First Group shares sink as losses widen after Greyhound charge November 14, 2019 First Group’s share price sank today as it fell to a £187m half-year loss as transport charges hobbled the firm while doubts weigh over the future of its West Coast Rail franchise. Read more: CMA flags competition concerns on 21 West Coast Rail franchise routes The figures The transport giant fell to a loss before [...]
First Group chairman resigns after defeating Coast Capital’s boardroom coup June 25, 2019 First Group’s chairman has resigned despite defeating an attempt by activist investor Coast Capital to oust him from the board. Wolfhart Hauser has stepped down and will not stand for re-election at the company’s next annual shareholder meeting. Around one in four shareholders, excluding Coast, voted against the New York Hedge fund’s 13 resolutions, Press [...]
Schroders and Columbia Threadneedle back Coast Capital in First Group dispute June 24, 2019 Activist investor Coast Capital, which is demanding an overhaul of bus and rail operator First Group, has received the backing of two major fund managers. Schroders and Columbia Threadneedle Investments, which own nine per cent and 10 per cent of First respectively, are opposing the re-election of the company’s chairman Wolfhart Hauser at an extraordinary [...]
First Group launches searing attack on ‘opportunistic’ activist investor June 4, 2019 Transport giant First Group has hit back at an activist investor trying to oust six of its board members, describing it as an “opportunistic, self-interested player that is only focused on short-term gains”. In a searing attack First Group has slammed US hedge fund Coast Capital for its “scatter-gun, inconsistent and unusual proposals” and warned [...]
First Group to sell off Greyhound arm amid activist pressure as losses narrow May 30, 2019 First Group has announced plans to sell parts of its operations including its US Greyhound buses. Shares in the FTSE 250 company, which has been facing pressure from an activist investor to split up the business, jumped 13 per cent per cent in early morning trading after it also announced plans to separate its First Bus operations [...]
Activist investor hits out at First Group over results meeting ban May 29, 2019 An activist investor in First Group is furious that it has not been allowed to attend the transport company's full-year results meeting tomorrow. First Group is locked in a boardroom battle with US hedge fund Coast Capital, which owns a 9.7 per cent stake in the firm and is its largest shareholder. Coast has demanded [...]
US investor fires opening shot in battle for control of transport company Firstgroup May 13, 2019 Transport company Firstgroup said today that activist investor Coast Capital has requisitioned a general meeting in an attempt to take control of its board of directors. US investment management firm Coast Capital, which owns 9.77 per cent of the company’s shares, wants to remove six of the eleven current directors and replace them with seven of [...]
New chief takes the wheel at bus provider First Group as losses increase November 13, 2018 Rail and bus provider First Group has named Matthew Gregory as its new chief executive, as losses before tax increased to £4.6m. The former finance chief and interim chief operating officer steps into the job six months after boss Tim O’Toole left the company when it posted a £327m loss for the financial year. Shares grew nine [...]
FirstGroup off track after UK franchise losses and drop in oil prices July 14, 2015 Rail and bus company FirstGroup has warned its revenue is likely to disappoint in the year ahead after the loss of key UK contracts while low oil prices hit business in North America. Its UK rail division recorded like-for-like passenger revenue growth of 6.3 per cent in the three months ending 30 June. But it said [...]
FirstGroup share price rises after US progress helps offset UK rail losses June 10, 2015 Shares in bus and rail operator FirstGroup closed up 6.37 per cent yesterday, after it announced positive results. It announced adjusted profit before tax of £163.9m, and adjusted operating profit of £303.6m for the year ending March 31. The group’s rail business in the UK rail has suffered after it failed to win contracts to [...]