F&C tables C-Quadrat €55m offer March 23, 2010 F&C Asset Management, the London fund manager, has officially made an offer for Austria’s C-Quadrat. The offer, submitted to the Austrian Takeover Commission, stands at €12.50 (£11.20) per share – valuing C-Quadrat at €54.5m overall. It is understood C-Quadrat founders Alexander Schultz and Thomas Reiss intend to keep a stake in the fund business. The [...]
315p is too low, says Gulfsands Petroleum March 23, 2010 GULFSANDS Petroleum said yesterday that a rebuffed preliminary bid approach received on 18 March was at 315p per share. The board said it was unanimously of the view that the proposal is wholly inadequate, highly conditional and materially undervalues the company. Shares in the group closed down 3.5p yesterday at 326.5p. In a separate statement, [...]
RAB bullish as clients come back March 23, 2010 HEDGE fund firm RAB Capital yesterday confirmed clients are returning to its funds that were battered by the credit crisis, after it swung to a loss in 2009 and cut its dividend. RAB, which specialises in energy and commodities funds and is also well-known for its failed bet on bank Northern Rock, yesterday reported a [...]
Pearl nearing bond deal March 23, 2010 PHOENIX Group, the fund manager and insurer formerly known as Pearl, said yesterday it had moved closer to a deal with bondholders who have been holding out against the company’s efforts to negotiate a cut in its debt. Phoenix is seeking the approval of its banks and of the Financial Services Authority for a fresh [...]
Halfords beefs up its profit forecasts March 23, 2010 HALFORDS expects to beat full-year profit forecasts after a surge in demand for car parts during recent bad weather and its acquisition of Nationwide Autocentres. The company said its pre-tax profit for the year ending in March would be around £116m – above analysts forecasts of £112.7m. Sales at shops in the UK and Ireland [...]
Carpetright profit slump blamed on pre-election jitters March 23, 2010 CARPETRIGHT has blamed uncertainty caused by the general election and fears over tax rises for its profit warning yesterday. The company, which is regarded as a bellwether of UK high street trade, said its profits for the year to 1 May would be below forecasts. Prior to the update analysts were forecasting a consensus pre-tax [...]
PORTMEIRION BOOSTED BY ACQUISITIONS March 23, 2010 POTTERY manufacturer Portmeirion’s acquisition of brands Spode and Royal Worcester from administrators last year helped the company to increase its full year profit more than threefold to £3.7m. Portmeirion chairman, Dick Steele, said: “This has transformed the group.”
Nintendo develops 3-D console March 23, 2010 Nintendo is planning a 3D version of its popular DS handheld games console. The 3DS would hit shops sometime before next March. Players will not need to wear special 3D glasses to enjoy the games, the company said. More details about the console will be given at E3, the annual video games expo which takes [...]
Imperial sees volumes fall March 23, 2010 Imperial Tobacco, the world’s fourth-biggest cigarette maker, said yesterday its half-year cigarette volumes will be down around four per cent as it reported trading in line with its expectations. Imperial, with cigarette brands including Lambert & Butler, West and Gauloises, said the half-year dip was due to a supply chain disruption in the Middle East [...]
Inflation dips for first time in five months March 23, 2010 The headline rate of inflation slowed in February for the first time since September, raising hopes that inflation has now peaked. Utility price cuts and a slower rise in food prices helped to send the Consumer Prices Index (CPI) back down to three per cent in February, official data published yesterday revealed. In January, it [...]