(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - LOSERS
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AstraZeneca, down 1.2%. The coronavirus vaccine developed by AstraZeneca and Oxford University, which was approved Wednesday in Britain, is unlikely to get a green light in the EU in the next month, according to the European Medicines Agency. The regulator, charged with overseeing vaccines' authorisation in the EU before they can be marketed, approved the Pfizer Inc-BioNTech SE vaccine on December 21. It is expected to rule on Moderna's vaccine on January 6. But an EU ruling on the AstraZeneca-Oxford jab will take more time.
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FTSE 250 - WINNERS
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FirstGroup, up 1.5%. The Aberdeen, Scotland-based transport company made three property disposals in the US and Canada, for total gross proceeds of USD137 million, as part of its programme to rationalise Greyhound's property portfolio. The largest is the sale of Greyhound's oversized legacy garage and customer terminal facility in the downtown arts district of Los Angeles, California, to a subsidiary of Prologis. The agreement was finalised on Wednesday and FirstGroup said it will receive net USD88 million in cash and will lease back the facility from Prologis for two years. The Los Angeles site had a book value of USD11 million as at September 30. The other two property disposals are of facilities in Denver, Colorado, to be sold for net proceeds of USD37 million, and in Ottawa, Ontario, for net proceeds of USD7 million. In total, the three properties' book value was USD24 million as at September 30, resulting in a total profit on sale for all three transactions of USD100 million, net of leaseback, property tax and selling costs. The cash proceeds from the transactions will be used for general corporate purposes, FirstGroup said.
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OTHER MAIN MARKET AND AIM - WINNERS
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Countrywide, up 12%. The property company agreed to a raised takeover offer from peer Connells. Countrywide shareholders will receive 395 pence in cash for each share. The new agreed price is up from 325p offered at the start of December, with that offer itself representing a 30% increase from an earlier offer from Connells. The price represents a 172% premium over Countryside's unaffected price. Connells said it has received written confirmations of support for the acquisition from Countrywide shareholders in respect of 16.8 million shares, representing 51% of Countrywide's equity. The acquisition is expected to complete in the first quarter of 2021. "Following a thorough evaluation of options and extensive consultation with the company's major shareholders, we have been encouraged by their recognition of the need to put in place a sustainable capital structure and a willingness to support the company, which is a great business that has been constrained by too much debt," said Countrywide Acting Non-Executive Chair David Watson.
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Panther Metals, up 5.3%. The Malaysia-based investor in natural resources said 2020 has created challenges, but its networks have proven resilient, allowing the company to exceed its own expectations during the calendar year. The business in an "extraordinarily strong" position moving into 2021, it said. "Ownership of 100% of our assets ensures the business has control during the exploration and development phase of each asset, providing our shareholders with security that our experience and expertise in creating value along the curve can be reflected directly in the company," said Chief Executive Darren Hazelwood. Going forward, the company said it intends to focus on accelerating the development of our portfolio.
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OTHER MAIN MARKET AND AIM - LOSERS
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Bahamas Petroleum, down 2.1%. The Isle of Man-based exploration company focused on Bahamas, Uruguay, and Trinidad & Tobago, reported that a hearing of the Bahamas Supreme Court was held on Wednesday, following a two-day delay. The court has reserved judgement, but there was no indication of a date when any further ruling will be provided. On Tuesday, Bahamas Petroleum had said drilling of the Perseverance #1 well would continue after application for leave to apply for a judicial review, brought against the government of the Bahamas over the issue of environmental authorisation for the well, was denied.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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