Sports Direct investors attack new bonus plan for Mike Ashley June 9, 2014 Sports Direct shareholders lashed out yesterday, claiming they had not been consulted on the latest proposal for a bonus share scheme that seeks to reward its founder Mike Ashley. The retailer has set out plans for a share programme that would reward Ashley alongside Sports Direct’s 3,000 employees, after shareholders rejected two earlier attempts to [...]
TSB flotation: Be careful picking up shares on the rebound June 9, 2014 LET’S face it – break-ups are never fair. One side always gets the best part of the deal, spiriting away the record collection while their former spouse gets lumbered with a half-broken Ikea coffee table. At first glance, TSB appears to have done rather well out of its divorce from Lloyds. For a start, it [...]
Sainsbury’s to expand clothing sales by trialling online launch June 9, 2014 Sainsbury is to take on its high street and supermarket rivals by selling its clothing brand Tu online for the first time. The retailer said yesterday that it will pilot selling clothing to around 200 “invited” customers in the Midlands in August, which if successful would then be rolled out nationwide. It comes after people [...]
SSP stays silent on float plans as profits take leap June 9, 2014 KATE Swann, the boss of travel catering giant SSP, stayed silent on potential plans for a £2bn float yesterday after posting a 28 per cent jump in operating profits. The private equity-owned group was said earlier this year to be gearing up for a float this month, after drafting in Goldman Sachs. Swann declined to [...]
Crossrail 2 gathers steam with King’s Road and Dalston plan June 9, 2014 CROSSRAIL 2, the proposed London railway once known as the Chelsea-Hackney line, could end up stopping at neither of its namesake stations. Transport for London has started consulting on several possibilities for the route linking the south west and the north east of the capital. The options include a stop at Dalston Junction instead of [...]
Uber protests: RMT union backs taxi cab strike June 9, 2014 The RMT transport union has lent its support to a planned day of protest by licensed taxi drivers, who aim to clog central London streets tomorrow in protest at car hire apps such as Uber. The union said it will fly a “Cabbies against Boris” banner during the protests, due to start in Trafalgar Square [...]
Man Group makes US foray with deal to buy Pine Grove June 9, 2014 HEDGE fund Man Group yesterday bought its first business for over two years after unveiling a deal to acquire a small US-based hedge fund of fund manager. The FTSE 250-listed group, led by Manny Roman, has acquired New Jersey-based firm Pine Grove Asset Management, adding about $1bn to the $55bn it currently manages. The deal [...]
Analyst Views: What do you make of Man group’s deal to buy pine grove? June 9, 2014 HALEY TAM | CITIWhilst small, we believe this deal demonstrates Man’s intentions to use acquisitions to improve its access to US clients, and to boost its organic earnings growth outlook. KEITH BAIRD | PANMURE GORDONThe latest acquisition from Man adds only $1bn in assets but the key objective in our view is to add to [...]
Cinven clinches €510m fibre broadband move June 9, 2014 PRIVATE equity group Cinven has won a hotly contested auction to buy a Spanish fibre broadband company and take advantage of sector’s blossoming role in Europe and emerging markets. The group, based in Paternoster Square, will pay €510m (£413m) to carve out the telecoms unit of Gas Natural Fenosa, a Spanish utility company. The unit, [...]
B&M plumps for high float range June 9, 2014 Bargain retailer B&M has narrowed the price of its imminent share sale towards the top end of its original range, shrugging off turbulence in the new issues market in recent weeks. The firm is believed to have honed in on an initial share price of between 260p and 290p, compared to its earlier 230p-290p range.