Maitland Morning Monitor – Monday 1 October 2018
What really matters... COVID-19
Stocks in London are set to open marginally lower whilst the German DAX and French CAC both opened lower.
Late Sunday, it was announced the US and Canada have agreed on a new trade deal with Mexico that replaces the North American Free Trade Agreement (Nafta) but remains a trilateral bloc. In Asia on Monday, the Japanese Nikkei was up.
Stock market moves
In other news
- Theresa May looks to assert her authority in the Tory party following division
- Investor confidence in Tesla rises following Musk's agreement to step down
- Aston Martin hopeful for £5bn valuation
Corporate announcements* Maitland Client
Just Group PLC Directorate Change
- The Company has announced that after 12 years as Group Chief Financial Officer Simon Thomas is to step down as an Executive Director of the Company. The effective date of his departure will be 31 October 2018.
- David Richardson who is currently Group Deputy Chief Executive Officer and Managing Director of UK Corporate Business of Just Group PLC will be appointed Interim Chief Financial Officer.
- Chris Gibson-Smith, Chairman, said: “On behalf of the Board I would like to take this opportunity to thank Simon for his leadership and significant contributions during his time at Just, including his key role in helping the business through the process of responding to CP13/18. We wish Simon the very best for the future. I would also like to thank David for taking on the role as Interim Chief Financial Officer. We are very fortunate to have someone with his experience and deep understanding of Just Group who can step into the role and ensure the business remains in capable hands during the interim period.”
- The Company has announced the appointment of Becky Worthington, currently Group Chief Financial Officer, to the role of Group Chief Operating Officer with effect from 1 October 2018.
- On the same date, Mike Scott, currently Group Financial Controller, will join the Board as Group Chief Financial Officer.
- Ian Sutcliffe, CEO, said: “We are delighted to welcome Becky to the role of Group COO. She has been an integral part of formulating and delivering strategy over the last three years. In Mike we have a talented and highly experienced finance professional who is fully ready to step up to the CFO role. We are delighted to welcome him to the Board.”
- The Company has announced the acquisition of FusionStorm, a provider of IT solutions in the US.
- Computacenter intends to integrate its existing US business with FusionStorm leading to the current Computacenter employee headcount in the Americas region increasing by circa 50% as a result of the transaction.
- An initial cash consideration of $70m was paid upon completion of the acquisition. Up to $20m of additional deferred cash consideration may become payable depending on the levels of adjusted EBITDA and gross profits achieved by FusionStorm over the 15-month period following completion.
- Mike Norris, CEO of Computacenter, said: “This transaction broadens our capability to serve our international customers and should enhance our existing customer offer and reach into the US marketplace whilst providing an opportunity to improve the long-term prospects for the employees of FusionStorm and Computacenter US.”
- Dan Serpico, CEO of FusionStorm, said: “Computacenter, as one of the leaders in our marketplace, offers an exciting opportunity for our employees as well as security, range of services and international coverage for our clients and partners. Out of many potential suitors, Computacenter stood out for their great cultural fit and I am very proud that we can start the next step in our company’s journey as part of this great business.”
- The Company has announced that Mr Rupert Dorey has been appointed Chairman of the Company, and Mr William Frewen has now stepped down from the Board, with effect from 30 September 2018.
- Rupert Dorey, Chairman, said: “William has served as Chairman of the Company since its inception in 2011. The Board would like to place on record our sincere thanks to him for his seven years of leadership. Some time ago, the Board put in place a programme of board rotation reflecting our view of the importance of managing ongoing Director succession and balance of tenure. We wish William the best of success in his future endeavours.”