UK stocks to watch: Rolls-royce, Prudential, boohoo

• Rolls-Royce share price shot up 6% on Monday morning (27 September 2021), after announcing a new deal with the US Air Force
• Prudential share price popped 3.5% after pricing its Hong Kong share sale
• Boohoo share price inched up 1.8% in early trading
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Rolls-Royce (LON: RR)

Rolls-Royce announced on Monday that Rolls-Royce North America has been selected to provide the power plant for the B-52 Stratofortress under the Commercial Engine Replacement Program (CERP).

This decision means the American-made Rolls-Royce F-130 engine will power the B-52 for the next 30 years. The Air Force made the announcement after a vigorous multi-year competition.

The F130 and its commercial family of engines have accumulated more than 27 million engine flight hours. A variant of the Rolls-Royce engine selected to power the iconic B-52 is already currently in service with the USAF around the world, powering both the C-37 and E-11 BACN aircraft.

Rolls-Royce will build and test the F130 engines at its Indianapolis, Indiana, facility following the recent completion of a US$600 million investment to revitalise the advanced manufacturing campus.

The B-52 CERP win creates demand for 650 engines to be produced at the site and will bring 150 new high-tech, high-skilled jobs for the state of Indiana.

Prudential (LON: PRU)

Prudential announced that the final offer prices for both the Public Offer and the Placing have been set at HK$143.8 per offer share (1,350 pence).

Dealings in the offer shares on the main board of the HK Stock Exchange are expected to commence at 9:00 am (Hong Kong time) on Monday (04 October 2021), subject to approvals.

Based on the offer price, the net proceeds of the share sale are estimated to be approximately HK$18.5 billion or US$2.4 billion, after deducting the estimated underwriting fees and other expenses payable.

The majority of the net proceeds (approximately HK$17.5 billion or US$2.25 billion) from the share sale is expected to be used to redeem existing high coupon debt within six months following the date of the prospectus, with the remaining net proceeds expected to contribute to Prudential's central stock of liquidity, in order to further increase Prudential's financial flexibility.

boohoo (LON: BOO)

Boohoo announced the publication of its international factory list, meeting its transparency pledge to publish it within twelve months of the Independent Review produced by Alison Levitt QC.

The international factory list details around 1,100 factories following an extensive period of mapping and auditing which initially began in 2020.

The 17 recommendations from the Independent Review were broken down into 34 deliverables as part of the ‘Agenda for Change’. To date the programme has completed 28 of these items, which are governed by a KPMG review cycle. The remainder are expected to be completed in the coming months.

The group has also announced that it intends to sign the International Accord for Health and Safety. The legally binding agreement is a replacement for the Bangladesh Accord which has delivered significant improvements to working conditions for garment workers in the country.

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