Shares in small cap Checkit slid by more than 7% in early trade on Tuesday after the company went public with an unsolicited bid for peer Crimson Tide. The all-share offer comes with a very modest premium – just 12% based on last night’s closing price - but appears to be the result of frustration amongst Checkit’s directors who have been unable to engage with the target despite repeated approaches since the start of the year. Regardless it does appear to have resurfaced interest in Crimson Tide with their stock trading more than 10% higher by 9am.
European low cost carrier Wizz Air saw a turbulent start to the day’s trade after publishing traffic figures for May. Figures continue to grow but the pace of change is slowing as the company nears capacity. Load factors are also leaving some room for improvement, advancing by 0.7% but still sitting at just 91%, meaning one in every eleven seats is flying empty. Shares started the day 2.5% lower, briefly found positive territory then tipped back into the red.
And it’s been a busy start to the week for leisure venue operator Hollywood Bowl. Half year results issued yesterday morning initially received a positive welcome from the market before a notable sell off followed. That downside however wasn’t sustained with bargain hunters swooping in both late yesterday and into this morning. In early trade, shares are sitting more than 2% higher, or up more than 5% from Monday’s lows.
Headlines we expect on Wednesday
B&M European Value Retail Final Results
This time last year Group revenues £4,983m, Pre-tax profit £436m, Full year dividend 14.6p
