The Financial Times: EasyJet reaches outline agreement on £5.5bn takeover by Castlelake UK airline’s board says it is minded to recommend proposal by US private credit group. EasyJet said the agreement involved a cash offer by Castlelake of £6.90 per share.
Comment: Given that the FT cannot stand capitalism, the news of EZJ being involved in a multi-billion takeover will be upsetting to say the least for the Lib Dem journos there. At least those insider traders who bought in on the Tuesday before the initial announcement will be happy (there was a chart gap higher), and we knew that EZJ was protesting too much about being taken over anyway.
Fiinu plc (BANK) said it notes the circulation of a letter, by Granicus Holdings, which was sent to a number of shareholders and other interested parties, in advance of the Company’s forthcoming Annual General Meeting, to be held on 24 July 2026. BANK said it notes the circulation of a letter, by Granicus Holdings, which was sent to a number of shareholders and other interested parties, in advance of the Company’s forthcoming Annual General Meeting, to be held on 24 July 2026. The Board recognises the importance of open shareholder dialogue. However, where statements made publicly concern matters that are the subject of ongoing legal processes, written by the defendant to the Company’s claims, misleading statements could materially affect shareholders’ understanding and therefore the Board considers it appropriate to provide factual clarification in order to support an informed market.
Comment: While BANK may eventually be a great proposition, the journey to this happening has taken too long, and involved too many cash calls. Anyone foolish enough to buy the shares in the teens will now be nursing painful losses. It is also the case that management allowing things to go legal with major shareholders is something which is normally avoidable at a minimum, and arrogance / personal at worst.
Zenith Energy Ltd. (ZEN), the listed international energy production and development company, announced that it has invested a further £259,000 in Reveille Resources PLC , a Uranium-focused natural resources investment company, whose shares are expected to admit to trading on the Aquis Growth Market with effect from 7 July 2026. The Company has completed the sale of Futuro Energetico Italiano Srl (“FEI“), a special purpose vehicle established to hold and develop the Val Vedello and Novazza uranium licence applications, to Reveille for a nominal consideration. Zenith will be issued 7,000,000 Reveille Shares at a price of 5 pence per share on Admission, to reflect Zenith’s accrued costs in progressing FEI’s Val Vedello and Novazza uranium exploration applications to this stage of £350,000. This new investment, together with the Company’s previous investment of £200,000, announced on 30 April 2026, and the issue of the FEI Shares, will result in Zenith becoming Reveille’s largest shareholder, holding 20,180,000 Reveille Shares, representing approximately 25.26% of Reveille’s issued share capital on Admission. Zenith has entered into a 12-month lock-in in respect of its entire shareholding in Reveille from the date of Admission.
Comment: It is interesting that ZEN is moving to double down on its investment in Reveille, a canny move given that we are just 24 hours away from the company coming to market. This should ensure a successful IPO tomorrow, something which is important for any new company coming to market, especially the Aquis “Growth Market”, which is second only to “Military Intelligence” in. terms of being one of the great oxymorons of our time.
GoldStone Resources Limited (GRL), the AIM-quoted gold producer and exploration company focused on Ghana, announced that it has entered into a subscription agreement with Persistence Gold Group Ltd, a Hong Kong-listed mining and investment company (HKEX:2489), pursuant to which Persistence has agreed to subscribe for 351,594,899 new ordinary shares in the Company at a price of 1.0 pence per Subscription Share. The Subscription will raise gross proceeds of £3.51 million for the Company. The Subscription represents a significant strategic investment in GoldStone and establishes a new relationship with an experienced international mining investor. On Admission, the Subscription Shares will represent, ceteris paribus, an interest of 20.96 per cent. in the Company’s Ordinary Shares.
Comment: Those familiar with GRL, arguably no more than three people, will be aware that the company has been looking to do a deal such as has been announced today for an eon. Well, it appears that finally Cinderella will go to the ball. The question is whether the strategic investment is too much, too late?
Sale of the ITV Media and Entertainment business (ITV) to Sky for a total consideration of up to £1.6 billion, comprising: £1.2 billion initial cash consideration, payable at completion subject to customary closing adjustments. Contribution of Sky’s Love Productions business, for an agreed enterprise value of £200 million. Contingent cash consideration of up to £200 million, payable in H2 2028, subject to Total Advertising Revenue (“TAR”) performance in FY 2027 and certain trading balance adjustments. Enables a significant cash return to shareholders of around £950 million (25p per share), excluding any contingent consideration.
Comment: ITV has been such a dog for so long that one wonders whether spelling out that this deal means 25p a share versus around 80p currently will make any difference. But to paraphrase the late, great Bob Monkhouse: they laughed at Sky when it appeared as a competitor to terrestrial TV in the 1990s, they are not laughing now.
Bluebird Mining Ventures Ltd (BMV), the gold streaming, mining and treasury company, provide the following update regarding the continued execution of its streaming and treasury strategy, including operational progress across its streaming activities, treasury management, and development of a new structured liquidity initiative.
Comment: One of the small caps on the psycho / crackpot commentary list: one wonders why? Perhaps someone does not like the CEO, even just his name, is worried he might be successful, is short of the shares, or was told to write negatively about the company because a mate is short of the shares. Who knows? Might just because it is Monday. But that is the London market for you, and apparently no one is interested in doing anyone about this Prohibition Era type activity.
