Scottish Mortgage Investment Trust
The company has been in the spotlight of late owing to its significant holding in Elon Musk’s SpaceX. Whilst the initial post-IPO performance was eye-catching, shares have been pressured in recent weeks as the broader market sees a more accurate valuation for the business. Shares in SpaceX are now down by around one third from the post-IPO peak, including a 16 % drop on Monday as part of a broader tech-based sell off. With around 20% of the Scottish Mortgage portfolio invested in SpaceX, moves like this have a notable impact – the Scottish Mortgage share price was down almost 5% in early trade.
The company that operates more commonly under the Utility Warehouse banner issued a brace of updates to the market this morning. Full year results may have seen record profits but the company cut guidance for FY27 and has also truncated the proposed dividend as management look to fund a strategic plan for the next five years. This was also announced this morning and despite the long term ambition of hitting 1 million customers by 2031 and adding around 50% to the current adjusted profit figure, it’s the short term impact that has caught investors. The Telecom Plus share price was down 30% shortly after the open.
The management team at forex to retail group Ramsden Holdings have this morning announced that an agreement to sell to FirstCash has been reached. An offer of up to 609p per share has been made, which reflects a 35% premium to last night’s closing price. The bulk of this upside has already been priced in, and the Ramsdens Holdings share price was up more than 30% by 8.45am.
Most read news on Investegate this morning
RECOMMENDED ACQUISITION OF RAMSDENS HOLDINGS PLC - - Ramsdens Holdings (RFX)
Contract win and trading update - - Filtronic (FTC)
Appointment of Nominated Adviser /Corporate Broker - - Creo Medical Group (CREO)
