FTSE 250 movers: JTC surges as Permira looms; Banks under the cosh on tax threat

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

JTC surged on Friday after private equity firm Permira confirmed that it has approached the fund administration services provider about a possible takeover.

Responding to press speculation, Permira said in a brief statement that there can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.

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

The statement came after Bloomberg cited people with knowledge of the matter as saying that Permira had made a proposal that values JTC 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%