Market Report: Proxima takes one last shot at JKX Oil & Gas before crucial shareholder voteComments Off on Market Report: Proxima takes one last shot at JKX Oil & Gas before crucial shareholder vote
The knives are out for JKX Oil & Gas.
Activist investor Proxima managed one last dig at the London-listed oil firm, which drills in Russia and Ukraine, before next Thursday’s big vote.
Proxima, run by Vladimir Tatarchuk, a Russian businessman with close ties to oligarch Mikhail Fridman, wants to seize control of the company by getting rid of seven directors and installing five of its own after a 90% slump in the company’s value in five years.
Today, the 20% shareholder slammed JKX, which claimed on Wednesday to have the support of Institutional Shareholder Services, for not having responded to the issues it raised.
Tatarchuk said: “It has never been clearer that the time for change at JKX has come.”
“It has never been clearer that the time for change at JKX has come.”
It is not the first time JKX, which rose 0.44p to 25.94p, has had to fend off activist investors.
In 2013, chief executive Paul Davies survived a bid to oust him by Eclairs and Glengary.
The Mario Draghi-inspired rally continued as hopes of more economic stimulus for the eurozone propped the FTSE 100 up 122.10 points, 2.1%, to 5895.89.
Antofagasta topped the blue-chip index, up 24.8p, or 7%, to 390.2p, after Citi called it a “trough cycle survivor” and swapped its sell tip for a buy recommendation, highlighting the copper miner’s strong balance sheet.
The rally eluded only Pearson, which retreated 18.5p to 753.5p as investors cashed in on yesterday’s 17% leap. A raft of target price cuts from brokers also hit the education publisher.
Shares in Home Retail gained 4.5p to 141.7p, having started the week at 158p, as traders continue to bet on the outcome of Sainsbury’s takeover interest in the Argos owner.
Property giant Hammerson, the owner of the Bullring shopping centre in Birmingham, revealed it has bought the new Grand Central shopping centre in the city for £335 million. The shares improved 12p to 572p.
Character Group jumped 31.5p to 510p as it confirmed sales of its big toy brands, including Fireman Sam and Peppa Pig, were “very encouraging”. It also told shareholders founder and executive chairman Richard King would be taking a back seat as a non-executive director and chairman.
Silicon roundabout-based 7digital danced 1.18p, or 19%, higher to 7.3p as chairman Sir Donald Cruickshank, the former LSE chairman, showed his faith by buying £40,000 in shares in the music-streaming company out of his own pocket.