Market News - Page 848

PZ Cussons Plc announces its trading update in respect of the half year to 30 November 2016….

LondonMetric Property Plc (“LondonMetric”) is pleased to announce that it has conditionally exchanged contracts to let its 357,000 sq. ft. development in Warrington.

The property has been let to a major international retailer on a new 15 year lease with contractual uplifts. The terms of the letting are in line with LondonMetric's original business plan.
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McKay Securities PLC, the only Real Estate Investment Trust specialising entirely in the South East and London office and industrial markets, announces a further reduction of its interest rate swap….

Pressure Technologies (AIM: PRES), the specialist engineering group, announces its preliminary results for the year ended 1 October 2016.

John Hayward CEO, Pressure Technologies said:

“The year has seen both the rebuilding of our Alternative Energy Division, following its restructuring in 2015, and the completion of the restructuring of our Manufacturing Divisions. The Group is far more resilient, with Manufacturing Divisions now structured to be profitable in the current market and an Alternative Energy Division on the brink of a breakthrough to sustainable revenues and profits.

“Significant progress in diversification has been made in the Cylinders Division and we continue to seek out new products and markets for the EP and PMC Divisions. The acquisition of Martract Ltd in December 2016 will assist with this process.”…

Pressure Technologies is pleased to announce that it has on 7 December 2016 acquired the entire issued share capital of UK based Martract Limited, a profitable, cash generative engineering business that specialises primarily in the grinding and lapping of ball and seat assemblies and gate valves. Martract is a highly specialist, niche business and the market leader in its field through its unrivalled intellectual property and strong longstanding customer relationships. The business is well known to the Group and has been a key supplier into the Precision Engineering Division (“PMC”) for over 15 years. The Acquisition is a strong strategic fit with the PMC Division, it will join the other businesses in this division; Roota Engineering, Al-Met and Quadscot. Martract will help to vertically integrate the supply chain and further strengthen our ability to supply bespoke, complex solutions to industries demanding more innovative solutions to increasingly challenging problems….

National Grid plc (“National Grid”) is pleased to announce that it has today entered into an agreement to sell a 61% equity interest in its UK gas distribution business (“NGGD”) to a consortium (the “Consortium”) of long-term infrastructure investors (the “Transaction”). The Consortium comprises Macquarie Infrastructure and Real Assets (“MIRA”), Allianz Capital Partners, Hermes Investment Management, CIC Capital Corporation, Qatar Investment Authority, Dalmore Capital and Amber Infrastructure Limited/International Public Partnerships….

Fulcrum, the UK's market leading independent energy and multi-utility infrastructure and services provider, today announces its interim results for the six months ended 30 September 2016.

The Company has continued to improve its performance and strengthen its balance sheet. Trading performance this year to date is strong and prospects for the rest of the year look positive. The Company started paying dividends in 2014/15 with a modest final dividend and the Board's aim was to be able to increase dividends progressively to a stage where a formal dividend policy could be adopted. The Company's performance last year enabled the payment of significantly increased dividends for 2015/16. Today, the Board is announcing a formal dividend policy which it will apply to the current year 2016/17….

Tarsus Group plc (“Tarsus” or the “Group”), the international business-to-business media group, announces that it has conditionally agreed to acquire 80.1 per cent of Connect Meetings, LLC (trading as “Connect”) for a cash consideration of up to approximately $57.0 million (the “Acquisition”), payable by way of initial consideration of approximately $44.0 million plus up to $1.0 million for working capital and up to $12.0 million payable over the next two years subject to certain conditions.
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