Kuwaiti investors set to swoop for finance firm

WH Ireland soared on rumours that Kuwaiti investors are looking to buy a stake in the business.

Yesterday the financial firm, which offers wealth management and corporate broking services, responded to speculation, telling investors it is ‘aware that Kuwaiti European Holdings Group is looking to acquire a shareholding’. WH Ireland said it will make further announcements in due course.

Kuwaiti European doesn’t currently have a stake in the business. WH Ireland’s biggest shareholder is currently activist group TFG Asset Management, which has a 21pc stake, with 5.5m shares.

Other major shareholders in the firm include Lord Marland of Odstock, a former Prime Minister’s Trade Envoy, Minister for Energy and Climate Change and Treasurer of the Conservative Party.

The 60-year-old entrepreneur’s 7.4pc stake in the business yesterday increased in value by around £500,000.

Former Southampton Football Club chairman Rupert Lowe, meanwhile, has a 4.1pc stake in the company which yesterday netted him £280,000. WH Ireland said earlier this year that it is open-minded about foreign investment. Shares yesterday rocketed 26.2pc, or 26.5p, to 127.5p.

The FTSE 100 had its best day in a while, closing up 1.5pc, or 103.3 points, at 6,813.5. Much of that was driven by strong performance from the mining giants as the oil price climbed more than 2pc, past $44 a barrel once more. Glencore climbed 6.2pc, or 11.5p, to 196.5p as Credit Suisse upped its rating on the stock. Just six stocks were in the red for the day. BA owner International Airlines Group was the greatest faller, losing 0.7pc, or 3.1p, to 415.8p, despite reporting that passenger numbers were up 10pc year-on-year to 10.57m in August.

However, the usual travel jitters whenever there is a global act of terror – such as the bombings at the weekend in New York – dragged down the whole sector.

EasyJet and travel firm Tui were also among the bottom performers of the day, the airline down 0.5pc or 5p to 1070p and the travel firm also 0.5pc down, 5p to 1062p.

Meanwhile, the largest shareholder in office outsourcing firm

Regus is offloading 37m shares in the business.

Estorn, which is the holding company for Mark Dixon’s shares in the company, announced a placing of the shares yesterday.

Dixon, who founded the firm in 1989, has a 31.7pc stake, with 294.7m shares to his name. The sale of shares will shave around 4pc off of his stake, still the largest shareholder by some margin. Yesterday shares finished 0.4pc, or 1.2p, higher at 289.8p.

Interserve slipped as it announced a two-year account extension with the Environment Agency worth more than £11m.

The support services firm has been working with the organisation since 2013, providing maintenance, cleaning and security across more than 100 locations. Interserve said the extended deal will see it continue to deliver tailored services to suit the different requirements of each site. But it added that over the two years it will also aim to maximise efficiency and achieve cost savings. Shares stumbled 2.3pc, or 9.25p, to 385p.

Online bingo and gaming operator Stride Gaming said it expects revenues for the year to August 31 to be no less than £47m, up from £27.8m a year ago.

In a pre-close trading update the group said earnings should be no less than £12.3m, up from £7.3m in 2015. The AIM-listed firm climbed on the confident update, which said strong organic growth should get a further boost from the recent acquisitions of Tarco Assets, Netboost Media and 8Ball Games.

Stride said it is now the fourth largest online bingo operator in the UK. Canaccord Genuity said the acquisitions are an excellent strategic and financial fit, increasing Stride’s UK online bingo market share to 10pc and bringing cost savings.

Shares strode forward 13.8pc, or 33.5p, to 276p.