Theresa May’s industrial strategy isn’t about picking winners – but taking control of Britain’s economic destiny post-Brexit November 1, 2016 Purists likely shuddered at Theresa May’s commitment to a “proper, modern industrial strategy” as she reshaped the Business Department in July. Three decades of free market orthodoxy have convinced many business folk that a fully-fledged plan for industry represents a throwback to the 1970s, a decade when sickly British Leyland came to symbolise all that [...]
Investors want to better understand why executives are paid what they are paid October 31, 2016 An influential investment management trade body has written to the bosses of Britain's largest companies to urge "greater simplicity and flexibility of pay structures". The Investment Association (IA), which represents companies that manage over £5.7 trillion of assets, wrote to the chief executives of the FTSE 350 to set out what shareholders want from company boards [...]
Spooking investors: Why this earnings season is like Halloween October 24, 2016 Trick or treat! When you think about it, corporate earnings season is similar to that children’s favourite, Halloween. Expectations usually run high, but you never know if the door you are knocking on will yield a delicious surprise or be a complete let-down, as the sweets are either from last year or there’s none left. [...]
SVG board gives HarbourVest takeover green light after forcing up price October 18, 2016 The board of SVG Capital (SVG) has accepted an increased takeover offer from US behemoth HarbourVest that will likely draw to a close a tumultuous month of punches and counter-punches between the two parties. The confirmation of the deal was announced this afternoon and will mean SVG shareholders will receive the equivalent of 715p a share for the assets of the [...]
easyJet will invest millions in tech startups with Founders Factory October 16, 2016 easyJet is the latest established business tapping tech talent to boost innovation, partnering with the high-profile London-based startup accelerator and incubator Founders Factory. The airline is the sixth corporate backer of the startup hot house created by renowned entrepreneurs Brent Hoberman and Henry Lane Fox – both of Lastminute.com fame – with the ambitious goal of creating 200 successful startups over the next five years. The [...]
The board of SVG is now considering two sale options with a third waiting in the wings October 10, 2016 A bidding war for SVG Capital (SVG) has ignited after HarbourVest upped its offer in an attempt to challenge the board's previously preferred option. SVG is in detailed discussions with a group of investors led by Goldman Sachs and the Canadian Pension Plan Investment Board (CPPIB), who came in with an eleventh hour offer to purchase the [...]
FCA complaints are still dominated by PPI mis-selling October 6, 2016 The number of complaints lodged against financial services firms nudged down in the first six months of 2016 according to statistics released by the Financial Conduct Authority (FCA). The total number of complaints dropped by 2.6 per cent compared with the final six months of 2015. Barclays topped the list and received over a quarter of a million objections. Top five [...]
What a difference three and a half weeks makes? Tracking HabourVest’s hostile takeover attempt of SVG Capital October 6, 2016 It has been a strange three and a half weeks for chief executive Lynn Fordham and her board at SVG Capital (SVG). Sources close to the company said that SVG's board was only informed of HarbourVest's hostile takeover bid late in the evening on 11 September and in the weeks that followed the US-giant quickly gathered sufficient shareholder backing for its takeover offer. [...]
HarbourVest’s takeover of SVG Capital hit by withdrawal of support October 5, 2016 Two key institutional investors have withdrawn their support of HabourVest’s hostile £1bn takeover attempt of SVG Capital (SVG). Legal & General and Aviva – who own 4.5 and 2.8 per cent stakes in SVG respectively – had previously signed non-binding letters of intent to support the US-fund’s offer. Hours earlier, SVG’s board redoubled its efforts [...]
City watchdog fines Aviva companies £8.2m for failing to police outsourcers looking after client money October 5, 2016 The City regulator has today slapped two Aviva businesses with a £8.2m penalty. The Financial Conduct Authority (FCA) fined Aviva Pension Trustees UK and Aviva Wrap UK for failing to properly oversee work it had outsourced in relation to protecting client assets. In particular, the FCA asserts that these failings were a breach of the Client Assets Sourcebook [...]