Cash boxes explained November 19, 2012 Q What is a cash box placing ? A A cash box placing allows a company to issue new shares by bypassing pre-emption requirements – meaning without shareholder approval – provided they are issued for a non-cash consideration, such as the shares of another company. Q How does the structure work? A The listed company [...]
Ocado delivers on its debts but profits aren’t in the bag November 19, 2012 BEFORE anyone gets too excited about Ocado’s share price rising by more than a fifth yesterday, the troubled online grocer is still trading at less than half its original float price of 180p, which was itself at the bottom of the hoped-for range back in 2010. Yesterday’s raising of £35.8m staved off Ocado’s most immediate [...]
FTSE 100 up on optimism over fiscal cliff deal November 19, 2012 The leading share index was trading up this morning, buoyed by optimism that the US will avoid the fiscal cliff. Miners and banking shares led the FTSE 100 higher this morning, with Eurasian Natural Resources the biggest blue chip riser, adding 3.27 per cent. On the FTSE All-Share, internet grocer Ocado rose almost 21 per [...]
Grocer Ocado dismisses loan breach fears November 18, 2012 OCADO, the online grocery shop, yesterday brushed off market speculation that it is seeking to renegotiate its debt covenants with its lenders, saying there was “no threat” it would breach its covenants. A weekend report suggested the online supermarket, which floated to much fanfare in 2010, was seeking to reset its debt or extend the [...]
Don’t scare away signs of life in City flotations market November 15, 2012 After several nerve-wracking days’ delay, Alisher Usmanov’s telecoms group Megafon finally launched its London IPO yesterday, giving the moribund market a timely boost ahead of the naturally quiet festive season. Megafon’s flotation, which is expected to raise more than £1.5bn for the selling shareholders, will run just slightly ahead of the London and Almaty float [...]
Hedge funds forced to reveal most shorted stocks by FSA November 6, 2012 HEDGE funds have had their short selling activities made public for the first time, as regulations enacted this week expose some of the massive bets made by firms involved in the secretive industry. The Financial Services Authority will now force all funds to declare any short position that represents more than 0.5 per cent of [...]
Luxfer’s New York flotation shines light on London’s listing problems October 4, 2012 Another day, and another company that has its roots firmly in the UK decides to float in the US. In the past few weeks two companies normally associated with the UK market, Manchester United and Salford-based speciality metals group Luxfer, have chosen the US financial markets to list and raise new capital. The latest figures [...]
Ocado blames slowdown on Olympic effect September 20, 2012 OCADO yesterday blamed a slowdown in sales on the disruption caused by the Jubilee and this summer’s sporting events, but said it expects sales to pick up in the last quarter of the year. The online supermarket said sales rose 9.9 per cent to £163m in the 12 weeks to 5 August, down from first-half [...]
Public finances put chancellor in the spotlight September 16, 2012 CHANCELLOR George Osborne will be under the spotlight again this week, with the release of the UK’s public finance figures for August. Last month’s shock news – that the deficit grew by £600m rather than falling by £2.8bn in July – means Friday’s figures will give an even clearer indication of whether the government can [...]
FTSE 100 down as blue chip Burberry leads fallers September 11, 2012 The leading share index opened down this morning, tracking falls in the US and Asia, as investors waited for key decisions over European Central Bank bond buying and US quantitative easing. Fashion retailer Burberry led the fallers, down almost 19 per cent as the firm warned of a sales slowdown. It said annual profit would [...]