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STOCK WATCH: Wrong time for a float? Not at all, according to the Italian technology firm Supply @ Me
STOCK WATCH: Wrong time for a float? Not at all, according to the Italian technology firm Supply @ Me
Markets are in free fall and takeovers are falling off a cliff, so you think there is surely no way for a company to float its business on the stock market right now?
False. A company plans to float tomorrow and an Italian company plans to float this.
Supply @ Me, a fintech company based in Milan, is expected to join the London Stock Exchange.
Milan-based fintech Supply @ Me to join London Stock Exchange
Financing its supply chain helps companies access funds through its technology platform for which they would normally go to banks.
They can access funds almost equal to the value of their stock. It is similar to Greensill Capital, the company that drew funds from the Japanese investment giant SoftBank.
The advantage is that companies receive financing that is not classified as debt on their balance sheets.
Banks, hedge funds and family offices finance Supply @ Me and get a coupon for it.
Supply @ Me will go through a reverse takeover of the front company Abal with a market value of around 200 million euros.
Investors hope it has avoided the worst of the market rout so that it stays at this level.
Otaq
Supply @ Me is not the only company to join the market.
A maritime technology company, Otaq, also intervenes with a reverse takeover by the listed vehicle Hertsford Capital for around 12 million.
Its acoustic technology helps protect salmon fishing by hunting seals that eat fish. The company also has specialized underwater cameras to detect leaks from offshore oil platforms and other equipment for the industry.
The Lancaster-based company is slated to join the stock market at the end of the month, so let’s hope market conditions don’t get any worse before then.
888 tracks
Gaming companies were forced to issue statements about the impact of the coronavirus after the pandemic caused the cancellation of key sporting events.
William Hill suspended his dividend, while Ladbrokes owned GVC; and the owner of Paddy Power and Betfair, Flutter, both warned that the profits would be severely impacted. The only exception is online betting company 888 Holdings, which has yet to say a word about the crisis and its impact on its business.
However, he will have to do so on Tuesday when his annual results are published.
Peel Hunt’s scribblers don’t think it was a “ head-in-the-sand response, ” and rather believe the company is trading as expected … for now.
Aston Martin
It has been nothing less than a car accident for Aston Martin general manager Andy Palmer since the company tried to park on the stock market.
James Bond’s favorite car brand was on its way to a comeback when it arrived in October 2018, but instead the stock quickly went into reverse and there was only a year left until it should not be saved by the boss of billionaire F1 Lawrence Stroll.
Last week’s annual report revealed that Palmer will not receive a bonus for this year. But the worst could be around the corner.
There are rumors that Stroll is lining up Mercedes F1 boss Toto Wolff for the seat.
Publicity
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