The wealth manager saw its shares take a hit this morning following an update from management this morning. The company has undertaken a Skilled Persons Review in conjunction with the FCA and some of the key takeaways here are the suspension of onboarding clients who require extended due diligence checks, plus a voluntary suspension of inflows from some this client group, too. Whilst only a small percentage of clients stand to be impacted, the group still expects to incur costs of £60m over the next two years. The Rathbones share price was down 15% in early trade.
The AIM listed boutique cinema operator Everyman Media Group issued a corporate and trading update this morning, noting that shareholders accounting for almost half of the company have requested the stock be delisted. Trading performance is solid with revenues reported as 26% higher and debts down by a similar amount but there’s also uncertainty over the outlook with Q4 performance set to be at the mercy of consumer confidence, although the FY26 is set to come in slightly ahead of the comparative. The Everyman share price was down more than 40% shortly after the open, but had regained a significant proportion of the losses by 8.30am.
The board at SDCL issued a note this morning advising that they would be holding a general meeting to look at winding down the trust. This follows comments made back in April and the fact the vehicle continues to trade at a material discount. Should the vote be passed, cash generated would be used first to pay down debt then to return the surplus to shareholders in an orderly manner. This has served to widen the discount further although by last September the company was running on consolidated gearing of 72%. The SDCL share price was down 17% within the first hour of trade.
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