Jupiter gamble paying off for now August 24, 2010 FUND management group Jupiter defied the odds earlier this year when it pressed ahead with a stock market flotation despite concerns that it was an injudicious time to do so. First there were general worries about market volatility and by June more than 30 companies had already shelved plans to float, including London Eye owner [...]
Pinewood investor ups ante on Grade August 22, 2010 MICHAEL Grade has come under fresh fire for his performance as chairman at Pinewood Studios, with activist investor Crystal Amber calling another meeting at this week’s results announcement to discuss his departure from the firm. “We are meeting with the management team on Wednesday, and are in correspondence with other shareholders,” Crystal Amber chief executive Richard [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 18, 2010 FINANCIAL TIMES EXXON ABANDONS ITS $4BN BID FOR GHANA OIL STAKE Following months of battle with Accra, ExxonMobil, the world’s biggest western oil company, has given up trying to acquire a share of Ghana’s giant Jubilee oil field from Kosmos, the American oil company. The $4bn deal was heavily opposed by Ghana’s government and its [...]
LSE’s Indian adventure gives hope for future July 28, 2010 Stock exchanges continue to be a hot topic for debate both in the City and the wider global markets. Global equity issuance may be at its lowest point since 2005, with just $309bn (£198.2bn) raised in the first half of 2010 as sovereign debt fears weighed heavy, but interest in market developments and competition remains [...]
Ocado fails to recoup early loss in value July 26, 2010 NEWLY floated Ocado failed to recoup the losses it made in last week’s unofficial, grey market trading, yesterday closing 16p shy of the 180p it floated at just over a week ago. On its first full day of official trading Ocado’s shares started as low as 159.25p before finishing up three per cent at 164p. [...]
Deadline over for Ocado’s retail shares July 22, 2010 OCADO last night closed the window of opportunity for retail investors to cancel their application to buy shares in the firm. Analysts warned there could now be a backlash among small investors who do not realise they are over-paying on the market price. Customers and staff had been invited to buy stock as part of [...]
Ocado shares tumble after its flotation July 21, 2010 OCADO’S share price tumbled yesterday as investors gave the thumbs down to its stock, even at its massively reduced valuation. Shares in the firm – which floated at 180p – were selling as low as 155p during its first morning of conditional trading. Analysts queued up to take a pop at the firm, with some [...]
ANALYST VIEWS: HOW DO YOU RATE OCADO’S CHANCES NOW THE COMPANY HAS FLOATED? July 21, 2010 CLIVE BLACK | SHORE CAPITAL “We believe that a revised 180p issue price is still far too high for Ocado at this juncture, which has been reflected by the market. To our minds the reputation of the company and the stock can only be tarnished by recent events, which is a shame for all concerned. [...]
GET PRACTISING YOUR POKER FACE: A NEW CLUB IS COMING TO TOWN July 21, 2010 WOULD you believe it, but I hear London’s very first official poker club is only just preparing to open its doors to the public. The venture is the brainchild of Chris North, a former captain of the Harlequins under-21 rugby team before he joined the world of online gaming 12 years ago. It was while [...]
Ocado forced to slash float price July 20, 2010 OCADO caved in to investor pressure yesterday by slashing its IPO valuation by 20 per cent, in a desperate eleventh hour bid to keep the float alive. Ocado’s management were accused of arrogance for failing to listen to analysts and investors who baulked at the initial £1.1bn price-tag attached to the business. The online grocer [...]