Author: Fiona Craig

Essensys PLC (LSE:ESYS), a provider of SaaS-based connectivity and workspace management solutions for landlords and flexible workspace operators, has agreed to a recommended acquisition by essensys Bidco Limited in a deal valuing the company at approximately £11.3 million. The cash offer of 17 pence per share is backed by chief executive Mark Furness and a concert party and represents a modest premium to recent market prices.

An independent committee of directors, advised by Canaccord Genuity on the financial aspects of the transaction, has concluded that the terms are fair and reasonable and intends to unanimously recommend that shareholders approve the offer. Alongside the cash proposal, investors are also being offered an alternative option to receive non-voting shares in Bidco, indicating a potential transition to private ownership and a restructuring of the company’s capital base.

Completion of the transaction is subject to Bidco obtaining acceptances or acquisitions representing at least 90% of the relevant shares, although this threshold may be reduced to no less than 50% of voting rights. The offer will lapse if it is not completed by the specified long-stop date. Independent director Jon Lee, the only board member holding shares personally, has already irrevocably committed to accept the cash offer for his stake, citing restrictions on holding unlisted securities within ISA and SIPP accounts — reinforcing expectations that a successful bid would lead to Essensys delisting from public markets.

The company’s near-term outlook remains challenged by ongoing losses and softer recent revenue trends, despite improved cash generation during 2025 and a relatively modest level of leverage. Technical indicators also point to continued weakness, with the shares trading below key moving averages and momentum measures remaining negative. Valuation support is limited given the absence of earnings and dividend income.

More about essensys PLC

Essensys PLC, founded in 2006 and listed on AIM since 2019, develops software and technology platforms designed to help landlords and flexible workspace operators manage multi-tenant environments. Its core offerings include the essensys Platform, which delivers enterprise-grade connectivity and performance analytics, and elumo — launched in March 2025 — a solution focused on booking, access management and monetisation of flexible spaces such as meeting rooms and shared work areas.

Operating from offices in London, New York, Sydney and Amsterdam, the company serves customers across the UK, Europe, North America and Asia-Pacific. Essensys targets multi-site flexible workspace providers seeking scalable digital infrastructure, with its integrated technology aimed at simplifying operations while enabling workspace assets to generate additional revenue through data-driven connectivity and management tools.

Uniphar (LSE:UPR) reported solid preliminary results for 2025, posting revenue growth of 11.0% to €3.07 billion and a 7.0% increase in gross profit to €457.7 million. Performance was supported by organic gross profit growth of 8.9%, marking the company’s strongest organic expansion since its IPO. Growth was recorded across all divisions, led by Uniphar Pharma with a 15.5% increase and Medtech at 10.5%, while Supply Chain & Retail delivered 4.2% growth and expanded its pharmacy network to 482 locations.

EBITDA increased 6.0% year-on-year to €130.9 million, while adjusted earnings per share rose 21% to 24.8 cent. The improvement was aided by reduced finance costs and a €35 million share buyback programme, which saw the company repurchase 13.4 million shares. Uniphar ended the period with net bank debt of €171.1 million and leverage of 1.6x, alongside extended credit facilities and free cash flow conversion of 99.1%. Management reiterated confidence in achieving its €200 million EBITDA target by 2028, supported by ongoing strategic investments including a new advanced distribution hub in Ireland and expanded digital capabilities following the acquisition of TouchStore.

The group also reported continued progress on sustainability goals, highlighting a 29.9% reduction in Scope 1 and 2 emissions since 2019. Uniphar maintained strong ESG credentials, including an MSCI ‘AAA’ rating and a low-risk industry assessment from Sustainalytics. For shareholders, the board proposed a total dividend of €5.2 million, representing a 5.2% increase on a per-share basis. Management noted positive trading momentum heading into 2026 and expects growth to remain largely organic in line with its medium-term outlook.

More about Uniphar PLC

Uniphar plc is a Dublin-headquartered international healthcare services provider working with more than 200 multinational pharmaceutical and medical technology manufacturers. Through its Pharma, Medtech, and Supply Chain & Retail divisions, the group operates across Europe, North America, APAC and the MENA region, supplying products to over 160 countries. The company focuses on improving patient access to pharmaceutical and medical technologies by connecting manufacturers with healthcare providers while leveraging scale to drive growth and profitability.

