Upstream Share Discussion Threads

[master rsi] 19/6/2025 23:34:12

Kenmare ends takeover talks with consortium, shares tumble

The company announced on 6 March that it had received a non-binding proposal from the consortium about a possible all-cash offer at 530p per share. This was rejected on the basis that it undervalued Kenmare’s business and its prospects.

However, to facilitate an improvement of the financial terms, Kenmare offered to give the consortium access to limited due diligence information.

Kenmare said that since 6 March, it has continued talks with the consortium and provided additional due diligence information, "which also supported the consortium’s ability to progress its discussions with potential financing partners".

During their most recent engagement, however, Kenmare said the consortium made clear that it would only be willing to proceed with an offer at pricing "substantially below" the initial proposal.

The revised pricing was subject to a request for an additional period of due diligence to conclude financing and other arrangements. However, Kenmare rejected it on the basis that it significantly undervalued the business and its prospects.

[master rsi] 19/6/2025 22:00:39

MARKET REPORT
LONDON MARKET CLOSE: Stocks dip amid BoE hold and Iran escalation fear

(Alliance News) - London's FTSE 100 closed lower on Thursday, amid ongoing Middle East concerns, after the Bank of England left interest rates unchanged at 4.25%.

The FTSE 100 index closed down 51.67 points, 0.6%, at 8,791.80. The FTSE 250 ended 216.27 points lower, 1.0%, at 21,073.99, and the AIM All-Share fell 5.17 points, 0.7%, at 758.19.

The London Stock Exchange celebrated the 30th anniversary of AIM on Thursday, calling it a "cornerstone" of the UK's capital markets.

Since its launch in 1995, AIM has become one of the world’s most successful growth markets, helping over 4,000 companies raise more than GBP136 billion.

The Cboe UK 100 closed down 0.7% at 875.37, the Cboe UK 250 ended 1.0% lower at 18,616.57, but the Cboe Small Companies rose 0.5% at 17,008.95.

The decision to hold rates by the BoE's Monetary Policy Committee was widely expected, although the vote split was slightly more dovish than forecast.

The MPC voted 6-3 for the status quo, with Swati Dhingra, BoE Deputy Governor Dave Ramsden and Alan Taylor preferring a 25 basis point rate cut to 4.00%.

The BoE said there remain "two-sided" risks to inflation meaning "a gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate."

The BoE noted loftier food prices could raise "inflation expectations, impacting wage and price setting behaviours".

Bank of England Governor Andrew Bailey said interest rates remain on a "gradual downward path."

Ebury analyst Matthew Ryan noted the vote split on was "slightly more dovish than markets had anticipated".

"Yet, the BoE still appears to be in no hurry to speed up the pace of policy loosening. Importantly for markets, the phrase that cuts will be both 'gradual and careful' was retained in the statement - there was some speculation that this could be either tweaked or jettisoned," Ryan said.

ING noted past experience has shown that the vote split contains few useful signals.

"December's meeting saw a similar 6-3 vote, yet heralded little change in the bank's overall stance," ING explained.

ING said 'rate hawks' will have a beady eye on oil prices.

A "serious spike in oil prices is the most obvious hawkish risk for the UK rate outlook," ING said.

Nonetheless, ING expects the BoE to cut interest rates in August.

The oil price rose again amid concerns the situation in the Middle East could worsen.

Brent oil traded higher at USD78.59 a barrel late on Thursday from USD75.06 on Wednesday as the Israel-Iran conflict continued.

The oil price rise boosted oil majors and FTSE 100 heavyweights BP and Shell which rose 1.4% and 1.1% respectively but weighed on British Airways owner, IAG, down 3.2% and low-cost airline easyJet, down 3.0%, on concerns of rising fuel costs and travel disruption.

Israel's defence minister Israel Katz said that Iran’s Supreme Leader Ayatollah Ali Khamenei cannot "continue to exist", just days after reports that Washington vetoed Israeli plans to assassinate him, AFP reported.

