Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
There’s a note out from Cineworld [LON:CINE] this morning. The cinema operator has secured fresh liquidity with a total value of $750m as the company looks to ride out the COVID storm. The sheer mechanics of these operations mean that many will likely be reluctant to return to the big screen until there’s a vaccine widely available, but with that now on the horizon, perhaps matters are starting to look up?
In response to press speculation, the AA [LON:AA] has confirmed that it is set to recommend investors accept a cash offer from private equity for the entire business. Takeover rules mean that the bidding consortium must make a firm offer by the close of business tomorrow, or walk away. The 35p per share offered is a 40% premium to the closing price before the offer period started back in August.
Full year results are out from Carr’s Group [LON:CARR] this morning, the agriculture and engineering company. These results cover the period to August 29th, so it’s interesting to see the second half of the year being the better performer, with increased deliveries and a collection model adopted to maintain supplies to farmers throughout COVID-19 lockdown bolstering performance. So, despite all the headline metrics falling year-on-year, profitability is still slightly ahead of revised expectations.
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