Non-Standard Finance pushes forward with £1.3bn hostile takeover of Provident May 15, 2019 Sub prime lender Non-Standard Finance has dropped the number of acceptances needed to push forward with its £1.3bn hostile takeover of rival firm Provident Financial. NSF said in a statement that its offer was now unconditional in terms of acceptances by investors, with 5 June the last date on which the takeover may be declared [...]
Fund manager Neil Woodford doubles stake in Card Factory despite high street woes May 13, 2019 Former star trader Neil Woodford has doubled his stake in Card Factory despite high street footfall woes hitting the retailer’s sales last year. Woodford Investment Management has increased its stake in the greeting cards retailer to 10.06 per cent, in a significant bet on the company boosting its performance. Read more: Neil Woodford's billion-dollar baby [...]
Provident Financial says hostile bidder Non-Standard Finance is overvalued May 8, 2019 Provident Financial today said it had concerns about the valuation of Non-Standard Finance (NSF) which is trying to take it over. Provident said it had concerns NSF was undercapitalised, it said NSF’s business was facing “significant headwinds”, it said there was an overly positive perspective on NSF’s headline financial performance and said NSF was overvalued [...]
Neil Woodford’s billion-dollar baby turns four May 1, 2019 | City Talk By Dzmitry Lipski from interactive investor. Late last month, Woodford Patient Capital turned four. Having weighed in at launch at £800 million, making it the second-largest UK investment trust launch ever after Smithson Investment Trust, according to the AIC, Woodford's middle child has had some high-profile teething issues along the way. Total assets today stand at [...]
Kier shares fall as outsourcer swings to £35.5m loss March 20, 2019 Kier has fallen to a £35.5m loss for the second half of 2018, but said it is in a stronger position after hitting up investors for £250m in a disastrous rights issue that missed its target at the end of last year. Read more: Embattled outsourcer Kier's net debt spirals again after 'accounting error' The figures [...]
Former Carillion man takes the reins at embattled Kier Group March 19, 2019 The man who was once named the new leader of Carillion has taken the reins at Kier Group, the construction firm confirmed this morning. Andrew Davies, appointed Carillion’s new chief executive just months before it went out of business, will take up his new role form 15 April, Kier said. Read more: Embattled outsourcer Kier's net debt [...]
Kier to appoint former Carillion hire Andrew Davies as chief executive March 18, 2019 Embattled construction firm Kier is set to appoint the executive who was hired by Carillion weeks before the contractors collapse to lead a turnaround at the company. Andrew Davies, who was due to step into the role of chief executive at Carillion before it plunged into liquidation last year, is expected to be appointed as [...]
Embattled outsourcer Kier shares plunge as ‘accounting error’ reveals higher net debt than previously thought March 11, 2019 Construction outsourcer Kier Group spooked investors on Monday morning as it admitted an 'accounting error' had forced it to recalculate its net debt as £50m higher than previously stated. The firm’s stock fell 13 per cent after it issued an update saying it has revised its net debt position as at 31 December to £180.5m, up from [...]
Provident Financial resolves regulation issues with City watchdog March 6, 2019 Doorstep lender Provident Financial has said it has "substantially resolved" recent regulatory issues as it revealed that it has hired a new boss to lead its Vanquis Bank business. The company, which has rejected a £1.3bn takeover bid from rival Non-Standard Finance (NSF), revealed that the Vanquis refund programme was more than 99 per cent [...]
Stobart battle: Judge finds former boss Andrew Tinkler breached duties as a director February 15, 2019 The judge in the bitter court battle between the Stobart Group and former chief executive Andrew Tinkler ruled today that Tinkler had made four “serious” breaches of his duty as a director. His Honour Judge Russen QC said Tinkler breached his contractual and fiduciary duties in four ways: by agitating for the removal of the [...]