3 Companies Rising on Good News for Thursday 23rd February 2023
Episode 1206, Feb 23, 2023, 09:31 AM
3 Companies Rising on Good News for Thursday 23rd February 2023
1. Wood Group (John)PLC #WG. - Response to speculation
The Board of Wood notes the recent speculation and confirms that it has received three unsolicited, preliminary and conditional proposals from Apollo Global Management, regarding a possible cash offer.
The most recent approach was received on 26 January 2023 and proposed a cash offer at a price of 230p.
The Board unanimously rejected each of the Proposals, having concluded that they each significantly undervalued the repositioned Group's prospects.
2. Quadrise Fuels #QFI - Morocco Project Update
Quadrise confirms that the MSAR® fuel for the forthcoming trial, previously held at Moroccan customs awaiting final clearance, has cleared customs and is now on site at the client's facility, along with the bioMSAR™ fuel which was previously delivered in December 2022.
As a result, the Company is now finalising the trial schedule with the client and anticipates fuel trials to commence prior to the end of Q1 2023.
3. Rolls-Royce Holdings RR. - 2022 Full Year Results
- Underlying operating profit of £652m, £238m higher than the prior year, with the increase driven by Civil Aerospace and Power Systems
- Free cash flow from continuing operations of £505m, £2.0bn higher than the prior year, led by engine flying hour recovery
- Net debt of £3.3bn, down from £5.2bn at end 2021, due to disposals and improved cash flow
1. Wood Group (John)PLC #WG. - Response to speculation
The Board of Wood notes the recent speculation and confirms that it has received three unsolicited, preliminary and conditional proposals from Apollo Global Management, regarding a possible cash offer.
The most recent approach was received on 26 January 2023 and proposed a cash offer at a price of 230p.
The Board unanimously rejected each of the Proposals, having concluded that they each significantly undervalued the repositioned Group's prospects.
2. Quadrise Fuels #QFI - Morocco Project Update
Quadrise confirms that the MSAR® fuel for the forthcoming trial, previously held at Moroccan customs awaiting final clearance, has cleared customs and is now on site at the client's facility, along with the bioMSAR™ fuel which was previously delivered in December 2022.
As a result, the Company is now finalising the trial schedule with the client and anticipates fuel trials to commence prior to the end of Q1 2023.
3. Rolls-Royce Holdings RR. - 2022 Full Year Results
- Underlying operating profit of £652m, £238m higher than the prior year, with the increase driven by Civil Aerospace and Power Systems
- Free cash flow from continuing operations of £505m, £2.0bn higher than the prior year, led by engine flying hour recovery
- Net debt of £3.3bn, down from £5.2bn at end 2021, due to disposals and improved cash flow