A statement released to the market this morning announced that the CEO of Hikma would be stepping down with immediate effect, with the executive chairman assuming responsibilities. Often such sudden moves can come with a dramatic negative share price reaction, but given the company’s longer term under performance against the sector and downgrades to the profit outlook, a change at the helm appears to be welcome. The Hikma share price is down around 1% in early trade.
News of a share buyback has delivered some support for the expanding retail giant Frasers Group, with the company announcing this morning that it would buy back up to 10 million shares over the next four months in order to reduce the share capital. If completed in full, that would account for more than 2% of the stock in issue. The Frasers share price was up more than 6% shortly after the open.
A note to the market this morning has advised that DBAY no longer intends to pursue a bid for TTG Electronics. DBAY is the biggest single shareholder in TT and was pushing back against a rival offer made by Cicor, which it doesn’t believe presents good value. However with the takeover panel ruling that a full offer needed to be tabled by tonight. DBAY are walking away, with shareholders voting on whether to accept the Cicor bid – as recommended by management, but to be rebuffed by DBAY – on Wednesday. The TT Electronics share price was 20% lower by 8.30am.
Most read news on Investegate this morning
Production Facility Update at Galactica Project - - Helium One Group Ltd (DI) (HE1)
Major European defence prime selects Filtronic - - Filtronic (FTC)
No intention to make an offer for TT Electronics - - TT Electronics (TTG)
