Registering the most impressive gains within the FTSE 100, G4S has raised £348 million through share placing. This, accompanied by the planned sale of business worth a total of £250 million, is hoped to both alleviate the company’s debt, which stands at 3.2 times its earnings before tax, depreciation and amortization, and help restore its public image after criticism for its handling of a government contract and the security contract fiasco for last year’s Olympics in London.
Rolls-Royce Holdings, +0.54%
Rolls-Royce has secured a contract worth $13.7m for replacing the plant process computers (PPC) for the two generating units at Luminant’s Comanche Peak nuclear power plant in Texas. Under the contract, Rolls-Royce will replace the ageing PPC on both units of Comanche Peak and also the PPC training system located within its full scope training simulator.
Embattled FTSE 250 miner Bumi yesterday unveiled a management shake-up and said that the company’s separation is “at an advanced stage”, as it said half-year earnings had halved from last year. The company – which has been embroiled in a tug-of-war between its co-founders financier Nat Rothschild and Indonesia’s Bakrie family – has appointed industry veterans Paul Fenby and Keith Downham as chief financial officer and chief mining officer. It is also aiming to cut costs and increase production in order to turn around its fortunes.
Hansteen Holdings, +1.32%
Hansteen confirms that it intends to take a 26.3% stake in the Ashtenne Industrial Fund. This includes the intended subscription for £42.5 million of new units and (following the cancellation of Warner’s listing) the intended purchase of Warner’s current 5.3% stake.
W Resources, +21.29%
W Resources has gained some 23.75% this morning, making it the highest rising UK stock so far. The tungsten exploration and development company has confirmed it has taken ownership of the La Parrilla tungsten mine in southwest Spain. It has initially put down €900,000 and will make further phased payments of €1.3 million in third quarter of next and of €500,000 12 months later. It’s expected these will be funded from the cash flows from tailings production at La Parrilla.
International Consolidated Airlines, -1.78%
Investec lowered shares of International Consolidated Airlines from a “buy” rating to a hold rating in a report released yesterday. Investec currently has $4.98 price objective on the stock, up from their previous price objective of $4.20. A number of other analysts have also recently weighed in on IAG. Analysts at AlphaValue reiterated a sell rating on shares of International Consolidated Airlines in a research note to investors on Thursday, August 22nd.
Goldman Sachs Group Inc. reissued their neutral/neutral rating on shares of Petrofac Ltd in a research report released yesterday. Goldman Sachs Group Inc. currently has a $23.55 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $26.31
bwin.party digital entertainment, -13.55%
bwin.party digital entertainment’s total revenues fell to €342.5m in the six months to the end of June – down from €410.0m last time. But the group says its sustainable revenue base now forms a solid foundation for future growth and it is on track to deliver at least €70m of cost savings in the current year versus 2012 and up to €20m of additional savings in 2014. Clean earnings before interest, tax, depreciation and amortisation from continuing operations of €60.7m was down 34% reflecting the impact of a turnover tax on sports betting in Germany introduced on 1 July 2012, ISP blocking in Belgium and the closure of slots in Spain.
Evraz was downgraded by equities researchers at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a research report issued Wednesday. They currently have a $1.70 price target on the stock, down from their previous price target of $5.30. Goldman Sachs Group Inc.’s target price would indicate a potential downside of 12.59% from the company’s current price.
GoldStone Resources, -8.57%
GoldStone Resources posts pre-tax losses of $6.5m for the year to the end of February – up from $5.7m last time. Chief executive Jurie Wessels said: “Despite challenging market conditions, we have made significant progress at all of our projects and yielded encouraging drilling results at Sangola, Oyem and Ngoutou. In the coming months we will continue with cash conservation measures in order to stretch the funds raised in the recent placing and will be doing only essential exploration work at our permits”.