GCP Infrastructure Investments Limited (LSE:GCP), a FTSE 250-listed closed-ended investment company focused on UK infrastructure debt, has appointed Canaccord Genuity Limited as a joint corporate broker with immediate effect. The firm joins existing broker RBC Capital Markets, expanding the company’s capital markets advisory support and potentially enhancing investor engagement as GCP Infra advances its long-term infrastructure investment strategy.

GCP Infra invests with the objective of delivering sustainable income and capital preservation through exposure to infrastructure-related debt and similar assets across the UK. Its portfolio concentrates on projects supported by long-term, availability-based revenues linked to the public sector, while also aiming to provide partial protection against inflation where feasible. The company has been awarded the London Stock Exchange’s Green Economy Mark in recognition of the environmental contribution of its investments.

The broker appointment is expected to strengthen market coverage and broaden investor access as the company continues to manage its portfolio conservatively. Outlook considerations remain shaped by a resilient balance sheet and improving cash generation, alongside constructive technical indicators. However, uneven revenue trends and a relatively high price-to-earnings valuation present counterbalancing factors, even as dividend stability and share buybacks offer additional shareholder support.

More about GCP Infra Invt Shs GBP

GCP Infrastructure Investments Limited is a closed-ended investment company and a constituent of the FTSE 250 index, with shares traded on the London Stock Exchange’s main market. The company seeks to provide investors with consistent, long-term dividends and capital preservation by investing primarily in UK infrastructure debt and related assets, particularly those benefiting from long-duration, public sector-backed revenue streams and elements of inflation linkage where available.

Pernod Ricard (EU:RI) shares dropped more than 3% on Monday after Deutsche Bank lowered its recommendation on the stock to “sell” from “hold,” arguing that this year’s sharp rally has moved ahead of underlying business fundamentals.

The downgrade follows the company’s recent first-half fiscal 2026 results, which showed organic sales declining 5.9% and EBIT down 7.5%, broadly matching market expectations.

Deutsche Bank analyst Mitch Collett said the valuation now looks stretched, noting that Pernod trades at roughly 15.2x calendar 2026 earnings — only a 14% discount to European beverage peers. In his view, that gap does not sufficiently reflect the company’s leverage level of 3.8x net debt to EBITDA and an uncertain growth outlook.

According to the bank, the stock’s roughly 20% gain year to date appears largely driven by positioning effects, particularly the unwinding of heavy short interest, rather than a meaningful improvement in operating performance.

Two main risks support the downgrade. The first is leverage. Management has pledged to reduce net debt/EBITDA to below 3x by fiscal 2029, but achieving that goal depends on earnings recovery, ongoing asset disposals and strict capital discipline over several years, leaving limited room for setbacks in key markets such as China or the United States.

The second concern relates to expectations for a second-half rebound. Consensus forecasts imply around 1.2% organic sales growth, which Deutsche Bank believes relies more on favorable timing effects around Chinese New Year and easier comparisons than on a genuine recovery in demand. Management itself described the outlook for China as largely technical.

Collett also suggested that a deeper reset in profitability and shareholder returns may be required before the shares can sustain a meaningful re-rating.

The company continues to maintain its €4.70 per share dividend, though without growth, while free cash flow coverage remains tight. Gross margins are still under pressure from tariffs and higher costs for aged inventory despite a 10% reduction in structural expenses.

Jefferies, meanwhile, retains a “buy” rating with a €110 price target, pointing to the valuation discount and confidence in the company’s efficiency programme. However, that more optimistic view depends on belief in Pernod’s medium-term growth target of 3%–6%, a scenario Deutsche Bank does not currently support at prevailing share prices.

Potential upside risks include a restocking cycle in the U.S. market or policy stimulus measures in China. Until clearer signs of sustained revenue growth emerge, Deutsche Bank believes the recent rebound in the shares may have largely run its course.

Renault (EU:RNO) announced Monday that it has agreed to buy out Volvo AB’s 45% interest and CMA-CGM’s 10% stake in the Flexis electric van joint venture, taking full ownership of the business for an undisclosed consideration.

