The management of self-storage provider Lok’n Store have this morning announced a recommended cash offer for the business by Belgian peer Shurgard, at a comparatively modest 16% premium to last night’s closing price. The stock has been on something of a tear of late, adding more than 50% over the last six months, so the decision to cash out now is curious. The fact the share price is continuing to gain ground in early trade also hints that there may be some expectation of a counter offer coming in. Shortly after 9am Lok’n Store was trading 17.5% higher.
The activist asset management firm Polar Capital issued an AuM update this morning, noting a 12% increase over the quarter. Management noted that whilst fund outflows had been seen, these were offset by positive market and fund performance and the expectation of falling interest rates from here ought to furter bolster support for equities. Shares were 12% higher in early trade.
Cybersecurity play Darktrade issued a Q3 trading update this morning, noting a return to year-on-year revenue growth, whilst profit margins also came in above the previously guided levels. Full year growth has been adjusted higher too, with shareholders evidently keen to embrace the good news here. The stock was up more than 7% and leading the FTSE-250 shortly after the open as the market priced in the improved outlook.
