Balanced Commercial Property Trust
The FTSE-250 listed real estate vehicle found its shares solidly outperforming the wider market this morning after a private equity suitor announced that it had reached agreed terms with the BCPT board for an all cash buy out. A price of 96p per share has been tabled, representing a 25% premium to the three month weighted average price, but coming in at a 9% discount to the last reported NAV. The BCPT share price was up by around 10% in early trade.
Prominent UK wine producer Chapel Down issued interim results today and despite there arguably being cause for cheer here with news of building inventories seen off the back of last year’s bumper harvest, some tough comparatives and a growing share of direct retail sales, investors have instead appeared to focus on the headline drop in revenues. Potentially this is a challenging market given the ongoing macroeconomic backdrop and the early market reaction has been to push the Chapel Down share price around 18% lower an hour into the day.
Metal and mineral exploration company Rockfire Resources saw its shares make good gains in early trade on Wednesday after publishing revised reserve estimates at a zinc, lead and silver deposit in Greece. The updated JORC Resource is now seen as being 500% bigger than the company declared a little over two years ago, putting the project in the top 20 undeveloped zinc deposits globally. The mine is also seen as containing the rare earth metal, germanium Rockfire’s shares were trading more than 30% higher just after 9am.
Headlines we expect on Thursday
Vistry Interim Results
This time last year Completions 7143, Operating profit £207m, RoCE 21.9%
Currys Trading Update
This time last year UK & Ireland sales -2%, Nordics sales -8%
