Derby rivals go head-to-head again June 26, 2014 HORSE RACING: Investec Derby one-two Australia and Kingston Hill are set to renew their rivalry again tomorrow having been declared as runners in the Irish Derby. Australia is one of four horses from trainer Aidan O’Brien’s stable, with Geoffrey Chaucer, Kingfisher and Orchestra all due for outings at Curragh. Australia has been installed as the [...]
EasyHotel IPO raises just half of £60m target June 25, 2014 EASYJET founder Sir Stelios Haji-Ioannou announced plans to float the budget hotel chain easyHotel on Aim next week but has raised just half of the £60m it had hoped to gain. The company, owned by the Greek billionaire’s easyGroup holdings, has priced its initial public offering (IPO) at 80p, valuing the business at £50m and [...]
Analyst Views: Do Stagecoach’s results show it is on the road to success ahead? June 25, 2014 JOHN LAWSON | INVESTEC Stagecoach has not earned its reputation as a quality operator with a predictable trading performance by accident. It has taken years of attention to detail and strong management, especially at the local level, and today’s results demonstrate this strength yet again. We keep our add rating. GERALD KHOO | LIBERUM Results [...]
Best of the Brokers for 26 June 2014 June 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com KAZAKHMYS Westhouse Securities has cut Kazakhmys to “add” from “buy”, keeping the target price at 350p. The broker thinks the news of reduced mineral extraction tax rates for mature assets as part of a planned restructuring is positive, but cut the rating to [...]
Terry Smith raises £193m for emerging markets trust fund June 24, 2014 CITY fund manager Terry Smith, the outspoken chief executive of Tullett Prebon, yesterday saw his new investment trust raise over £190m. Fundsmith Emerging Equities Trust, which will buy stock in companies based in emerging markets like China and Brazil, raised £192.9m in total. Shares start trading tomorrow. The launch builds on Smith’s other fund, the [...]
Canadian giant SNC-Lavalin swoops for UK engineer Kentz Corporation June 23, 2014 London-listed engineering firm Kentz Corporation surged in trading yesterday after its board backed a £1.2bn takeover by SNC-Lavalin, months after it rejected a rival bid. The British business will be taken over for 935p a share in an all-cash deal by the Canadian group. The price is a 33 per cent premium to last week’s [...]
It’s a real family affair during this week’s £300m FDM float June 19, 2014 SOME say that, much like working with children and animals, one should avoid working with one’s other half. But this week’s float of IT services firm FDM has been a real-life example to the contrary. Not only are the chief exec Rod Flavell and COO Sheila Flavell of FDM married, but two of the bankers advising [...]
Forgotten Voice to break Stoute’s stranglehold on Hardwicke Stakes June 19, 2014 SIR MICHAEL Stoute saddles both Telescope and Hillstar in a bid to extend his own record of seven wins in the Hardwicke Stakes (3.45pm) tomorrow. Ryan Moore, who has partnered two of the last four winners, has opted to ride one-time Investec Derby favourite Telescope in the 12 furlong contest and the son of Galileo [...]
Bank of England paves way for interest rates hike June 18, 2014 Senior Bank of England officials lined up yesterday to suggest that a rise in interest rates would come sooner than markets expected. Fast economic growth and sharp drops in unemployment have boosted the chances of a hike in the coming months, despite moderate inflation. The Bank’s monetary policy committee (MPC) described the low odds many [...]
Inside Track: Centrica’s Conn job on stock award June 18, 2014 TALK of energy suppliers and con tricks, and the assumption might be that the Big Six have been indulging in a reputation-shredding episode of doorstep mis-selling. In the boardroom of Centrica, owner of British Gas, though, the phrase is acquiring a different meaning. Directors have been preoccupied for weeks with prising Iain Conn, the long-serving [...]