Bumper gains for the warehouse to data centre company this morning following a hostile all-share offer from California-based real estate logistics play Prologis. The proposal was tabled to management last week but following their rejection, Prologis have this morning gone public. The note provides a strong justification as to why the move paves the way for accelerating growth and the offer reflects a 25% premium to the price traded last night. The SEGRO share price was up 16% shortly after the open.
A pre-AGM H1 trading statement from THG was released this morning, noting revenue growth of 6.5%, adjusted EBITDA for the period up 36% and full year guidance has been reiterated. Management add that the company is on track with both growth and margin expansion, whilst it’s also reporting the strongest levels of free cash flow seen since 2021. The THG share price was trading around 5% higher at a few minutes in but those gains are proving difficult to sustain.
Property developer and housebuilder Berkeley Group issued full year numbers this morning. Whilst these showed some short term challenges, the headline figures were as had been previously guided and there’s confidence that the longer term position will yield better results. The company continues to lean into its footprint in London and the South East where property supply remains highly constrained. So despite the material dip in forward orders, the Berkeley share price was up 5% by 8.30am.
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