A bloated BBC could hamper a recovery in media May 28, 2009 THERE was a rare spot of good news for the media industry this week. Firstly, Goldman Sachs turned positive on the industry, upping its target price for Daily Mail and General Trust to 346p and for Trinity Mirror to 88p. It also added ITV to its conviction buy list, a move which Bank of America [...]
Speedy Hire to raise 100m in rights issue May 28, 2009 SHARES in Speedy Hire dropped yesterday after the equipment rental company said it planned a heavily discounted rights issue to reduce debt and strengthen its balance sheet. The company expects to raise £100m through the sale of 458.7m new shares at 23p each, an 87 per cent discount to the stock’s closing price on Wednesday, [...]
ORIEL SECURITIES AND KBC PEEL HUNT JOINT BROKER, UNDERWRITER AND BOOKRUNNER May 28, 2009 Speedy Hire’s rights issue is fully underwritten by Oriel Securities and KBC Peel Hunt, with Rothschild as the financial adviser. The Oriel Securities team comprises members of its corporate, sales and research divisions, led by Oriel’s head of corporate Richard Crawley, who joined the firm two years ago from Credit Suisse. This month, the team [...]
Eurozone economic mood rises May 28, 2009 Eurozone economic sentiment improved more than expected in May, but inflation expectations fell again, raising the threat of deflation. A monthly survey by the European Commission, released yesterday, showed economic sentiment in the 16 countries using the euro rose to 69.3 points in May from 67.2 in April. The improvement was fuelled by the retail [...]
M&A activity at 5-year low May 28, 2009 MERGERS and acquisitions (M&A) volumes are 38 per cent lower than this time last year, according to data published yesterday. The volume of transactions was worth just $739.9bn for the year to date, down from $1,177.7bn for the same period last year – marking the slowest start for worldwide M&A since 2004, according to Thomson [...]
Wolseley plumbs new depths May 28, 2009 SHARES in plumbers and builders merchant Wolseley plunged yesterday after the company revealed an 80 per cent slump in nine-month profits and warned it saw no improvement in demand this year. The company, which recently squeezed shareholders for £1bn in a desperate attempt to prop up its debt-laden balance sheet, said pre-tax profits for the [...]
Heineken takes on debt from Globe Pub division May 28, 2009 DANISH brewer Heineken said yesterday it has acquired discount debt from its UK pub management firm, Globe Pub Company, in a bid to reduce its own debts. The beer-maker acquired a further 55.6 per cent of class A1 notes, representing a face value of £111.2m, issued by Globe, meaning it now owns 85.7 per cent [...]
Young’s sees profits dive after writing down the value of its pub chain by 11m May 28, 2009 BREWER and pubs veteran Young & Co yesterday said that full year pre-tax profit had plummeted by 63 per cent, as cash-strapped consumers opt to drown their sorrows at home. Profit before tax for the year ending 28 March fell to £4.2m from £11.6m the year before. Revenues were up 3.2 per cent to £126.1m [...]
BEST OF THE BROKERS May 28, 2009 QINETIQCazenove was disappointed by the subdued reaction to QinetiQ’s full year results, which were ahead of market expectations both in terms of earnings and balance sheet. But the broker retains its “outperform” rating on the stock, feeling comfortable that the company will continue to deliver strong organic growth in core divisions. SYNERGY HEALTHSynergy will report [...]
CITY MOVES WHO’S SWITCHING JOBS May 28, 2009 DeloitteThe business advisory firm has appointed Annette Olesen as an insurance partner. Olesen has previously led key aspects of the Solvency II debate throughout Europe in her role as chair of the actuarial profession’s Pillar 1 Solvency II working group, and has provided input directly to the European Union’s Committee of European Insurance and Occupational [...]
