Shares in the online estate agent bumped higher on Monday morning after Australian suitor REA announced that last week it had tabled another improved offer for the business. The implied valuation of the cash and shares deal is now 749p, up from the 705p tabled at the start of the month but management continue to push back, saying the proposals are opportunistic and fail to provide fair value. The idea is that with the takeover deadline now approaching, going public with this latest offer should provide a better assessment of investor sentiment. In early trade, the Rightmove share price was up almost 3% although remains below the 700p level.
Described as a developer of high speed connectivity for the world’s technology infrastructure, Alphawave published interim results this morning. Revenues were down by more than 50%, driving operating losses significantly higher, but management see this as being in part a timing issue with notable improvements expected in the second half of the year, although a pull back from legacy business in China is also hurting. Full year revenue forecasts have been trimmed by around 10% but the Alphawave share price is 35% lower shortly before 9am.
The premium spirits manufacturer Distil has seen its share price take another knock this morning in response to fundraising news. A £0.65m round has been launched, which two existing investors have agreed to cover almost half of. The funds have however been raised at a discount of around 40%, although the confidence of the existing investors may be helping prop up the Distil share price which is only down by 16% in the first hour of trade. Funds will be used to promote the brand through the key seasonal trading period and to help expand distribution in the new year.
Headlines we expect on Tuesday
HSS Hire Interim Results
This time last year Revenue £170m, Pre-tax profit £5.5m, Interim dividend 0.18p
Card Factory Interim Results
This time last year Revenue £221m, Pre-tax profit £24.7m
