Today's corporate headlines highlight significant shifts in leadership, M&A developments, and financial scrutiny. Jupiter Fund Management and STV Group both announced new Chairs, while International Personal Finance extended its acquisition deadline and Empyrean Energy secured critical funding for its Mako gas project. Financially, Old Mutual received a credit rating upgrade and Kainos Group renewed its share buyback program, contrasting with WH Smith's revelation of accounting inconsistencies requiring prior year adjustments. Meanwhile, Plaza Centers navigates substantial legal uncertainty in an arbitration process against Romania involving alleged €2 billion losses, and Premier African Minerals advances its Zulu Lithium project with a strategic plant upgrade.
Plaza Centers announced a further update regarding the arbitration proceedings against Romania related to the Casa Radio project. Romania filed a revised Statement of Claim, reformulating alleged losses of approximately €2 billion as alternative rather than cumulative. The company continues to assess the potential financial impact of this substantial claim. This legal development poses considerable uncertainty for the company's financial outlook.
Old Mutual OMU received a credit rating upgrade from S&P Global Ratings, reflecting a strengthened financial position. The company's national scale rating improved to 'zaAA+/zaA-1', while Old Mutual Life Assurance Company (South Africa) Limited's global scale rating was raised to 'BB+' with a positive outlook. These positive rating actions, influenced by an upgrade in South Africa's sovereign credit ratings, underscore a more favourable risk profile for the financial services group.
International Personal Finance IPF has extended the deadline for a possible cash offer from BasePoint Capital LLC. This further 'Put Up or Shut Up' extension indicates ongoing negotiations regarding a potential acquisition. The revised offer previously proposed was 235 pence per share in cash, allowing shareholders to retain an interim dividend. The market will closely watch for further developments in this potential takeover.
Jupiter Fund Management JUP has appointed Nathan Bostock as its new Chair Designate, succeeding David Cruickshank. Mr. Bostock, known for his tenure as CEO of Santander UK and his senior roles at Royal Bank of Scotland, will join the board on 1 March 2026 and assume the Chair role on 1 April 2026. This significant leadership change brings a wealth of banking and financial markets expertise to Jupiter's board.
WH Smith SMWH disclosed that an independent Deloitte Review found inconsistencies in the accounting treatment of supplier income within its North America division. This resulted in an overstatement of supplier income, necessitating expected prior year adjustments. While the company stated it is largely a timing issue rather than an existence issue, a remediation plan is now being implemented. This development highlights internal control and financial reporting challenges.
Premier African Minerals PREM has received interim findings from its Zulu Lithium plant audit, which reinforce the decision to acquire and install a new 15-20 TPH flotation cell plant. This strategic investment in a new processing solution aims to significantly enhance the plant's capability to produce lithium at commercially viable grades and recovery rates. The company is currently reviewing the audit report's conclusions with its OEM supplier.
Empyrean Energy EME's subsidiary, Conrad Asia Energy, has secured a crucial farm-down and funding agreement for the Mako gas field development. Nations Natuna Barat will acquire a 75% non-operated participating interest in the Duyung Production Sharing Contract. Crucially, Nations has committed to funding its 75% share, and will also carry Conrad's 25% portion of all future project development costs through to commercial production. This deal substantially de-risks the Mako project for Empyrean Energy.
STV Group STVG has confirmed a significant change to its board leadership, with Paul Reynolds stepping down as Chairman and Non-Executive Director. Independent Non-Executive Director Clive Whiley has immediately assumed the role of Chairman of the company. Mr. Whiley will also chair the Nomination Committee. This transition marks a key leadership change for the Scottish media group.
Kainos Group KNOS has renewed its share buyback programme, allocating up to £30 million for the repurchase of its ordinary shares. The program, managed by Investec Bank, is non-discretionary and is intended to reduce the company's share capital. This substantial capital allocation signals management's confidence in the company's value and its commitment to enhancing shareholder returns. The programme is set to run until May 2026.