Author: Fiona Craig

Leonardo Maria del Vecchio is close to reaching an agreement to purchase the stakes of two of his siblings in family holding company Delfin, which controls EssilorLuxottica (EU:EL), according to comments he made to the Financial Times in an interview published Friday.

“We are close to agreeing a price,” Leonardo Maria del Vecchio told the FT, adding that he is negotiating to increase his ownership to 37.5%, effectively tripling his current holding.

The Luxembourg-based holding company Delfin is currently owned equally by the eight heirs of Luxottica founder Leonardo Del Vecchio, the creator of the Ray-Ban eyewear brand, who passed away in 2022.

“I have been very clear I am willing to buy their stakes in order to become Delfin’s main shareholder, close the outstanding issues around my father’s estate and execute my father’s will,” Leonardo Maria told the FT.

Disputes among the shareholders have so far blocked any dividend distribution exceeding 10% of net profit and have also prevented changes to the company’s governance structure.

Leonardo Maria said the potential deal would be organised as a leveraged buyout financed by a group of unnamed banks. He also stated that his priority would be to protect EssilorLuxottica and that he would either wait for a court ruling or reach an agreement with his siblings before then.

“I don’t intend to make a power move . . .  I want to build trust after four years of disputes,” he said.

Beyond its controlling stake in EssilorLuxottica, Delfin also holds investments in Covivio, Banca Monte dei Paschi, Generali and UniCredit.

Delfin and EssilorLuxottica did not immediately respond to Reuters’ request for comment.

Getlink (EU:GET) announced a drop in both freight and passenger vehicle traffic through the Channel Tunnel in February 2026, based on operational data published on Friday.

LeShuttle Freight transported 94,332 trucks during the month, marking a 1% decrease compared with February 2025. Since the beginning of the year, shuttle services have carried more than 190,000 trucks across the Channel.

Passenger vehicle traffic declined more sharply. LeShuttle transported 114,467 cars in February, representing a 6% fall from the same month a year earlier.

The company said the decline was mainly due to a calendar effect, with British winter holidays occurring close to the Easter weekend scheduled for early April 2026. Since January 1, over 235,000 passenger vehicles have travelled through the tunnel using the shuttle services.

Getlink manages the Channel Tunnel infrastructure via its Eurotunnel subsidiary under a concession agreement that extends until 2086. The group operates freight and passenger shuttle connections between Folkestone in the UK and Calais in France.

Avon Technologies (LSE:AVON) has secured a new order valued at approximately $12.7 million for its MILCF50 CBRN filters from an existing customer in the Middle East that already uses the company’s respirator systems. The filters are designed to protect users from chemical and biological warfare agents in various forms and feature a low-profile, conformal design, highlighting Avon’s focus on specialised protective equipment for high-risk environments.

The company said the contract is expected to contribute to its financial performance for the 2026 fiscal year and remains consistent with the guidance issued in late 2025. The order also reflects ongoing global demand for CBRN protection systems, reinforcing Avon’s position in a highly specialised segment of the defence equipment market.

While recent corporate developments and positive commentary from the latest earnings call point to strong revenue and profit growth, the company’s broader outlook remains mixed. Financial metrics indicate ongoing challenges related to profitability and liquidity, while technical indicators suggest bearish market momentum, tempering the otherwise positive strategic progress.

More about Avon Technologies

Avon Technologies is a specialist manufacturer of protective equipment used by military personnel and law enforcement agencies worldwide. Its products are used by more than 4 million service members and first responders across more than 70 markets.

The company operates through two primary divisions: Avon Protection, which develops advanced respiratory and integrated CBRN protection systems, and Team Wendy, which produces high-performance ballistic and impact protection helmet systems. Through ongoing investment in innovation and technology, Avon aims to enhance safety and performance for personnel operating in demanding and hazardous environments.

Blencowe Resources (LSE:BRES) has reported a maiden JORC 2012 mineral resource estimate for the newly identified Iyan deposit at its Orom-Cross Graphite Project in Uganda. The initial estimate outlines 16.9 million tonnes grading 6.0% total graphitic carbon (TGC) in the Inferred category. With the inclusion of Iyan, the total JORC mineral resource at Orom-Cross increases by 66% to 43.0 million tonnes at an average grade of 5.76% TGC. The updated resource spans the Northern Syncline, Camp Lode and Iyan deposits, all reported using a 3.5% cut-off grade.