"Khamenei openly declares that he wants Israel destroyed – he personally gives the order to fire on hospitals," Katz told journalists in the city of Holon near Tel Aviv.

"Such a man can no longer be allowed to exist."

US President Donald Trump wrote on Tuesday that the US knew Khamenei's location but would not kill him "for now".

Uncertainty surrounds Trump's next move amid reports that the US stands ready to intervene in the conflict.

Bloomberg on Thursday reported senior US officials are preparing for the possibility of a strike on Iran in coming days.

In European equities on Thursday, the CAC 40 in Paris closed down 1.1%, as did the DAX 40 in Frankfurt.

Financial markets in the US were closed to mark Juneteenth National Independence Day.

On Wednesday, the Federal Reserve left interest rates unchanged.

In a unanimous vote, the Federal Open Market Committee voted to maintain the target range for the federal funds rate at 4.25-4.50%, the fourth consecutive hold.

In a statement, the FOMC said: "Uncertainty about the economic outlook has diminished but remains elevated."

Fed Chair Jerome Powell said the US central bank is well placed to adjust policy as it continues to assess the impact of US trade policy on the economy.

Powell said the Fed expects a "meaningful" amount of inflation in the coming months and stressed it is important to make sure a "one-time increase in inflation doesn't turn into an inflation problem".

In the accompanying summary of economic projections, Fed officials predicted two more 25 basis points rate cut in 2025, unchanged from March.

In 2026 and 2027, FOMC officials expect one further cut, toning down its projections in March for two reductions in each year.

The FOMC cut its forecast for economic growth in 2025 to 1.4% from 1.7% in March. Core PCE inflation, the Fed's preferred inflation measure, is now seen at 3.1% in 2025, up from the 2.8% predicted in March.

The pound was quoted down at USD1.3429 at the time of the London equities close on Thursday, compared to USD1.3472 on Wednesday. The euro stood lower at USD1.1468 against USD1.1526. Against the yen, the dollar was trading at JPY145.65, up compared to JPY144.65.

On the FTSE 100, fears the Middle East conflict will lead to higher inflation and slower economic growth weighed on mining stocks.

Anglo American fell 3.3%, Antofagasta declined 3.4% and Rio Tinto dipped 2.5%.

Whitbread fell 1.6% after reporting total group sales fell by 3.8% to GBP710.9 million in the 13 weeks that ended May 29, the first quarter of its financial year, from GBP739.2 million a year prior, or by 1% on a like-for-like basis.

Total UK sales were down 5.4% to GBP648.2 million from GBP685.2 million. Accommodation sales fell 1.8% to GBP485.0 million from GBP494.1 million, while food and beverage revenue sales dropped 15% to GBP163.2 million from GBP191.0 million.

UK revenue per available room fell 2.4% to GBP62 in the quarter from GBP63.54 a year ago.

On the FTSE 250, Hays plunged 10% after saying it expects annual profit to be below market consensus, as the staffing firm grapples with challenging market conditions.

AJ Bell's Russ Mould said the share price slump implies the jobs market is going from bad to worse.

"Companies are clearly worried about the economic outlook and they’re reluctant to take on full-time staff, potentially not replacing anyone lost to natural turnover. At the same time, individuals are worried that if they move job they’ll be in the ‘last in, first out’ firing line if companies look for new cost savings," he added.

Hays said permanent recruitment markets have been particularly hurt, amid "low levels of client and candidate confidence".

Simon Lechipre, analyst at Jefferies, said the weaker than expected performance is particularly negative for Page Group where permanent recruitment makes up 72% of group fees.

Shares in PageGroup fell 8.8% while Robert Walters dropped 4.8%.

Hays expects annual pre-exceptional operating profit of GBP45 million, below company-compiled consensus of GBP56.4 million.

The yield on the US 10-year Treasury was quoted at 4.39%, stretched from 4.36%. The yield on the US 30-year Treasury was quoted at 4.89%, widened from 4.86%.

Gold was quoted lower at USD3,368.94 an ounce against USD3,387.84.

