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Premarket London: Intu to Raise Capital; Anglo American to Buy Sirius Minerals

Investing.com - Here is a summary from the most important regulatory news releases from the London Stock Exchange ahead of the UK market open on Monday 20 January. Please refresh for updates for UK market news from the LSE’s RNS on individual UK shares from FTSE 100, FTSE 250 and FTSE All-Share.

Shopping mall operator Intu (LON:INTUP) confirmed reports at the weekend that it is planning a capital increase around the time of its annual result presentation in February.

Intu didn’t confirm the intended scale of the offering, which the Sunday Times had estimated at around billion pounds, saying only that it is “engaged in constructive discussions with both shareholders and potential new investors on the proposed equity raise.”

In a brief update on its holiday season performance, Chief Executive Matthew Roberts also said that total footfall was up 0.3% on the year overall, and flat in the U.K., which appears a creditable performance in the light of December’s wretched retail sales figure.

Roberts also said that occupancy was stable at 95% and that the group has already collected 97% of rent due for the first quarter, “demonstrating the lower risk of our existing customer base.”

Mining group Anglo American (LON:AAL) said it would buy Sirius Minerals (LON:SXX) in a cash deal valued at 404.9 million pounds, throwing a lifeline to the struggling potash firm.

Sirius shareholders will receive 5.50 pence per share, an increase of 34.1% on the Jan. 7 closing price, the day before Anglo American (LON:AAL) announced it was in talks to buy the fertilizer company.


The chairman of Sirius Minerals urged shareholders to accept the offer, warning that the company faced administration if the deal did not go through.

"If the acquisition is not approved by shareholders...there is a high probability that the business could be placed into administration or liquidation within weeks,,” said Sirius Chairman Russell Scrimshaw. "This outcome would most likely result in shareholders losing all of their investment, as well as put the future of the entire project, and its associated benefits for the local area and the U.K, at risk."


Premium tonic water maker Fevertree Drinks (LON:FEVR) warned revenue for 2019 would be below expectations as a result of subdued trading in the U.K. over the Christmas period.


The company said annual revenue would be 260.5 million pounds, around 10% below expectations.


"Whilst the UK mixer category has clearly not been immune from the consumer belt tightening seen in recent months, we remain the clear category leader and have a strong platform to return to growth during 2020 and beyond.” said CEO. Tim Warrillow.


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