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Doorstep lender Provident Financial has said it has "substantially resolved" recent regulatory issues as it revealed that it has hired a new boss to lead its Vanquis Bank business. The company, which has rejected a £1.3bn takeover bid from rival Non-Standard Finance (NSF), revealed that the Vanquis refund programme was more than 99 per cent [...]
The judge in the bitter court battle between the Stobart Group and former chief executive Andrew Tinkler ruled today that Tinkler had made four “serious” breaches of his duty as a director. His Honour Judge Russen QC said Tinkler breached his contractual and fiduciary duties in four ways: by agitating for the removal of the [...]
Construction outsourcer Kier Group has had a tricky few months. First, it became the most shorted stock on the market, with hedge funds drawing direct comparison to failed competitor Carillion. Since then, it has bungled a rights issue, lost its chief executive and seen its share price plummet more than 39 per cent. City A.M. tracks [...]
Shares in troubled outsourcer Kier Group were down four per cent this morning on yesterday’s news it is to sell off its housing maintenance business in a bid to cut hundreds of millions of pounds worth of debt. The construction firm, whose chief executive left last week after sustained pressure from high-profile shareholder Neil Woodford, declined [...]
Kier Group, the troubled outsourcing company, is nearing an agreement to sell its housing maintenance division. The deal, if agreed, would be part of a previously announced plan to shore up the balance sheet of the construction and building services provider by selling non-core assets. Read more: Short sellers release pressure on construction outsourcing giant Kier [...]
Neil Woodford has upped his stake in troubled construction outsourcer Kier Group by millions of pounds in the wake of the firm’s chief executive resigning yesterday. The veteran investor, a leading stakeholder in the firm, had been pressing for changes at executive level in the company after a botched rights issue drove its value to [...]
Kier Group operations director Mark Norris is to leave the beleaguered contractor to join Rydon Construction as a director. Norris leaves Kier as it continues struggling with its finances after a botched issue late last year caused the company’s shares to plummet. Read more: Outsourcer Kier Group's lenders face underwriting headache after rights issue flounders He [...]
Leading fund manager Neil Woodford is leading a push to unseat construction group Kier’s top executive team after its botched rights issue, according to reports. Woodford Investment Management, which owns a 16 per cent stake in Kier, is leading a push to replace chief executive Haydn Mursell and finance director Bev Dew, Sky News reported [...]
Veteran investor Neil Woodford’s fund Woodford Investments has reported operating profit of £41.7m and paid directors £36.5m in dividends in the 12 months to the end of March last year. However, the accounts do not take into account recent outflows from the fund, and profits are likely to be impacted in the next set of full-year [...]
For a long time, it seemed like Neil Woodford could do no wrong. That was until 2017, when the UK’s best known fund manager seemed to lose his magic touch – and since then, the returns from his three popular funds have been struggling. His flagship Woodford Equity Income fund has lost investors almost 10 [...]
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