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UK Investor Update - March 25 2019

Oil rig supplier ADES International Holding Ltd (LON:ADES) posted revenues 30% higher in 2018 as new rigs contributed for the first time and utilisation rates rose. Underlying profits rose by 26% to US$101mln.

Tekcapital PLC (LON:TEK)  portfolio company Lucyd will start to sell three versions of its Loud Eyewear augmented reality ‘smartglasses’ next quarter. The AR-enhanced specs will have bluetooth features, proper corrective lenses and all day battery life.

Sports Direct International PLC (LON:SPD) has questioned Debenham’s rejection of its offer of £100mln for the department store’s Danish arm.  In a statement, Sports Direct said the offer is worth more than fair value, adding that alternative proposals presented to it by Debenhams were unacceptable as it meant existing shareholders being wiped out.

Pennon Group plc (LON:PNN) has increased its bad debt provisions for contracts with troubled contractor Interserve by £16mln. The water utility has already taken a charge of £8mln.

Wealth management group IFG has recommended a cash offer from private equity from Epiris worth 193p per share or £206mln in total. The offer is 46% above last Friday’s closing share price.

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