UK based property business Assura published a note on Friday night after the close to say that it had been approached in regard to a possible acquisition of the business. An update this morning from the suitors confirmed the deal as ascribing a valuation of £1.56bn to the firm, equating to a 28% premium on Friday’s closing price. The Assura share price has advanced by more than 17% in early trade.
The owners of comparison site Money Supermarket published an impressive set of full year results this morning. These included group revenues up 2%, post tax profits up 11% and a modest 3% uptick in the dividend. The company also returned to a net cash position having completed paying down the loan associated with the Quidco acquisition and a £30m share buyback program has been launched, too. The Mony share price is up more than 5% shortly after the open.
The AIM listed Scottish property developer Springfield published interim results this morning and despite showing a marked decline in revenues, margins improved by 300bps as a result of profitable land sales, including the disposal of 2480 plots to Barratt for £64m in cash. As a result, full year expectations are now that profits will be meaningfully higher than forecast and that the company will be debt free by the end of 2027. The Springfield share price was up by more than 10% before 9am.
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