The biggest risers on the FTSE 100 were Melrose Industries, up 13.70 pence at 499.90p, BP, up 5.50p at 392.00p, Bunzl, up 28.00p at 2,250.00p, Shell, up 28.50p at 2,695.50p, and Vodafone, up 0.68p at 75.92p.

The biggest fallers on the FTSE 100 were Persimmon, down 50.00p at 1,317.00p, Antofagasta, down 60.00p at 1,699.00p, Anglo American, down 68.50p at 2,021.50p, IAG, down 10.20p at 309.30p and Airtel Africa, down 5.40p, at 171.20p.

Housebuilder Persimmon's fall came as it traded ex-dividend.

Friday's global economic calendar has retail sales and PPI data in Canada, inflation figures in Japan, UK retail sales numbers and the Philadelphia Fed manufacturing index.

The domestic corporate calendar on Friday has full-year results from housebuilder Berkeley Group.

[master rsi] 19/6/2025 16:57:59

How the UPS are performing during last month

[master rsi] 19/6/2025 16:31:24

How the UPS are performing today

[master rsi] 19/6/2025 15:32:13

US equity markets will remain closed on Thursday on account of Juneteenth Day.

[master rsi] 19/6/2025 14:59:08

Quantum Blockchain shares surge amid bitcoin mining talks

Quantum Blockchain Technologies PLC - London-based, blockchain sector-focused investor - Announces it is in talks with two unnamed companies over the potential use of its bitcoin mining technology, and is in talks with two chip manufacturers to use its Method C software. This follows the Bitcoin 2025 conference in Las Vegas where the company presented its artificial intelligence technology for bitcoin mining.

Quantum Blockchain Chief Executive Officer Francesco Gardin says: "The company is finally entering into the on-site third-party assessment phase with potential customers and partners. The live and off-line demonstrations of QBT's technology in Las Vegas proved to be essential in convincing some of the major players that the ability to make predictions on the behaviour of SHA-256 using AI learning models is indeed, real, as it provides a practical solution to improve the quality hashing power of a miner."

Current stock price: 1.10 pence, up 50% on Thursday afternoon in London

[master rsi] 19/6/2025 13:31:49

UPS

GGP 15.90p ( 15.80 v 16p )

Has come down close to the placing/open offer 15.80p, so time to take into the UPS. The mine plan targeting 258,000 ounces of gold equivalent per year over a 20-year mine life, starting in 2027"
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 19/6/2025 13:12:08

MARKET REPORT
LONDON MARKET MIDDAY: Stocks red, Bank of England votes for rate hold

(Alliance News) - London stocks were mostly lower at midday on Thursday, after the Bank of England left its key rates unchanged at 4.25%. However, three Monetary Policy Committee members voted for a 25 basis point cut.

The FTSE 100 index was down 18.56 points, 0.2%, at 8,824.91. The FTSE 250 was down 121.26 points, 0.6%, at 21,169.00, and the AIM All-Share was down 1.90 points, 0.3%, at 761.46.

The Cboe UK 100 was down 0.3% at 879.17, and the Cboe UK 250 was down 0.6% at 18,694.69. But the Cboe Small Companies was up 0.6% at 17,024.47.

"Central banks are in a 'wait and see' mood with regards to interest rates, despite broad concerns about a weaker economic outlook," AJ Bell's Russ Mould said ahead of the BoE rate call and noting that no change was widely expected. "This [hold] won't be a shock to markets as it's too early to assess the true impact of tariffs and their economic impact...Markets have plenty of other things to focus on, namely the Middle East conflict which shows no sign of easing."

On the FTSE 100, Whitbread lost 1.0%.

The Bedfordshire, England-based Premier Inn and Brewers Fayre owner reported that total UK sales were down 5.4% to GBP648.2 million and revenue per available room fell 2.4% to GBP62. In Germany, total sales rose 16% to GBP62.7 million.

""How much does it matter if you're doing better than the wider market and still struggling? That's the question in front of the market as Whitbread updates on its first-quarter trading," Mould said, noting "the weak backdrop for the UK hotels market as a whole amid an uncertain economic backdrop".

