Not much Christmas cheer on offer for shareholders of Vistry Group after the builder published a profit warning that was decidedly lacking in any seasonal goodwill. Delays in year end transactions and completions have been sufficient for management to revise down expectations for the full year, with profits now expected to come in around £250m, as opposed to the prior view of £300m. Arguably the situation here should just push the residual into 2025 and a full year trading update is scheduled for mid-January. In the meantime, the Vistry share price is down 17% shortly after the open.
The mining investment company has this morning announced that a planned deal to acquire the entire issued share capital of Compagnie Minière de Oumejrane. However the money needed to fund the deal hasn’t been forthcoming owing to reluctance amongst investors, the Sale and Purchase Agreement has been terminated and a default notice has been issued against Atlas. Directors are working to find a resolution but the Atlas Metals share price is down 43% in early trade.
The software company Windward feels like the outlier this morning, bringing investors something to celebrate although it does come at the expense of another listed company leaving the London market. Terms have been reached with a private equity buyer to sell the company for £216m, with investors receiving 215p per share. That’s a 47% premium to last night’s closing price and 33% up on the 2021 IPO price. Windward shares are up 42% at 8.30am, pricing in the bulk of the upside already.
That concludes our market coverage for the year, but Across The Markets will resume on Thursday January 2nd 2025. Wishing you all a Merry Christmas and prosperous 2025.
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Recommended Cash Acquisition of Windward Ltd. - - Windward Ltd. (DI) (WNWD) -
