Market to eye consumer purse while MPC mulls rates September 6, 2009 THIS week will be all about consumers’ purse-strings and just how tightly they are pulled. Results from across the retail and leisure sectors will go some way to answering that question, while the Bank of England Monetary Policy Committee’s decision on interest rates and quantitative easing will tell us what the experts think about any [...]
Housebuilders hail stability but warn mortgage drought will hurt July 9, 2009 Barratt shows signs of stability as volumes pick up but mortgage drought continues Barratt Developments yesterday reported a 19 per cent fall in private house prices over the last 12 months and warned that a sustained improvement in training conditions would remain elusive until the availability of mortgage finance recovers. However, the group has witnessed [...]
Clever traders use call warrants to profit from those M&A rumours September 30, 2009 WITH the exception of shot gun weddings in the banking sector, mergers and acquisitions (M&A) activity practically died a death during the financial crisis. But recently there has been a slew of rumoured buyout offers such as Kraft’s bid for UK confectionary giant Cadbury. Indeed, Credit Suisse analyst Richard Kersley believes that the Kraft bid [...]
Clever traders use call warrants to profit from those M&A rumours September 30, 2009 WITH the exception of shot gun weddings in the banking sector, mergers and acquisitions (M&A) activity practically died a death during the financial crisis. But recently there has been a slew of rumoured buyout offers such as Kraft’s bid for UK confectionary giant Cadbury. Indeed, Credit Suisse analyst Richard Kersley believes that the Kraft bid [...]
New property group to float July 6, 2009 Paul Pedley, the former chief executive of Redrow, yesterday announced plans to raise £50m to buy new-build flats in London from distressed developers. The new investment company, London Residential Opportunities, aims to be listed on the London Stock Exchange in September. Steven Norris, the former Tory transport minister, will sit on the board of Callidus [...]
BEST OF THE BROKERS May 18, 2009 REDROWUBS downgraded Redrow to “sell”, saying the shares look expensive given its inflexible balance sheet. Redrow said in its interim management statement it has a net debt target of £225m by June. But the broker believes it has limited flexibility to buy land at the bottom of the market and that the valuation is unattractive [...]
BEST OF THE BROKERS May 18, 2009 REDROWUBS downgraded Redrow to “sell”, saying the shares look expensive given its inflexible balance sheet. Redrow said in its interim management statement it has a net debt target of £225m by June. But the broker believes it has limited flexibility to buy land at the bottom of the market and that the valuation is unattractive [...]
TOSCAFUND IN 15M PAYOUT AS PROFITS DIVE May 14, 2009 HEDGE fund group Toscafund paid its highest earner £15m last year, even though profits at the group fell by 83 per cent, it emerged yesterday. Official US filings show one member of staff at the firm received a “profit entitlement” of £14.9m in the year, despite the group profit dive which was thanks mainly to [...]
Redrow cuts payout hit by housing slump September 10, 2008 Evidence of the housing market downturn became even more explicit yesterday as housebuilder Redrow announced a halving of profits and a new £450m debt facility to 2011. Shareholders are also losing out on a third dividend, due to an “unprecedented decline in the fortunes of the UK housing market in a very short period of [...]
Builders set for mega loss on portfolios September 8, 2008 Homebuilders Barratt and Redrow are expected to report a £300m loss on their portfolios later this week. Barratt chief executive Mark Clare will announce they had to write £160m off the value of their land bank and work in progress. Despite Barratt boosting its shares earlier in the summer when refinancing debts and covenants, shares [...]