Mould continued: "With visibility limited, all the company can do is control what it can and hope that it comes out of this difficult period with its competitive position enhanced thanks to weaker players and independent operators falling by the wayside...Investors will be pleased about the progress being made in Germany, where its operations are enjoying strong growth, albeit from a lower base than in the UK, and where it remains on track to achieve a maiden profit in 2026."

On the FTSE 250 Syncona continued to lead, up 4.0%, while NCC was the worst performer with a 12% fall.

The Manchester, England-based cybersecurity company reported pretax profit of GBP16.6 million for the six months that ended March 31, up from GBP8.4 million a year earlier.

However, revenue fell 6.0% to GBP156.8 million, led by its Cyber Security division, where revenue fell 7.8% to GBP123.5 million. NCC noted a decline in higher-volume, lower-value testing and compliance engagement, owing to client reactions to economic uncertainties in autumn and spring.

On AIM, Quantum Blockchain soared 60%.

The London-based, blockchain sector-focused investor said it is in talks with two unnamed firms over the potential use of its Bitcoin mining technology, and is in talks with two chip manufacturers to use its Method C software.

Speaking of AIM, the head of London's junior stock market has called on the government to help halt an exodus of companies listed in the City, PA reported.

Marcus Stuttard, head of AIM and UK primary markets at the London Stock Exchange, urged the government to reinstate "financial incentives" for AIM investors after last autumn's budget revealed plans to slash inheritance tax relief on AIM-listed stock from 100% to 50% from April next year.

AIM has suffered a raft of firms quitting the market in recent years as part of a wider shift away from London towards overseas rivals and as firms are bought out by foreign competitors or taken private.

On AQSE, Smarter Web jumped 16%.

The Surrey, England-based web design provider has purchased an additional 104.28 Bitcoin at an average price of GBP77,751 for a total of GBP8.1 million each as part of its ongoing treasury policy of acquiring Bitcoin under its 10-year plan.

Smarter Web now holds 346.63 Bitcoin in total, worth GBP27.2 million.

In European equities on Thursday the CAC 40 in Paris was down 0.6%, while the DAX 40 in Frankfurt was down 0.3%.

The eurozone returned to both monthly and annual construction output growth as Spain's construction industry booms, Eurostat data showed.

Construction output climbed 3.0% on-year in April, after a fall of 1.3% in March. The sharpest annual growth was in Spain with 15%, followed by Belgium with 6.6%.

On a monthly basis, construction output rose 1.7% in April, following a decline of 0.2% in March.

Meanwhile, Norway's central bank announced a surprise interest rate cut.

Norges Bank lowered its policy rate by a quarter point to 4.25% and said it could make another cut this year "if the economy evolves broadly as currently projected".

"The inflation outlook for the coming year indicates lower inflation than previously expected," said Governor Ida Wolden Bache. "A cautious normalisation of the policy rate will pave the way for inflation to return to target without restricting the economy more than necessary."

The pound was quoted at USD1.3435 at midday on Thursday in London, lower compared to USD1.3472 at the equities close on Wednesday. The euro stood at USD1.1474, lower against USD1.1526. Against the yen, the dollar was trading higher at JPY145.52 compared to JPY144.65.

In the US, financial markets are closed on Thursday to mark Juneteenth National Independence Day.

Brent oil was quoted higher at USD77.16 a barrel at midday in London on Thursday from USD75.06 late on Wednesday.

"Oil prices have shot up in recent days and any disruptions to Middle East supplies could put them even higher and stoke inflation," AJ Bell's Mould said. "Remember that central banks fight inflation by putting up interest rates, not cutting them, which muddies the water in terms of trying to second guess what will happen next to borrowing costs.

"Rates staying higher for longer is bad news for investors and so the more intense the Middle East conflict gets, the greater the potential for increased market volatility."

Gold was quoted lower at USD3,376.42 an ounce against USD3,387.84.

