Bottom Line: Rival’s success shows Royal Mail dilemma November 20, 2013 AS THE research blackout for those connected to the Royal Mail flotation came to an end yesterday, analysts were quick to prove they’d been using the weeks since its listing wisely. Banks rushed to get notes out as their investment banking colleagues faced a group of select committee MPs who’d clearly already made up their [...]
Chrysler adds four bookrunners as it eyes early December float November 20, 2013 CHRYSLER Group has added four banks to help underwrite its proposed initial public offering (IPO), as the US carmaker looks to launch the deal as soon as early December, according to people familiar with the matter. Barclays, Goldman Sachs, Morgan Stanley and UBS have been appointed as bookrunners in the offering, which is being led [...]
Gift Aid in the spotlight over value concern November 20, 2013 GIFT AID, one of the largest tax relief schemes available to charities, might not be good value for money in its current form – and the taxman does not have the figures to prove otherwise, according to the spending watchdog. The National Audit Office (NAO) said that while Gift Aid rebates have soared since the [...]
Bonmarché rises on AIM debut November 20, 2013 OVER-FIFTIES clothing chain Bonmarché kicked off its first day of trading yesterday on London’s junior market after an initial public offering that raised £40m. Shares closed up at 220.5p last night, above the original offer price set last week of 200p a share and valuing the retailer at £110m. Some analysts have criticised the company [...]
JC Penney sees losses widen but expects strong Christmas sales November 20, 2013 STRUGGLING retailer JC Penney yesterday said it was encouraged by business so far in November and forecast higher comparable store sales in the current holiday quarter. For the fiscal third quarter, ended 2 November Penney reported a net loss of $489m (£302m), or $1.94 per share, compared with a net loss of $123m, or 56 [...]
Eclectic raises the bar with market float November 20, 2013 THE OWNER of some of the UK’s swankiest nightspots yesterday raised £15m in its stock market debut. Eclectic Bars, which owns clubs like Lola Lo, Po Na Na and Fez, floated on the junior stock market to fund a payout to its private equity backers, Avanti Capital. Avanti will get £11.8m from the float. Eclectic [...]
Shorter UK web address set to be sold to firms November 20, 2013 BRITISH businesses will be able to shorten their .co.uk web addresses to .uk next year, the UK internet registry organisation Nominet said yesterday. The new domain will go on sale next year for the same price as existing .co.uk web addresses. “It’s about helping people to have more memorable names and keeping the trust and [...]
Rangers Football Club appoints third chief executive this year November 20, 2013 RANGERS Football Club have appointed Manchester City operations chief Graham Wallace as their new chief executive, after Craig Mather resigned in October after only six months in the job. Rangers have been struggling on and off the pitch having been knocked back to the fourth tier of the Scottish Football League after collapsing under a [...]
Trader gets 30 months after Apple wire fraud November 20, 2013 A FORMER trader was sentenced to two-and-a-years in prison yesterday for an unauthorised purchase of about $1bn in Apple stock that eventually led to the demise of financial services firm Rochdale Securities. David Miller, 41, was sentenced by US District Judge Robert Chatigny in Hartford, Connecticut, seven months after pleading guilty to wire fraud and [...]
Graphene soars 40pc on debut November 20, 2013 APPLIED Graphene Materials saw its share price jump nearly 40 per cent on its first day of trading yesterday, as investors piled in to buy shares during its oversubscribed debut. “Graphene grabs the headlines… but financial investors and institutions have been great in their understanding of this innovation. The float gives us a financial platform [...]