Investegate's Across the Markets 12th July 2024
The housebuilder has seen some positive momentum in its share price over recent days amidst speculation that a takeover offer may be nearing. Bellway has been making overtures to the business but a final deal hasn’t been tabled since the offer was first made public in mid-June. Takeover rules required a firm offer to have been made by last night but on Wednesday regulators agreed to extend this window until early August. Shares are up a further 2.5% in early trade on Friday although still sit 16p below the implied takeover valuation.
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The emerging markets asset manager published their Q4 AUM statement this morning, noting a decline of $2.4billion. This was predominantly from client outflows, but the balance of $0.4bn was fund underperformance, with a stronger US dollar being seen as impacting local currency bond returns. Shares slipped by almost 4% in early trade although had recovered some of those losses by 9am.
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We mentioned Pipehawk last Friday as they looked to put one of their operating divisions into administration following the failure of some key orders to transpire. The business this morning confirmed the process would now start although management are resolute in their conviction that the remainder of the group will be able to continue trading as a going concern. Whilst the big hit to the share price was last week, today’s news has seen another round of selling with the stock down 9% just over an hour into the day.
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