Charter Court Share News (CCFS)

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - LOSERS----------Experian, down 1.0%. Deutsche Bank downgraded the credit checking agency to Sell from Hold. ----------FTSE 250 - WINNERS----------OneSavings Bank up 9.8%, Charter Court Financial Services, up 9.5%. Charter Court Financial Services confirmed it is in "advanced" talks for a takeover by larger peer OneSavings Bank to create a GBP1.64 billion specialist lender. OneSavings, which has not yet released its own statement, would offer 0.8253 of a share per Charter Court share, leading to OneSavings Bank shareholders owning 55% of the new group and Charter Court's the rest. OneSavings Bank has a market capitalisation of GBP904.6 million and Charter Court GBP733.3 million. Leading the combined group would be current OneSavings Chief Executive Andy Golding. The "highly compelling" deal, Charter Court said, would create a "leading" specialist mortgage lender in the UK and a strong retail-wholesale funding platform. A deal has not yet been agreed, Charter Court stressed, but both boards would recommend one to its shareholders if a final agreement can be reached. ----------Provident Financial, up 2.5%. The subprime lender reiterated its view that the offer for the company received by smaller peer Non-Standard Finance is "strategically and financially flawed". Furthermore, Provident argued that the offer presents significant risk in terms of both execution and shareholder value. Therefore, Provident's board continues to "strongly" urge shareholders to take no action in respect of the offer. Non-Standard Finance approached Provident with an hostile all-share takeover offer worth GBP1.3 billion in February. On Saturday, Non-Standard Finance published the offer document alongside a letter from Chief Executive Officer John Van Kuffeler to Provident shareholders. Van Kuffeler, who was CEO and chair of Provident for 22 years, said the offer presents a "compelling and achievable vision" for a better future for Provident, its shareholders, employees, and customers. Non-Standard Finance shares were flat. ----------Polymetal International, up 1.7%. The Russian gold miner said it had a strong 2018 on both an operational and financial basis. Polymetal already had reported 2018 production at the end of January, showing gold equivalent production rising 9% to 1.6 million ounces, above guidance of 1.5 million ounces. Gold production rose 13% to 1.2 million ounces, with silver down 6%, copper up 43%, and zinc output rising 12%. The firm's revenue for 2018 has climbed 4% to USD1.88 billion, and adjusted earnings before interest, tax, depreciation, and amortisation climbed 5% to USD780 million. Net earnings were flat at USD355 million, though on an underlying basis rose 19% to USD447 million. Polymetal will be paying a 31 US cent final dividend, taking the 2018 total to 48 cents, up 9.1% from 44 cents. ----------FTSE 250 - LOSERS----------Clarkson, down 9.0%. The shipping services firm reported a slight decrease in its annual profit due to a challenging start to 2018 and higher costs. For 2018, the company posted pretax profit of GBP42.9 million, 5.5% lower compared to GBP45.4 million a year ago. Revenue, meanwhile, rose 4.2% to GBP337.6 million from GBP324.0 million. The dip in profit was mainly due to higher administrative expenses of GBP282.1 million compared to GBP269.3 million a year ago. Looking ahead, the company said it has started the year with a "stronger forward order book". However, it warned that geopolitical uncertainty, from trade wars, Brexit and the imposition of sanctions, is continuing to have an impact on global sentiment and is delaying its ability to "execute on awarded mandates".----------Cairn Energy, down 6.2%. The oil and gas exploration and development company said that while it is confident in its arbitration claim against the Indian Income Tax Department, it no longer expects the award to be issued before late 2019. Cairn began its proceedings against India in 2015 after "retrospective taxation actions" by the country's Income Tax Department in 2014. Cairn claimed around USD1.4 billion. According to Cairn, this USD1.4 billion figure is the amount required to reinstate "the position it would have been in" if the Indian tax department had not acted in this way. Cairn said it expects that the arbitration panel will "issue a binding and internationally-enforceable award", and the company is confident of the merit of its arbitration claims.----------OTHER MAIN MARKET AND AIM - WINNERS----------IDE Group, up 22%. The cloud and IT managed services provider said it expects its annual loss to reduce significantly after implementing operational cost savings. IDE said that for 2018, it implemented annualised cost savings, including staff, software licencing and property cost reductions of GBP7.8 million. This will lead to its annual adjusted earnings before interest, taxes, depreciation and amortisation loss to be significantly lower than that reported at the half year of GBP7.0 million. ----------OTHER MAIN MARKET AND AIM - LOSERS----------Regency Mines, down 32%. The miner warned it may be forced to forfeit control of its interests in its Mining Equity Trust joint venture and US coal operations in order to restructure its debt. Regency Mines is in talks with a group of institutional investors concerning "several payments" that may be due under its existing loan note. The miner said its possible inability to make these payments could require further debt restructuring, and may even require the company to forfeit control of its US coal operations and MET interests, because the assets are already pledged as collateral to Regency Mines' lenders. ----------Driver Group, down 29%. The engineering consultancy company said trading in the first half of its 2019 financial year has been behind expectations due to project delays. Driver has continued to make good progress towards the fulfilment of objectives since its previous financial year ended in September 2018, it said. However, Driver said trading is now behind expectations in the first half of its current financial year, owing to a slowing in the speed of client conversion, in particular in the Middle East and south-east Asian markets. As a result, the company now anticipates full-year underlying pretax profit to be GBP3.5 million, slightly below the prior year's result of GBP3.8 million.----------Kier Group, down 15%. The construction company said it is to book a GBP25 million provision related to delays in its redevelopment of Broadmoor hospital. Kier expects to hand over the first phase at Broadmoor shortly, with remaining work, representing less than 10% of the project's value, to start shortly after. Kier has agreed with the client concerning Kier's entitlement to costs associated with delays at the project, and as a result will include a GBP25 million provision in its results for its year ending June 2019 "in respect of future recoveries from the client and other third parties". Turning to the balance sheet, Kier has revised its net debt position as of 2018's end to GBP180.5 million, up from GBP130 million previously stated. Kier found "a number" of adjustments, mainly due to hedging, leading to the debt position amendment. It still expects a net cash position at June 30. ----------