Double glazing firm Safestyle UK eyes up funding window on Aim November 27, 2013 WINDOWS and doors company Safestyle UK yesterday said it is planning a £77m flotation on Aim next month. The firm – which manufactures, sells and installs doors and windows – is expected to launch its public offering on 11 December via a £70m share placement, giving it an initial market capitalisation of £77m. Safestyle, founded [...]
Accor splits its hotel business in two to boost group performance November 27, 2013 ACCOR, Europe’s largest hotel group, said yesterday it would divide its hotel business in two in a bid to improve the group’s performance and boost shareholder returns. The strategy includes a new organisation built by geography and an executive committee of 10 members, including five regional heads of operations, Accor said. Three months after becoming [...]
Singapore buys stake in Bollywood films November 27, 2013 FULLERTON Fund Management, owned by Singapore’s Temasek Holdings, has increased its stake in Bollywood film distributor Eros International to 8.7 per cent. The increase – Fullerton bought 1.7m shares on 13 November – was reported to the US Securities and Exchange Commission, and based on yesterday’s closing price is worth $22m (£13.5m).
WPP buys South African Cerebra November 27, 2013 WPP has acquired a majority stake in Cerebra Communications, a South African based advertising agency. Cerebra was founded in 2006 and employs 35 staff, with clients including the Johannesburg Stock Exchange and Nedbank. The acquisition adds to WPP’s presence in South Africa, where it has 25,000 employees and revenues of $550m (£340m). WPP said that [...]
Informa takes stake in Baiwen November 27, 2013 Informa, the exhibitions firm, has bought a stake in Baiwen, the owner and organiser of the annual China Beauty Expo (CBE). CBE is the largest beauty trade event in China, covering three co-located exhibitions that occur every year in Shanghai in May. “We look forward to working closely with our partners at Baiwen to extend [...]
Innovation Group wins £14m deal November 27, 2013 The Innovation Group yesterday unveiled three new major contract wins in the US market for its insurance software. The contracts have a combined worth of £14m over the next five years. “I am extremely pleased to announce a number of new contracts and a renewal, which evidence our continued momentum and growth in the US [...]
City Moves for 28 November 2013 | Who’s switching jobs November 27, 2013 Harrington Cooper The fund distribution firm has appointed Henry Foster as sales manager in its discretionary sales team. He joins from Neptune Investment Management. Foster has also held roles at Citigroup Asset Management and Western Asset Management. MassMutual Gary Smith has been appointed head of sovereign wealth funds and official institutions for MassMutual’s asset management [...]
Best of the Brokers for 28 November 2013 November 27, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com MEDUSA MINING Cantor Fitzgerald maintained its “buy” rating for Medusa with a target price of 190p a share. The broker said that Medusa’s operations in the Philippines had been unaffected by the Typhoon Haiyan and continuing work on the company’s expansion programme. PAYPOINT [...]
London Report: Political deal in Germany drives FTSE 100 higher November 27, 2013 THE UK’S benchmark equity index edged up yesterday, supported by a deal over a new German government that boosted appetite for more risk-sensitive stocks such as banks. German parties agreed a coalition deal two months after an election. While the deal was welcomed by the market, the reaction was in muted volume, with just 90 [...]
New York Report: Wall Street hits fresh high in turkey rally November 27, 2013 THE Dow and the S&P 500 closed at record highs yesterday, led by Hewlett-Packard’s jump a day after the personal computer maker’s earnings, while the Nasdaq finished at a fresh 13-year high. The tech-heavy Nasdaq got its biggest boost from Apple, which rose 2.4 per cent to $545.96, the stock’s highest level since January. Technology [...]