The company noted that mineralisation at Iyan remains open both along strike and at depth, with several drill holes terminating in mineralised zones, suggesting potential for further expansion. Additional upside could also come from the nearby Beehive discovery once assay results are incorporated into a future resource update. Management said the larger project scale, combined with consistent metallurgy and strong continuity of near-surface mineralisation, improves development flexibility and supports ongoing discussions around strategic partnerships and project funding as Orom-Cross progresses toward production planning.

Despite the positive resource growth, the company’s outlook remains constrained by weak financial performance, including a lack of revenue, ongoing losses and increasing cash burn. Technical indicators are supportive, with the share price showing a strong upward trend and a positive MACD signal, although highly elevated RSI and stochastic readings suggest the stock may be overbought and at risk of a near-term pullback. Valuation metrics remain limited due to negative earnings and the absence of dividend support.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed exploration and development company focused on graphite projects. Its flagship asset is the 100%-owned Orom-Cross Graphite Project in Uganda, which is being developed with the aim of becoming a large-scale, long-life graphite operation. The project is positioned to supply growing global demand for graphite from both traditional industrial uses and emerging battery markets.

Kavango Resources (LSE:KAV) has secured approximately US$8.4 million through subscription agreements in both Zimbabwe and the UK, issuing around 630 million new shares at a price representing a 33% premium to the company’s recent mid-market share price. Chairman and interim CEO Peter Wynter Bee participated in the UK placing, subscribing for 20 million shares.

The newly issued shares from the UK and VFEX tranches are expected to begin trading around 16 March 2026 following admission to the London Stock Exchange and the transfer of the Zimbabwe portion to the Victoria Falls Stock Exchange. Once combined with existing cash and previously committed funding, the company expects to have about US$13.5 million available to support its growth plans. These include expanding production at the Hillside gold project, pursuing the proposed acquisition of Nara, addressing associated litigation costs, advancing exploration programmes, and providing additional working capital for operations in Zimbabwe.

The company’s outlook remains constrained by weak financial performance, including significant operating losses and ongoing cash outflows despite only early-stage revenue generation. However, the balance sheet shows positive equity and moderate leverage, offering some stability. Technical indicators present a mixed picture, with neutral momentum and signs of short-term stabilisation, while valuation metrics remain difficult to support given the negative price-to-earnings ratio and the absence of a dividend yield.

More about Kavango Resources

Kavango Resources is a metals exploration and gold production company focused on Southern Africa, with listings on both the London Stock Exchange and the Victoria Falls Stock Exchange in Zimbabwe. The group is concentrating its operations in Zimbabwe, where it aims to increase gold production while pursuing growth through acquisitions and ongoing exploration activities.

IMI plc (LSE:IMI) reported its fifth straight year of mid-single-digit organic revenue growth in 2025, with organic sales rising 5% and organic adjusted operating profit increasing 8%. The performance lifted the company’s adjusted operating margin to 20%. Statutory profit before tax climbed 27% during the year, while free cash flow improved to £290 million and return on invested capital rose to 14.0%, highlighting continued profitable expansion.

Reflecting the group’s strong cash generation, the board has proposed a 10% increase in the final dividend and announced a £500 million share buyback programme. Management said the move aligns with its disciplined capital allocation approach and commitment to enhancing shareholder returns. Looking ahead to 2026, the company expects to deliver a sixth consecutive year of mid-single-digit organic revenue growth, with margins anticipated to remain stable or improve slightly. Continued momentum is forecast in the Automation and Climate Control segments, supporting management’s confidence in sustained earnings growth.

The company’s outlook is primarily supported by strong financial results and positive corporate developments. Technical indicators suggest a bullish share price trend, although some caution is warranted due to potential overbought conditions. Valuation metrics indicate the stock may appear relatively expensive, which moderates the overall assessment. Commentary from the earnings call also reinforced confidence in the group’s strategy and growth trajectory.

More about IMI plc

IMI plc is a global engineering company specialising in fluid and motion control technologies. The group provides customised, high value-added solutions primarily serving Automation and Life Technology markets. Its products support key sectors linked to energy transition, industrial automation, and healthcare, while a strong aftermarket services business—accounting for roughly 45% of revenue—provides a stable and higher-margin revenue stream.