Rose waives 1.1m share award payout June 22, 2009 SIR Stuart Rose, executive chairman of Marks & Spencer, yesterday waived his entitlement to more than £1m in shares in a bid to appease disgruntled shareholders. Under the incentive share plan, M&S’s remuneration committee had awarded Rose 1,184,900 shares. But after a shareholder backlash led by the Association of British Insurers (ABI), Rose said he [...]
INDEPENDENT CONSIDERS CASH CALL June 22, 2009 INDEPENDENT News and Media (INM), publisher of The Independent newspaper, is mulling a deeply-discounted rights issue as part of the refinancing of its €200m (£169m) bond. INM is in talks with shareholders, including former chief executive Sir Tony O’Reilly (left) and Denis O’Brian, who have a combined stake of over 50 per cent.
Blue Oar, now Astaire, fined 225,000 by LSE for breaching Aim regulations June 22, 2009 STOCKBROKER Blue Oar Securities, which recently changed its name to Astaire, was yesterday hit with a £225,000 fine from the London Stock Exchange (LSE) and publicly censured for breaching the Aim market rules. The LSE said Blue Oar failed in its duty as a nominated adviser (Nomad) to Worthington Nicholls, now called Managed Support Services, [...]
Apple’s new iPhone sells 1m in week one as Jobs returns June 22, 2009 APPLE said yesterday that it had sold more than 1m of its iPhone 3GS in the first three days of launch, making it the most successful smart phone debut to date. The rush to secure the latest model beat analyst expectations and matched the sales for the old 3G model, despite being launched in just [...]
LINDSEY PROTESTS CONTINUE June 22, 2009 HUNDREDS of sacked contract workers burnt their dismissal letters outside Lindsey oil refinery yesterday in a symbolic act of defiance against French owner Total, which had given them until last night to reapply for their jobs. Thousands of workers from across the UK are expected to down tools today in support of the 647 staff [...]
ITV flatters bondholders June 22, 2009 ITV’s bondholders have won improved terms on the broadcaster’s proposed bond exchange just two days before the offer closes. The struggling broadcaster said that, following discussions with “several substantial holders” of its 2011 bonds, the new bonds will pay a coupon of 10 per cent rather than the 9 per cent offered previously. The exchange [...]
Thames Water drinks in profits but warns of rising bills to come June 22, 2009 THAMES Water said yesterday that tighter cost controls had driven a full year pre-tax profit rise of four per cent to £435.1m, but warned of a challenging year to come. The UK’s largest water company said that for every 100p of profit it made, it has invested 226p in a programme which included replacing London’s [...]
BA’s all-business class City flights set for take off June 22, 2009 TROUBLED British Airways (BA) said yesterday it would go ahead with its all-business class London City to New York service, despite having reported record losses earlier this year. The service, which will begin on 29 September, sees each Airbus A318 plane take just 32 passengers over the Atlantic. The plane will stop in Ireland for [...]
Bishop to exit BMI on a high June 22, 2009 GERMAN flag carrier Lufthansa yesterday made headway on wrapping up its acquisitions of BMI British Midland and Brussels Airlines after it addressed competition concerns voiced by the European Commission. Lufthansa also said yesterday it had struck a deal with Sir Michael Bishop to acquire his stake of 50 per cent plus one share in BMI [...]
Allied Irish Banks raises 1bn in bond exchange and considers disposals June 22, 2009 ALLIED Irish Banks (AIB) has raised €1bn (£848m) of capital by exchanging bonds worth €2.4bn for a new issue of €1.3bn, the lender said yesterday. “The securities will be exchanged for between 50 per cent and 67 per cent of their face value in line with the previously announced exchange prices,” AIB said in a [...]