Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Swift CEO departure at Oxford Biodynamics as funding quest continues
News of boardroom changes is dominating proceedings this morning as many market participants eye a wind down to the Christmas break. Oxford Biodynamics LON:OBD issued a statement noting that the CEO has stepped down with immediate effect. No further detail is given but the note highlights the fact that the company continues to seek funding which is required by early next year for it to continue trading. A £4m equity raise is being mooted but today’s news will presumably serve to heighten the urgency here.
#2. Regulatory action against Entain (Australia) could prove costly
Entain LON:ENT has this morning published a note acknowledging that the Australian Transaction Reports and Analysis Centre (“AUSTRAC”, the Australian anti-money laundering and counter-terrorist financing regulator) has launched civil proceedings against the company ‘s Australian subsidiary. The company has been working with the regulator for some time on this matter, but management note that based on penalties levied by the body historically, the quantum here could be material. The legal process is expected to take some time to complete.
#3. Computacenter CFO steps down, to leave company at year-end
And back to the boardroom with the CFO at Computacenter LON:CCC leaving his position with immediate effect. He will remain with the business until the year-end, but with no successor in place, the speed of the move here may well serve to dampen investor optimism in the run towards the year-end.
