Retail group Frasers found itself topping the FTSE-100 leaderboard in early trade on Monday, up by almost 3%. The move comes off the back of the company announcing it is launching an £80 million share buy back. A maximum of 10 million shares – around 2% of the number currently in issue - will be bought and then cancelled off the back of the announcement.
Shares in AIM listed Petrofac took a beating this morning, off 20% in early trade after the company announced there would be a delay in publishing its full year results. These are now expected to be issued on 31st May 2024, meaning that the company will miss its filing deadline and that the shares will be temporarily suspended from Wednesday morning. With the company also working to find a refinancing solution, those investors not wanting to be locked in through the suspension will be looking for the exit.
The music back catalogue company has this morning seen its shares moving once again after management recommended another revised bid for the company. This time, $1.30 has been tabled, but with the USD denominated, London-listed DI trading at $1.33, are investors expecting the game of ping pong between prospective suitors to continue? That would seem to suggest so, although with the net asset value premium now growing, it’s questionable as to how much upside can be realistically applied here.
Headlines we expect on Tuesday
Card Factory Final Results
This time last year Revenue £463m, EBITDA £112m, EPS 12.9p
Howden Joinery Trading Update
