Mike Ashley to make £2m loan to Rangers FC October 27, 2014 RANGERS chief executive Graham Wallace has resigned after less than a year in the role, as the Scottish football club accepted a £2m loan from Newcastle owner Mike Ashley. In a statement issued yesterday, Rangers’ board thanked Wallace for “his contribution to the club during a difficult period”. Wallace was appointed chief executive in November [...]
Banks place leftover Mothercare shares to take haul to £100m October 27, 2014 RETAILER Mothercare raised a further slug of cash to boost its digital expansion yesterday after banks placed the leftover shares from its rights issue. The babycare specialist launched a fundraising last month to help it add a stronger online presence to its bricks-and-mortar offering. Banks underwriting the offering – Numis Securities, JP Morgan Cazenove and [...]
Condor in £6m deal with IFC October 27, 2014 MINING company Condor Gold has finalised the terms of an equity subscription agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to raise approximately £3.51m. This completes Condor’s total fundraising of £6.41m, announced in September. The remaining £2.9m was raised through a share placing on Aim. Condor stated [...]
Anglo Amercian delivers first ore October 27, 2014 MINING firm Anglo American yesterday reported the delivery of first ore on ship from its Minas-Rio iron ore project in Brazil. The first cargo of more than 80,000 tonnes of iron ore for the pellet feed market has been loaded onto a chartered vessel at the dedicated export terminal at the port of Acu in Rio [...]
Randgold shares slip in spite of new action plan at Tongon mine October 27, 2014 AN ANNOUNCEMENT by Randgold Resources stating that its Tongon mine in Cote d’Ivoire has finally turned a corner after experiencing technical difficulties failed to stop a decline in its share price yesterday. Shares fell by 1.67 per cent despite chief executive Mark Bristow claiming that the mill throughput and recovery rate, the main challenges faced by [...]
New non-exec at Standard Life October 27, 2014 SAVINGS and investment company Standard Life announced yesterday that Kevin Parry has joined the company as a non-executive director, taking up the role with immediate effect. In addition to joining the board he is now a member of Standard Life’s audit committee and its risk and capital committee. Parry’s remuneration for the role will come [...]
Advent sells Christ jewellery to 3i October 27, 2014 Buyout group Advent has sold a unit of its German books-to-cosmetics retailer Douglas to rival private equity firm 3i, making headway in a revamp ahead of a planned exit from the investment. Advent and the Kreke family, which owns 20 per cent of the group, sold Christ jewellery stores, whose products are modelled by Claudia [...]
Denny’s profits lift October 27, 2014 DENNY’S, the US hamburger chain, yesterday reported an 18.7 per cent increase in third-quarter profit. Revenue for the quarter came in at $117m, higher than forecasts of $115.4m. “Given the strength of our results and the solid start to the fourth quarter, we are positioned to produce our highest annual system-wide same-store sales growth since [...]
City Moves for 28 October 2014 | Who’s switching jobs October 27, 2014 Piper The private equity firm has announced the appointment of Richard Moore as investment manager. He joins from Magenta Partners. Moore is a chartered accountant, and spent four years working in financial due diligence, M&A, valuations, business modelling and distressed situations at EY. RBS Martin Knott has been appointed head of trade, global transaction services [...]
Huntsman near triples its third quarter profit October 27, 2014 HUNTSMAN yesterday reported third quarter profit almost three times as high as last year, helped by a tax benefit and increased revenues. Peter Huntsman, president and chief of the chemical products manufacturer, said: “We continue to see growing demand for key products such as MDI polyurethanes, amines, maleic, aerospace composites and environmentally friendly textile dyes [...]