Apr 9, 2021

Investors’ Chronicle: Asos, Next, Fuller, Smith & Turner

Fuller, Smith & Turner's shares will be issued at 830p each, a 5 per cent discount to the pub group's closing mid-market price on March 30. In addition to the placing - which equates to 20 per cent of Fuller's current issued share capital - the group has also offered up 4.4m new "Class B" shares to existing shareholders, and directors including chair Michael Turner have applied to acquire 132,528 of these shares. In the 10 years to the end of 2019 real GDP per head grew by only 1.6 per cent per year - and that was a recovery from a deep recession. Non-residential capital spending fell 4 per cent in volume terms last year, and S&P reports that the number of large firms going bankrupt rose by more than 8 per cent, suggesting that the degree of capital scrapping has increased. Fed figures show that the profit rate rose from 5.7 to eight per cent between the second and fourth quarters of last year.

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