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FTSE Down, DMGT Gains on Prospect of Insurance-Risk Sale, Rothermere Buyout

07/12/2021 | 08:22am EDT

DMGT Gains on Prospect of Insurance-Risk Sale, Rothermere Buyout

Daily Mail & General Trust shares rise 1.7% after the newspaper and business-information publisher said controlling shareholder Rothermere Continuation Ltd. is considering a bid for the rest of the group if talks about a sale of its insurance-risk division RMS lead to a deal. DMGT is a profitable company overall, with many brands including the Daily Mail newspaper and website, which would be an attractive asset for another media group or even private equity, AJ Bell says. "Perhaps the Rothermere family is acting now to avoid someone else stepping in and trying to bid," AJ Bell investment director Russ Mould says.

 
Companies News: 

Norman Broadbent CEO Resigns with Immediate Effect

Norman Broadbent PLC said Monday that its Chief Executive Mike Brennan has resigned and will leave the company immediately, with Executive Chairman Peter Searle taking over day-to-day tasks until a replacement is found.

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GoldStone Resources Receives Ghana Mine Irrigation Approval; Settles Bonds

GoldStone Resources Ltd. said Monday that it has received approval to start irrigation and leaching of ore at its Homase gold mine in Ghana, and that it has reached an agreement with its creditors.

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San Leon Energy Signs Heads of Terms for Potential Reverse Takeover

San Leon Energy PLC said Monday that it has signed heads of terms for a reverse takeover to consolidate Midwestern Oil and Gas Co.'s holdings in the company and Midwestern Leon Petroleum Ltd. into a single holding fully owned by San Leon.

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SDX Energy to Book $10.3 Mln Impairment Charge in 2Q

SDX Energy PLC said Monday that it expects to book a $10.3 million noncash impairment charge in the second quarter related to the gas reservoir in the LMS-2 well in Morocco, after getting negative results from the reservoir in the Lalla Mimouna Nord concession.

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Checkit PLC Appoints Kit Kyte as CEO

Checkit PLC said Monday that it has appointed Kit Kyte as chief executive with immediate effect.

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Secure Trust Bank 2020 Pretax Profit Expected to Beat Market Views

Secure Trust Bank PLC said Monday that it expects to post a 2020 pretax profit significantly ahead of current market expectations.

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Trakm8 CFO to Step Down, Successor Named

Trakm8 Holdings PLC said that Chief Financial Officer Jon Furber intends to step down from the board, effective Sept. 30, and it has appointed Jonathan Edwards as a successor.

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M.P. Evans CEO to Leave at the End of July

M.P. Evans Group PLC said Monday that its Chief Executive Tristan Price will leave the company at the end of July, with Executive Chairman Peter Hadsley-Chaplin taking over responsibilities until a successor is found.

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Seraphim Space Investment Trust Raises GBP178.4 Mln in London IPO

Seraphim Space Investment Trust PLC, a company focused on investing in space-technology businesses, said Monday that it has raised 178.4 million pounds ($248 million) in its initial public offering on the London Stock Exchange.

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NATS Holdings Swung to FY 2021 Loss on Covid-19 Hit

NATS Holdings Ltd. said Monday that it swung to a pretax loss for fiscal 2021 due the impact of the coronavirus pandemic on its revenue and on the value of its assets.

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Ecotricity Group Proposes GBP56.6 Mln Takeover for Good Energy -- Update

Ecotricity Group Ltd. said Monday that it has submitted three offer proposals to the board of Good Energy Group PLC that have been rejected, with the latest one valuing the renewable-energy company at 56.6 million pounds ($78.7 million).

 
Market Talk: 

Senior PLC's 1H Trading Ahead of Views Prompts 2021 Estimate Upgrades

1126 GMT - Senior PLC's first-half trading being ahead of management expectations prompts Peel Hunt to upgrade its 2021 estimates to a pretax loss of GBP5.0 million from a loss of GBP9.9 million, with its outer-year estimates unchanged. The company can get back to 2019 profit levels on a like-for-like basis by 2025, and net cashflow has driven net debt down to GBP71 million at the interim stage, better than expected by the U.K. brokerage. "Our outer-year forecasts are based on a recovery in civil aerospace build rates, and we expect content revenues to reach 86% of their 2018 and 2019 levels by 2025," the broker says. Peel Hunt rates the stock buy, and has a 212 pence target price.

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Quiz's Shares Jump on Significant 1Q Sales Recovery

1111 GMT - Shares in Quiz PLC on Monday jumped after the company said sales for the first quarter of fiscal 2022 rose materially when compared with the year-earlier period. The fashion brand's sales for the first quarter of fiscal 2021, ended June 30, were hit by store closures amid the coronavirus pandemic. Shares are up 23% at 12.00 pence.

