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FTSE Russell, the global index provider, announced its latest quarterly review on 2 December 2020, which saw one change to the FTSE 100, and three changes to the FTSE 250.
Home repair group Homeserve’s time amongst the FTSE 100 was short lived after it found itself relegated to the FTSE 250 in the latest quarterly reshuffle, following a six-month stint among the top 100 companies after joining the FTSE 100 in the June reshuffle. The news comes despite a strong year, with the company reporting a 17% increase in revenue against the same period in 2019 in its six-month interim results just last month. Reflecting this strong performance and ‘continued confidence in the Group's growth prospect’, Homeserve also increased its dividend by 7% to 6.2 pence.
Taking its spot in the FTSE 100 is investment vehicle, Pershing Square Holdings. Hedge fund manager Bill Ackman’s company had been loss making for 4 years between 2015-2018 after a number of bad bets, most notably its 5 year war with Herbalife, which the company had taken a short position in and branded as a pyramid scheme that was destined to fail. The company has recently bounced back, reporting a 58.1% gain in 2019, and a 62.8% gain at the end of November 2020. The company had also noted in its semi-annual report, that being the 100th largest company by market cap on the LSE as of June 2020, it only required an increase of 16.6% to its public market cap in order to displace the 90th ranked company, and secure its place in the FTSE 100. The company had set out to increase the probability for inclusion, including converting management shares to public shares (as management shares are not included in the calculations for inclusion), and stating that inclusion in the FTSE 100 ‘would be a material positive catalyst in increasing demand for PSH shares’. Pershing ultimately achieved its goal for inclusion, and joins the FTSE 100 on 18 December, when the reshuffle is expected to come into effect.
Elementis found its way back into the FTSE 250, after previously dropping out in the June reshuffle. The chemicals company is currently battling off
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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