London's indices are in the red as traders mull over Brexit and the potential outcomes of the G20 meeting in Argentina. Click here for The Trader Nicole Elliott's latest thoughts on the markets.
KEY STORIES:
Serica Energy (SQZ) has finally completed its acquisition of BP's interests in the Bruce, Keith and Rhum fields, more than a year after the deal was first announced. At the same time, purchase of Total, BHP and Marubeni's interests in the Bruce and Keith fields has also closed, increasing Serica's reserves 20-fold, and upping production to 23,000 barrels of oil-equivalent per day.
Babcock (BAB) has won a £100m aerial firefighting contract in Canada. The engineering services group, which has seen its shares drop in recent times following a raft of problems, will begin the 10-year contract in April next year, managing, maintaining and operating the Government of Manitoba’s firefighting aircraft. Management says the contract win signals its success in expanding the aerial emergency services business outside of Europe, but given the size of the contract we don’t foresee it having much impact on the share price.
Kropz (KRPZ), a prospective African plant nutrient producer, today becomes the latest addition to Aim's natural resources market, after raising £27.3m. Among other things, the funds will be used to complete the upgrade and commissioning of the Elandsfontein phosphate project in South Africa, reduce debt, boost its exploration programme in Ghana.
Insolvency litigation finance specialist Manolete Partners has announced its intention to float on the Alternative Investment Market, with shares priced at 175p. Around £16.3m has been raised via an institutional placing, with a further £13.1m realised by selling shareholders. The shares are due for admission on 14 December, with the group having a market capitalisation of £76.3m.
