A pre-close trading update from the pub and restaurant operator Mitchells & Butler was published this morning. This headlines with news of market outperformance, although performance has been weaker at higher end properties and those located within the M25, reflecting the deteriorating levels of consumer confidence. Cost inflation is also taking a toll but management remain confident that the full year performance will be in line with previously stated expectations. The market hasn’t been too welcoming of the news however with the Mitchells & Butler share price down almost 8% in early trade.
The FTSE-250 listed private equity company this morning published interim results noting a good financial and strategic performance, but of far greater interest was the news that management planned to delist the company, paying $4.15 per share along with a $0.052 dividend. That represents a material increase on last night’s closing price of £2.31. Almost 80% of the company’s stock is held by a series of Petershill closed-end private funds, so there’s no reason to believe the deal will face any issues. The Petershill share price was up 33% shortly after the open, reflecting the premium on offer.
Shares in the French media production company Canal+ found favour in early trade following last night’s announcement that the company would initiate a £31m share buyback, for the purposes of satisfying share awards to employees and corporate officers made under its share-based incentive plans. The share price has reacted positively despite a previously proposed buy-back seeing no stock being purchased. This round is scheduled to complete before the year end and the Canal+ share price was 5% higher by 8.45am.
Most read news on Investegate this morning
Directors’ Dealing - - Boohoo Group (DEBS)
FY2025 Results and Annual Financial Report - - Seeing Machines Ltd. NPV (DI) (SEE)
