Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. BAT trading update eyes second half outperformance
British American Tobacco LON:BATS has this morning published a trading statement noting that year to date performance is on track and full year objectives of low single digit revenue growth will be met. Performance is set to be second half weighted as the company continues to see a pivot from traditional tobacco sales to next generation products.
- Three Quick Facts: British American Tobacco, Kainos, Audioboom
- Companies Reporting: Hollywood Bowl, British American Tobacco, WH Smith
- Three Quick Facts: 888, 88 Energy, Clean Power Hydrogen
#2. 88 Energy publishes new resource estimates as farm-out partner sought
The Alaskan focused oil exploration company 88 Energy [LON:88E] has published an initial resource estimate for project Leonis, noting that top net mean estimates suggest some 381 MMbbls of oil may be recoverable. Permitting and planning is now underway, but a farm-out partner also needs to be secured.
#3. Checkit makes unsolicited play for Crimson Tide
Digital monitoring play Checkit LON:CKT has this morning tabled an all share offer for Crimson Tide after having pursued the company since the start of the year without directors wanting to engage. The deal which offers 7 Checkit shares for each one held in Crimson Tide represents a premium of a mere 12% based on last night’s closing prices. Crimson Tide shareholders would own 30% of the enlarged company but it’s difficult to see this being anything more than an opening bid to force that response from management.
