Bar operator Nightcap found its shares at the foot of the London market on Friday morning after releasing a statement saying it planned to delist. Citing a litany of challenges ranging from the cost of maintaining the listing to poor liquidity and a fundamental undervaluation of the business, the move was perhaps all the more surprising given than just a few weeks ago, Nightcap was eyeing a takeover of Revolution Bars. With shareholders accounting for 76.9% of the issued capital already supporting the move, this is as good as a done deal. Shares were more than 70% lower in early trade but made a modest recovery by 9am to sit down 50%. Nightcap is set to move its listing to the AssetMatch matched bargain facility.
The second had media and technology reseller issued interim results this morning and these clearly left the market underwhelmed. Tighter economic conditions should provide a boost for businesses like this, but the performance was lacklustre although cost reductions and a modest increase in UK sales may be worth a second look. Management are committed to the underlying principle of unlocking inventory in people’s homes to capitalise on the growth in second-use markets and add that second half performances are typically stronger, but the cautious outlook left shares trading 20% lower just after the open.
Industrial equipment supplier Tyman topped the FTSE-250 this morning after noting that Quanex Building Products had revised its offer for the company. A special interim dividend of 15p per share is now being offered to sweeten the deal, where the value has waned through Dollar depreciation and the decline in the acquiring party’s share price. That was sufficient to send the stock the full 15p higher shortly after the open with gains of around 4.5% although that hasn’t been sustained in early trade.
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