TRADING UPDATES: Blackrock Income & Growth review; Tribal unit sale
The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Spire Healthcare Group PLC - London-based private healthcare provider - Updates on the 250 pence per share acquisition offer from Tulip UK Bidco Ltd, a newly formed company owned by funds managed or advised by Toscafund Asset Management LLP, THCP Advisory Ltd and Ares Management Ltd. The offer values Spire's equity at £1.03 billion. It gives Spire an enterprise value, including debt, of £2.31 billion. The Takeover Panel alerts that Bridgemere Securities Ltd, a firm acting in concert with Bidco, on Wednesday sells 22.3 million Spire shares, or 5.57% of its share capital. Says the consent of the Panel was not obtained prior to the sale and 24 hours public notice was not provided, as required under the Takeover Code. Rules that neither Bidco nor any person acting in concert with it may acquire any Spire shares and that Bidco may not revise its offer other than in exceptional circumstances with prior consent of the Panel.
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Blackrock Income & Growth Investment Trust PLC - London-based investment trust - Board says it "has considered ongoing challenges with size, liquidity, and operating costs in the context of the evolving investment trust industry." Initiates a review after consultation with manager BlackRock Investment Management UK Ltd with the objective of "identifying a more sustainable and competitive future strategy for the company to address those challenges whilst maximising value for all shareholders over the long term." Says it is inviting proposals for the future strategy of the company. Adds: "Whilst the company's current investment focus is UK equities, the board is open to receiving proposals (including corporate solutions) that do not maintain a UK-only focus. Interested parties should contact JP Morgan Cazenove for further information. The board is grateful for BlackRock's ongoing support and notes that BlackRock will continue to manage the company as it has done to date."
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Smarter Web Co PLC - Bristol, England-based web design and development and online marketing services provider with bitcoin treasury policy - Says it is considering a possible initial public offering of a new class of preferred shares with the reserved ticker MORE. Plans to publish a prospectus. "Completion of the possible IPO is expected to be subject to the satisfaction of certain conditions, including: gross proceeds of at least £10 million being raised under the possible IPO; at admission, at least three firms being registered with the London Stock Exchange as market makers in the preferred shares; and at admission, at least 50% of the preferred shares being held in public hands," company says. Should admission be reached, plans an at the market facility under which Tennyson Capital Partners LLP would sell preferred shares via its broker. Adds: "The directors believe that the possible IPO would broaden the company's access to institutional and retail capital, provide a flexible, long-term source of funding alongside the ATM facility, strengthen the company's balance sheet and financial flexibility, supporting further acquisitions of revenue-generating operational businesses, general working capital requirements, and fulfil the company's broader strategy of creating value alongside its Bitcoin treasury."
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Tribal Group PLC - Bristol, England-based educational software and services provider - Agrees to the £189.3 million sale of its Student Information Solutions division and Etio business to Thames Bidco Ltd, a newly formed company controlled by funds and accounts managed or advised by Main Capital Partners, a specialist software investor managing private equity funds with EUR12 billion in assets under management. "The sale follows the exploration of a range of strategic options by the Tribal board, with the objective of maximising shareholder value. This included the receipt by the board of an unsolicited, highly conditional, non-binding potential offer from SilverTree Equity Partners LLP which was unanimously and unequivocally rejected by the Tribal board shortly before this announcement." Says the Main Capital offer is "more attractive".
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Gamma Communications PLC - Newbury, Berkshire-based provider of cloud communications and voice services - Waterland Private Equity Investment BV confirms media speculation that it is no longer "acting in concert with the Giacom Group in connection with the possible acquisition of Gamma." Adds: "Waterland continues to consider its interest in Gamma but there can be no certainty that any offer will be made for Gamma by Waterland nor as to the terms of any offer, if made."
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Cindrigo Holdings Ltd - Guernsey-based renewable energy company focused on geothermal power and waste-to-energy projects - Says the £1.7 million bridge loan announced on June 3 was offered by a potentially "compromised" investor. Says "an alternative investor has been identified who may be prepared to complete the investments and loans on materially the same terms as the original investor. The company and its advisers are working to conclude definitive agreements and will make a further announcement in this regard when appropriate." In the interim, agrees a £1.7 million short-term bridge loan facility guaranteed by Danir AB, its largest shareholder.
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Johnson Matthey PLC - Royston, Hertfordshire-based speciality chemicals maker - Chief Operating Officer Richard Pike buys 17,635 shares at 2,247.5 pence each on Friday in London. Worth £396,271 in total.
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Keller Group PLC - London-based geotechnical specialist contractor - President Europe, Middle East and Africa Peter Wyton sells 30,000 shares at £29.66 each on September 10 in London, worth £889,800 in total.
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