[master rsi] 19/6/2025 12:34:25

BoE leaves rates unmoved but vote split more divided than expected

(Alliance News) - The Bank of England left interest rates unmoved on Thursday, though the vote split had a more dovish tilt than expected.

The BoE left bank rate unmoved at 4.25% on Thursday, as expected. According to the central bank, six policymakers, Governor Andrew Bailey included, backed the move.

Three would have preferred a 25 basis point cut to 4.00%, namely Swati Dhingra, Dave Ramsden and Alan Taylor.

"There has been substantial disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations.

"This has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining bank rate in restrictive territory so as to continue to squeeze out existing or emerging persistent inflationary pressures," the BoE said.

The BoE said there are "two-sided risks to inflation". It once again affirmed a "gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate".

Numbers on Wednesday showed UK consumer prices index rose by 3.4% in May from a year before, slowing from annual growth of 3.5% that was reported for April. The May inflation figure was in line with FXStreet consensus.

[master rsi] 19/6/2025 12:22:11

How the UPS are performing during last month

[master rsi] 19/6/2025 12:09:12

How the UPS are performing today

[master rsi] 19/6/2025 10:45:45

LONDON BROKER RATINGS: Kepler says 'hold' Bunzl, 'buy' Diploma

FTSE 100

Kepler Cheuvreux starts Bunzl with 'hold' - price target 2,230 pence

Kepler Cheuvreux starts Diploma with 'buy' - price target 5,350 pence

UBS raises Aviva price target to 700 (670) pence - 'buy'

UBS raises J Sainsbury price target to 306 (279) pence - 'buy'

FTSE 250

Bank of America initiates Rathbones with 'buy' - target 2,250 pence

Berenberg raises Morgan Sindall price target to 5,000 (4,500) pence - 'buy'

RBC cuts Breedon price target to 575 (625) pence - 'outperform'

JPMorgan raises Johnson Matthey price target to 1,860 (1,600) pence - 'neutral'

SMALL CAP

Berenberg starts Stelrad with 'buy' - price target 200 pence

Berenberg starts M&C Saatchi with 'buy' - price target 240 pence

JPMorgan cuts Synthomer price target to 200 (245) pence - 'neutral'

[master rsi] 19/6/2025 08:40:29

KKR gets European Commission clearance for Assura takeover offer

(Alliance News) - Kohlberg Kravis Robert & Co Inc on Thursday said it has received clearance from the European Commission to acquire Assura PLC.

The US private equity firm leads a consortium, called Sana Bidco Ltd, that also includes property investor Stonepeak Partners LP, both New York-based.

KKR said the only regulatory condition to the Assura takeover offer that remains outstanding is foreign direct investment clearance in Ireland.

The consortium offer remains subject to the satisfaction of the remaining conditions, private equity firm said.

On Wednesday last week, Assura accepted the offer from Sana Bidco.

Approval from the European Commission comes days after Primary Health Properties PLC revised the terms of its own takeover offer for Assura. Assura said on Monday it was reviewing this revision.

The revised terms include the potential acceleration of Assura's third-quarter dividend without a corresponding reduction in the value of the PHP offer. PHP also lowered the acceptance condition for its offer to a threshold more than 50%, the same acceptance condition as the cash offer from the KKR group and down from 75% previously.

In May, PHP, a London-based healthcare facility investor, made a cash and shares bid for Assura. It offered 12.5 pence cash and 0.3769 of a new Primary Health share for each Assura share, valuing Assura at the time at 51.7p per share.

Primary Health Properties said on Friday last week it would ask its shareholders to vote on its takeover offer for Assura at a general meeting on July 1. It also said then Assura shareholders have up to August 12 to accept its offer.

Shares in Assura were down 0.2% to 50.04p in London on Thursday morning. Primary Health Properties was down 0.3% at 103.20p.

[master rsi] 19/6/2025 08:06:10

FTSE

31 points lower at the start of the day

[master rsi] 18/6/2025 23:57:24

SFOR

Cannes Lions Festival 2025 - Sir Martin Sorrell "Wer oder was ist Kreativität im Jahr 2025?" - June 18, 2025

In an era where artificial intelligence, automation, and data-driven marketing are rewriting the rules, the question of the value of creative work is fundamentally re-examined. How does creativity change when scale, precision, and speed become the decisive competitive advantage? And who or what is creative? Human? Machine, or both?

