Truell gets set for ambitious float of bank-backed invoicing outfit September 4, 2013 EDMUND Truell, the head of London’s council pension fund, yesterday announced plans to float a new online invoicing venture on the junior stock market for £160m. Truell, who has recruited brother Danny and Icap chief executive Michael Spencer as non-executive directors for the venture, has bought e-invoicing company OB10 for £99m through his Tungsten vehicle. [...]
Europe fare war dents Ryanair’s profit forecasts September 4, 2013 AIRLINE shares took a nosedive yesterday after Ryanair, the biggest carrier in Europe, warned that it might miss profit targets for the year. The budget airline said a brewing price war in the UK and several other countries had dented its yields in recent weeks, as rivals try to tempt hard-up Europeans into taking more [...]
Analyst Views: Are you as disappointed as the market in Ryanair? September 4, 2013 STEPHEN FURLONG DAVY “Putting today’s announcement into perspective, the airline is still in line for a record second quarter and full year…. We continue to see Ryanair as one of the industry-leading players with a renewed growth story, higher and rising returns over the medium term and material free-cash generation. DONAL O’NEILL GOODBODY “This [...]
Ashtead falls on US fears despite surge in profits September 4, 2013 FTSE 250-listed equipment rental firm Ashtead’s first-quarter results were ahead of analysts’ expectations, but its heavy exposure to the US construction market led its share price to plunge over five per cent yesterday. Ashtead, which makes the vast majority of its revenues from the US, particularly its Sunbelt Rentals business, posted a 59 per cent [...]
German broadcaster ProSieben tumbles after buyout firms exit September 4, 2013 MOVES by private equity firms Permira and KKR to sell down their controlling stake in Europe’s second largest TV group ProSiebenSat.1 sent shares in the broadcaster crashing yesterday. The duo, who took control of the network in 2006 for €3.1bn (£2.6bn), on Tuesday announced plans to sell 25m shares in German network ProSiebenSat.1, which is [...]
British Land snaps up mall September 4, 2013 BRITISH Land has bought a 50 per cent stake in Bath’s SouthGate shopping centre for £101m. The property giant, has been on a spending spree since raising almost £1bn in March through its placing and the sale of Ropemaker Place. In April it paid £48m for Tesco’s 50 per cent stake in Surrey Quays shopping [...]
Zoopla buys property sites September 4, 2013 ZOOPLA property group yesterday said it has snapped up four property websites from newspaper group Trinity Mirror in a £3.3m deal. The company said the sale, which includes a new homes-focused site SmartNewHomes.co.uk, will help it to take advantage of the rising housing market thanks to Help to Buy and improving mortgage availability. The other [...]
Investors pull $7bn from Pimco’s total return fund during August September 4, 2013 BILL Gross’s Pimco Total Return Fund, the world’s largest bond fund, lost $41bn (£26.2bn) of its assets in the past four months through withdrawals and price losses, according to data from Morningstar yesterday. The Pimco Total Return Fund, which had $7.7bn in net cash outflows in August alone, has seen its assets shrink by 14 [...]
Denham relocates team to London September 4, 2013 Energy and resources-focused private equity firm Denham Capital yesterday announced that it has moved the headquarters of its power and renewables team from New Jersey to London in order to expand its pursuit of deals in emerging markets, in regions such as Africa, South America and Asia Pacific. “Power and renewables opportunities are far greater [...]
Successful well test for Sound Oil September 4, 2013 European and Mediterranean focused energy explorer Sound Oil yesterday announced a positive well test in Northern Italy. Due to the successful results, the company now plans to drill a second well and apply for a production concession, with a view to achieving first gas sales in 2015. It also plans to secure a reserve based [...]
