Pearl nearing bond deal March 23, 2010 PHOENIX Group, the fund manager and insurer formerly known as Pearl, said yesterday it had moved closer to a deal with bondholders who have been holding out against the company’s efforts to negotiate a cut in its debt. Phoenix is seeking the approval of its banks and of the Financial Services Authority for a fresh [...]
Pearl hopes feud is over March 15, 2010 PEARL is just days away from ending a long-running battle with its investors. Bondholders are ready to hoist the white flag after months of acrimonious dispute over an unpaid coupon on £500m of its bonds. The final straw appears to be the announcement by Pearl that it will not attempt to raise capital with its [...]
New directors on board at Pearl as it heads for UK float February 18, 2010 FUND management and insurance group Pearl yesterday said it was pressing ahead with a London stock market flotation despite its well-publicised wrangle with bondholders. The company, which is being renamed as Phoenix, is not raising any new capital at the time of its listing. Shareholders Liberty Acquisitions and Hugh Osmond, the group’s founder, do not [...]
Osmond vehicle blames poor markets as it raises £80m less than expected February 4, 2010 HUGH Osmond, the entreprenuer behind Pizza Express, the Punch pub group and Pearl insurance, has raised less than he hoped for his new acquisition vehicle Horizon. Osmond, who originally hoped to raise £500m from equity investors, revealed yesterday that the group had raised £417.7m from new shares at £10 a share. Advisers to the share [...]
Pearl: Do not blackmail us January 27, 2010 PEARL, the insurance group that hopes to list in London sometime this year, said yesterday it wouldn’t allow itself to be blackmailed after it lost a key vote over a compromise offer to a disgruntled group of bondholders. Pearl, which was forced into a financial restructuring last year, withheld an interest payment worth £33m to [...]
Pearl bondholders expect to vote down compromise deal January 26, 2010 DISGRUNTLED Pearl bondholders believe they have sufficient support to vote down a deal over suspended interest payments at a crucial meeting to be held today. One source close to the bondholding group led by lawyers Bingham McCutchen told City A.M. yesterday: “We definitely have enough proxies to vote the proposals down.” Pearl, founded by the [...]
Hugh Osmond returning to the market January 24, 2010 THE founder of pub chain Punch Taverns is returning to the market to raise up to £500m for an investment vehicle aimed at buying distressed companies and funds. Hugh Osmond, who also floated Pizza Express, is joining other City heavyweights to launch Horizon, which will try to raise the cash via a public offering on [...]
Osmond launches £500m buyout fund January 10, 2010 ENTREPRENEUR Hugh Osmond will this week announce plans to float a £500m turnaround vehicle on the London Stock Exchange. The Horizon fund, expected to list before the end of January, will target one large investment in a consumer-facing business. Advisers from Osmond’s private equity firm Sun Capital have drawn up a long list of prospective [...]
Pearl’s creditors set to reject deal on suspended payments January 7, 2010 PEARL Group’s bondholders plan to reject a deal that the insurer hoped would end a bitter dispute over suspended interest repayments. The firm, founded by pizza entrepreneur Hugh Osmond, suspended interest payments on £500m of its bonds last year, sparking outrage from bondholders. Pearl has tabled a deal offering to buy back £100m of the [...]
Pearl’s creditors set to reject deal on suspended payments January 6, 2010 PEARL Group’s bondholders plan to reject a deal that the insurer hoped would end a bitter dispute over suspended interest repayments. The firm, founded by pizza entrepreneur Hugh Osmond, suspended interest payments on £500m of its bonds last year, sparking outrage from bondholders. Pearl has tabled a deal offering to buy back £100m of the [...]