Three things you need to know in the financial markets this morning from investment writer, Tony Cross
The Trainline has this morning announced the offer price of its shares ahead of the company’s listing on the London Stock Exchange. A tag of 350p is being set, in a move that will value the business at £1.68 billion. That’s very much at the upper end of the 318p-360p range which was originally proposed.
Sports Direct has issued a statement this morning regarding a stand-off with Goals Soccer Centres. Mike Ashley’s company owns 19% of the five a side pitch operator, which has been struggling since March after uncovering an unpaid tax bill. Sports Direct wanted forensic accounts Kroll appointed, GSC have pushed back and now Sports Direct has advised it will be voting against re-election of the entire board at next week’s AGM.
It’s obviously great when companies win contracts, but Meggitt has this morning issued its third statement in a week announcing new work orders. This one is to provide advance cooling systems for General Dynamics to go into next generation ground combat platforms. Coming on top of yesterday’s news with Lufthansa and Tuesday’s win of a fire protection system for Cessna, the company has certainly been busy. The last regulatory statement covering a contract win appears to have been in March. Is there a strategy justifying the sharp increase in news flow?