FTSE 250 movers: JTC surges after rejecting Permira offers; Banks under the cosh on tax threat

(Sharecast News) - FTSE 250 (MCX) 21,672.61 -0.33%

JTC surged after saying it had rejected two takeover proposals from private equity firm Permira.

The fund administration services provider rejected a non-binding proposal from Permira on 20 August.

It received a second preliminary and conditional non-binding proposal on 22 August which was rejected on 27 August after careful consideration with its advisers.

"Shareholders are advised to take no action at this time in relation to the Permira possible offer," JTC said.

"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any such offer might be made."

It added that further announcements will be made as and when appropriate.

Under UK takeover rules, Permira has until 26 September to either announce a firm intention to make an offer or walk away.

JTC did not disclose any financial details but earlier on Friday, Bloomberg cited people with knowledge of the matter as saying that Permira had made a proposal that values the company at around £2bn.

Banks and other lenders were under the cosh after a think tank raised the possibility of a potential windfall tax on the sector. Paragon Banking, Close Brothers and OSB were among the fallers in line with FTSE 100 peers.

The Institute for Public Policy Research (IPPR) said the Bank of England should stop bond sales to stem £22bn-a-year losses from quantative easing (QE) as it winds the programme down.

IPPR director and for er Bank of England economist Carsten Jung said the UK taxpayer is spending billions every year "compensating the Bank of England for losses on its QE programme, public money which is partly being funneled to commercial bank shareholders".

"This subsidy of commercial banks, at the expense of public services, is boosting bank profits while millions face the cost-of-living crisis. Since interest rates began rising in December 2021, the four largest UK banks have seen their annual profits more than double ... some of this is a direct transfer of funds from the taxpayer to shareholders," he said.

FTSE 250 - Risers

JTC (JTC) 1,110.00p 13.27% W.A.G Payment Solutions (WPS) 98.40p 2.50% Fidelity China Special Situations (FCSS) 305.50p 1.83% Trainline (TRN) 269.00p 1.59% Dr. Martens (DOCS) 90.75p 1.34% Chemring Group (CHG) 547.00p 1.30% Volution Group (FAN) 635.00p 1.28% Diversified Energy Company (DEC) 1,211.00p 1.25% Senior (SNR) 203.00p 1.25% Keller Group (KLR) 1,326.00p 1.22%

FTSE 250 - Fallers

PPHE Hotel Group Ltd (PPH) 1,310.00p -4.38% OSB Group (OSB) 531.50p -3.01% Paragon Banking Group (PAG) 870.00p -2.36% Aston Martin Lagonda Global Holdings (AML) 75.00p -2.34% Telecom Plus (TEP) 1,838.00p -2.34% Discoverie Group (DSCV) 616.00p -2.22% Close Brothers Group (CBG) 466.80p -2.14% Raspberry PI Holdings (RPI) 430.90p -2.07% Spire Healthcare Group (SPI) 217.00p -1.81% Crest Nicholson Holdings (CRST) 152.20p -1.81%