Punch Taverns leaps on debt restructuring February 7, 2013 SHARES in Punch Taverns rose by a fifth yesterday as the company said months of negotiations to restructure its colossal debt pile were nearing an end. The company said it had strong support from many of its biggest shareholders and creditors for a new proposal over its £2.4bn debt pile. The new plans are set [...]
Philanthropy in the City at JP Morgan awards February 7, 2013 TO the Lord Mayor’s Mansion House for JP Morgan’s eighth biennial Beacon Awards for Philanthropy. The Capitalist was pleased to see a City Philanthropy category introduced this year, especially to honour the City’s unsung philanthropes. Sponsored by the City of London Corporation’s charity, City Bridge Trust, three City Fellowships were given out – to chair [...]
Saracens and England star Matt Stevens reigns pie and mighty February 7, 2013 ONLY in the world of rugby would four elite sportsman take on the challenge of a pie-eating contest, in the name of good PR. And that is what four Saracens players did this week when they took part in their own version of man versus food. The players scoffed Laverstock pies, which will be sold [...]
Facebook and Google top list of tech buyers February 7, 2013 FACEBOOK and Google were the most prolific buyers of private technology companies in 2012, with the two web firms splashing out on 16 companies each as tech acquisitions hit their highest level for years. Financial data firm Privco revealed yesterday that acquisitions of private US technology firms reached 2,357, up from 22 per cent in [...]
Ophir Energy falls on share sale despite finding gas in Tanzania February 7, 2013 SHARES in Africa-focused oil explorer Ophir Energy plunged yesterday, as Credit Suisse said it placed 36m shares on behalf of the investment funds of investors Och-Ziff Capital Management and Mittal Investments. The shares were sold at a price of 475p per share, raising £171m. Both institutional shareholders have agreed to a lock-up period of 90 [...]
Sanofi stock slides as it reveals bleaker than expected outlook February 7, 2013 FRENCH pharmaceutical giant Sanofi said yesterday that its earnings could fall this year as it continues to feel the effects of expiring patents. Sanofi, which saw earnings slide last year as cheaper generic rivals grabbed market share from some of its medicines, said 2013 earnings would be flat to five per cent lower than in [...]
Afferro rejects Jindal as offer falls short for iron ore project February 7, 2013 AFRICAN-focused Afferro Mining yesterday said discussions had ended with Indian Jindal Steel and Power, on the basis that the New Delhi-based company undervalued Afferro’s assets. Junior stock market-listed Afferro said that the indicative offer from Jindal “fundamentally undervalued the company’s high quality, strategically located portfolio of iron ore projects in Cameroon and its strong balance [...]
Barclays supports Bumi board in run-up to boardroom battle February 7, 2013 ANALYSTS from Barclays yesterday spoke out in support of the Bumi board strategy, just two weeks before the boardroom battle that will decide the coal miner’s future. Having spoken to chief executive Nick von Schirnding, Barclays said in a note that “the strategy being pursued by the current board and company is the right one”, [...]
Lift for Anglo and Xstrata February 7, 2013 MINERS Anglo American and Xstrata got a boost from their jointly-owned copper mine in Chile yesterday, as they announced that the project’s reserves had been hiked by almost a fifth. The blue chip miners, which each hold 44 per cent, said that Collahuasi had 19 per cent more copper reserves than previously thought, at more [...]
BP bids farewell to Byron Grote February 7, 2013 Oil giant BP yesterday said that senior board member Byron Grote is to step down, after 33 years with the company. Grote, who retired as chief financial officer at the end of 2011, will resign at the group’s AGM this April after 13 years on the board. Since joining the energy behemoth in 1987, the [...]