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Pin to quick picksMattioli Woods Share News (MTW)

Share Price Information for Mattioli Woods (MTW)

London Stock Exchange
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Share Price: 792.00
Bid: 790.00
Ask: 794.00
Change: 0.00 (0.00%)
Spread: 4.00 (0.506%)
Open: 792.00
High: 792.00
Low: 792.00
Prev. Close: 792.00
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AIM WINNERS & LOSERS: Mattioli accepts GBP432 million takeover

Fri, 08th Mar 2024 10:04

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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AIM - WINNERS

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Mattioli Woods PLC, up 32% at 790.60 pence, 12-month range 481.00p-798.00p. Mattioli Woods accepts an offer from Pollen Street Capital Ltd valuing the business at GBP432 million. The Leicester, England-based specialist wealth and asset management business says the all-cash bid was worth 804 pence per share, a 34% premium to Thursday's closing price of 600.00p. In addition, Mattioli Woods shareholders will entitled to receive the previously declared interim dividend of 9p per share to be paid on March 22. Pollen Street Capital, a London-based alternative investment management company, says it believed that Mattioli Woods would benefit from "transitioning to private ownership with the support of a growth-focused shareholder, who can provide the capital and longer-term view of value creation". Mattioli Woods says it considered the terms "fair and reasonable," and unanimously recommended shareholders accept the offer. Shares in Pollen Street Capital were unchanged at 550p each on Friday.

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AIM - LOSERS

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Kinovo PLC, down 17% at 39.00p, 12-month range 35.60p-70.00p. Shares in the property services provider offering safety compliance and sustainability solutions rise. The company says it continues to make progress towards concluding the remaining projects relating to DCB Kent, its former construction division, with a further four sites having their build completed subject to only final minor snagging checks. This means that a total of seven of the nine projects will soon have been concluded and before the end of Kinovo's financial year. The penultimate project is expected to be build complete by the end of May and discussions continue regarding the final project, which is due to complete in 2026. "These nine projects have been affected by a number of unforeseen and legacy issues, arising from poor quality workmanship with most only becoming apparent on final commissioning and surveys at the sites as they approached completion. These issues caused damage that required significant remedial action with additional costs, causing associated project delays which were, in certain instances, exacerbated by one of the wettest winters on record. The Board continues to assess the recovery of costs incurred as a result of works that have not been performed to a reasonable standard and intends to pursue these rigorously," the company says. The company says the pretax net cost to complete all the DCB projects has now risen by a total of GBP2.9 million from the GBP5.7 million highlighted in November.

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By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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