MoPh Markets

BT Group, Games Workshop, Argo Blockchain, Taylor Wimpey: Morning Roundup

The FTSE 100 is expected to open higher on Friday as investors take in recent rate hikes from central banks over recent days. The Bank of England decided to raise interest rates by 50 basis points, although two MPC members preferred to leave rates unchanged.

In other news, BT Group announced a combining of its enterprises, Games Workshop reached an agreement with Amazon, and Argo Blockchain has received a minimum bid price deficiency notification.

BT Group

  • BT Group has announced on Friday it will be combining its global and enterprise units into a single B2B unit, BT Business.
  • BT believes the combined unit will enhance value and strengthen its competitive position.
  • The company also added this will drive significant and rapid gross annualised cost savings of at least £100 million by the end of FY25.

Games Workshop

  • Games Workshop announced it has reached an agreement with Amazon Content Services for Amazon to develop Games Workshop’s intellectual property into film and television productions.
  • It is intended that rights will initially be granted to develop the Warhammer 40,000 universe.
  • The parties have reached an agreement on commercial terms, however, the project is reliant on contracts being agreed and entered into, which both parties are working towards.

Argo Blockchain

  • Argo Blockchain has received a written notification from the Nasdaq Stock Market that it is not in compliance with the minimum bid price requirement.
  • The group has until 12 June 2023 to regain compliance with the minimum bid price requirement.
  • The news follows reports of potential bankruptcy for Argo, with its stock market value almost halving in a matter of days.
  • The letter will not affect its ongoing negotiations with a third party regarding an asset sale.

Taylor Wimpey

  • On Friday, Taylor Wimpey announced that Irene Dorner will be stepping down from her role as Chair of the Board.
  • Dorner will remain on the board as a Non-Executive Director and she will be succeeded by Robert Noel.
  • Noel joined the Board as an independent Non-Executive in October 2019 and became a Senior Independent Director in April 2020.

Leave a Reply