UK stock preview: Rolls-Royce, AstraZeneca, Argo Blockchain
Here are three LSE mainboard stocks to watch this week.
- Rolls-Royce (LON: RR) share price rallied 1.2% on Monday morning (13 September 2021), after it agreed to sell its stake in AirTanker Holdings
- AstraZeneca (LON: AZN) share price hits 8,212 pence following two positive phase 3 trial results
- Argo Blockchain (LON: ARB) share price dips in early trading, as it enters a new £18.05 million loan agreement
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Rolls-Royce (LON: RR)
Rolls-Royce said on Monday it will sell its 23.1% shareholding in AirTanker Holdings Limited to Equitix Investment Management Limited for cash proceeds of £189 million.
This includes the repayment of shareholder loans and accrued and deferred interest of approximately £47 million.
The transaction is expected to complete by the end of the first quarter of 2022, subject to regulatory approvals.
There is no merger control condition in the deal. Proceeds will be used to reduce net debt. Remaining AirTanker shareholders have pre-emption rights over the Rolls-Royce shares and loan notes.
AirTanker Holdings Limited is a joint venture with Airbus, Babcock, and Thales.
Argo Blockchain (LON: ARB)
Argo Blockchain announced on Friday (10 September) that it has entered into a £18.05 million (US$25 million) loan agreement with a maturity date of 29 October 2021 with Galaxy Digital LP.
The loan agreement will use a portion of ARB’s Bitcoin holding as collateral.
Argo Blockchain’s outstanding loan with Galaxy Digital of £14 million (US$20 million) will be rolled into the new loan agreement, which will result in a total outstanding principal amount of £32.05 million (US$45 million).
The proceeds of the loan will be used, in conjunction with funds raised by the company previously, to continue the build out of the company's West Texas data centre and to meet its operating cash flow requirements.
The loan will also enable Argo to retain its current Bitcoin holding, whilst further expanding its mining operations, the company added in a press release.
AstraZeneca (LON :AZN)
AstraZeneca announced ‘positive results’ from the Poseidon Phase 3 trial last Thursday (09 September).
The results showed that AstraZeneca's Imfinzi (durvalumab) and tremelimumab, when added to platinum-based chemotherapy, ‘demonstrated a statistically significant and clinically meaningful improvement in overall survival and progression-free survival compared to chemotherapy alone in the 1st-line treatment of patients with Stage IV (metastatic) non-small cell lung cancer’.
The biopharmaceutical giant also announced ‘positive high-level results’ from the Mandala and Denali Phase 3 trials of PT027 (albuterol/budesonide) for asthma patients.
The fixed-dose combination of both albuterol and budesonide demonstrated significant benefits for asthma patients, as compared with individual components of albuterol and budesonide.
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