Some hefty losses for the sustainable fund manager Impax Asset Management this morning after it announced that St James Place was to terminate their mandate for running the adviser’s Sustainable and Responsible Equity fund. The termination has been driven by SJP’s desire to diversify this fund genre across multiple investment styles and will take a £12.7m toll on Impax revenues on an annualised basis. The Impax share price was trading down by more than 20% before 9am.
Dual-listed and US headquartered Kosmos Energy confirmed this morning that it was looking at the possibility of tabling an all share offer for Tullow Oil. Details beyond this are thin on the ground, but the market appears to have given the news short shrift with the Kosmos share price opening the day around 4.5% lower. As the early session progressed there has been some signs of a recovery but with the Tullow share price off 5%, investors don’t appear to believe that either side will get a good deal here.
It’s a quiet morning for the bigger stocks so looking down to the small-cap end of the spectrum, there are solid gains from Cadogan. The company this morning announced that it had reached a settlement agreement over long-standing loan and call-option agreements, dating back to 2019. Cadogan is to receive a €10m payment in a single instalment, no later than 31st January 2025. Given that sum is well in excess of the company’s current valuation, the market reaction has been commensurate. The Cadogan share price was up 87% at 9am, returning to levels not seen in three and a half years.
Most read news on Investegate this morning
Statement re Possible Offer - - Tullow Oil (TLW)
