Interserve’s top shareholder warns administrator against selling off to lenders March 12, 2019 Interserve’s largest shareholder has warned the outsourcer’s would-be administrator against arranging a pre-pack insolvency deal that would hand total control to the firm’s lenders, in the event the firm goes bust on Friday. Coltrane Asset Management, a US hedge fund that holds a 27.7 per cent stake in the outsourcer, has written to EY, which [...]
Pensions watchdog drops investigation into publishing giant Johnston Press March 11, 2019 The pensions watchdog has dropped its investigation into the sale of newspaper publisher Johnston Press. The Pensions Regulator (TPR) probe was launched in November after the publishing giant, which owned the I newspaper, The Scotsman and the Yorkshire Post, was sold to JPI Media out of “pre-pack” administration. Read more: Johnston Press administrator warns of [...]
Interserve wins over major shareholder as rescue deal vote looms March 7, 2019 A major shareholder has thrown its weight behind Interserve’s board in the their ongoing struggle for control of the outsourcer against US hedge fund Coltrane Asset Management, City A.M. can reveal. Aberdeen Standard Investments (ASI), which controls 4.6 per cent of Interserve’s shares, on Thursday endorsed the firm’s rescue deal designed to to stop it going into administration. [...]
Interserve inches closer to safety as second proxy adviser embraces rescue deal March 7, 2019 Interserve scored a second victory on Thursday in a long running feud with its biggest shareholder, Coltrane Asset Management, as Europe’s largest independent shareholder advisor backed a rescue deal designed to save it from administration. Pensions and Investment Research Consultants (PIRC) has followed another advisor, Institutional Shareholder Services (ISS), in throwing its weight behind the [...]
City Moves for 6 March 2019 – Who’s switching jobs at Muzinich & Co, Duff & Phelps and Mayer Brown? March 6, 2019 Today's City Moves includes movers and shakers from Muzinich & Co, Duff & Phelps and Mayer Brown. Muzinich & Co Muzinich & Co has announced that Archie Beeching has joined as director of responsible investing with immediate effect. In this newly-created role, Archie will focus on strengthening the ongoing integration of the firm’s environmental, social and [...]
Corporate insolvencies boost puts Begbies Traynor on track to meet expectations March 5, 2019 Corporate insolvencies rose by ten per cent in 2018, consultancy firm Begbies Traynor said in a trading update this morning, as it reported it was on track to meet full-year expectations. The restructuring firm announced it had seen a “good flow” of insolvency appointments in the three months to the end of January this year, [...]
Icelandic carrier Wow Air faces headwinds as it extends deadline for rescue deal March 4, 2019 Iceland’s Wow Air is the latest low cost airline facing severe turbulence, after it has been forced to ask lenders for an extension to negotiate a rescue deal. The carrier, which has faced months of financial difficulties, confirmed it has asked for an extra month to negotiate a rescue deal with US investment company Indigo [...]
Emoov founder rejects investor funding claims March 3, 2019 The founder of Emoov has hit back at claims that investors might not have been provided with accurate information regarding a £2m fundraising effort which came months before the online estate agency collapsed. According to The Sunday Times this morning, documents aimed at prospective investors found Emoov, which raised £1.8m from more than 1,000 investors [...]
New solutions needed for defined benefit pension schemes March 1, 2019 The Cass Pensions Institute says new solutions are needed in stressed defined benefit pension schemes to prevent intergenerational inequities. The Institute has responded to the Department of Work and Pensions Green Paper, Security and Sustainability in Defined Benefit Pension Schemes. The Greatest Good 2 paper follows up and reconfirms the findings of an 2015 Pensions [...]
LK Bennett lines up administrator with 500 jobs ‘at risk’ March 1, 2019 Fashion chain LK Bennett has filed for administration as it attempts to find a way to stay afloat. The retailer has selected EY as an administrator for the business, Sky News first reported, which will oversee its insolvency if no new investment can be found. Read more: Revolution Bars issues profit warning amid 'challenging' conditions [...]