Market News - Page 784

Town Centre Securities PLC, the Leeds based property investor and car park operator, today announces its results for the six months ended 31 December 2016….

“In a year which will be remembered for its political turbulence, intu is pleased to have recorded a strong set of results with six per cent growth in underlying earnings per share, an increased dividend and stable property values, leaving net assets per share (diluted, adjusted) unchanged at 404 pence….

Netcall plc (AIM: NET), a leading customer engagement software provider, today announces its unaudited interim results for the six months ended 31 December 2016….

Gordon Wilkinson, Chief Executive of Driver Group said:

“The proposed fundraise announced today is intended to provide the necessary level of refinancing to normalise the capital structure of the business. On completion this additional financing will provide a solid platform on which to effect the remainder of the board's recovery plan and to capitalise on the current opportunities available to the business”…

The Board is pleased to provide the following trading update ahead of the AGM being held at 2.00 p.m. today….

Chairman's Statement

I am pleased to report another productive performance by the Group for the six months ended 31 December 2016. Occupancy levels have remained high and underlying profit before tax has continued to grow, through active asset management and prudent investment acquisitions. We have also taken advantage of current economic conditions to refinance the majority of our banking facilities, reducing our average cost of borrowing and extending the terms of the loans.
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At the Scheme Court Hearing, held on Wednesday 8 February 2017, the Court sanctioned the Scheme to effect the Revised Severn Trent Acquisition. On Friday 10 February 2017, an application to appeal was made to the Court by seven shareholders of Dee Valley opposing the judgement to sanction the Scheme. At that hearing, the Court granted the opposing shareholders leave to appeal and stayed the delivery of the Order sanctioning the Scheme to the Registrar of Companies pending the outcome of any appeal….

Severn Trent Scheme Sanctioned On 23 November 2016, the board of directors of Severn Trent announced a revised offer to acquire all of the Voting Ordinary Shares for 1,825 pence per share (pursuant to a scheme of arrangement of Dee Valley under Part 26 of the Companies Act 2006) and the Non-Voting Ordinary Shares (pursuant to a contractual offer in accordance with Rule 14 of the Takeover Code) for 1,713 pence per share….