The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMGGT.L Share News (MGGT)

  • There is currently no data for MGGT

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Frasers to finally return to FTSE 100, replacing outbound Meggitt

Thu, 08th Sep 2022 19:14

(Alliance News) - Frasers Group PLC will return to London FTSE 100 benchmark next week, replacing Meggitt PLC which is on its way out after accepting a takeover bid.

In August 2021, the aerospace components said it had accepted a GBP6.3 billion takeover offer from Parker-Hannifin Corp.

It will be deleted from the FTSE 100 index next week, index operator FTSE Russell said. Frasers, formerly known as Sports Direct International, will take its place.

Frasers was booted out of the blue-chip index back in March 2016. It has not returned since.

Replacing Frasers in the FTSE 250 will be WAG Payment Solutions PLC. The company, also known as Eurowag, processes toll and fuel payments for trucks around Europe. It listed just under a year ago, pricing its float at 150 pence per share. The stock has fallen 37% since.

The index changes will come into effect on Tuesday.

Separately, FTSE Russell said Cineworld Group PLC will be deleted from FTSE SmallCap Index and the FTSE All-Share Index, after it filed for US bankruptcy.

The company on Wednesday said it has begun chapter 11 bankruptcy proceedings in the US Southern District of Texas.

"As part of the chapter 11 cases, Cineworld, with the expected support of its secured lenders, will seek to implement a de-leveraging transaction that will significantly reduce the group's debt, strengthen its balance sheet and provide the financial strength and flexibility to accelerate, and capitalise on, Cineworld's strategy in the cinema industry," Cineworld said.

The picturehouse operator cautioned that the de-leveraging transaction will result in a dilution of shareholder equity.

It added: "Cineworld currently anticipates emerging from Chapter 11 during the first quarter of 2023 and is confident that a comprehensive financial restructuring is in the best interests of the group and its stakeholders, taken as a whole, in the long term. Cineworld looks forward to working with its creditors and stakeholders to advance the group's efforts to restructure its balance sheet."

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
2 Aug 2021 08:07

LONDON BRIEFING: Meggitt accepts GBP6.3 billion takeover offer from US

LONDON BRIEFING: Meggitt accepts GBP6.3 billion takeover offer from US

Read more
2 Aug 2021 07:59

Meggitt to be taken over by Parker-Hannifin in £6.3bn deal

(Sharecast News) - Defence and aerospace engineer Meggitt said on Monday that it has agreed to be bought by US rival Parker-Hannifin for £6.3bn as it reported a decline in interim profit and revenue.

Read more
2 Aug 2021 07:43

LONDON MARKET PRE-OPEN: Meggitt agrees to GBP6.3 billion takeover

LONDON MARKET PRE-OPEN: Meggitt agrees to GBP6.3 billion takeover

Read more
2 Aug 2021 07:20

UPDATE 5-Parker swoops on Britain's Meggitt in $8.8 bln aerospace deal

* Meggitt shareholders to get 800p/share in cash* Shares surge 62% to record high on midcap index* Commitments to British government part of deal terms* Closely monitoring the planned deal, says British govt (Adds response from British government, c...

Read more
2 Aug 2021 07:20

UPDATE 3-Parker to buy Meggitt in $8.8 bln aerospace and defence deal

* Meggitt shareholders to get 800p/share in cash* Shares surge 59% to record high in early trading* Commitments to British government part of the deal terms (Adds details, background, share move)Aug 2 (Reuters) - Parker-Hannifin has agreed to buy i...

Read more
2 Aug 2021 07:20

UPDATE 4-Parker swoops on Britain's Meggitt in $8.8 bln aerospace deal

* Meggitt shareholders to get 800p/share in cash* Shares surge 59% to record high* Commitments to British government part of deal terms (Adds CEO comments from the call)By Muvija MAug 2 (Reuters) - Parker-Hannifin has agreed to buy its London-liste...

Read more
2 Aug 2021 07:20

UPDATE 2-Parker-Hannifin to buy British rival Meggitt in $8.76 bln deal

(Adds background on industry, details from statement)Aug 2 (Reuters) - U.S. industrial firm Parker-Hannifin said on Monday it will buy Meggitt in a deal that values its British rival at 6.3 billion pounds ($8.76 billion), expanding its presence in...

Read more
29 Jul 2021 16:00

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
19 Jul 2021 13:40

Monday broker round-up

(Sharecast News) - BP: Morgan Stanley stays at 'underweight' and revises target price from 285.0p to 305.0p.

Read more
19 Jul 2021 09:49

BROKER RATINGS: RBC upgrades Fresnillo; JPMorgan raises Travis Perkins

BROKER RATINGS: RBC upgrades Fresnillo; JPMorgan raises Travis Perkins

Read more
15 Jul 2021 09:45

BROKER RATINGS: Citigroup prefers Beazley over Hiscox and Lancashire

BROKER RATINGS: Citigroup prefers Beazley over Hiscox and Lancashire

Read more
14 Jul 2021 10:06

BROKER RATINGS: Davy cuts easyJet to Neutral; Carnival raised to Hold

BROKER RATINGS: Davy cuts easyJet to Neutral; Carnival raised to Hold

Read more
12 Jul 2021 10:06

BROKER RATINGS: Morgan Stanley cuts Wizz Air but upgrades easyJet

BROKER RATINGS: Morgan Stanley cuts Wizz Air but upgrades easyJet

Read more
8 Jul 2021 13:04

Thursday broker round-up

(Sharecast News) - Croda International: HSBC upgrades to buy with a target price of 8,600p.

Read more
8 Jul 2021 09:30

BROKER RATINGS: Bernstein starts Tesco, Ocado, Just Eat at Outperform

BROKER RATINGS: Bernstein starts Tesco, Ocado, Just Eat at Outperform

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.