In QuotedData’s morning briefing 14 October 2022:
- Hipgnosis Songs Fund (SONG) has announced that it has appointed Singer Capital Markets Securities Limited to manage an “irrevocable share repurchase programme” to buy back ordinary shares within certain pre-set parameters. The Share Purchase Programme will commence today and will run until 8 December 2022.
- Castelnau Group (CGL) has announced that it has made an investment in Silverwood Brands Plc. The investment, which constitutes £1.6mn in equity and an unsecured loan of £4.4mn, represents the first significant investment in a new entity since Castelnau listed on the London Stock Exchange late last year. Silverwood is an investment vehicle focused on premium consumer brands which has an existing presence in the beauty sector and the funding will facilitate the completion of their previously announced acquisition of NBY London Ltd (trading as Nailberry), which CGL describes as a category leader in non-toxic nail products. Following the transaction, Castelnau will own approximately 16.5% of the equity in Silverwood.
We also have annual results from Schroder Japan Growth.
In other news, Chancellor Kwasi Kwarteng has reportedly cut short his visit to the US to return to the UK for urgent talks with the prime minister and Conservative MPs. With Liz Truss facing calls to change tack to calm markets, a U-turn over the mini-budget is now widely expected. There were reports yesterday evening that the government was looking at which parts of its tax-cutting plans to ditch.