Shares in the hotel group PPHE slumped this morning after management issued an update in terms of the sale process the company is going through. The planned £22 per share deal has stumbled off the back of a major investor withdrawing support and whilst another possible transaction has been noted, this is in the very early stages. The PPHE share price was down 14% in early trade.
Asset manager Record issued a full year results this morning noting AUM up 14% but revenues down 4% partly owing to lower performance fees. Post tax profits slipped 23% and that’s been catching the eye of the market, rather than talk of good momentum or the fact the pipeline stands to add a material boost in terms of revenue. The Record share price was down 12% shortly after the open.
A quiet morning in terms of corporate releases but AIM-quoted Sunda Energy issued an operational update that a production sharing contract it has is to be terminated by the appropriate local regulator. That’s owing to what is seen as a breach in Sunda’s commitment to undertaking a specified level of exploration, a fact that management dispute. There’s a 120 day appeal process now underway but the Sunda Energy share price was down 40% approaching 9am.
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