Landbank drops its 250m LSE launch July 7, 2009 PROPERTY firm Landbank has abandoned plans for a £250m share listing on the London Stock Exchange (LSE), in favour of raising money privately. The recently-launched firm had been pencilled to complete an initial public offering (IPO) today, under plans to raise capital to buy vast swathes of residential land from distressed housebuilders at bargain prices. [...]
JACKSON CITY RACE INCENTIVE SCRAPPED July 7, 2009 THE fallout continues over tickets from the late Michael Jackson’s planned London tour – and this time, it has hit the City. Standard Chartered, those with elephant-like memories may recall, offered runners in their Great City Race next week the chance to see the King of Pop at the O2 Arena on 6 August, as [...]
FSA to ramp fines for City rulebreakers July 6, 2009 CITY watchdog the Financial Services Authority (FSA) has unveiled plans to treble penalties for serious breaches of its rules, and called for individuals caught insider dealing to face a £100,000 minimum fine. A consultation paper from the regulator proposes a beefed-up regime in which the most serious abuses could land companies with fines of up [...]
CITY VIEWS: DO YOU THINK THE FSA’S NEW FINES WILL MAKE CITY MISCREANTS SIT UP AND TAKE NOTICE? July 6, 2009 STEWART DOGUID AVIVA INVESTORS“I don’t think so – individuals will still feel that their gains outstrip the punishment, just as a frequent gambler might do, while companies will just see it as an increase in red tape. It’s all talk from the FSA but unfortunately very little substance.” OLLIE BARTON-JONES LANCASHIRE INSURANCE“I think this sounds [...]
Balderton in $485m raising for new fund July 6, 2009 BALDERTON Capital, the venture capital firm which had a 20 per cent stake in failed sports broadcaster Setanta, is about to close the biggest venture fund raised in the UK in the last 12 months. The fund, which has fallen just short of its $500m (£308m) target, will look for investment opportunities in the telecoms [...]
Quangos to go under Tory rule July 6, 2009 TORY leader David Cameron said yesterday that he could abolish some quasi-autonomous non-government organisations (quangos) and curb the powers and budgets of others, should his party come to power. In a speech to the think-tank Reform about reforming quangos – such as communications regulator Ofcom – Cameron said he had ordered the shadow cabinet to [...]
New property group to float July 6, 2009 Paul Pedley, the former chief executive of Redrow, yesterday announced plans to raise £50m to buy new-build flats in London from distressed developers. The new investment company, London Residential Opportunities, aims to be listed on the London Stock Exchange in September. Steven Norris, the former Tory transport minister, will sit on the board of Callidus [...]
SocGen profit grows despite hit from CDS July 6, 2009 SOCIETE Generale expects to post a small second-quarter net profit, helped by its corporate and investment banking division, the French bank said in a statement yesterday. Net banking income would be hit by a negative impact of €1.3bn resulting from credit default swaps used to hedge its loan portfolio and debt instruments used by the [...]
Marston’s brushes off investor rebellion as 176m rights issue gets green light July 6, 2009 PUB group Marston’s yesterday got the green light from shareholders for its proposed £176m rights issue, which was dubbed by some leading shareholders as “totally ridiculous.” Yesterday at an extraordinary meeting almost 10 per cent of shareholders voted against the plans, arguing that the level of share raising and expansion plans would provide no real [...]
ONE WOOD STREET CHANGES HANDS July 6, 2009 LAND Securities yesterday said it has sold the leasehold interest in City office building One Wood Street for £105.5m. The property was bought by fund manager Aerium on behalf of the Glenn Arrow UK Property Fund. The building generates an annual rent of £8.4m.