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Private equity takeover of Ultra Electronics set to be approved

Fri, 24th Jun 2022 07:04

(Sharecast News) - The £2.6bn takeover of British defence manufacturer Ultra Electronics by a US private equity firm looks set to be waved on by the UK government after the Department for Business said it was minded to accept the deal.

Cobham last year launched a takeover of Ultra Electronics, which makes systems such as sonar and radio communications used by military and civilian aircraft. Cobham itself was controversially taken over and broken up by US private equity investor Advent over 2019 and 2020.

Business Secretary Kwasi Kwarteng announced after markets closed on Thursday that he was "minded to accept undertakings offered" by a Cobham/Advent investment vehicle to address national security concerns.

The government stepped in last August over security concerns around the deal. Under the terms published on Thursday, Cobham will have to create two "SecureCos" to house "sensitive capabilities" with the government holding a seat on each.

It will also have "step-in rights" allowing ministers to take control of the SecureCos on national security grounds.

Kwarteng said this would be like a "special share" it already holds in key UK defence manufacturers BAE Systems and Rolls-Royce, allowing it to reject strategy changes.

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15 Jul 2022 09:49

LONDON BROKER RATINGS: JPMorgan downgrades Admiral and Direct Line

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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7 Jul 2022 11:44

UK government approves acquisition of Ultra Electronics by Cobham

(Alliance News) - Ultra Electronics Holdings PLC on Thursday said that its acquisition by Cobham Group Holdings Ltd has received all antitrust and regulatory approvals.

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30 Jun 2022 21:38

EXECUTIVE CHANGES: SDI hires former Ultra Electronics CFO as new CFO

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

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24 Jun 2022 17:08

Defensive stocks lead rebound in FTSE 100

June 24 (Reuters) - UK's FTSE 100 rose on Friday, lifted by defensive stocks at the end of a choppy week that saw investor anxiety over hawkish central banks, weak economic readings and heightened risks of a global recession.

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24 Jun 2022 16:51

LONDON MARKET CLOSE: Stocks surge as traders bet on slower Fed hikes

(Alliance News) - European equities defied the uncertain global economic outlook and jumped on Friday, posting a first weekly gain in three weeks, as markets begin to price in a slower monetary policy tightening process by the US Federal Reserve.

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24 Jun 2022 12:24

LONDON MARKET MIDDAY: Stocks rise on US Fed pledge to fight inflation

(Alliance News) - Stock prices in London were higher at midday on Friday as traders and investors pondered remarks by US Fed Chair Powell in two appearances before legislators.

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24 Jun 2022 09:17

LONDON MARKET OPEN: Ultra Electronics and Energean bookend FTSE 250

(Alliance News) - Stock prices in London opened higher on Friday following a positive lead from Asian equity markets, while Ultra Electronics rose with its takeover set for approval and Energean sank after a share sale.

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24 Jun 2022 08:16

TOP NEWS: UK government set to green-light Ultra Electronics takeover

(Alliance News) - Ultra Electronics Holdings PLC on Friday noted the UK government is "minded" to accept its takeover by Cobham, moving the deal a step closer to completion.

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24 Jun 2022 07:51

LONDON MARKET PRE-OPEN: Barclays buys mortgage lender for GBP2 billion

(Alliance News) - Stock prices in London are seen opening higher on Friday following a rally on Wall Street overnight and a positive day in Asia.

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6 Jun 2022 15:58

UK shareholder meetings calendar - next 7 days

Tuesday 7 June  
Animalcare Group PLCAGM
Arix Bioscience PLCAGM
Centrica PLCAGM
Integrated Diagnostics Holdings PLCAGM
Kooth PLCAGM
Ondine Biomedical IncAGM
Osirium Technologies PLCAGM
SpaceandPeople PLCAGM
TruFin PLCAGM
Wednesday 8 June  
Ascent Resources PLCAGM
Cambridge Cognition Holdings PLCAGM
City Pub Group PLCAGM
DP Eurasia NVAGM
Gem Diamonds LtdAGM
Hiro Metaverse Acquisitions I SAAGM
Itaconix PLCAGM
M&G Credit Income Investment Trust PLCAGM
Nostrum Oil & Gas PLCAGM
Parity Group PLCAGM
Petards Group PLCAGM
Safestyle UK PLCAGM
Savannah Resources PLCAGM
Third Point Investors LtdAGM
Woodbois LtdAGM
Thursday 9 June 
4basebio PLCAGM
Northbridge Industrial Services PLCGM re name change to Crestchic
Funding Circle Holdings PLCAGM
Northbridge Industrial Services PLCAGM
Dignity PLCAGM
Corero Network Security PLCAGM
Kosmos Energy PLCAGM
Kistos PLCAGM
Tungsten Corp PLCGM re Kofax Offer
BioPharma Credit PLCAGM
Checkit PLCAGM
Panther Metals PLCAGM
Instem PLCAGM
Kore Potash PLCAGM
Rambler Metals & Mining PLCAGM
Xpediator PLCAGM
Round Hill Music Royalty Fund LtdAGM
REA Holdings PLCAGM
Invesco Perpetual UK Smaller Companies Investment Trust PLCAGM
BlackRock Smaller Companies Trust PLCAGM
Friday 10 June 
Chariot LtdAGM
MP Evans Group PLCAGM
THG PLCAGM
Ergomed PLCAGM
Ultra Electronics Holdings PLCAGM
XLMedia PLCAGM
Monday 13 June 
Angus Energy PLCGM re second tranche of subscription shares and warrants
Elixirr International PLCAGM
Ocean Outdoor LtdGM re takeover by Atairos Group Inc
Jupiter Emerging & Frontier Income Trust PLCGM re voluntary liquidation
Mirriad Advertising PLCAGM
Saga PLCAGM
Spectra Systems CorpAGM
VPC Speciality Lending Investments PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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11 May 2022 20:30

IN BRIEF: Ultra Electronics senior executive lifts stake

Ultra Electronics Holdings PLC - London-based defence and security company - Says Mike Baptist, its president of Intelligence & Communications, buys 3,940 shares at 3,202 pence each on Wednesday in a deal worth GBP126,158.80. Following the transaction, Baptist holds 16,132 shares.

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26 Apr 2022 16:15

Director dealings: Insig AI chair invests, Ultra Electronics CEO covers tax bill

(Sharecast News) - Insig AI was at the top of the list of buys on Tuesday, after its chairman spent almost £80k on its shares.

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25 Mar 2022 09:46

LONDON BROKER RATINGS: Next and B&M raised; British Land cut to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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23 Mar 2022 10:17

Ultra Electronics records reduced annual profit on revenue dip

(Alliance News) - Ultra Electronics Holdings PLC on Wednesday reported a reduced profit in 2021, due to a one-off loss from disposals in spite of organic revenue growth in two of its businesses.

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