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WINNERS & LOSERS SUMMARY: Sports Direct Sinks On Annual Results Delay

Mon, 15th Jul 2019 10:21

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - WINNERS----------Antofagasta, up 4.3%. An international tribunal has ordered Pakistan to pay almost USD6 billion to a joint venture partly owned by Antofagasta, the Chilean miner said. The USD5.84 billion award has been made by the World Bank's International Centre for Settlement of Investment Disputes to Tethyan Copper Co, a partnership between Antofagasta and Canada's Barrick Gold. The dispute centred on the alleged "unlawful" denial of a mining lease for the Reko Diq project in Pakistan in 2011. Pakistan, which has "limited" grounds for a challenge, will pay USD4.09 billion based on a market value of the project in 2011, and interest of USD1.75 billion. A feasibility study, Antofagasta said, showed Reko Diq contained one of the world's largest undeveloped copper and gold deposits, with the potential to be mined for over half a century.----------FTSE 100 - LOSERS----------Micro Focus International, down 5.0%. The software firm was extending losses after it said last week its high-profile acquisition of Hewlett Packard's software business was still proving difficult to integrate into existing operations. The stock is down 20% since last Tuesday. In addition, the Newbury-based software firm said on Monday Chair Kevin Loosemore sold 650,000 shares at an average price of 1,777 pence each, in a deal worth around GBP11.6 million in a series of transactions last Wednesday and Thursday. ----------Direct Line Insurance, down 1.1%, Admiral, down 0.9%. The UK government unveiled a recalculation to the rate used to calculate the amount insurers must pay for personal injury claims. The personal discount rate, or Ogden rate, has been raised to minus 0.25% from the minus 0.75% implemented in 2017, Lord Chancellor David Gauke said. The Ogden rate is a calculation used by courts to work out how much insurance companies need to pay out in the event of life-changing injuries to customers, taking into account the likely return from the investment of such awards. The higher the rate, the better the outcome is for insurers. "Essentially a 2017 decision to drastically reduce the assumed returns claimants can earn on a lump sum has been walked back a bit but the industry's disappointment in today's outcome is still palpable. Analysts had certainly pencilled in a more favourable settlement. At the very least recent developments may put the brakes on the generous dividends these firms have paid in the past, particularly when you consider an FCA probe could place further pressure on premiums as the difference between what new and existing customers are charged is challenged," said AJ Bell's Russ Mould. ----------FTSE 250 - LOSERS----------Sports Direct International, down 11%. The sportswear retailer said it would delay the release of its annual results, citing the complexities of the integration of department store chain House of Fraser. The company was originally set to report full-year results on Thursday. Sports Direct said Monday that increased regulatory scrutiny and the complex integration of House of Fraser, alongside uncertainty over the troubled department store's future prospects were the reasons for the delay. The company said accounting firm Grant Thornton has asked for additional time to complete its audit. In addition, Sports Direct said there are some "key areas to conclude" which could further hurt the guidance given in December. The company now expects its audited results to be published between July 26 and August 23.----------Cairn Energy, down 2.5%. The oil and gas explorer was cut to Underperform from Hold. ----------OTHER MAIN MARKET AND AIM - WINNERS----------Kibo Energy, up 15%. The coal exploration and development company said it signed a collaboration deal with power plant operator STEAG in order to help develop its portfolio of energy projects. Kibo signed the deal with STEAG Energy Service - a subsidiary of STEAG - which operates 6,600 megawatts of power through its own power plants and 6,700 megawatts of power for third party clients. The majority of the power plants owned by STEAG are coal fired. No financial details related to the agreement were provided.----------OTHER MAIN MARKET AND AIM - LOSERS----------Thomas Cook, down 9.5%. The tour operator has come under criticism from shareholder group ShareSoc for misleading small shareholders about its cash position, the Daily Mail reported on Sunday. Thomas Cook announced on Friday that Chinese investors Forun Tourism Group provided the troubled company with a GBP750,000 cash injection. ShareSoc's director Cliff Weight said statements made in February and May, which said that the company's cash position was improving and it was taking a "number of prudent steps to de-risk our business" were optimistic. He said: "Thomas Cook's directors need to be held to account for making such positive statements, which may have misled many investors." Individual shareholders together own 20% of the company which has more than GBP1.20 billion worth of debt, the Daily Mail reported.----------

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27 Jan 2023 11:51

Micro Focus expects takeover by OpenText to complete next week

(Alliance News) - Micro Focus International PLC on Friday said its proposed takeover by Open Text Corp is expected to complete on Tuesday next week, after the High Court of Justice in England & Wales approved the transaction for the entire share capital of Micro Focus.

