G4S (LON:GFS ) shares ticked up 5.26% on press speculation of a Takeover offer from Allied Universal
G4S said US-based Allied Universal Security Services has expressed interest regarding a possible offer, weeks after the British security firm rejected a hostile bid from GardaWorld.
G4S, which is one of the world's largest private security companies, advised shareholders to reject private-equity backed GardaWorld's 190p per share offer valuing it at £2.97bn.
The offer has been rejected by G4S on the grounds that it undervalues the company. According to Bloomberg News, Chicago-based investment company, Harris Associates, and US investment firm Sachem Head Capital Management, both view the bid as too low.
Shares in G4S have fallen around 8% this year, giving it a market value of £3.1 billion.
Bloomberg said Allied Universal has been evaluating whether it should pursue its own bid amid consolidation in the industry, adding that G4S may also draw interest from private equity firms, ‘which could potentially allow management to stay in place under a new owner.’
Gfinity (AIM:GFIN ) shares rose 29.85% to 4.35p
Shares in the esports media firm soared after it launched a formal sales process as part of a strategic review which it said will help it continue its current pathway towards profitability.
Gfinity said this morning that it has formally commenced the process to explore potential offers for the company as it sought strategic options to deliver shareholder value.
The group said it has made good progress over the year and said it believes it is well positioned to drive significant future revenue growth with profitability forecasted for Q1 2021.
Commenting on the year ended 30 June 2020, Gfinity said considerable corporate and strategic development had left the Company ‘exceptionally well positioned’ over the year including a successful fundraising which has left the group on ‘a firm financial footing.’
Gfinity said today that it remains highly confident in both its prospects and position, and that market trends will offer it opportunities to ‘significantly expand its growth projections’.
The group said it is on track to deliver target revenues for this financial year of around £2m.
Europa Metals (AIM:EUZ ) shares were up 20% after investors digest strong FY20 Results
The lead-zinc and silver developer posted its final year results for the year ended 30 June 2020, saying it had acclimatised to the current ‘new and challenging global environment’.
On Wednesday, the European-focused firm told investors that it had spent the year continuing to advance its wholly owned Toral lead, zinc and silver project in north west Spain.
‘Our efficient and cost-effective approach to exploration and development has included the successful prosecution of several drilling campaigns designed to extract maximum value and information from each drill hole,’ the Company highlighted within its statement.
In recent months, the Company reported positive results in an updated resource model at the Toral project which further identified the project as a potentially high-grade producer.
Europa said it will progress through the next 12 month period with its planned activities that have been financed by the recent post year end fundraising of £2m announced in August.
The group said it is planning for further drilling and metallurgical work which it said will feed into an updated production flow sheet as well as key components of a pre-feasibility study.
It said drilling should enable the Company to grow the size of the current indicated resource estimate which will in turn feed into updated economic parameters for the Toral Project.
Kromek Group (AIM:KMK ) shares finish the week strongly post on strong FY results
The detection technology supplier said in its final results for the year ending 30 April 2020 that the period had been 'operationally a very strong, successful year’ despite COVID-19.
The group said on Wednesday that its business patterns are now returning to normal and detector shipments are being scheduled following lockdown as a result of the pandemic.
Despite entering 2019/20 in ‘a stronger position than ever before,’ with a revenue increase of 43% in its first half, the group experienced a material impact resulting in lower revenues.
However, Kromek told investors that both mitigation measures and operational progress that it has made during the year means the group is ‘well-positioned to rebound strongly.’
Commenting on the final results, Dr Arnab Basu, Chief Executive of Kromek said:
“It is greatly encouraging that we are now starting to see a return to normal business patterns, and this is feeding through into increased activity from our customers around the world.”
He added, “As a result, the Board is cautiously optimistic for the year ahead and will provide updates to the market as the outlook becomes clearer moving forward."
Easyjet (LON:EZJ ) shares finish turbulent week down 5% to 508.8p
The low-cost airline recently reported losses of more than £800m this year, sending the Company into the red for the first time in its 25-year history, the Financial Times reported.
The steep loss comes as no surprise following one of the worst years for the airline industry on record as the coronavirus pandemic continues to threaten the global travel industry.
Easyjet said it is committed to ‘profitable flying’ but is currently burning its cash resources, in turn prompting fears it will need more despite having raised over £2.2bn during the pandemic.
CEO, Johan Lundgren, has called on the UK government for further help in the sector as the airline has been forced to cut winter flight schedules due to declining passenger demand.
Based on current travel restrictions, the carrier said it expects to fly 25% of planned capacity for Q1 2021 and said it remains focused on cash generative flying over the winter season.
The company’s share price has lost around 60% of its value this year.