Petronas set to test market with $4bn IPO October 12, 2010 Petronas Chemicals is looking to raise as much as $4bn (£2.5bn) in a Malaysian initial public offering, exceeding earlier estimates of over $2bn as it hopes to tap on strong global investor demand for Asian stocks. Asian capital markets are seeing a flurry of multi-billion deals, helped by a flood of liquidity, low interest rates [...]
Ultimate to snap up Ashley October 12, 2010 Ultimate Finance Group will snap up Ashley Commercial Finance in an audacious £4.75m reverse takeover. The group will pay £3.7m in cash and £1.05m in shares. Almost £2m of the funds were raised by a share placing, which was buoyed by the firm’s strong recent performance. Ultimate, which will have a market cap of almost [...]
Caparo Energy raises £50.2m to fund wind farms on first day of Aim dealings October 12, 2010 Wind power investment company Caparo Energy yesterday raised £50.2m to finance wind farms in India with a successful listing on London’s junior stock market. Caparo placed 43,636,000 new shares on the Alternative Investment Market (AIM), representing 26.7 per cent of its share capital and giving it a market value of about £188.2m. The shares ended [...]
BEST OF THE BROKERS October 12, 2010 EASYJET EasyJet’s new brand licence is positive for shareholders, believes Citigroup, which gives the stock a “buy” rating. The broker says the agreement ends the legal dispute between easyJet and easyGroup, addresses the governance issues and the ancillary activities are no longer confined to 25 per cent of revenue, all positive for investors. AXA Nomura [...]
Network Rail appoints Shell man October 12, 2010 Network Rail has appointed Malcolm Brinded, executive director of Royal Dutch Shell’s upstream international business, to its board as a non-executive director. Brinded joined Network Rail’s board yesterday but will have to be officially approved by the rail group’s members through an election at the 2011 annual general meeting. The news follows the appointment of [...]
FSA bans three mortgage brokers October 12, 2010 The Financial Services Authority (FSA) has banned and fined three mortgage brokers in Sheffield and Manchester for committing fraudulent activity. On top of the ban, the financial watchdog fined Mark Bates and Alan Hill of Pace Financial Management £414,683. Meanwhile, Waqarul Hassan Shah of KS Financial Services in Manchester was also banned by the FSA [...]
Accountants in demand October 12, 2010 It’s a good time to be a newly-qualified accountant, with organisations seeking to drive change creating more posts. According to recruiter Robert Walters, financial accountants, credit control and billing specialists and assistant management accountants were all in demand during the third quarter. Investment banks are keen to find accountants with technical knowledge, while demand for [...]
Alexander David bid for Hoodless caves in October 12, 2010 TAKEOVER talks between small-cap brokers Alexander David and Hoodless Brennan have collapsed, the two firms said yesterday. Shares in Alexander David, led by chairman Michael Hicks and chief executive David Scott, have been suspended on Aim since 6 August, when it informed the market that it was mulling an acquisition of Hoodless. But sources close [...]
Drivers face record rise in premiums October 12, 2010 This week the AA recorded the highest rise in car insurance premiums since it began reporting market data. The average figure for the three cheapest car insurance quotes now stands at £2,457, with men aged 17-22 suffering a 47 per cent hike in just one year. The AA findings follow a recent YouGov SixthSense market [...]
CITY MOVES | WHO’S SWITCHING JOBS October 12, 2010 Virgin Atlantic The airline has appointed its chief financial officer Julie Southern as chief commercial officer, a newly-created board position. Southern will now take responsibility for all aspects of growing the airline. She originally joined Virgin Atlantic a decade ago from Porsche Cars Great Britain, where she was group finance director. Current finance director Tim [...]