WHAT THE OTHER PAPERS SAY THIS MORNING August 18, 2010 FINANCIAL TIMES EXXON ABANDONS ITS $4BN BID FOR GHANA OIL STAKE Following months of battle with Accra, ExxonMobil, the world’s biggest western oil company, has given up trying to acquire a share of Ghana’s giant Jubilee oil field from Kosmos, the American oil company. The $4bn deal was heavily opposed by Ghana’s government and its [...]
LSE’s Indian adventure gives hope for future July 28, 2010 Stock exchanges continue to be a hot topic for debate both in the City and the wider global markets. Global equity issuance may be at its lowest point since 2005, with just $309bn (£198.2bn) raised in the first half of 2010 as sovereign debt fears weighed heavy, but interest in market developments and competition remains [...]
Ocado fails to recoup early loss in value July 26, 2010 NEWLY floated Ocado failed to recoup the losses it made in last week’s unofficial, grey market trading, yesterday closing 16p shy of the 180p it floated at just over a week ago. On its first full day of official trading Ocado’s shares started as low as 159.25p before finishing up three per cent at 164p. [...]
Deadline over for Ocado’s retail shares July 22, 2010 OCADO last night closed the window of opportunity for retail investors to cancel their application to buy shares in the firm. Analysts warned there could now be a backlash among small investors who do not realise they are over-paying on the market price. Customers and staff had been invited to buy stock as part of [...]
Ocado shares tumble after its flotation July 21, 2010 OCADO’S share price tumbled yesterday as investors gave the thumbs down to its stock, even at its massively reduced valuation. Shares in the firm – which floated at 180p – were selling as low as 155p during its first morning of conditional trading. Analysts queued up to take a pop at the firm, with some [...]
ANALYST VIEWS: HOW DO YOU RATE OCADO’S CHANCES NOW THE COMPANY HAS FLOATED? July 21, 2010 CLIVE BLACK | SHORE CAPITAL “We believe that a revised 180p issue price is still far too high for Ocado at this juncture, which has been reflected by the market. To our minds the reputation of the company and the stock can only be tarnished by recent events, which is a shame for all concerned. [...]
GET PRACTISING YOUR POKER FACE: A NEW CLUB IS COMING TO TOWN July 21, 2010 WOULD you believe it, but I hear London’s very first official poker club is only just preparing to open its doors to the public. The venture is the brainchild of Chris North, a former captain of the Harlequins under-21 rugby team before he joined the world of online gaming 12 years ago. It was while [...]
Ocado forced to slash float price July 20, 2010 OCADO caved in to investor pressure yesterday by slashing its IPO valuation by 20 per cent, in a desperate eleventh hour bid to keep the float alive. Ocado’s management were accused of arrogance for failing to listen to analysts and investors who baulked at the initial £1.1bn price-tag attached to the business. The online grocer [...]
Indian oil giant mulls £1bn float July 19, 2010 JUBILANT Energy, an Indian-based oil and gas exploration company, is considering a flotation on the London Stock Exchange, according to City sources. City stockbroker Evolution Securities, assisted by Renaissance Capital, is testing out the appetite for a money-raising in London, say the sources.? A spokesman for Evolution told City A.M. “Clearly it has been looking [...]
Ocado shifts 80pc of shares as IPO hangs in the balance July 19, 2010 OCADO’S future was finely poised last night, with sources close to the firm’s planned £1bn flotation saying it has only shifted 80 per cent of the shares on offer. The firm maintained it is pleased with the progress and is confident it will sell the remainder of the shares but would not comment on the [...]