Aviva shareholder criticism prompts £450m preference share climbdown March 23, 2018 Insurance giant Aviva has today been forced into a U-turn over controversial plans to cancel £450m of high-interest shares. After receiving “strong feedback and criticism” from investors, Aviva has reneged on proposals to bin its irredeemable preference shares. Some of the shares date back to 1992 and pay an 8.5 per cent coupon. Boss Mark [...]
Healthy habits of Isa millionaires March 21, 2018 For many of us, becoming a millionaire might seem like a farfetched dream. But it might not be as difficult as you first thought, provided you adopt the right behaviours. While the government has regularly ramped up the annual tax-free threshold over the years, in 2017 the allowance saw a massive jump up to [...]
Full stream ahead: With Spotify opting for an unusual IPO route, should investors be wary? March 20, 2018 Spotify, the streaming giant that prides itself on helping people discover music, is about to go public. The company plans to list on the New York Stock Exchange on 2 April, but it’s doing things differently – opting for a direct listing instead. This means that, instead of issuing shares, the private investors and [...]
Engineering a big short: Hedgies build £1bn bet against Melrose March 19, 2018 Hedge funds have scrambled to build a £1bn bet against GKN suitor Melrose as Britain’s biggest hostile takeover for almost a decade approaches a critical shareholder vote. Almost a quarter of Melrose’s shares are on loan to short sellers hoping its pursuit of GKN will fail – figures that have risen sharply in the last [...]
SimplyBiz is set to float for £130m on the Aim market of the London Stock Exchange March 16, 2018 The SimplyBiz Group, which provides compliance and business services to financial advisers, had announced it will float in London next month for £130m. As the UK’s largest compliance services provider, SimplyBiz is expecting to raise £30m when it floats on 4 April. Selling shareholders – mainly Ken Davy, Life President of Huddersfield Town FC, and [...]
Aviva boss Mark Wilson is picked by Blackrock as a non-executive March 16, 2018 Blackrock, the world’s largest asset manager, today appointed Aviva chief executive Mark Wilson as a non-executive. The New Zealander will take a seat on the board of the US fund management behemoth with immediate effect. Wilson took over at Aviva in 2013 moving from insurance giant AIA, rebuilding the Asian arm of AIG in the [...]
GKN backs Airbus warning against Melrose takeover saying short-term business model is “inappropriate” for investors March 15, 2018 GKN has responded to Airbus’ concern over an £8.1bn approach from Melrose, reiterating its “firmly held belief” that Melrose is not an appropriate owner for the firm. Airbus, one of GKN’s most significant customers, had become the latest party to express concern over Melrose’s proposed £8.1bn hostile takeover of the engineering company, saying it would [...]
GKN and Melrose shareholder Aviva Investors backs the new £8.1bn bid as GKN rejects final offer March 12, 2018 A shareholder in both Melrose and GKN today said it backed the turnaround specialist’s increased offer of £8.1bn for the engineering giant. Aviva Investors said this afternoon said it was in favour of Melrose’s GKN bid, as the tussle between the two firms took yet another turn. However, GKN has rejected the revised and final [...]
Last Week in the City: Trump signs order for tariffs March 9, 2018 This week US President Donald Trump signed off on new tariffs on steel and aluminium imports, Trinity Mirror revealed plans to rebrand, and the European Central Bank took a further step towards ending stimulus measures. The FTSE 100 rose 1.9 per cent over the week by mid-session on Friday. Economics China will pursue annual growth [...]
Shareholders worth £47bn set to force Rio Tinto to review its relationship with industry bodies blocking climate change progress March 2, 2018 Investors with a combined £47bn under management have today filed a shareholder resolution against Rio Tinto, calling on the FTSE 100 miner to review its relationships with industry bodies blocking progress on climate change. The UK’s Church of England Pensions Board, along with the Australian Local Government Super fund and the Seventh Swedish National Pension [...]