Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Mitchells & Butlers
Pub and casual dining operator Mitchells & Butlers [LON:MAB] have this morning announced it is seeking to raise a further £350m from shareholders. The new equity is to be offered at a 36% discount to Friday’s closing price and has the support of a group of institutional investors who collectively already own 55% of the business. Between them, this group will fully underwrite the offer, which management see as testament to the fact the business was performing well going into the pandemic.
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Interim results are out from biotech firm Oncimmune Holdings [LON:ONC] this morning covering the six months to November. Shares have been in focus in recent months as it has made inroads to tackling COVID-19. There’s plenty to cheer shareholders with today’s numbers, showing revenues up six-fold from the same period a year ago, whilst gross profits came in at £1.4m, up from a £50k loss. The board notes that it is delivering against strategic objectives and has created a business with significant revenue potential, with confidence that increasing value can now be delivered to all stakeholders.
Another biotech which was put in the spotlight last summer was Synairgen [LON:SNG]. This morning, they have announced that a US-government funded phase II/III trial has started with patients suffering mild to moderate COVID symptoms but who aren’t yet needing hospitalisation. Management point out that with the risk of mutations making vaccines potentially less effective, there’s still a need for a broad spectrum of treatments to be available.
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