Author: Fiona Craig

Futura Medical (LSE:FUM) has announced changes to its finance leadership and corporate governance arrangements as the company continues its strategic review and formal sale process.

Angela Hildreth, currently Finance Director and Chief Operating Officer, will step down from her executive positions in mid-November 2026. She will remain on the company’s board as a non-executive director while the strategic review continues.

Futura has appointed Maddy Kennedy as interim Chief Financial Officer. Kennedy has experience in financial management within the life sciences sector and will assume responsibility for the company’s finance function during the transition.

The company has also engaged ESGovernance to provide outsourced company secretarial services, adding external support for its corporate governance and administrative requirements.

The management changes come as Futura progresses its ongoing merger and acquisition discussions and formal sale process. According to the company, the process has attracted significant interest from potential counterparties, with detailed information memoranda being distributed to prospective bidders.

Futura expects to receive non-binding offers over the coming weeks as interested parties assess the business and its commercial operations.

The company emphasised that there is no certainty the process will result in a transaction. The board said it remains focused on progressing the strategic review with the objective of preserving and realising value for shareholders.

The formal sale process represents a potential change in ownership or corporate structure for Futura, although no agreement has been announced and the outcome remains undetermined.

Futura Medical is a UK-based consumer healthcare company specialising in sexual health products. Its principal commercial product, Eroxon, is an over-the-counter topical gel developed for erectile dysfunction. The company’s development portfolio also includes WSD4000 and Eroxon Intense, targeting female sexual dysfunction and other sexual health applications.

Futura operates through licensing and distribution agreements across international markets, with its commercial and development activities focused on consumer sexual healthcare.

Rainbow Rare Earths (LSE:RBW) has announced the appointment of Ashleigh Woolf as a non-executive director following the resignation of Darryll Castle, who served on the board as a nominee of major shareholder TechMet.

Woolf currently serves as Chief Legal Officer at TechMet and has more than 15 years of experience across mergers and acquisitions, private equity, corporate law and regulatory compliance in multiple jurisdictions.

The appointment maintains TechMet’s representation on Rainbow’s board as the company progresses development activities at its two principal rare earth projects, Phalaborwa in South Africa and Uberaba in Brazil.

Woolf’s professional background includes legal and compliance responsibilities relevant to corporate transactions and investment activities. Her appointment comes as Rainbow continues work on projects intended to supply rare earth materials to industrial markets.

The board change follows Castle’s departure from his position as a TechMet-nominated director. Rainbow has presented the appointment as consistent with its ongoing corporate governance and project development activities.

Rainbow is advancing its Phalaborwa and Uberaba projects using a processing approach designed to recover rare earth elements from phosphogypsum, a by-product of fertiliser production. The process is intended to extract rare earth materials from existing phosphogypsum deposits rather than through conventional mining and initial ore processing.

The company is targeting the production of rare earth materials for Western supply chains, including applications in industrial manufacturing, energy transition technologies and defence equipment.

Rainbow Rare Earths is a London-listed mineral development company focused on rare earth recovery projects in South Africa and Brazil. Its development strategy centres on processing phosphogypsum resources to produce rare earth raw materials for downstream industrial use.

Foresight Group (LSE:FSG) reported assets under management (AUM) of £13.0 billion for the six months ended 30 September 2026, broadly unchanged over the period, while funds under management (FUM) increased modestly to £9.1 billion as new fundraising offset the impact of a partial investment realisation.

The investment manager continued to focus on its private markets operations following the disposal of its public markets division. The company also reported a high proportion of recurring revenue and continued profitable, cash-generative operations.

During the first half, Foresight raised £224 million through retail investment vehicles, which the company identified as offering higher margins. In Australia, the group secured a A$75 million commitment for its Australian Renewables Income Fund, adding to its fundraising activity across real asset investment strategies.

Portfolio activity included a partial realisation of the group’s investment in Kinetic, an Australian mass transit operator. The transaction reduced FUM by £134 million and generated performance fees for Foresight.

The Kinetic transaction also involved the establishment of a A$660 million continuation vehicle, which the company reported was oversubscribed. The arrangement forms part of Foresight’s ongoing management of its private markets investment portfolio.

Elsewhere, the group completed further realisations within its private equity portfolio during the reporting period, alongside continued fundraising and investment management activity.

Foresight also maintained its share buyback programme as part of its capital allocation activities. The company identified the programme as contributing to earnings per share and supporting its shareholder distribution policy.

The half-year update reflects Foresight’s increased concentration on private markets following the sale of its public markets business, with its investment activities spanning infrastructure, renewable energy and private equity.

Foresight Group Holdings Ltd is a FTSE 250-listed investment manager operating across the UK, Europe and Australia. Founded in 1984, the group manages capital for institutional and retail investors, with investment strategies covering energy transition, decarbonisation, nature recovery and financing for small and medium-sized businesses.

Logistics Development Group plc (LSE:LDG) has rejected a revised potential cash takeover proposal from existing shareholder DBAY Advisors, after its independent directors concluded that the proposed price of 20 pence per share undervalued the company.

The approach was initially made on an unsolicited and indicative basis at 19 pence per share for the remaining issued share capital of Logistics Development Group. DBAY subsequently increased the proposed consideration to 20 pence per share in cash through a revised draft proposal.

Following a review of the terms with its advisers and consultation with a major independent shareholder, the company’s independent directors unanimously decided not to support the revised approach.

The board’s decision reflects its assessment that the proposed consideration does not adequately represent the value of Logistics Development Group. No firm takeover offer has been announced.

Under the UK Takeover Code, DBAY has until 5 November 2026 to announce a firm intention to make an offer or confirm that it does not intend to proceed. The deadline follows the company’s disclosure of the approach and its entry into a formal offer period.

