Three developing stories at the UK stock market open.
1. Oncimmune appoints advisors to find funding solution
A strategic update is out from Oncimmune LON:ONC this morning, advising that the company has appointed consultants to undertake an outreach program to potential partners and investors as it looks to build critical mass. The business is running out of free cash and despite management conviction that the long term prospects remain good with momentum building. If the timing issues can be overcome here then the challenge may be averted but the fact the stock is down 75% over the last month is reflective of the challenge.
2. B&M CEO to retire, full year outlook downgraded
News this morning that the chief executive of B&M LON:BME is set to stand down and retire at the end of April, along with revisions to the full year outlook. Reflective of the current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility, full year EBITDA is now expected to be between £605m and £625m, down from the previously stated £620m-£650m.
3. National Grid Renewables offloaded for $1.7bn
National Grid LON:NG. has this morning announced the sale of its National Grid Renewables US onshore renewables business to Brookfield Asset Management. This is part of a project to streamline the National Grid business and implies an enterprise valuation of $1.735bn. Given the company’s commitment to decarbonisation, the exit may raise some questions especially at a time when environmental concerns across Atlantic are being dismissed politically, but this is no rushed sale, having been flagged back in May 2024.
