Maitland/AMO Morning Monitor – Tuesday 13 July 2021

13th July 2021

In the news

  • Boris Johnson has confirmed he will lift lockdown restrictions, despite warnings from the government's scientific advisers.
  • The sale of new diesel trucks will be banned in the UK from 2040 under the government’s transport decarbonisation plan due to be unveiled tomorrow.
  • Israel will become the first country to officially offer booster shots of the BioNTech/Pfizer Covid-19 vaccine.
  • Tate & Lyle has said it will sell 50% of its “primary products” division to US private equity firm KPS Capital Partners for $1.3bn.
  • Ryanair is set to take delivery of more 200 Boeing 737 Max aircraft and is aiming to recruit 2,000 pilots over the next three years.

Politics today

  • Polish Prime Minister Mateusz Morawiecki will meet European Commission President Ursula von der Leyen today.

Stock market moves

  • In the US, the S&P 500 gained 0.35%
  • In Asia, Hong Kong’s Hang Seng Index and China’s Shanghai Composite index rose 1.77 % and 0.49% respectively.
  • In Europe, the FTSE 100 gained 0.30% and the STOXX 600 is marginally up in the early hours of trading.

Corporate announcements

* Maitland Client

Forward Partners Group PLC* Placing and Proposed Admission to Trading on AIM
  • Forward Partners (AIM: FWD), the London-based venture capital firm specialising in supporting high growth, early-stage technology businesses, announces its proposed admission to trading on AIM and its placing of new shares. The new shares will raise gross proceeds of £36.5 million for the Company.
  • The market capitalisation of the Company will be approximately £134.6 million on Admission.
  • The Group secured commitments from BlackRock and Draper Esprit of £15m and £2m respectively. Furthermore, the Placing attracted strong support from high quality institutional investors, private wealth managers and retail investors. On Admission, BlackRock will own approximately 70.4 per cent and senior management will own approximately 0.8 per cent. of the issued share capital of the Company.
  • Admission and commencement of dealings on AIM are expected to take place at 8:00 am on 19 July 2021 under the ticker FWD.
  • Nis Brisbourne, Chief Executive Officer of Forward Partners, said: “It’s fantastic to see the strong demand from both institutional and retail investors, who support our vision of democratising access to venture capital, and specifically high growth, UK based technology start-ups. Through our listing, which was oversubscribed, we can take a longer-term approach to building stronger businesses. That is essential to developing solutions to the world’s problems and driving the UK’s economic recovery post pandemic.”
Howden Joinery Group PLC Update on 2021 Half Year Results and 2021 Outlook
  • Group revenue of almost £785m (2020: £465.0m; 2019: £652.6m).
  • Depot revenue increased to approximately £764m which, up 19.8% compared to H1 2019.
  • The Group expects pre-tax profits of around £300m for 2021 as a whole.