The French automaker said it has entered into a binding agreement with both Volvo AB and CMA-CGM that will allow Renault to assume complete control of Flexis and lead the project through its next development phase, including the rollout of a new lineup of fully electric light commercial vehicles.

The transaction remains subject to regulatory approvals and is expected to be finalized by the end of the first half of 2026. Renault added that production of the new electric vans is still scheduled to begin before the end of this year.

In a separate statement, Swedish truck manufacturer Volvo AB said it will continue to participate in the initiative as a partner and investor via Renault Trucks and plans to distribute vehicles developed under the Flexis programme starting in 2027. Volvo noted that the deal is not expected to have a material effect on its financial results.

Gold prices extended their upward momentum for a fourth consecutive session on Monday, building on last week’s rally as renewed concerns over U.S. trade tariffs and a softer U.S. dollar increased demand for safe-haven assets.

At 04:45 ET (09:45 GMT), spot gold rose 0.8% to $5,145.81 per ounce, while U.S. gold futures climbed 1.7% to $5,166.81 per ounce.

The precious metal had already gained more than 1% last week amid heightened geopolitical tensions between the United States and Iran, which encouraged investors to shift toward defensive assets.

New tariff measures unsettle markets

President Donald Trump announced late last week that global import tariffs would be introduced under Section 122 of U.S. trade law, initially at 10% before being increased to the maximum allowed level of 15% for a 150-day period. The move followed a U.S. Supreme Court decision that struck down a broader tariff framework previously implemented by the administration.

The announcement pressured risk-sensitive markets and prompted flows into traditional safe havens such as gold and U.S. government bonds. Uncertainty surrounding how long the tariffs will remain in effect, as well as potential legal and congressional challenges, contributed to heightened market volatility.

Investors also evaluated recent U.S. macroeconomic data. Gross domestic product expanded at an annualized rate of 1.4% in the fourth quarter, signaling slower economic momentum compared with earlier in the year.

Meanwhile, the Personal Consumption Expenditures price index — the Federal Reserve’s preferred measure of inflation — rose 2.9% year over year in December, with core inflation hovering around 3.0%, remaining above the central bank’s 2% target.

The combination of moderating growth and persistent inflation reinforced gold’s role both as a hedge against uncertainty and a long-term store of value.

Russia reduces gold holdings

Russia reported Friday that its central bank reduced gold reserves in January, marking the first monthly decline since October.

Data released by the Bank of Russia showed holdings falling by approximately 300,000 ounces to 74.5 million ounces after bullion prices reached record highs during the month.

Silver rises while other metals show mixed performance

Elsewhere, metals markets showed mixed movements.

Silver gained 4.9% to $86.35 per ounce, while platinum slipped 0.5% to $2,165.50 per ounce.

Copper futures on the London Metal Exchange edged 0.4% higher to $12,976.04 per ton, while U.S. copper futures dipped 0.1% to $5.8933 per pound.

ING analysts said, “The ruling does not affect sector specific tariffs imposed on national security grounds, including measures on aluminium, steel and copper products.” They added, “Still, LME metals moved higher as the decision reduced immediate risks to global trade flows and industrial demand. However, the upside may remain capped, given that some sector specific tariffs remain in place and the administration could pursue alternative trade measures.”

Oil prices moved lower by more than 1% on Monday as investors assessed the impact of renewed U.S. trade tensions alongside expectations for a fresh round of nuclear negotiations between Washington and Tehran, which could ease geopolitical risks.

Brent crude futures fell 73 cents, or 1%, to $71.03 per barrel by 08:49 GMT, while U.S. West Texas Intermediate crude dropped 75 cents, or 1.1%, to $65.73 per barrel.

“With the next, and possibly last, round of the Iranian nuclear talks not until Thursday, focus is on the U.S. Supreme Court’s decision to strike down import tariffs and the subsequent reaction from the government,” said Tamas Varga, associate analyst at PVM Oil.

The U.S. Customs and Border Protection agency said it will stop collecting tariffs introduced under the International Emergency Economic Powers Act starting at 12:01 a.m. EST (05:01 GMT) on Tuesday. However, President Donald Trump announced Saturday that a temporary tariff on imports from all countries would be raised from 10% to 15% — the highest level permitted under the statute — after the Supreme Court invalidated his earlier tariff programme.

