This is a relatively-quiet week for company announcements, though there will be plenty of interest in half-year results from Scottish-based Capricorn Energy and annual figures from British housebuilder Barratt Developments.
Investors in Capricorn will be keeping a close eye on what it is saying about its plans to merge with Tullow Oil.
It was at the start of June when the all-share deal was announced, valuing the combined business at roughly £1.6billion.
However, Bloomberg reported last month that the deal appeared to be in peril, with more than a quarter of the Capricorn shareholder base saying they planned to vote against the transaction.
Investors Madison Avenue Partners, Kite Lake Capital Management, Legal & General Investment Management, Newtyn Management and Palliser Capital UK all said they opposed the deal. They represent more than 27% of Capricorn's shareholder base, according to regulatory filings.
Bloomberg says the takeover requires the support of at least 75% of Capricorn's shareholders who cast ballots.
The investors said they saw little merit to the deal and few synergies between the companies.
Transaction 'undervalues' Capricorn
"The transaction undervalues Capricorn, benefits Tullow at our expense, and trades the certainty of our cash for speculative Tullow stock," said Eli Samaha, managing partner at Madison Avenue Partners.
Capricorn (formerly known as Cairn Energy) is one of Scotland's most successful home-grown oil-exploration companies., with its HQ in Edinburgh
Cairn was founded in 1981 by ex-rugby international Sir Bill Gammell.
It was successful in finding a large oil field in India, but not with controversial drilling near Greenland. It has since withdrawn from both countries.
The merger with Tullow would see the joint company, listed on the London Stock Exchange, focus on its current assets in Africa and new opportunities for drilling on the continent.
Tullow has operations in Gabon, Ivory Coast and Kenya.
Capricorn was successful drilling for gas in Senegal and sold its stake there, with its focus now on Mauritania and onshore in Egypt.
Capricorn prospects in UK North Sea
Its portfolio also includes prospects in the UK North Sea, Israel and Mexico.
The combined firm will have production of an estimated 100,000 barrels of oil per day, and identified reserves of 343million barrels, mostly oil.
Both the chairman and chief executive roles would be taken by Tullow bosses. The chief financial officer would be from Capricorn.
Meanwhile, on Wednesday, Barratt Developments will unveil its full-year results.
The company's Scottish operations include eight sites in the Aberdeen area.
Matt Britzman, an equity analyst at Hargreaves Lansdown, said Barratt recently told the market that underlying pre-tax profits for the year were expected to be around £1billion - slightly ahead of market expectations.
He added: "This comes as home completions move past pre-pandemic levels for the full year, but below guidance given at the half-year mark.
"There are a few headwinds, though. Barratt is currently facing build cost inflation between 9-10% - ahead of the roughly 6% felt through the year. Management are expected to provide an update on cost inflation for the upcoming year, so we'll be watching to see the impact this could have on margins.
"Another concern comes in the form of demand. Higher mortgage costs and a slump in consumer confidence could begin to slow the demand for housing. The forward order book remains in a strong position for now, but any update on how these factors could impact demand would be welcomed."
FTSE 100
The UK's top share index, the FTSE 100, was down 45 points at 7,235 shortly after opening this morning, following Friday's 132-point gain.
Brent crude futures were 2.44% higher at $95.30 a barrel.
Companies reporting today
- Full-year results: Dechra Pharmaceuticals