Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. PE bid for Mattoli Woods
Another day, another buy-out. AIM-listed financial advisers Mattoli Woods LON:MTW have this morning notified the market that a PE play has made an offer for the business at 804p per share, a 34% premium on last night’s closing price, valuing the business at £432m. Directors consider the offer to be fair and reasonable.
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#2. Regulator clears way for Greek Currys disposal
Electrical retailer Currys LON:CURY has today updated the market with regards to the disposal of its Kotsovolos brand in Greece. Local competition regulators have granted their unconditional approval for Public Power Corporation to complete the deal, which is expected to conclude in the first half of April. Proceeds from the sale – expected to be £156m after cost and other deductions – will be used to reduce debt and bolster cash reserves.
#3. Kavango’s Zimbabwe gold production imminent
Kavango Resources LON:KAV has also published an update this morning advising that it expects first gold production in Zimbabwe to start imminently, following the take-over of an existing mine in the country. Current revenues from the site are $30k per month and management believe that monthly production levels can be doubled over the course of the year. This brings fresh capital into the region and further gold prospects could be realised as a result.
