ATLANTIC LITHIUM LIMITED UK Equity Funds' Persistent Headwinds Remain
1116 GMT - U.K. equity funds still suffer from headwinds, Numis analyst David McCann writes in a note. "We observe that the persistent net outflow and performance pressures occurring within U.K. equity funds remain in place," McCann says, pointing to Numis estimates that there were around GBP185 billion in assets under management in explicit U.K. equity mutual funds as of August. This is 3% lower than in July, 6% below December and 27% lower than the peak in December 2017, he adds. The sector has seen net outflows every year since 2015, totaling GBP45 billion, he says.(elena.vardon@wsj.com)
COMPANIES NEWS:
Berkeley Backs Near-term Profit Outlook; Early FY 2024 Underlying Reservations Fall
Berkeley Group Holdings said it remains on track to meet financial guidance for fiscal 2024 and 2025, though underlying private reservations in early fiscal 2024 fell.
---
Restaurant Group Chair Ken Hanna to Step Down
Restaurant Group said that Chairman Ken Hanna has decided to not seek reelection at the group's next annual general meeting in 2024 due to personal reasons.
---
Round Hill Music Royalty Agrees to $468.8 Mln Takeover by Concord Cadence
Round Hill Music Royalty Fund has agreed to a $468.8 million takeover by Alchemy Copyrights, which trades as Concord Cadence, it said Friday.
---
Petershill Partners Cuts Part of Full-Year Guidance Despite 1H Pretax Profit Swing
Petershill Partners said it swung to a pretax profit in the first half of the year, but that it has lowered part of its full-year guidance.
---
Computacenter 1H Pretax Profit Rose on Robust Revenue Growth
Computacenter reported an increase in pretax profit for the first half of 2023 supported by robust revenue growth across its markets and service lines, and raised its dividend payout.
---
Gear4Music's Year-To-Date Performance in Line With Board Expectations
Gear4Music said its performance so far in fiscal 2024 has been in line with the board's expectations.
---
Financials Acquisition to Merge and Float With Newly-Created Subsidiary
Financials Acquisition Corp. said that it has separately established London Innovation Underwriters, which it plans to combine with and float on London's Main Market.
---
Atlantic Lithium Gets $32.9 Mln Investment From Ghanaian Fund
Atlantic Lithium said the Minerals Income Investment Fund of Ghana will invest $32.9 million in the company and its Ghanaian subsidiaries.
---
Smoove Says UK's Takeover Panel Agreed to Deadline Extension for PEXA Transaction
Smoove said that the U.K.'s Panel on Takeovers and Mergers has agreed to an extension of the deadline by which PEXA Group has to announce if it intends or not to make an offer for the company to Oct. 6.
---
Hostmore CFO Alan Clark Steps Down; Matthew Bibby Appointed as Interim Replacement
Hostmore said Alan Clark will resign as chief financial officer and executive director with immediate effect to pursue other interests, it said Friday.
---
AMTE Power Raises GBP2.1 Mln in Heavily Discounted Share Placing
AMTE Power said it has conditionally raised 2.1 million pounds ($2.6 million) in a heavily discounted share placing and will raise up to a further GBP250,000 in a retail offer, to stave off insolvency and provide time for its initial recapitalization plan.
---
Ecofin US Renewables Seeks to Sell Assets and Wind Up Business
Ecofin U.S. Renewables Infrastructure Trust said that it intends to sell its assets and wind up the business after returning cash to shareholders.
---
STM Group Says Pension SuperFund Capital Secured Funding for Takeover
STM Group said that Pension SuperFund Capital has secured funding to make a firm takeover offer for the company, and that the deadline to launch the offer has been extended.
---
Harland & Wolff Shares Dip After Widened Profit Loss on Higher Costs
Harland & Wolff Group Holdings shares fell after the company reported a widened pretax loss for the first half due to increased costs despite a revenue jump.
MARKET TALK:
Energean Has Seemingly Fixed Operational Hick-ups
1130 GMT - Energean's interim results had some incremental positives, despite disappointing production performance, as it seemingly has resolved what caused the operational stutters throughout the half-year, Bank of America Global Research analysts write in a research note. "We take comfort that prior issues are said to have been resolved, as evidenced by recent production data, and also illustrating to us that the latest guidance, albeit reduced, appears now substantially de-risked," the analysts say. Additionally, the Eastern Mediterranean-focused oil-and-gas company emphatically confirmed that demand for gas in Israel wasn't the cause or a contributor to poor production performance, they say. BofA maintains a buy rating on the stock, with a lowered 1,750-pence price target. Shares are up 0.8% at 1,128 pence. (christian.moess@wsj.com)
---
Developed-Market Yields Likely to Move Lower
1119 GMT - Developed-market yields are getting closer to a "tipping point" and are expected to move lower, HSBC global head of fixed-income research Steven Major says in a note. HSBC forecasts 10-year yields for U.S. Treasurys, German Bunds, and U.K. Gilts at 3.0%, 3.5% and 1.75%, respectively, at the end of 2023. "Although close to a tipping point, the market faces sticky inflation, and central banks that are determined to maintain the threat of higher policy rates," Major says. The 10-year U.K. gilt yield last trades at 4.442% while the 10-year German Bund yield last trades at 2.605%, Tradeweb data show. (miriam.mukuru@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
09-08-23 0804ET
