100 million will be reported as externalisation revenue in AstraZeneca's financial statements, and the company said it does not change its financial guidance for 2016.
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Associated British Foods said it is to acquire the 48.65% of Johannesburg-listed sugar producer Illovo Sugar it didn't already own for ZAR5.6 billion, or ZAR25 per share, equivalent to about GBP262.0 million, in cash, after reaching an agreement with the company's board. Associated British Foods, which acquired its majority stake in Illovo in 2006, said Illovo is the largest sugar producer in Africa and one of the lowest cost producers in the world.
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BP is facing a rebellion from some of its shareholders ahead of its annual general meeting after the oil giant awarded a substantial pay rise to Chief Executive Bob Dudley, the Financial Times reported. Dudley has been given a 20% pay rise, increasing his pay to USD19.6 million for 2015 from the USD16.4 million he was paid in 2014, despite BP reporting its worst ever annual loss during the year, the FT said.
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Satellite communications company Inmarsat said late Thursday it has signed an agreement with Beijing Marine Communication & Navigation to establish a joint venture for aircraft cabin and cockpit connectivity. Satellite communication provider Beijing Marine Communication, also known as MCN, was founded by China's Ministry of Transportation. Inmarsat said the final agreement for the joint venture will be signed later in 2016.
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COMPANIES - FTSE 250
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Private equity firm Advent International said it agreed to sell a 14.1% stake in FTSE 250 sofa retailer DFS Furniture for GBP90.0 million. Advent agreed to sell 30.0 million shares at 300.00 pence per share to institutional investors, leaving the private equity firm with a 24.1% stake in DFS, held through 51.4 million shares. Shares in DFS closed at 320.90p on Thursday.
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Hikma Pharmaceuticals and Vectura Group said the new drug application for their fluticasone propionate and salmeterol inhalation powder has been accepted for filing by the Food & Drug Administration in the US. The two pharmaceutical companies are working together on the inhalation powder, which is a generic version of GlaxoSmithKline's Advair Diskus, which is used to treat asthma and to maintain treatment of airflow obstruction and reducing exacerbations in patients with chronic obstructive pulmonary disease.
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Tullow Oil said it plans to revise its full-year production guidance after confirming operations are having to be restrained due to the turret bearing on its floating production, storage and offloading vessel at the Jubilee field offshore Ghana being damaged. Although operations are being hampered by the ongoing issue, Tullow stressed it has insurance that covers the costs related to the damage and the loss of revenue that may come from it.
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John Wood Group said it has acquired a US-based proprietary software and consulting services business that will boost its automation and control unit and expand its geographical reach. John Wood said it has acquired Ingenious, a supplier of proprietary software and consulting services to the global chemical, oil and gas, and energy industries.
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COMPANIES - INTERNATIONAL
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The mystery method US authorities used to hack an iPhone linked to the San Bernardino terror attack will only work on a few devices, according to FBI Director James Comey, US media reported. In a speech Wednesday evening, Comey revealed new details about how the FBI got around Apple security measures to access encrypted data on a password-protected iPhone 5c used by attacker Syed Rizwan Farook leading up to the December 2 attack. Comey said the FBI had bought the tool they used to hack the iPhone from a group "outside the government," but that it would only work on that device model and not on newer models.
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The German carmaker Daimler faces another lawsuit in the US for alleged manipulation of emissions from its diesel cars, the law firm that filed the case said. Mercedes owners from 13 US states accuse Daimler of selling them cars that pollute more than the manufacturer said, according to the lawsuit.
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General Motors announced Design Chief Ed Welburn is retiring after working for more than four decades with the auto maker. Welburn will be replaced by Michael Simcoe, VP of design for GM International. Welburn has led GM Design since 2003, and globally since 2005, the first African American from any automaker to do so.
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Verizon Communications plans to make a first-round bid for Yahoo Inc's Web business next week, and is willing to acquire the company's Yahoo Japan, Bloomberg reported citing people familiar with the matter. The report said that Google is also considering bidding for Yahoo's core business. According to the report, Potential suitors AT&T and Comcast have decided against bidding. Microsoft, which failed with a hostile bid for Yahoo in 2008, won't bid this time.
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A St Louis jury returned a verdict for Philip Morris USA in a Missouri class-action "Lights" cigarette trial. The jury rejected plaintiffs' request for as much as USD1.8 billion in compensatory damages plus punitive damages.
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Friday's Scheduled AGMs/EGMs
New World Resources
Amara Mining
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By Tom Waite; [email protected]; @thomaslwaite
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