Movers of Monday 24 May 2021

Francesca Morgan
Market Report
15:30, 11th June 2021

Sanne Group (SNN) shares ticked up 10.23% to 851.5p as it receives £1.42bn offer 

The asset management service provider said it has entered into talks with Cinven after receiving a £1.42bn offer, which includes a possible all cash offer at 875p per share. 

In response the FTSE 250 group told investors that it is awaiting for Cinven’s firm intention to make an offer for Sanne or to announce that it does not intend to make an offer. 

SNN price chart

Sigma Capital Group (SGM) shares soar 34.90% to 201p as it receives £188.7m offer 

The build-to-rent housing provider said it has agreed to be bought by private equity firm PineBridge Benson Elliott in a recommended cash offer which values the group at £188.7m. 

As part of the acquisition, which has been unanimously recommended by Sigma’s Directors, PineBridge has offered 202.1p per share, a 35.6% premium to last night’s 149p closing price. 

Addressing shareholders this morning Sigma said: “In order to deliver its next phase of growth, Sigma would require consistent access to capital to invest in scale into UK PRS products and further grow the business through forming new housebuilder partnerships, expanding operations into new regional markets and widening its rental product offering.” 

Sigma said it believes the acquisition will accelerate the delivery of these strategic benefits “at a rate which would be otherwise difficult to achieve as a standalone AIM-listed company.” 

SGM price chart

Avacta Group (AVCT) shares jumped 16.89% to 256p as it secures EU registration 

Avacta, which develops diagnostics and cancer therapies, has received notice of registration of its AffiDX® SARS-CoV-2 antigen lateral flow test in the EU which will allow the company to place the product on the market in all 27 countries of the EU for professional use. 

To date, data for the AffiDX® SARS-CoV-2 antigen lateral flow test has demonstrated 100% sensitivity for identifying infectious individuals with viral loads measured by PCR of Ct<27. 

Avacta said it is progressing commercial opportunities with distributors and end users in Europe and that this product registration is the key final step towards commercialisation. 

AVCT price chart

Hurricane Energy (HUR) shares rose 16.41% to 1.328p as bondholders support strategy 

In a morning statement, the UK based oil and gas company said its restructuring plan has been supported by bondholders with 100% of votes cast at an organised virtual meeting. 

Meanwhile, in an update on the group’s field operations in Lancaster, the company has decided to maintain the P6 well on natural flow at a rate of 9,000 - 11,000 bopd in order to fulfil the minimum lifting quantity for the next Lancaster lifting scheduled for next week. 

HUR price chart

The Restaurant Group (RTN) shares fall again by 2.40% to 130.2p  

Earlier this week, the group unveiled that its Chairman, Debbie Hewitt MBE, is planning to step down from the Board with effect from 31st December 2021 after it was revealed that she is to become the Football Association’s first chairwoman with effect from January 2022.  

In recent weeks the stock has lost value following speculation from the UK government over whether or not there will be a delay for the lifting of all Covid restrictions later this month. 

Despite this, the group, which owns the restaurant chain Wagamama, reported back in May 2021 that it had seen a “very encouraging” recovery in sales after trading had resumed.   

RTN price chart

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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