Monmouth Real Estate Agrees To Be Bought By ILPT In $4 Bln Deal – Quick Facts

Morgan Advanced Materials 9-month Sales Up 8.9% On Organic Constant-currency Basis

Morgan Advanced Materials plc (MGAM.L) said its sales for the first nine months of the year to September 2021 were 8.9% higher, on an organic constant-currency basis, from last year. Looking forward, the Group expects full year organic constant-currency growth to be around the top end of its previous guidance range of 7-9%. Operating margins are expected to improve for the full year.

For the nine months of the year, Thermal Products division sales were 9.9% higher, with growth in Molten Metal Systems and Thermal Ceramics. Carbon & Technical Ceramics division sales were up 8.1%, for the period.

Beazley Plc 9-month Gross Premiums Written Up 29% – Quick Facts

Beazley plc (BEZ.L) said the momentum from the first half has persisted into the second with rate rises and premium growth that have exceeded the Group’s expectations. Growth has been achieved in all of its divisions, the Group said.

For the nine month period ended 30 September 2021, gross premiums written increased by 29% year on year to $3.27 billion. Premium rates on renewal business increased by 23%, for the period.

Beazley plc said its initial estimate of catastrophe losses for the third quarter is $125 million net of reinsurance.

Uniper 9-month Adj. EBIT Rises; Increases Guidance

Uniper said its adjusted EBIT in the first nine months of 2021 rose more than 50 percent year-over-year due to a higher contribution of the international and gas mid-stream commodity business. The company said the “Global Commodities’ extraordinarily good performance and its assumptions for the remainder of the financial year enable it to again raise forecast for adjusted EBIT and adjusted net income for fiscal 2021.

For the nine month period, adjusted EBIT was 614 million euros compared to 405 million euros, prior year. Adjusted net income was 487 million euros compared to 308 million euros.

Uniper reported a IFRS net loss of 4.77 billion euros or 13.20 euros per share in the first nine months. The company said the main reason is a IFRS-related inconsistency in the fair value measurement of hedging transactions and hedged items. Sales were 78.50 billion euros compared to 30.82 billion euros, previous year.

The company increased its outlook range for adjusted EBIT for fiscal 2021 to 1.05 billion euros to 1.30 billion euros from formerly 800 million euros to 1.05 billion euros. It also increased the range for adjusted net income to 850 million euros to
1.05 billion euros, from prior guidance of 650 million euros to 850 million euros.

Yorkshire Cricket chairman Roger Hutton resigns over Azeem Rafiq claims

Yorkshire Cricket Club chairman Roger Hutton has announced his resignation in the wake of racism allegations by former player Azeem Rafiq.

He said it will be effective immediately and he “apologised unreservedly” to Rafiq.

Hutton, who joined the club 18 months after Rafiq left, in 2020 said his “frustration has been shared” by all non-executive members of the board – some of whom have also now resigned.

Pre-market Movers: RVI, ABIO, ALF, ZEN, DBVT…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 05.45 A.M. EDT).

In the Green

ARCA biopharma, Inc. (ABIO) is up over 23% at $3.23
DBV Technologies S.A. (DBVT) is up over 19% at $3.66
WiMi Hologram Cloud Inc. (WIMI) is up over 16% at $5.08
Vyant Bio, Inc. (VYNT) is up over 12% at $2.45
Tailwind Two Acquisition Corp. (TWNT) is up over 11% at $11.04
Exela Technologies, Inc. (XELA) is up over 10% at $2.00
Getnet Adquirência e Serviços para Meios de Pagamento S.A. (GET) is up over 9% at $1.84
United States Steel Corporation (X) is up over 7% at $25.23
Marpai, Inc. (MRAI) is up over 7% at $6.10
Soligenix, Inc. (SNGX) is up over 7% at $1.06

In the Red

Retail Value Inc. (RVI) is down over 73% at $7.16
Alfi, Inc. (ALF) is down over 21% at $4.47
Zendesk, Inc. (ZEN) is down over 19% at $96.28
MicroVision, Inc. (MVIS) is down over 17% at $7.46
The Glimpse Group, Inc. (VRAR) is down over 13% at $12.64
Western Digital Corporation (WDC) is down over 11% at $50.80
HCW Biologics Inc. (HCWB) is down over 11% at $4.20
Rafael Holdings, Inc. (RFL) is down over 10% at $7.25
Valneva SE (VALN) is down over 8% at $41.39
Pulmatrix, Inc. (PULM) is down over 8% at $0.91
KemPharm, Inc. (KMPH) is down over 4% at $9.55

Kimco Realty Corp. Q3 adjusted earnings Beat Estimates

Below are the earnings highlights for Kimco Realty Corp. (KIM-PG):

-Earnings: $501.39 million in Q3 vs. -$44.75 million in the same period last year.
-EPS: $0.91 in Q3 vs. -$0.10 in the same period last year.
-Excluding items, Kimco Realty Corp. reported adjusted earnings of $173.70 million or $0.32 per share for the period.
-Analysts projected $0.10 per share
-Revenue: $368.61 million in Q3 vs. $259.79 million in the same period last year.

Full year EPS guidance: $1.36 to $1.37

Monmouth Real Estate Agrees To Be Bought By ILPT In $4 Bln Deal – Quick Facts

Monmouth Real Estate Investment Corp. (MNR) on Friday entered into a definitive agreement to be acquired by Industrial Logistics Properties Trust (ILPT) for $21.00 per share in an all-cash transaction.

The deal is valued at approximately $4.0 billion, including committed MNR acquisitions, transaction costs and the assumption of $409 million of debt.

The transaction is subject to customary closing conditions, including MNR shareholder approval, and is expected to close in the first half of 2022.

ILPT expects the acquisition to be immediately accretive to Normalized Funds from Operations, or FFO, per share.

The transaction adds 126 new, Class A, single tenant, net leased, e-commerce focused industrial properties to ILPT’s existing high-quality portfolio and improves geographic and tenant diversity.

To finance the acquisition, ILPT expects to enter into a joint venture with one or more institutional investors for equity investments of between approximately $430 million and $1.3 billion.

ILPT plans to finance the balance of the $4.0 billion purchase with proceeds from new mortgage debt and the assumption of approximately $409 million of existing MNR mortgage debt.

In pre-market activity on the NYSE, Monmouth Real Estate shares were gaining around 10 percent to trade at $20.75.