New terms for Glencore-Xstrata deliver new problems October 1, 2012 ANOTHER day, another twist in Glencore-Xstrata’s epic drama. It seemed for a few hours that Xstrata’s board might have done the trick, recommending the bid with a new share multiple and terms that include allowing shareholders the option of rejecting the planned £144m retention awards for senior Xstrata managers. Then Knight Vinke Asset Management, which [...]
Charles Stanley forecasts same revenue despite volume drop October 1, 2012 CHARLES Stanley, the city broker and investment manager, yesterday said its interim revenues were on track to keep pace with last year’s figures, despite the depression in transaction volumes seen across the City broking sector. The firm said it expected to report revenues for March to September at “around the same level” as last year, [...]
FSA tells bosses not to bypass adviser rules October 1, 2012 THE Financial Services Authority yesterday warned the UK’s biggest financial advisers and providers not to try and “work around” incoming rules on commission payments after evidence showed firms could already be trying to circumvent them. In a letter to the chief executives of 24 life insurers and financial advisers, the FSA said it was concerned [...]
Gresham Private Equity backs a £25m Investis manager buyout October 1, 2012 INVESTIS, a maker of apps and websites for listed companies, was sold yesterday in a £25m management buyout deal backed by private equity firm Gresham Private Equity. The deal will see co-founder Justin Walters step down as chief executive, to be replaced by current managing director and co-founder Helen James, and two board positions allocated [...]
Victoria gloomy ahead of vote October 1, 2012 Carpet maker Victoria said yesterday it only expects to break even this year, in an ominous trading update that could influence investors before a possible rebellion tomorrow. The company said conditions in the first half of the year had been “extremely tough”, with the Jubilee and Olympics reducing high street footfall. Shareholders will meet tomorrow [...]
MD Medical prices London float October 1, 2012 MD Medical Group, a Russian healthcare provider, yesterday revealed a price range of between $11.25 and $13.50 for a forthcoming float in London worth up to $343m (£212.7m). The initial public offering, in the form of global depositary receipts, values the company at between $855m and $995m. The offer, overseen by joint book runners Deutsche [...]
Begbies says fewer firms failing October 1, 2012 A drop in companies going bust has left business recovery group Begbies Traynor facing a quiet summer, the firm said in a trading update yesterday. Begbies said insolvencies fell 12 per cent in the second quarter of the year, with 5,065 companies going under. The firm has spent £1m on its own restructuring since May, [...]
Hughes holds QPR’s hands up after loss keeps them bottom October 1, 2012 QPR 1 vs WEST HAM 2 QPR manager Mark Hughes criticised his side’s underwhelming first-half performance in last night’s match after concluding that that and Samba Diakite’s red card left a first Premier League victory of the season ultimately beyond them. West Ham winger Matt Jarvis scored with a fortuitious goal after only three minutes [...]
England’s World T20 exit shows a need for structure and belief October 1, 2012 ENGLAND’S 19-run defeat to Sri Lanka yesterday’s Super Eights match, which confirmed their elimination from the World Twenty20, showed once more that they just leak too many runs. In addition to that, in the two games they’ve lost, it’s struck me that they don’t know what their best attack is. They’ve made a lot of [...]
Burns eyes Broner showdown after latest London defence October 1, 2012 WBO lightweight champion Ricky Burns is to return to the ring on December 15 at the London Excel and hopes victory will secure a unification title fight against America’s Adrien Broner. The Scottish world champion on 22 September defeated Dagenham’s Kevin Mitchell over four rounds and, as promoter Frank Warren said after that particular victory, [...]