The offer period also brings relevant disclosure requirements under the Takeover Code, including obligations applicable to certain shareholders and other parties holding interests in the company’s securities.

The potential transaction remains subject to DBAY’s decision on whether to submit a formal offer. The rejection of the indicative proposal does not establish whether a further approach will be made.

Logistics Development Group is an AIM-listed investment company focused on logistics and related infrastructure businesses. Its investment activities provide exposure to companies operating across transportation, supply chain management and associated services.

CleanTech Lithium (LSE:CTL) has entered into option agreements to acquire full ownership of two mining properties in Argentina’s Salar de Antofalla, extending its lithium exploration portfolio in South America.

The agreements cover the Genoveva and Sal de Litio 1 properties in the southern part of the salar, approximately 80 kilometres from the company’s Laguna Verde project in Chile. The licences are located next to an exploration asset held by Albemarle.

According to CleanTech Lithium, preliminary geophysical studies indicate the presence of a substantial brine-bearing aquifer beneath the properties. Further exploration will be required to establish the extent and lithium content of the resource.

The company intends to undertake a drilling and resource assessment programme in 2027, with an estimated budget of US$500,000. The programme will seek to establish an initial mineral resource estimate compliant with JORC reporting standards.

Under the option agreements, CleanTech Lithium is scheduled to make payments totalling US$1.925 million through to 2031 to secure 100% ownership of the two properties. The company expects to fund the initial payments using its existing cash resources.

Management has identified potential operational links between the Antofalla properties and its existing Laguna Verde and Viento Andino projects. These could include shared infrastructure and the development of a central lithium conversion facility, although such arrangements remain part of the company’s longer-term development plans.

The Antofalla agreements form part of CleanTech Lithium’s strategy to develop a portfolio of lithium brine projects across South America. The planned 2027 exploration programme will provide additional information on the resource potential of the newly optioned properties.

CleanTech Lithium is an exploration and development company listed on London’s AIM market and the Frankfurt Stock Exchange. Its portfolio includes the Laguna Verde project in Chile and Viento Andino, with activities focused on lithium resources intended for battery and electric vehicle supply chains.

Gold prices moved lower on Wednesday as the US dollar strengthened, with investors awaiting minutes from the Federal Reserve’s September meeting for additional information on the direction of monetary policy.

At 08:40 GMT, spot gold declined 0.9% to $4,126.02 an ounce, while gold futures were down 0.8% at $4,151.90 an ounce.

The US Dollar Index rose 0.4% to 102.26. A stronger US currency can make dollar-denominated gold more expensive for buyers using other currencies.

Fed Minutes Could Provide Further Rate Guidance

The Federal Reserve is due to release minutes from its September meeting, when policymakers increased interest rates for the first time since 2023.

The central bank’s projections indicated that additional rate increases could follow before the end of the year as policymakers respond to inflation remaining above the Fed’s 2% target.

Expectations for another increase at the Fed’s next meeting have since moderated. Several Fed officials have indicated less urgency for an October increase, while recent employment figures were weaker than expected.

The direction of interest rates remains relevant for gold because higher borrowing costs can increase the opportunity cost of holding assets that do not generate interest or other income.

Central Banks Remain Net Gold Buyers

Purchases by central banks have continued to support gold demand despite uncertainty surrounding the outlook for interest rates, according to ING analysts.

World Gold Council figures cited by ING showed central banks purchased a net 39 tonnes of gold in August.

That brought net purchases since the beginning of the year to 170 tonnes, according to the data.

Oil prices edged higher on Wednesday as markets weighed signs of improving crude supplies from the Gulf against continuing risks to shipping in the Middle East and the possibility of weather-related disruption to US production.

At 08:08 GMT, Brent crude futures were up 0.4% at $100.96 a barrel. US West Texas Intermediate futures were broadly unchanged at $89.47 a barrel.

Crude prices had initially fallen towards $97 a barrel in the previous session after data showed that Gulf oil exporters exceeded pre-war export levels for approximately half of September.

Supply expectations were also affected by a Group of Seven commitment to release emergency energy reserves and the reopening of Saudi Arabia’s East-West pipeline.

Brent subsequently moved back above $100 as investors assessed reports of further Iranian attacks on tankers travelling through the Strait of Hormuz. Deutsche Bank analysts cited the developments as a source of renewed caution over regional supplies.

Iranian state media also reported that an explosion had been heard near Qeshm island, close to the Strait of Hormuz, adding to uncertainty surrounding tanker movements through the area.

Middle East Shipping Routes Remain Under Pressure

Fighting between Saudi-aligned coalition forces in Yemen and Iran-backed Houthi forces has also intensified.

Government forces and Saudi Arabia have increased air strikes against Houthi-controlled areas, including locations near the Bab el-Mandeb Strait, another important route for oil shipments from the region.

ING analysts said, “There is a clear tug-of-war at the moment between improving supply from the region and lingering threats to supply. Clearly, it’s looking as though the only way to see prices trade sustainably lower is for lingering risks to be addressed.”

The analysts added: “For now, the market is likely to remain nervous to any potential supply disruptions.”

Potential Hurricane Adds to US Supply Uncertainty

Oil markets are also monitoring a developing storm that could affect US energy-producing regions.

Forecasters said the storm could develop into the first Atlantic hurricane of 2026 within two days and potentially approach areas accounting for approximately 15% of US crude production and 5% of the country’s natural gas output, according to Reuters.

Separately, US crude inventories declined by 2.09 million barrels in the week to October 2, according to American Petroleum Institute data released on Tuesday.

Official US inventory figures are due later on Wednesday.