Smaller stock to watch
QUARTO GROUP rose 7½p to a three-year high of 135p as JO Hambro, the activist fund manager that is the publisher’s largest shareholder, launched a tender offer at 132½p a share. JO Hambro seeks to purchase up to 4.6 million shares, which would lift its stake from 26.3 per cent to 51 per cent. It said it was concerned that Quarto’s board may not have given “full consideration” to all strategic options, including the possibility of takeover offers from third parties.
Directors’ dealings
SANCTUARY GROUP, best known for managing Iron Maiden, the heavy metal band, held steady at 50p, despite the sale of stock for £228,000 by an executive director. Joe Cokell, who received 913,242 shares three years ago on Sanctuary’s purchase of Castle Music, sold 456,621 at 50p. The company noted that it was his first disposal and said he had undertaken not to sell any shares for two years.
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Bet of the day
PRESIDENT BUSH’S justification for war in Iraq is increasingly being questioned as the search for the elusive weapons of mass destruction continues. Under pressure to find firm evidence, some observers speculate that his place in the White House is at risk. But Paddy Power, the bookmaker, disagrees, offering odds of 2 to 1 on the Republicans winning next year’s election and 6 to 4 against the Democrats winning.