“The tariff news over the weekend has resulted in some risk aversion flows this morning, which can be viewed in the price of gold and U.S. equity futures and this is weighing on the crude oil price,” said IG Markets analyst Tony Sycamore.

Attention also turned to diplomatic developments after Oman’s Foreign Minister Badr Albusaidi confirmed that Iran and the United States will meet in Geneva on Thursday for a third round of nuclear negotiations. Concerns over a potential military escalation had driven Brent and WTI prices more than 5% higher last week.

A senior Iranian official told Reuters that Tehran is willing to consider concessions on its nuclear programme in exchange for sanctions relief and formal recognition of its right to enrich uranium.

“This morning’s weakness is a defensive move, and needless to say, with the uncertainty surrounding a U.S. military intervention in Iran, the ongoing Russian-Ukrainian war and now the U.S. Supreme Court’s decision, oil price direction is not (clear), but volatility is guaranteed,” Varga added.

Goldman Sachs said it expects the global oil market to remain oversupplied in 2026, assuming Iranian exports are not disrupted. The bank nevertheless lifted its fourth-quarter 2026 forecasts by $6, projecting Brent at $60 per barrel and WTI at $56, citing lower inventories across OECD economies.

Bitcoin (COIN:BTCUSD) slipped below the $65,000 mark during Asian trading on Monday, extending recent losses as large investors continued to offload holdings while uncertainty surrounding U.S. trade policy further reduced appetite for risk assets.

The world’s largest cryptocurrency fell 4% to $65,296.8 as of 06:30 GMT, after touching a 24-hour low of $64,384.2. Prices moved closer to levels seen in early February, when Bitcoin briefly traded below $60,000.

Broader cryptocurrency markets also weakened, with Ether facing renewed pressure after reports that founder Vitalik Buterin had reduced part of his position.

Whale activity adds selling pressure

On-chain figures from CryptoQuant showed increased transfers of Bitcoin from large private wallets — commonly known as “whales” — to major crypto exchanges, a trend often interpreted as a precursor to selling.

Whales, which typically include early adopters, institutional investors and crypto-focused funds holding significant balances, can have an outsized effect on short-term price movements when funds are moved onto trading platforms.

Such transfers usually signal potential liquidation and can weigh on prices by increasing immediately tradable supply. At the same time, buying demand appeared muted across exchanges, suggesting investor sentiment remains fragile following sharp declines earlier in the year.

Market caution intensified after renewed turbulence in U.S. trade policy. Last week, the U.S. Supreme Court invalidated much of President Donald Trump’s tariff program, ruling that he exceeded his authority when imposing duties on key trading partners.

Trump later announced a temporary global tariff of 10% for 150 days before raising the rate to 15%, the maximum permitted under the statute — a move that unsettled financial markets.

The escalation pressured equities and other risk-sensitive assets across Asian markets, as investors worried that rising trade barriers could slow global economic activity and tighten liquidity conditions, both typically negative for cryptocurrencies.

Altcoins decline as Ether faces renewed selling

Other major tokens also traded lower, with Ether under particular pressure following reports of additional sales linked to Buterin.

Ether dropped nearly 5% to $1,878.63, approaching early-February lows. Over the weekend, Buterin was reported to have sold at least 1,694 Ether worth about $3.3 million. While relatively small compared with his total holdings, the transaction fueled concerns about further whale-driven selling in the market.

Among other altcoins, XRP, Solana, Cardano and BNB declined between 3% and 8%.

In the memecoin segment, Dogecoin fell 2.9%, while $TRUMP dropped 3.4%.

Economic data reinforces cautious outlook

U.S. economic data released Friday added to the cautious tone. Gross domestic product expanded at an annualized rate of 1.4% in the fourth quarter, highlighting slowing growth momentum, while the personal consumption expenditures price index remained elevated at 2.9% year over year.

Persistent inflation alongside moderating economic growth has complicated expectations for Federal Reserve rate cuts, reducing confidence that monetary easing will arrive in the near term.