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26 Jan 2023 21:15

Micro Focus International to be replaced by Hunting on FTSE 250 index

(Alliance News) - Micro Focus International PLC will be deleted from the FTSE 250 index, the FTSE Russell said on Thursday, amid its takeover by Open Text Corp.

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24 Jan 2023 20:15

Pacific Horizon to be added to FTSE 250 as Biffa exits amid takeover

(Alliance News) - FTSE Russell said on Tuesday that Pacific Horizon Investment Trust PLC will be added to the FTSE 250 index, replacing Biffa PLC which is being removed.

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17 Nov 2022 14:10

IN BRIEF: Open Text eyes Micro Focus takeover in first quarter of 2023

Micro Focus International PLC - Berkshire-based global enterprise software firm - Potential buyer Open Text Corp expects takeover of Micro Focus to close in the first quarter of calendar year 2023. Open Text adds that it fully syndicated its USD3.59 billion term loan facility with an annual interest equal to adjusted terms secured overnight financing rate plus 3.5%. Further, it prices an offering of USD1 billion of 6.9% senior secured fixed rate notes due 2027 in connection with the acquisition.

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14 Nov 2022 12:15

Micro Focus reports interim revenue fall amid volatile backdrop

(Alliance News) - Micro Focus International PLC on Monday reported a dip in full-year revenue and earnings in the face of an increasingly volatile market backdrop.

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14 Nov 2022 07:58

Micro Focus flags weaker earnings ahead of acquisition by OpenText

(Sharecast News) - Micro Focus International reported a 7% constant currency fall in full-year revenue in a trading update on Monday, to $2.5bn, ahead of its acquisition by OpenText.

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26 Sep 2022 17:19

OpenText completes debt financing ready for Micro Focus takeover

(Alliance News) - Micro Focus International PLC on Monday said that Open Text Corp has completed its debt financing commitments for Micro Focus's GBP5.1 million takeover.

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16 Sep 2022 09:08

PRESS: UK to launch late charm offensive to land Arm IPO - FT

(Alliance News) - The UK government will launch a last-ditch effort to persuade SoftBank Group Corp to list its Arm unit in London, the Financial Times reported on Thursday.

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26 Aug 2022 17:31

UK stocks log worst week since mid-June; Micro Focus soars on buyout deal

Aug 26 (Reuters) - UK stock indexes fell on Friday to log their biggest weekly decline since mid-June as concern mounted about a cost-of-living crisis and Federal Reserve Chair Jerome Powell said the U.S. central bank will raise rates further to try to tame inflation.

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26 Aug 2022 17:07

LONDON MARKET CLOSE: Stocks slump as Powell says Fed to act with force

(Alliance News) - Stocks in Europe ended sharply lower on Friday as US Federal Reserve Chair Jerome Powell made price stability paramount, despite the "pain" that will be caused by moves to tame rampant inflation.

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26 Aug 2022 12:20

LONDON MARKET MIDDAY: Stocks mixed as all eyes on Powell address

Alliance News) - Stock market investors were exercising caution on Friday, in the build-up to a highly anticipated speech by US Federal Reserve Chair Jerome Powell, seeking clues on policy direction going into the next interest-rate setting meeting.

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26 Aug 2022 10:41

TOP NEWS SUMMARY: Micro Focus accepts takeover by Canada's OpenText

(Alliance News) - The following is a summary of top news stories Friday.

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26 Aug 2022 09:02

LONDON MARKET OPEN: Micro Focus rises after agreeing OpenText takeover

Alliance News) - Stock prices in London opened higher on Friday as investors look ahead to a speech by US Federal Reserve Chair Jerome Powell later in the day, while Micro Focus shares surged after agreeing to a takeover offer from a Canadian rival.

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26 Aug 2022 08:09

LONDON BRIEFING: 5 years after HP deal, Micro Focus agrees to takeover

(Alliance News) - Micro Focus International on Friday said it agreed with Canada's OpenText on the terms of a recommended cash acquisition that values the UK software firm, including its debt, at around GBP5.1 billion.

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26 Aug 2022 07:58

TOP NEWS: OpenText to acquire Micro Focus in GBP5.1 billion deal

(Alliance News) - Micro Focus International PLC on Friday said it agreed with Canada's OpenText Corp on the terms of a recommended cash acquisition that values the UK software company, including its debt, at around GBP5.1 billion.

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