Construction in crisis: Where did it all go wrong for Kier? January 29, 2019 Construction outsourcer Kier Group has had a tricky few months. First, it became the most shorted stock on the market, with hedge funds drawing direct comparison to failed competitor Carillion. Since then, it has bungled a rights issue, lost its chief executive and seen its share price plummet more than 39 per cent. City A.M. tracks [...]
Kier shares fall again as investors react to reports it will sell housing maintenance arm to cut debt January 28, 2019 Shares in troubled outsourcer Kier Group were down four per cent this morning on yesterday’s news it is to sell off its housing maintenance business in a bid to cut hundreds of millions of pounds worth of debt. The construction firm, whose chief executive left last week after sustained pressure from high-profile shareholder Neil Woodford, declined [...]
Kier Group negotiating sale of its housing maintenance business in a bid to reduce debt January 27, 2019 Kier Group, the troubled outsourcing company, is nearing an agreement to sell its housing maintenance division. The deal, if agreed, would be part of a previously announced plan to shore up the balance sheet of the construction and building services provider by selling non-core assets. Read more: Short sellers release pressure on construction outsourcing giant Kier [...]
Neil Woodford increases stake in construction giant Kier after chief executive’s departure January 23, 2019 Neil Woodford has upped his stake in troubled construction outsourcer Kier Group by millions of pounds in the wake of the firm’s chief executive resigning yesterday. The veteran investor, a leading stakeholder in the firm, had been pressing for changes at executive level in the company after a botched rights issue drove its value to [...]
Kier Group director leaves to join Grenfell Tower cladding building firm Rydon Construction January 17, 2019 Kier Group operations director Mark Norris is to leave the beleaguered contractor to join Rydon Construction as a director. Norris leaves Kier as it continues struggling with its finances after a botched issue late last year caused the company’s shares to plummet. Read more: Outsourcer Kier Group's lenders face underwriting headache after rights issue flounders He [...]
Fund manager Neil Woodford leads push to oust top Kier Group executives January 13, 2019 Leading fund manager Neil Woodford is leading a push to unseat construction group Kier’s top executive team after its botched rights issue, according to reports. Woodford Investment Management, which owns a 16 per cent stake in Kier, is leading a push to replace chief executive Haydn Mursell and finance director Bev Dew, Sky News reported [...]
Star trader Neil Woodford’s fund reports healthy profits despite recent drop in assets January 9, 2019 Veteran investor Neil Woodford’s fund Woodford Investments has reported operating profit of £41.7m and paid directors £36.5m in dividends in the 12 months to the end of March last year. However, the accounts do not take into account recent outflows from the fund, and profits are likely to be impacted in the next set of full-year [...]
Why investors should be wary of star managers December 12, 2018 For a long time, it seemed like Neil Woodford could do no wrong. That was until 2017, when the UK’s best known fund manager seemed to lose his magic touch – and since then, the returns from his three popular funds have been struggling. His flagship Woodford Equity Income fund has lost investors almost 10 [...]
Eve Sleep shares plummet after investors buy in for a discount in £15m fundraising round December 6, 2018 Mattress retailer Eve Sleep’s shares dropped by as much as 16 per cent this morning after it announced investors were buying shares at a discounted price during a £15m fundraising round. The e-commerce specialist said investors had committed to just under £10m of funding, with fund manager Neil Woodford promising £8m, the company’s chairman Paul Pindar adding £1m, [...]
Retail estate landlord New River Reit posts drop in asset value as high street woes worsen November 21, 2018 Real estate giant New River Reit saw the value of its assets dip in the six months to September, in a further sign of the tough challenges facing landlords on the high street. Net assets totalled £864m in September this year, marking more than a three per cent drop from March, while funds from operations [...]