Kozel gives up the hot seat at Gulf Keystone June 25, 2014 TODD Kozel, the controversial founder and chief executive of Gulf Keystone Petroleum, will step down from his role next month, the company said yesterday. Kozel, 47, will retire from the top spot on 17 July but remain at the company as executive director. The company has appointed headhunters to find a new candidate for the [...]
Cycle shop Wiggle candidate for IPO after appointing advisers June 25, 2014 Cycle shop Wiggle’s private equity owner Bridgepoint is mulling plans to float the company on the London stock market. The private equity group, which owns Pret a Manger, has been working with Rothschild to explore options for the business, one of which may include a share sale. Nomura and Numis are also said [...]
TSB share price slips after retail investors enter trading party June 25, 2014 Shares in TSB Banking Group weakened yesterday after it moved to formal trading on the London Stock Exchange. The stock closed down four per cent at 285p, taking some of the froth off the newly-listed company’s market debut. TSB roared out of the blocks when it was informally traded last week, rising from an issue [...]
Debate rages over buyout backed IPOs June 24, 2014 PRIVATE equity came under fresh pressure yesterday after another new listing struggled on its debut. Italian ratings agency Cerved, floated by CVC Capital, fell from €5.10 to €4.80 before recovering to €5 on its debut. AA, co-owned by CVC, also suffered weakness after a poor debut on Monday. Veteran investor Jon Moulton said a listing [...]
Terry Smith raises £193m for emerging markets trust fund June 24, 2014 CITY fund manager Terry Smith, the outspoken chief executive of Tullett Prebon, yesterday saw his new investment trust raise over £190m. Fundsmith Emerging Equities Trust, which will buy stock in companies based in emerging markets like China and Brazil, raised £192.9m in total. Shares start trading tomorrow. The launch builds on Smith’s other fund, the [...]
Green Investment Bank to set up £1bn offshore wind projects June 24, 2014 THE GREEN Investment Bank (GIB), the government-backed funding group, yesterday announced that it would launch a £1bn fund to invest in offshore wind projects. The bank, owned by Vince Cable’s Department for Business, Innovation and Skills, will be established to acquire equity stakes in projects to help boost the UK’s wind power capacity. The launch [...]
KKR goes green with wind farm tie-up in Spain June 24, 2014 Private equity firm KKR clinched a landmark green energy deal yesterday after snapping up a stake in a Spanish-based windpower business. KKR, led by veteran buyout pioneers Henry Kravis and George Roberts, will pay €417m (£334m) to buy one-third of Acciona Energy International (AEI), which creates electricity from wind power. The agreement marks one of [...]
Senior Whitehall civil servant links up with Panmure Gordon June 24, 2014 CITY broker Panmure Gordon has appointed a senior Whitehall civil servant to its research unit as part of a tie-up with the government. Simon French, chief of staff to the government’s chief operating officer Stephen Kelly, has joined the company on a 12-month secondment as a senior economist in the company’s research division. The placement [...]
Fortnum and Mason to offer Sunday delivery June 24, 2014 Fortnum & Mason has signed up to be the first company to use a new Sunday delivery service from Royal Mail’s Parcelforce. Customers will be able to receive parcels from the upmarket store from this Sunday onward. The move comes ahead of a roll-out of Sunday deliveries by Royal Mail as the FTSE 100 listed [...]
Canadian giant SNC-Lavalin swoops for UK engineer Kentz Corporation June 23, 2014 London-listed engineering firm Kentz Corporation surged in trading yesterday after its board backed a £1.2bn takeover by SNC-Lavalin, months after it rejected a rival bid. The British business will be taken over for 935p a share in an all-cash deal by the Canadian group. The price is a 33 per cent premium to last week’s [...]