Price soars as bond investors go loco for Lloyds’ new coco March 13, 2014 THE PRICE of Lloyds capital notes has soared in recent weeks as the bank prepares to swap them for contingent convertible (coco) bonds. The bank is issuing up to £5bn of the new instruments, but the only way to get hold of them is to hold the enhanced capital notes (ECNs) which the bank is retiring. However, [...]
Coal of Africa narrows its losses March 10, 2014 Coal of Africa yesterday said losses had narrowed to $46m (£27.6m) in the first half of the year, as the triple-listed company cut costs as part of its turnaround strategy. “[The firm] has made good progress with its turnaround strategy in the last twelve months, having concentrated on selling non-core assets and closing down loss [...]
Kentz wins Mozambique contract March 6, 2014 Engineering firm Kentz yesterday said it has been awarded the second phase of a project in Mozambique by mining giant Vale. The FTSE 100 firm was awarded the first phase of the project in 2009, which is one of the largest coal mining operations on the African continent. No deal value was given but it [...]
Premier Foods secures £1.1bn refinancing deal March 4, 2014 PREMIER FOODS announced it has sealed a £1.1bn refinancing package yesterday, in a major feat for the food company that it says will help “liberate” it from its past and ease its debt-pile. The company behind Mr Kipling cakes and Ambrosia custard confirmed plans to raise £353m via a placing and a rights issue, and [...]
Analyst Views: Is Robert Walters making the jobs market work for it? March 3, 2014 DAVID O’BRIEN | SHORE CAPITAL The stand out features of the [firm’s] results were its long-term contract business, Resource Solutions, UK regions and Japan. London, by contrast, was relatively weak, in part highlighting the continued weakness of banking markets. From what Robert Walters and its peers are suggesting, the recovery is becoming widespread. PAUL JONES [...]
Johnson Services snaps up hotel linen firm Bourne in £22m deal March 3, 2014 UNIFORM and dry cleaning company Johnson Services yesterday said it had snapped up Lincolnshire-based hotel linen company Bourne Services for £22m. The deal will be funded with a new equity placing of £12.8m, the company said yesterday. Executive chairman John Talbot said: “This is a significant step in our plan to expand the range of services [...]
Behind the deal March 3, 2014 INVESTEC | DAVID FLIN 1 He started his broking career with Dresdner Kleinwort in 2000, working in the mid-market with a host of listed companies. He joined Investec in 2009. 2 Flin, who has a bachelor of science degree in economics from University College London, is an avid Tottenham Hotspur fan. When Spurs aren’t playing, [...]
City Moves for 03 March 2014 | Who’s switching jobs March 2, 2014 Berwin Leighton Paisner The law firm has announced the appointment of Adam Dann as departmental managing partner of its finance division. He has led its projects and infrastructure group since 2010. Prior to that, he held roles at Hardy Oil & Gas and Dewey Ballantine. Aldermore Asset Finance The bank has made four appointments to [...]
Costain to raise £75m as plans acquisitions to drive growth February 27, 2014 ENGINEERING and construction firm Costain yesterday unveiled a £75.1m capital raising yesterday, which it said it would use to accelerate its growth prospects. Costain said it would raise £25m via a firm placing, while the remaining £50.1m is set to be raised through a placing and open offer. The engineer’s ambitious growth ambitions come after [...]
4 things RBS’s results tell us about its future February 27, 2014 Despite its ongoing efforts to deleverage and tighten its belt, RBS's results this morning were considerably weaker than expected. Pre-tax loss came in at £8.2bn – a 25 per cent miss versus consensus – and the bank set aside £3.8bn for litigation and PPI mis-selling – one of the things that hit earnings. The woeful [...]