Sir Martin Sorrell, founder of WPP and now Executive Chairman of S4 Capital, discusses how technology is transforming the industry. With his model of the "new agency structure," he rethinks creative performance: integrated, digital-first, AI-supported. What does creative excellence look like when it has to be scalable? What happens to the price of ideas when processes are increasingly automated? A lecture on the economic, strategic, and technological value of creativity and how the agency model of the future will be defined.

[master rsi] 18/6/2025 23:18:56

Thursday preview: Bank of England, SNB, Norges Bank in focus
(Sharecast News) - The market spotlight on Thursday will be on the Bank of England.

Rate-setters in the UK are expected to stand pat on Bank Rate, keeping it at 4.25%.

However, economists at Bank of America believe that the vote on the Monetary Policy Committee might be more dovish than the last time around.

For his part, City analyst Michael Hewson said: "No changes in policy are expected from this week's meeting as policymakers digest this week's May inflation numbers as well as last week's wages and unemployment data, which saw the unemployment rate rise to a new 4-year high of 4.6%, while the UK economy saw a -0.3% contraction in April.

"Today's surge in oil prices, due to Israel's attack on Iran, will also complicate the inflation picture, if sustained, over the next few days."

On 7 May Bank announced a 25bp reduction, with five MPC members having supported the cut, but another two supported a larger reduction and a further two said the BoE should not lower rates.

Earlier during the same session, the Swiss National Bank is expected to lower rate by 25 basis points to 0.0%, while Norway's central bank is expected to keep them unchanged at 4.50%.

Thursday 19 December

FINALS

First Property Group, Syncona Limited NPV, Cordiant Digital Infrastructure Limited NPV, XPS Pensions Group

INTERIMS

LPA Group, NCC Group

AGMs

International Consolidated Airlines Group SA (CDI), Angling Direct, Partners Group Private Equity Limited. (EUR), Novacyt S.A. (CDI), Clean Power Hydrogen, ASA International Group, Aterian, Baillie Gifford China Growth Trust, Aquila European Renewables (GBP), Star Energy Group, Pantheon Infrastructure, Octopus Titan VCT, Aurrigo International, Futura Medical, Informa, Anpario, Xeros Technology Group, Everyman Media Group, ICG-Longbow Senior Secured UK Property Debt Investments Ltd, Frenkel Topping Group, Maven Renovar Vct, Card Factory, Tortilla Mexican Grill

GMs

Fidelity Japan Trust, Honye Financial Services Limited (DI)

FINAL EX-DIVIDEND DATE

Anglo-Eastern Plantations, GB Group, Animalcare Group, Tatton Asset Management, Advanced Medical Solutions Group, VP, NewRiver REIT, Airtel Africa, Maven Income & Growth VCT, Fidelity China Special Situations, Canal+ S.A (CDI), 3i Group, Concurrent Technologies, United Utilities Group, Baillie Gifford China Growth Trust, British Land Company, TotalEnergies SE, Inspired, Persimmon, Mears Group, Vianet Group, Tate & Lyle, Mitie Group

FINAL DIVIDEND PAYMENT DATE

M. P. Evans Group, Gamma Communications, Yu Group, RELX plc

INTERIM EX-DIVIDEND DATE

Compass Group, Barings Emerging Emea Opportunities, Schroder Real Estate Investment Trust Ltd, Diverse Income Trust (The), Gooch & Housego

TwentyFour Select Monthly Income Fund Limited, Experian, VPC Specialty Lending Investments

INTERIM DIVIDEND PAYMENT DATE

Fidelity Special Values, Scottish American Inv Company

SPECIAL EX-DIVIDEND DATE

Fidelity China Special Situations

QUARTERLY EX-DIVIDEND DATE

Patria Private Equity Trust