Communities Secretary Sajid Javid has approved plans for fracking at Cuadrilla's Preston New Road site at Little Plumpton in Lancashire, the BBC reports.
The jury – metaphorically speaking – is still out on a second site, Roseacre Wood.
The decision is sure to be controversial and raise the ire of locals and anti-fracking protestors, but it is a crucial breakthrough for the shale gas industry in the UK.
Lets hope @sajidjavid takes notice of what surveys show the public think about #fracking pic.twitter.com/XMSOF7TZNV
— PoppyLeeder (@PoppyLeeder) October 6, 2016
Meanwhile, the author of this tweet was so desperate to spout off on the decision he/she ended up saying the opposite of what he/she meant (one presumes).
#Fracking companies should get ready for fight of their lives as #Lancashire folks are going to take this lying down https://t.co/gz3t0g6sm1
— Global Justice Now (@GlobalJusticeUK) October 6, 2016
Ooh, er, Misys
Banking software firm Misys is set to return to the London stock market after being taken private in 2012, raising some £500mln in the process.
The company plans to float on the main market, in what could be the biggest initial public offering (IPO) of the year, with the company targeting a stock market valuation of £5.5bn, which would immediately catapult it into the FTSE 100.
Before you think about calling your broker, however, to grab some shares, the flotation will take place by way of a share offer to institutional shareholders only.
Funds raised will be used to pay down the group’s external debt.
“I believe that the return to public markets as a larger, more innovative and more effective company is a logical step in our evolution,” said Nyeem Syed, chief executive of Misys.
Commenting on Misys’s return to the UK market, N+1 Singer’s Jamie Constable, in an off-the-cuff style missive, makes a slightly bizarre connection with ten-pin bowling.
“First we had the return of 10 pin bowling to the UK stock market, now we get Misys,” Constable wrote.
“Will be very heavily geared still even post fund raise at around 3.5x net debt:ebitda. Some of you will remember it well.”
What Misys, or heavy gearing, Jamie?
Sofa, so good
A few furniture sellers have come and gone on the London stock market but DFS Furniture Plc (LON:DFS) seems to have staying power.
Results for the 52 weeks to the end of July showed revenue up 7.1% year-on-year and profit before tax almost double what it was a year earlier.
The full-year divi has been hiked by 18.3% and shareholders can expect another “special capital return” this financial year.
"The tried and tested DFS growth strategy has delivered another set of record results and puts us in an excellent position, as the market leader, to continue to generate shareholder value. Our unique and flexible business model, the quality and commitment of our people, our family culture and our focus on customer satisfaction remain the key factors behind our continuing success," said Richard Baker, chairman of DFS.
“DFS Furniture has delivered another set of record results and as the market still remains some 20% smaller by value than at its peak in 2007 there is scope for continued growth once uncertainties surrounding Brexit are resolved,” suggested Russ Mould, the investment director at AJ Bell.