Shares in FTSE250 listed miner Centamin jumped sharply this morning after management announced that they had agreed recommended terms for the company to be acquired by AngloGold Ashanti. The terms see investors entitled to receive 0.06983 new AngloGold Ashanti shares and $0.125 in cash for each Centamin share held. That gives the target company a valuation of 163p per share, a 36.7% increase on last night’s closing price. Centamin’s share price now sits almost 25% higher an hour into the day, so there’s still some premium to be had here - dependent on the performance of the bidding party’s stock.
The UK based financial services firm focused on the forex industry, Alpha Group, saw its share price rattled on Tuesday morning in the wake of news that the CEO was to step aside and be replaced by the Chairman at the end of the year. The outgoing boss notes that there are people better placed than him to take the business forward but clearly investors are casting a wary eye over the news. However the strength of the CV of the replacement is such that the future ought to be upbeat. The Alpha Group share price was however down more than 11% shortly after 9am.
AIM-listed media company Audioboom saw its shares make solid gains this morning after the company issued what it termed a “flash” trading update for August. The business is clearly trading well with revenues up 35% from the same period a year ago, extending the uplift seen in July and entering the peak Q4 period with some solid momentum building, too. Audioboom’s share price added more than 10% in early trade as a result.
Headlines we expect on Wednesday
Dunelm Final Results
This time last year Total sales £1.64bn, Gross margin 50.1%, Total dividend 82p
Trustpilot Interim Results
This time last year Revenue $84.6m, adjusted EBITDA $5.7m, eps -0.6c
