Quilter (QLT) shares ticked up 5.54% to 168.7p as the group sells international division
Shares in the British multinational wealth management company, formerly known as Old Mutual Wealth Management, ticked up on Friday after the group announced the sale of its international division to the life and pensions business Utmost International for c. £483m.
The Group told investors that the move, which follows a recent strategic review, will allows it to focus on accelerating its growth and efficiency plans as well as further simplifying and focusing its business around its core UK high net worth and affluent customer proposition.
Quilter noted that it had already received multiple offers for Quilter International but that the Board has ‘unanimously concluded’ that the offer by Utmost to acquire the business.
W Resources (WRES) shares soared 9,711.32% to 12.5p as all resolutions passed at GM
Shares in the European mining firm soared on Friday in the aftermath of its GM held yesterday where all resolutions regarding the Proposed Capital Reorganisation were passed.
As a result, the Existing Ordinary Shares will be cancelled and replaced by 78,099,358 new ordinary shares of 0.1p each ("New Ordinary Shares") along with the Deferred Shares.
An application has been made for the admission trading on AIM of the 78,099,358 New Ordinary Shares and dealings in the New Ordinary Shares are expected to commence today.
Oilex (OEX) shares jumped 145.45% to 0.405p as it settles Cambay field dispute with GSPC
Shares in the oil and natural gas explorer rose today after it released a statement stating that it had made further progress in regard to its ongoing dispute of the Cambay field.
Oilex said it has now received approval from Gujarat State Petroleum Corporation Limited (GSPC), granting the company permission to go ahead with its US$2.2m purchase. With approval from the state government of Gujarat and GSPC, Oilex will own 100% of the field.
The completion of the transaction, which will require the finalisation of a binding sales and purchase agreement as well as funding arrangements, is expected to occur within 2Q21.
The completion and transfer of GSPC's PI to Oilex is also subject to the approval of the Indian Government which has been kept ‘appropriately informed at all stages of discussions with the aim of securing approvals for the PI transfer in a favourable time frame.’
Commenting on today’s news, Oilex's Managing Director Mr Joe Salomon wrote, “The long-awaited resolution provides the Company with a pathway to evaluate the significant gas resource potential identified at Cambay. Oilex and GSPC continue to work together to finalise past pending costs related to certain field costs and regulatory spending prior to 2018.”
Wey Education (WEY) shares rose 43.08% to 46.5p as it agrees to £70.4m takeover bid
Shares in the education-focused technology firm soared after it agreed to a takeover bid from Inspired Education Online, thereby valuing the business at around £70.4 million.
Inspired, which owns and operates over 60 premium private-pay K-12 schools with 48,000 students enrolled across 20 countries globally, has offered 47.5 pence a share in cash.
Chairman, Barrie Whipp said he believes that Wey Education being part of the Inspired Group “will be positive for students, staff and teachers that remain with the business.”
He said, “We have, in recent years, become aware of Inspired, and fully believe the Inspired team have a deep understanding of the market, and a strong commitment to online education and it has an understanding of the history and importantly, legacy of Wey.”
Ferrexpo (FXPO) shares fell 5.13% to 355.4p but iron ore price remains ‘healthy’
Shares in the FTSE 250 iron ore pellet producer fell on Friday despite having gained over 4% in value since publishing its full year results for the 12 months ended 31 December 2020.
In its results published last month, the group posted a 13% increase in revenue to US$1.7 bn which it said was a reflection of rising production volumes and destocking process in 1H20.
Underlying earnings rose 46% to $859m from $586m in FY19. The group, which said it expects to increase production levels from 2020, has also proposed a special dividend.
In respect of the strong performance in 2020 and with transition to net cash position and continued healthy iron ore prices, a further special interim dividend is being proposed of 39.6 US cents, making the total dividends paid in 2020 72.6 US cents (FY19: 19.8 US cents).