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Cobham looking to raise £506.7m in rights issue

Wed, 01st Jun 2016 07:54

(ShareCast News) - FTSE 250 defence and aerospace group Cobham is looking to raise £506.7m in a one-for-two underwritten rights issue.The company will issue just under 569.3m shares at 89p per share, which is a 45.4% discount to the closing price on 31 May.The rights issue is fully underwritten by Bank of America Merrill Lynch and Jefferies International and is not subject to shareholder approval.Chief executive officer Bob Murphy said: ""The rights issue will put Cobham on a sound financial footing by reducing gearing towards its target of below 2x net debt to EBITDA. The board confirms the outlook for the year ended 31 December 2016 remains consistent with the 26 April 2016 announcement. "We remain confident that continued investment in technology and know-how will enable us to maintain our leading positions in specialist markets with good prospects leaving Cobham well placed to deliver growth over the medium term."Cobham proposed the rights issue back in April, when it reported a big slump in first-quarter profit.The company attributed the slow start to the year to operational issues in the Wireless business resulting in delayed shipments and a one-off charge of £9m.It also pointed to increasing headwinds in the commercial fly-in fly-out business and cost increases on a small number of development programmes in the Advanced Electronics Solutions Sector.At 0818 BST, shares were up 1.2% to 164.90p.
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5 Jan 2017 12:38

Thursday broker round-up

(ShareCast News) - Royal Dutch Shell B: UBS reiterates buy with a target price of 2500p. Aviva: JP Morgan reiterates overweight, 553p target. B&M European: HSBC reiterates buy with a 350p target. Breedon: Berenberg reiterates buy with a 85p target. Cobham: JP Morgan keeps at neutral with a 175p t

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23 Nov 2016 16:00

Sector movers: Meggitt, Cobham lift defence stocks

(ShareCast News) - Price gains for some key steel-making ingredients such as iron ore and thermal coal as well as in Chinese rebar futures kept pushing shares in Evraz and many of the main mining groups higher. Overnight, spot iron ore prices at Tianjin advanced from $69.0 a tonne to $71.5 a tonne,

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23 Nov 2016 14:29

Wednesday broker round-up

(ShareCast News) - Anglo American: UBS reiterates neutral with a target price of 950p. Lloyds: Macquarie reiterates outperform with a 65p target. Intertek: Barclays stays at equal-weight with a 3700p target. Barclays: HSBC reiterates buy with a 190p target. Homeserve: UBS maintains neutral with a

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22 Nov 2016 07:51

Cobham Chairman Devaney To Leave, Wareing To Take Over

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22 Nov 2016 07:23

Cobham to replace chairman in management shake-up

LONDON, Nov 22 (Reuters) - Britain's Cobham said chairman John Devaney would be replaced by senior independent director Michael Wareing in January, amid management change at the aerospace and defence company after two profit warnings. Cobham's new CEO David Lockwood will start in December a

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11 Nov 2016 17:46

Directors dealings: BAE Systems director takes profits

(ShareCast News) - BAE Systems's group director for business development took advantage of a two-day spike in the shares of the aerospace and defence engineer to take some profits. On 10 November, Alan Garwood sold 33,000 shares at an individual price of 605p each, walking off with £199,650. Betwee

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11 Nov 2016 15:59

Cobham Confirms New Chief Executive To Start On December 12

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31 Oct 2016 16:55

Britain's FTSE slips, though posts fifth straight month of gains

* FTSE 100 down 0.6 pct * Longest monthly run of advances since 2013 * WPP jumps after update * Shire and Next fall ahead of earnings (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livema

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31 Oct 2016 10:28

Britain's FTSE slips, though on track for fifth straight month of gains

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 down 0.4 pct * Set for fifth month of straight gains * WPP jumps after update By Kit Rees LONDON, Oct 31 (

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31 Oct 2016 09:39

BROKER RATINGS SUMMARY: HSBC Raises IAG To Hold From Reduce

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28 Oct 2016 15:04

UK Dividends Calendar - Next 7 Days

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25 Oct 2016 15:12

GRAPHIC-Downgrades, profit warnings ring Brexit alarms for UK mid-caps

* FTSE 250 vs FTSE 100: http://reut.rs/2eCvwk9 * Profit warnings spark broker downgrades * Earnings disappointments lead to outsized moves * Senior, Cobham, Laird among midcaps warning on profits By Kit Rees LONDON, Oct 25 (Reuters) - A spate of profit warnings among

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25 Oct 2016 10:10

Tuesday broker round-up

(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal

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24 Oct 2016 10:57

LONDON MARKET MIDDAY: Stocks Lose Gains As Iraq Complicates OPEC Deal

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24 Oct 2016 10:00

UPDATE 2-British defence group Cobham cuts profit forecast again

* 2016 trading profit could be 12 pct lower than consensus * Affected by weak demand for electronics products * Shares fall 17 pct (Adds CFO comment, analyst comment, share price,) By Sarah Young LONDON, Oct 24 (Reuters) - British aerospace and defence company Cobham cut

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