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Anglo-Eastern Plantations (AEP)

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London close: Week ends on a dull note

20 Aug 10

  • Market Movers
  • techMARK 1,616.98 -0.28%
  • FTSE 100 5,195.28 -0.31%
  • FTSE 250 9,761.15 -0.75%
  • LONDON (ShareCast) - Equities drifted lower on a dull day that was peppered with some excitement from the mergers and acquisitions arena.

    Oil giant BG, the fourteenth largest publicly quoted UK listed company by market value, was in demand on rumours that it is being stalked by bigger players in the sector. Anglo-Dutch oil giant Royal Dutch Shell has been mentioned as one company that might be preparing a bid of 1600p per share but other names are also being bandied about, such as Petrobras, Gazprom, Sinopec and Exxon.

    While any bid for BG is still purely hypothetical, South Korean state-run oil company KNOC has given up trying to persuade the directors of Dana Petroleum to back an £18 a share cash bid and taken the offer straight to shareholders. The terms value the Aberdeen-based oil company at £1.87bn.

    “We believe that we have no alternative other than to put our attractive proposal directly to shareholders given the inability to reach a private agreement with the board of Dana,” said Seong-Hoon Kim, senior executive vice president of KNOC.

    Panmure Gordon thinks KNOC’s bid will inevitably succeed, “given that 48.62% of shareholders are supporting the offer.”

    With the takeover of Dana by KNOC looking, in Panmure Gordon’s words, “done and dusted”, speculation turned to who might be next on the chopping block in the oil sector, with FTSE 250 stocks Premier Oil, JKX Oil and Soco International all attracting speculative interest.

    Panmure Gordon, meanwhile, drew attention to Dana Petroleum’s 27.5% stake in Faroe Petroleum, and suggested that this could be used as “a potential springboard for a bid for the company whether by KNOC itself or if it is sold on to another potential predator.”

    A proposed settlement of litigation relating to hedge fund manager Man Group’s bid for GLG Partners will lead to changes to the merger agreement. The changes include a reduction in the break fee payable to either GLG or Man from $26m to $48m. The period the break fee is payable will be cut from 12 months to nine months.

    ENRC announced late in the afternoon that it would be buying a controlling stake in cobalt and copper miner Camrose Resources, for $175m.

    Mitchells & Butlers (M&B) is selling a portfolio of 333 non-core pubs for £373m in cash to a private equity firm so that it can focus on the informal eating out market.

    Defence products group Cobham has won a contract worth up to $18m to provide breathing kits for the US Air Force. But the shares are down after broker Nomura downgraded the company to 'reduce' from 'neutral' saying it prefers rivals Thales and Meggitt.

    Transport and logistics group Stobart has become the latest company to warn of the impact of government spending cuts, with its rail division hit by uncertainty over future expenditure. While overall trading at the company is in line with expectations, the rail division’s overall performance is slightly below expectations, the company said.

    'Due to uncertainty over future government expenditure demand from Network Rail remains flat,' the company said.

    Higher crude palm oil (CPO) prices helped Anglo Eastern Plantations, which produces the commodity in Indonesia, post a rise in profits in the six months to June 30.

    Pre-tax profits were up to $26.7m from $24m over the same period the previous year, as revenues jumped to $77.9m from $57.6m. The average price for CPO during the period was $805 a tonne, up from $650 a tonne in the first half of 2009.

    SkyePharma has been handed back the US marketing rights to asthma treatment Flutiform after Abbott Respiratory scrapped its deal with the UK drug developer. The decision follows the verdict in January by the US Food and Drug Administration that it could not approve the New Drug Application (NDA) for Flutiform in its present form.

    Medical staff supplier Pinnacle Staffing is to sell its agency nursing and medical services business to Arabella Health Staffing, part of the A24 group, for £2.75m in cash.

    Shares in Cyprotex moved ahead after it launched Cyprotox, its in-vitro toxicology service.

    Mining company Titanium Resources went the other way after it revised its estimate of full year production from its Sierra Rutile mine following disruptions to production in the first half of the year.

    FTSE 100 - Risers
    BG Group (BG.) 1,091.00p +5.92%
    Cable & Wireless Worldwide (CW.) 63.50p +4.96%
    African Barrick Gold (ABG) 574.00p +2.14%
    Petrofac Ltd. (PFC) 1,360.00p +1.49%
    GlaxoSmithKline (GSK) 1,206.50p +1.34%
    Tullow Oil (TLW) 1,296.00p +0.93%
    BP (BP.) 389.55p +0.74%
    BHP Billiton (BLT) 1,821.00p +0.61%
    Scottish & Southern Energy (SSE) 1,117.00p +0.54%
    Serco Group (SRP) 564.50p +0.44%

    FTSE 100 - Fallers
    Kazakhmys (KAZ) 1,143.00p -3.79%
    InterContinental Hotels Group (IHG) 1,004.00p -3.74%
    Wolseley (WOS) 1,280.00p -3.32%
    Xstrata (XTA) 1,019.50p -2.90%
    British Airways (BAY) 219.90p -2.74%
    Inmarsat (ISAT) 670.00p -2.62%
    Royal Bank of Scotland Group (RBS) 45.42p -2.26%
    Prudential (PRU) 557.50p -2.19%
    Kingfisher (KGF) 202.00p -2.18%
    Aggreko (AGK) 1,509.00p -2.14%

    Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


    Market Data

    Currency UK Pounds
    Price 552.00p
    Change Today -8.00p
    52 Week High 621.00p
    52 Week Low 427.50p
    Volume 11,249
    Shares Issued 39.64m
    Market Cap £218.79m


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    Ex-Div 06-Jun-19 n/a
    Paid 12-Jul-19 n/a
    Amount 3.00¢ 0.000¢