Inmarsat Share News (ISAT)

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - WINNERS----------Standard Chartered, up 1.0%. Investec upgraded the emerging markets-focused lender to Buy from Hold. ----------FTSE 100 - LOSERS----------United Utilities, down 1.8%. Deutsche Bank downgraded the water company to Hold from Buy. ----------Evraz, down 1.5%. JPMorgan started coverage on the Russian steelmaker with an Underweight rating. ----------FTSE 250 - WINNERS----------Inmarsat, up 8.4% at 548.60 pence. The satellite communications firm agreed a USD3.4 billion deal with UK private equity firm Apax Partners, Apax said. Last week, Inmarsat had said it had received a non-binding offer at USD7.21 per share from a consortium, led by Apax, also consisting of Warburg Pincus International, the Ontario Teachers' Pension Plan Board, and the Canada Pension Plan Investment Board. The USD7.21 price has now been agreed, and is worth about 546 pence. It is a 46% premium to Inmarsat's closing price on January 30, when the proposal was first made, with shares closing at 535p on Friday last week. Inmarsat's previously announced USD0.12 final dividend per share will also still be paid under the offer. The consortium, called Triton Bidco, has already received irrevocable undertakings from shareholders worth 11% of Inmarsat. ----------ConvaTec, up 4.7%. The wound dressings maker said long-time Genus Chief Executive Karim Bitar will join ConvaTec in the same role. Bitar, who has been chief executive of agricultural biotechnology company Genus since 2011, will join the medical products company from September 30. He will succeed Rick Anderson, who became the company's interim head following the departure of Paul Moraviec in October 2018 following a profit warning. Separately, Genus said Bitar will leave the company on September 16, and the company has commenced a search to identify his successor. Peel Hunt upgraded ConvaTec to Buy from Hold, believing the hire bodes well for ConvaTec's "nascent turnaround". Genus shares were down 5.5%. ----------Dechra Pharmaceuticals, up 3.5%. JPMorgan started coverage on the veterinary medicines maker with an Overweight rating. ----------FTSE 250 - LOSERS----------John Wood Group, down 5.5%. Jefferies downgraded the oilfield services firm to Underperform from Hold. Separately, John Wood said it is progressing with its non-core asset disposal programme and has agreed the sale of its Terra Nova Technologies unit. Terra Nova, a conveying and material handling systems solutions business, was sold to Cementation Americas, a part of Murray & Roberts Holdings, for USD38 million in cash.----------OTHER MAIN MARKET AND AIM - WINNERS----------redT Energy, up 42%. The energy storage company said it has signed heads of terms to partner with Statkraft to provide a "solar plus storage" solution to UK commercial and industrial customers. The company said UK commercial and industrial energy users will be able to benefit from up to 20% forecast savings on their energy costs over a 25-year power purchase agreement, by installing solar panels and redT flow machines at their sites, without the need to pay upfront capital. By combining redT's energy storage infrastructure with a long term corporate power purchase agreement for the solar and storage, provided by Statkraft, customers can benefit from energy savings based on maximising the use of low cost solar power and reducing exposure to volatile energy prices, redT said. In addition, the company said its discussions with potential strategic investors are progressing well and it intends to update the market in "due course".----------OTHER MAIN MARKET AND AIM - LOSERS----------SpaceandPeople, down 23%. The retail promotions firm said it sunk to a loss in 2018 as revenue slipped, leading to a reduced dividend payout. In 2018, SpaceandPeople - which markets and sells retail licencing space - reported a pretax loss of GBP415,000 from a profit of GBP1.2 million in 2017. The company's revenue decreased 21% to GBP7.9 million from GBP10.0 million. SpaceandPeople proposed a dividend of 0.5 pence per share in 2018, just a third of the 1.5p paid out in 2017. SpaceandPeople's average number of retail merchandising units decreased 15% to 158 from 185 the year before. The average number of mobile promotions kiosks decreased 20% to 60 from 75 in 2017. The company attributed its "poor performance" on a number of issues including the bad weather suffered in the first quarter. SpaceandPeople said the 'Beast from the East' storm hurt UK retail sales for two months despite lasting only three days. SpaceandPeople also blamed the World Cup with the "country tuning in to football to the exclusion of much else". ----------Majestic Wine, down 12%. The wine retailer said it will incur substantial costs as it restructures and renames itself under the Naked Wines brand. Majestic bought online wine retailer Naked Wines in 2015 for GBP70 million, with Naked Wines founder Rowan Gormley given the role of chief executive at Majestic. The wine seller's new group transformation plan will be announced in June and will create a single model and management team, with the entire company renamed as Naked Wines. Majestic will recognise restructuring charges of as much as GBP10 million in its financial 2019 results relating to the transformation plan, which will be largely non-cash. The financial year ends on Monday. As a consequence of its increased investment, Majestic will review its dividend in June.----------