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Reports UK

UK stock market morning note (May 23, 2014)

May 23, 2014, Friday, 07:43 GMT | 02:43 EST | 11:13 IST | 13:43 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning with politics in focus ahead of the European and Ukraine elections. The economic diary is quieter today going into the extended UK Bank Holiday weekend with just the release of US new home sales data this afternoon. Commodity prices are flat and on the foreign exchanges, the major currencies are all trading within narrow ranges.


Company Announcements

Saga

The company has priced its IPO at 185p, the bottom of its indicated range to give a market cap at the start of conditional dealings of GBP2.1bn. Total proceeds raised by the company will amount to GBP550m with 50% of the offer allocated to retail investors and 50% to institutions. Conditional dealings will begin today under the ticker SAGA with the commencement of unconditonal dealings expected to take place on 29 May 2014.

easyHotel

The hotel owner, developer and operator has announced its intention to float on AIM which will comprise a placing of ordinary shares with institutions and professional investors to raise up to GBP60m.

Go-Ahead

The Go-Ahead JV (Go-Ahead 65%/Keolis 35%) has been awarded the Thameslink, Southern and Great Northern (TSGN) franchise. This is the largest rail franchise in the UK in terms of passenger numbers, trains, revenue and staff. The seven year management contract will start this September.

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