Kier shares jump on GBP241 million capital raise plan to cut debt
Thu, 13th May 2021 12:49
(Alliance News) - Kier Group PLC on Thursday said it plans to issue GBP241 million worth of shares priced at 85 pence each in an accelerated bookbuild, the final milestone in its turnaround strategy.
Shares in Kier were up 8.9% to 111.46p in London.
Most of the cash will be used to cut debt, Kier said, while GBP16.9 million will be added to the company s cash reserves. Together with the GBP110 million sale of the Kier Living housebuilding unit announced on April 16, the proceeds will provide financial and operational flexibility, the company said.
UPDATE: Balfour Beatty holds guidance; names former ITV boss as chair
Thu, 13th May 2021 14:12
(Alliance News) - Balfour Beatty PLC on Thursday said it continues to expect profit at its earnings-based businesses to recover to pre-virus levels, and named former ITV PLC chief executive Charles Allen as its new chair.
Shares were down 0.9% to 308.20 pence in London, roughly in line with the wider mid-cap FTSE 250 index.
In an update ahead of its annual general meeting on Thursday, the London-based infrastructure developer maintained its expectation that its two earnings-based businesses - Construction Services and Support Services - will deliver underlying profit from operations of GBP172 million in 2021. That would be an increase from the GBP75 million achieved last year, and a recovery to the 2019 level.
Marston s promotes finance chief Andrea to replace veteran CEO Findlay
Wed, 12th May 2021 11:27
(Alliance News) - Marston s PLC on Wednesday named Chief Financial Officer Andrew Andrea as its new chief executive.
Andrea will replace Ralph Findlay as chief executive on October 3, after Findlay announced in March his decision to step down after 20 years in the job.
Andrea is 51 years old and Findlay is 60 years old, according to Companies House files.
The incoming chief has 23 years of experience in the pub and brewing industry, and has extensive commercial and operational expertise as well as financial, Marston s said.
Andrea joined the pub operator in 2002 and has served on the board since 2009. He pioneered Marston s franchise model and project managed the disposal of the brewing business in 2020, the company said.
Oxford Metrics wins contract with Tencent unit Sharkmob
Tue, 11th May 2021 14:09
(Alliance News) - Oxford Metrics PLC on Tuesday said its Vicon business won a contract with Sharkmob, a video games developer owned by Tencent Holdings Ltd.
Vicon will supply cameras and software to Sharkmob s performance capture studio, due to open this summer in Malmo, Sweden. The competitive contract win shows the strength of Vicon s products, Oxford Metrics said. As the game industry continues to evolve rapidly, we have seen more and more games companies, both major developers and independents, choose Vicon to power their innovation, Oxford Metrics Chief Executive Nick Bolton said.
Sherborne dumps Barclays stake after three-year battle over strategy
Fri, 7th May 2021 10:03
(Alliance News) - Sherborne Investors Management LP, the investment vehicle of activist Edward Bramson, on Friday said it has sold its entire 6.0% stake in Barclays PLC.
It ends a three-year battle between Sherborne and the London-based bank, during which the activist tried to force cutbacks and oust Chief Executive Jes Staley. Sherborne had called for Staley to be removed in April 2020 over his links to Jeffrey Epstein.
Shares in Barclays were up 1.9% to 180.48 pence in London. Based on the bank s market capitalisation on Friday, which is at GBP30.70 billion, the stake is worth around GBP1.81 billion.