Ex-City sheriff Sir Paul Judge hit by setback over ENRC leak case November 4, 2014 The High Court has rejected an application made by Sir Paul Judge to strike out claims brought against him by his former employer, Eurasian Natural Resources Corporation (ENRC). He has also been ordered to pay 80 per cent of the company’s costs, which have yet to be determined. A source told City A.M. they [...]
Hedge fund Elliott Advisors earns £59m after selling down stake in Game Digital September 18, 2014 GAME Digital’s US hedge fund owner Elliott Advisors has pocketed £58.5m after selling a chunk of its stake in the video games retailer, dragging shares down yesterday. Liberum Capital revealed yesterday it had sold 22.5m shares held behalf of Elliott Advisors through a Luxembourg-registered investment vehicle, Duodi. The tranche of shares, which was sold through [...]
Investors call for protection from risky firms June 2, 2014 AN INFLUENTIAL investor group has called for a change to the law to give the City regulator beefed up powers against overseas firms with a small percentage of independently owned shares listing in London. The comments from the trade body, which represents the UK’s top institutional investors and pension funds, follow controversy around firms such [...]
Linklaters partner joins Fresnillo board as Lord Cairns steps down April 14, 2014 A SENIOR partner at magic circle law firm Linklaters will join the board of Mexico-focused miner Fresnillo, replacing Lord Cairns. Cairns plans to step down at the FTSE 100-quoted miner’s annual meeting in May. “I should like to take this opportunity to thank Lord Cairns for his significant contribution to the board over the past [...]
Kazakhmys sells £790m stake in power station as mine costs rise December 9, 2013 FTSE 250-listed copper miner Kazakhmys yesterday said it has agreed to sell its 50 per cent stake in Kazakhstan’s largest power station for $1.3bn (£790m), as it warned that development of its Bozshakol mine would cost more than expected. The firm also said yesterday that it has hired Shenzhen-listed Non Ferrous China as a second [...]
City watchdog grilled by MPs on ENRC’s stock market admission November 26, 2013 THE UK’S financial regulator faced a grilling from MPs yesterday over its decision to admit troubled miner ENRC to the London stock market six years ago. David Lawton, director of markets at the Financial Conduct Authority, told a committee of MPs that he was not aware of a report published by law firm Herbert Smith [...]
Zhaikmunai’s £1.5bn London float imminent November 11, 2013 KAZAKH oil and gas explorer Zhaikmunai’s long-awaited £1.5bn London flotation may launch as soon as this month, City A.M. understands. A final decision on the timeframe has not yet been made, but it is thought that the company could feasibly list on the main segment of the London Stock Exchange in the next few weeks. [...]
ENRC’s revenues edge lower as it readies itself for delisting November 7, 2013 ENRC, the troubled Kazakh miner which is soon to go private after six turbulent years on the London Stock Exchange, yesterday said that revenue in the first nine months of the year was “marginally below” the same period last year, due to lower commodity prices. The firm – which officially delists on 25 November after [...]
Fears for London as listing regulations are tightened November 5, 2013 THE Financial Conduct Authority (FCA) yesterday strengthened its listing rules to protect minority shareholders in the wake of the scandals surrounding ENRC and Bumi, two companies that floated in London and became mired in controversies over corporate governance. The new rules, which will eventually affect already listed companies with large shareholders such as Sports Direct, [...]
Most Brits hail foreign firms moving to UK October 28, 2013 MOST Britons would welcome a foreign company that decided to move its base to the UK, according to a poll out today. Seventy-eight per cent think an overseas firm moving to their region would be positive, while 69 per cent believe such a relocation would benefit the country as a whole, a survey of 2,000 [...]