Filtrona to name new chief exec January 12, 2011 Speciality plastic and fibre products supplier Filtrona is set to unveil high profile accountant Colin Day as its new chief executive today. The FTSE 250-listed company will announce the appointment of Day, currently finance director at Reckitt Benckiser, alongside its trading update, according to Sky News. Reckitt announced last October that Day would be leaving [...]
Formica repeats his New Star trick January 12, 2011 AND so Henderson does it again, picking up a once-great rival on the cheap (or so it says). There’s no doubt that this deal will enhance earnings, although we think management’s expectations are somewhat over-optimistic. Whether Andrew Formica has got himself a steal or simply paid fair value depends on whether Gartmore continues to shed assets. [...]
Henderson ties up Gartmore takeover January 12, 2011 SHARES in Anglo-Australian fund manager Henderson were up 9.26 per cent yesterday, after it announced it would buy troubled rival Gartmore. The deal sees shareholders receive two Henderson shares for every three Gartmore shares, valuing the company at £335m. Around 63 per cent of Gartmore shareholders have so far approved the deal, after the boards [...]
New Star lessons need to be heeded January 12, 2011 THE TAKEOVER of Gartmore by Henderson isn’t the first time it has rescued a struggling rival. Two years ago Henderson purchased the stricken New Star fund, which led to 25 per cent of assets being withdrawn amid the takeover as portfolio managers departed. Some analysts fear Henderson could find itself in the same situation with [...]
World Forum: Economies face big risks January 12, 2011 WORLD governments have been drained of resources after the financial crisis and are poorly-equipped to handle 21st-century global risks, a new study reported yesterday. Governments are less able to tackle emerging global risks such as shortages of natural resources, an ageing world population and fragile states dominated by illegal activity. But the macroeconomic trends that [...]
Bankers vs politicians: The war isn’t over yet January 12, 2011 CAN we all breathe a huge sigh of relief? Has peace broken out between bankers and politicians? Has the government caved in to the masters of the universe – or brought them to heal? And is it safe now to mention at dinner parties that you work in the City? There are many different sides [...]
Earnings up at price website January 12, 2011 BRITISH price comparison website Moneysupermarket.com said yesterday it expected full-year core earnings to be at the upper end of expectations after trading improved across all its sectors. The site, which offers services such as travel, insurance and money, said trading in the fourth quarter had continued to be strong boosted by its advertising campaign fronted [...]
UK Mail blames poor weather conditions for profit warning January 12, 2011 SHARES in UK Mail dropped more than nine per cent yesterday after the delivery firm warned on its full-year profits, prompting Investec to cut its earnings and dividend forecasts and its target price to 400p from 420p. “Whilst we were able to manage our operations such that over 99 per cent of our Christmas parcel [...]
Promethean’s positive outlook lifts stock for education tech firm January 12, 2011 INTERACTIVE education technology firm Promethean World said yesterday it expected revenue for the full-year to be towards the top end of the market view. The company also said it expected to increase the exceptional charge related to restructuring to be taken in the fourth quarter of 2010. Promethean shares climbed by 8.4 per cent to [...]
King’s treasure January 12, 2011 THE King’s Speech has topped the box office in the UK and Ireland, taking £3.5m in its first three days of release. Picturehouse Cinemas said the movie was the most sold-out film it has screened in “many years”. The film, which stars Colin Firth (pictured) and Helena Bonham-Carter, is leading the nominations for this month’s [...]
