Intertek Group unanimously rejected an acquisition proposal from EQT, citing fundamental undervaluation. Investor activity was prominent, with Odyssean Investment Trust taking a major stake in Auction Technology Group, First Equity increasing its holding in LMS Capital, and John Lloyd Evans acquiring significant voting rights in Andrada Mining. Elsewhere, Prudential announced new share issuance for its scrip dividend, Cloudbreak Discovery adjusted its planned share admission, and Aseana Properties released its full-year financial results. Old Mutual also reported changes to its Board committees.
Testing and assurance giant Intertek Group ITRK has unanimously rejected an unsolicited, indicative, and conditional revised takeover proposal from EQT X. The Board found the £54.00 per share cash offer to fundamentally undervalue Intertek and its future prospects. This firm rejection underscores the company's confidence in its standalone strategy and growth trajectory.
Auction Technology Group ATG reported that Odyssean Investment Trust has acquired a major holding, representing 3.024150% of the voting rights. This notification indicates a new institutional investor building a significant stake in the online auction platform provider. Such a move often reflects a vote of confidence in the company's business model and future growth potential.
Property developer Aseana Properties ASPL released its full year results for 2025, providing a comprehensive overview of its financial performance. The company, which focuses on projects in Malaysia, presented its annual accounts for investor review. These results offer key insights into Aseana's profitability, asset values, and strategic progress over the past year.
Investment company LMS Capital LMS reported an increase in major holdings by First Equity and related entities, now controlling 16.257409% of voting rights. This notable acquisition of additional shares by a significant shareholder group, up from 15.824853%, suggests a strengthened position. The move indicates growing confidence or a strategic interest in LMS Capital's future direction.
Financial services group Old Mutual OMU announced changes to its Board committees as part of its structured succession planning. Mr Stewart van Graan will step down as Chairman of the Technology and Platforms Committee, reflecting the board's rotation policy. These changes aim to balance director tenure limits and maintain independence, ensuring effective governance and continuity for the company.
Mining company Andrada Mining ATM reported a notification of major holdings, confirming an acquisition of voting rights by John Lloyd Evans and entities including JLE Group Limited. This disclosure signals a significant increase in ownership by a key investor, crossing a major threshold. Such a move can indicate strong confidence in Andrada Mining's exploration and development prospects within the critical minerals sector.
Cloudbreak Discovery CDL announced an update on its recent share admission, confirming that fewer new ordinary shares will be admitted to trading than initially expected. The decrease stems from only a portion of shares being issued for an acquisition, tied to milestone achievements, and lower-than-anticipated conversions of convertible loan notes. This adjustment alters the company's immediate capital structure following its fundraising and acquisition activities.
Insurance and asset management group Prudential PRU announced it will issue 5,721,904 new ordinary shares as part of its scrip dividend alternative. These shares are being offered to shareholders electing to receive equity instead of a cash payment for the 2025 second interim dividend. The issuance impacts Prudential's share count and is consistent with the company's existing dividend policy.