Velocys raises over £50m in oversubscribed share placing September 29, 2014 Fuel refinery firm Velocys yesterday raised £52m from new and existing shareholders in a share placing designed to shore up the firm’s balance sheet and propel it to future growth. The company, which is backed by a host of big name investors such as Chelsea FC chairman Roman Abramovich and top investor Neil Woodford [...]
Eircom boss out after pulled IPO September 29, 2014 HERB Hribar, chief executive of Irish telecom company eircom, is stepping down from his position, it was announced yesterday. His decision comes just two weeks after the company announced it would not proceed with a stock market listing due to shareholder opposition. Hribar decided not to renew his contract with the company. Eircom’s finance chief, [...]
Quindell simply quizzical over its sliding shares September 29, 2014 EMBATTLED insurance outsourcer Quindell is baffled by another decline in its share price, it announced in a statement to the stock market yesterday, after shares fell 13 per cent last week. The company said in its statement yesterday that it “notes the recent share price performance and confirms that it knows of no reason for [...]
SSE warns of challenging energy sector and operating retail losses September 29, 2014 SSE will report around £700m of investment in its energy assets during the six months to September 2014 when it publishes its half-year results in November. The energy firm also expects to report an operating loss in its retail segment, and an increased operating profit in its networks segment. Its wholesale segment is expected to [...]
BP and Shell still contenders for major oil deals in Persian Gulf September 29, 2014 BP and Shell have confirmed that they are both in the running to renew contracts for major oil deals in the Persian Gulf. Both companies have been operating in the region for decades in connection with the Abu Dhabi Company for Onshore Oil Operations (ADNOC). However their 75-year old onshore oil field concession agreements expired [...]
BAE faces US trade disruption September 29, 2014 BAE Systems has warned that trading disruption is likely in the last quarter of 2014, because of government spending limits. A financial resolution will keep the federal government running at fiscal year 2014 spending levels. However the British defence company said its outlook remains unchanged.
CityFibre revenue increases but rising costs up fibre firm’s losses September 29, 2014 WHOLESALE fibre operator CityFibre reported a 45.6 per cent jump in revenues during the first half of the year as it secured a number of new long-term public sector contracts for use of its network. Despite the revenue growth CityFibre’s losses widened during the six months to 30 June, rising to £3.6m from £2.96m during [...]
Merged Endemol, Shine and Core led by Laing September 29, 2014 Sky’s former director of content, Sophie Turner Laing, is in line to score the top job at the merged Endemol, Shine and Core Media group, if the deal to create world’s largest independent television production group is signed off by owners 21st Century Fox and Apollo Global Management.
City Moves for 30 September 2014 | Who’s switching jobs September 29, 2014 KPMG Sanjay Thakkar has been appointed head of the professional services firm’s transactions and restructuring practice in the UK. He began his audit career at KPMG in 1991, became a UK partner in 2005, and led its transactions and restructuring business in India between 2008 and 2011. Rathbones The investment management firm has appointed Andrew [...]
Best of the Brokers for 30 September 2014 September 29, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com MICRO FOCUS INTERNATIONAL UBS has upgraded from “Neutral” to “Buy”, and raised the target price from 900p to 1,140p. The broker believes the deal with Attachmate may be transformational, and there is a good chance of management coming through on the cost side [...]