Ward knocks out Wawrinka June 7, 2011 TENNIS: British No2 James Ward enjoyed the best win of his career beating Swiss fourth seed Stanislas Wawrinka in round two of the Aegon Championships at Queen’s Club. The 24-year-old held his nerve to win 7-6 (7-3), 6-3 and he will now face defending champion Sam Querrey in round three. Ward revealed he has recently [...]
Swansea seal Graham swoop June 7, 2011 FOOTBALL: Swansea have broken their transfer record by signing Danny Graham, 25, last season’s Championship top goalscorer, for £3.5m from Watford.
CITY AT WAR June 7, 2011 Advisers blame each other for seizure of IPO market FEUDING has broken out between all the key players within the City of London’s crucial fundraising business, in a development that threatens to devastate confidence in London’s faltering flotations market. Key advisers, investors and bookrunners are at loggerheads and briefing against each other, in the worst breakdown [...]
Big banks accused of talking down values June 7, 2011 STJ Advisors, the St James’s Place-based firm, is accusing the big banks that run the flotation process of charging high fees and of “distorting investor feedback” in order to get companies to lower their valuation, according to a sales document seen by City A.M. The document claims that “banks are conflicted” in the IPO process. [...]
Why all sides need to stop and relax June 7, 2011 IT is time for the City to get its act together: it is in danger of ceasing to function as a proper, efficient platform for raising money for firms seeking to go public, an untenable situation. As our special investigation on pages 1-4 of today’s newspaper demonstrates, the market for corporate floats has almost ground [...]
London IPO market is close to seizure June 7, 2011 GLENCORE recently pulled off a $11bn flotation, London’s largest ever, but the past few months have otherwise been pretty desultory in terms of new companies coming to market. Some blame last year’s flotation of Ocado, the online grocer, for starting the rot. Ocado’s share price has recovered well from its early post-IPO malaise but bankers [...]
The media-shy mastermind behind an aggressive boutique operation June 7, 2011 STJ Advisors operates as a partnership led by John St John, a capital markets banker who has spent 25 years at various investment banks in the capital-raising business. He co-founded the firm, which was originally known as Fredericks Place Advisors, in 2008, after a career that included stints at Nomura, Citi/Salomon Smith Barney and Dresdner [...]
We all need to show that London is open for business June 7, 2011 W E need to take seriously any concerns that firms find the UK a more difficult place in which to raise capital. There is no doubt that other financial centres have long sought to replicate London’s world leading success and, in so doing, to capture some of the market share. Should they succeed in achieving [...]
BlackRock sparked IPO row with explosive open letter June 7, 2011 THE ROW over banks’ IPO activities was first ignited after BlackRock, the world’s largest institutional investor, sent an explosive letter to several leading investment banks. The devastating broadside on the way company listings on the stock market are handled exposed how some banks were providing clients with unrealistic valuations for their companies in order to [...]
US stocks dip after Fed’s Bernanke talks down QE3 June 7, 2011 STOCKS in the US dropped last night after Federal Reserve chief Ben Bernanke acknowledged a slowdown in the economy, but offered no suggestion of a third round of quantitative easing (dubbed QE3). The Dow Jones industrial average fell 0.16 per cent to end at 12,070.81, while the Standard & Poor’s 500 Index slipped 0.09 per [...]
