BHP Group confirmed an English High Court ruling finding it liable under Brazilian law for the 2015 Fundão dam failure, a decision the company intends to appeal ahead of future damages assessments. Concurrently, PPHE Hotel Group entered an 'offer period' after key shareholders announced plans to meet with potential investors regarding strategic options, though no formal offer has been received. In other corporate developments, Centrica PLC cancelled 78.5 million treasury shares, while Amigo Holdings PLC conditionally secured up to £1.5 million in convertible loan notes, pending shareholder approval.
BHP Group BHP has received a significant legal setback, with the English High Court finding it liable under Brazilian law for the 2015 Fundão dam failure. This decision marks a critical development in the ongoing United Kingdom group action, though BHP has stated its intention to appeal the ruling. The assessment of damages will be determined in future trials, anticipated to conclude in 2028 or 2029. The company has highlighted its extensive remediation and compensation efforts in Brazil since 2015, including a US$32 billion settlement agreement with Brazilian authorities.
PPHE Hotel Group PPH is now in an 'offer period' as defined by the City Code on Takeovers and Mergers, despite not having received a formal offer. The company issued a response to recent media speculation, confirming that certain shareholders intend to hold meetings with potential investors to discuss various strategic options. This development creates market anticipation regarding a potential takeover or significant strategic transaction for the hotel group.
Centrica CNA, the energy and services company, announced the cancellation of 78,500,000 ordinary shares that were held in treasury. This action is consistent with its established policy of maintaining the number of treasury shares below 10% of its total issued share capital. Following the cancellation, Centrica now holds 424,355,774 ordinary shares in treasury, representing 8.32% of its total issued share capital. This move reduces the total number of issued ordinary shares and could impact per-share metrics.
Amigo Holdings AMGO announced a conditional capital raising initiative, securing investors for up to £1.5 million through unlisted convertible loan notes. The loan notes are convertible at a price of 0.3p per new ordinary share, potentially issuing up to 500 million new shares. This crucial fundraising is contingent on shareholder approval for the waiver of pre-emption rights and the issuance of shares at a discount. The injection of capital is vital as Amigo navigates its ongoing financial and regulatory challenges.