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 [...]
Brixton and Segro hammer out terms of takeover deal June 22, 2009 SHARES in Brixton property group plummeted 30 per cent to 43.5p yesterday after its board agreed to an all-share offer from larger rival Segro, which values the company at a 40 per cent discount to its market capitalisation on Friday. Segro has offered 1.75 of its own shares for each Brixton share, valuing Brixton at [...]
Great Portland’s cash call works June 22, 2009 Property group Great Portland Estates yesterday said it had received a 93.6 per cent take up for its fully underwritten rights issue to raise gross proceeds of £175m. The property company said it had received valid acceptances in respect of 126,777,488 new shares under the terms of its 8 for 11 cash call. JP Morgan [...]
Falling rents hit landlords June 22, 2009 The proportion of surveyors reporting a fall in rent in the three months to the end of April hit its highest since the poll of surveyors began in 1999. The Royal Institution of Chartered Surveyors’ (Rics) found that 55 per cent more surveyors and estate agents reported a fall in rents than a rise.
ST Telemedia on Eircom hunt June 22, 2009 ST Telemedia confirmed yesterday that it was considering a bid for Eircom, the Irish telecoms group, in what would be its first significant acquisition outside Asia in several years. The Singapore state-owned telecoms group said it was currently in the process of evaluating a potential investment in Eircom through Eircom Holdings, the Irish company’s Australia-based [...]