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Photo-Me's Cash Generation Improves After Restructuring Program

1020 GMT - Photo-Me International's better-than-expected interim results were driven by continued double-digit revenue growth in Laundry and an encouraging performance from Identification, where photobooth revenue has seen a fast-paced 2Q recovery, Cannacord Genuity says. The photo booth, printing and laundry equipment provider has continued to invest in its Laundry and Food verticals, alongside a wider market recovery, and reintroduced guidance for fiscal 2022 of adjusted pretax profit similar to that achieved in fiscal 2019, Cannacord says. "The group has now completed the restructuring program initiated at the start of the pandemic and is seeing improving levels of cash generation that reflect some recovery in consumer activity across key geographies," Cannacord says. Cannacord reinstates a buy rating with a 105 pence target price.

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Daily Mail & General Trust's Reorganization Implies Premium of Up to 25%, Citi Says

0925 GMT - Daily Mail & General Trust has provided a trove of surprises as part of a possible major reorganization which point to a premium of between 10% and 25%, Citi says. The U.K. media group's reorganization includes a sale of its insurance-risk division RMS, a return of proceeds from that sale and shares in online car retailer Cazoo, and a take-private offer from DMGT's controlling shareholder Rothermere Continuation. The main uncertainty is the value of DMGT's holding in Cazoo, which would be distributed to DMGT shareholders, because it will be listed, Citi says. As of today, the implied valuation for DMGT would be between 1,140 and 1,285 pence, Citi estimates. Shares rise 1.5% to 1,056 pence.

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Plus500 Enjoys Positive Customer Growth Despite 1H Revenue Fall

0925 GMT - Plus500 Ltd's revenue performance for the first half was good with positive consumer growth, despite seeing an overall decline in sales, Peel Hunt says. The FTSE 250 online trading platform's first-half revenue was ahead of pre-pandemic levels in 2019, and even though there was a slowdown in new customers in the second quarter, which "should be expected given the lower levels of activity that prevailed over the period," Peel Hunt adds. The U.K. brokerage has a target price of 1,560 pence on the stock and says it will reviews full-year forecasts. Shares are up 0.1% at 11.50 pence.

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Admiral Looks Resilient to Insurance-Sector Turbulence

0901 GMT - Shares in Admiral Group rise 4% to 3251 pence after the insurer forecast better-than-expected first-half pretax profit and proposed an increased interim dividend. RBC Capital Markets has a sector perform rating and 2800p price target on the shares. "Though we expect the U.K. motor insurance industry is facing a number of headwinds in 2021, including regulatory reform and rising claims inflation, we believe Admiral's prudent approach to reserving means it's resilient to this," RBC analyst Kamran Hossain says. "However at a 2022 [expected] price/earnings [ratio] of 20x, we would await a better entry point before becoming more constructive."

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Global Recovery Is On Track Even as Variants Spread

0857 GMT - Concerns over Covid-19 outbreaks in various parts of the world due to the Delta variant added to the negative sentiment in markets last week, but the global recovery is on track despite the spread of this variant, UBS says. "Investors should stay positioned for the global economic reopening," Mark Haefele, chief investment officer at UBS Global Wealth Management, says. UBS remains convinced the recovery will continue because of the effectiveness of vaccines and low appetite for new lockdowns. However, not all countries will be able to normalize at the same rate, Haefele says. This means some emerging-market economies might be slower to reopen compared with the U.S. and Europe, UBS says. (maria.martinez@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-12-21 0821ET

Stocks mentioned in the article
ChangeLast1st jan.
ADMIRAL GROUP PLC 2.10% 3454 Delayed Quote.16.41%
AJ BELL PLC -1.11% 391.8 Delayed Quote.-8.60%
CAPI LIST -0.33% 9 End-of-day quote.0.00%
CHECKIT PLC 11.54% 58 Delayed Quote.1.96%
DJ INDUSTRIAL -0.15% 33919.84 Delayed Quote.13.00%
FTSE MID 250 INDEX 0.90% 23611.39 Delayed Quote.14.22%
GOOD ENERGY GROUP PLC -11.42% 334.8325 Delayed Quote.112.36%
LONDON BRENT OIL 0.36% 74.66 Delayed Quote.45.09%
LONDON STOCK EXCHANGE PLC 1.71% 7974 Delayed Quote.-12.97%
NORMAN BROADBENT PLC 0.00% 6.75 Delayed Quote.41.36%
PLUS500 LTD. 0.39% 1398.5 Delayed Quote.-3.93%
SAN LEON ENERGY PLC 9.10% 40.75 Delayed Quote.67.70%
SECURE TRUST BANK PLC -1.04% 1192.5 Delayed Quote.37.71%
THE SEARLE COMPANY LIMITED -2.01% 215.93 End-of-day quote.-13.36%
TRAKM8 HOLDINGS PLC 0.00% 24 Delayed Quote.45.45%
WTI 0.18% 70.792 Delayed Quote.48.70%
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