BEST OF THE BROKERS June 28, 2009 KESAJP Morgan analysts believe that Kesa offers investors a restructuring story with the potential to deliver around 100 per cent earnings per share growth over two years. The broker views the firm’s continued investment in new markets as a positive, especially as it has been achieved with a capex reduction. It remains “overweight” on the [...]
BEST OF THE BROKERS June 28, 2009 KESAJP Morgan analysts believe that Kesa offers investors a restructuring story with the potential to deliver around 100 per cent earnings per share growth over two years. The broker views the firm’s continued investment in new markets as a positive, especially as it has been achieved with a capex reduction. It remains “overweight” on the [...]
BORIS ‘CIRCUS’ TAKES A HIT FROM TREASURY RINGMASTER MYNERS September 3, 2009 BORIS Johnson’s visit to Brussels yesterday looks to have ruffled quite a few feathers in the austere halls of the Treasury, which is now claiming it should be hogging the glory for defending the City’s hedge funds against the EU’s evil draft directive on alternative investment fund managers. Lord Myners, the City minister, yesterday got [...]
BAE plans $1.5bn bond issue June 2, 2009 Defence contractor BAE Systems is planning to issue a $1.5bn (£1bn) bond with maturities at five years and 10 years, an official at one of the banks managing the sale said yesterday. Goldman Sachs, JP Morgan, and Barclays have been named to manage the two-part issue, the official said.
Friends Prov offloads final F&C shares July 6, 2009 INSURER Friends Provident has finished demerging its 52 per cent stake in asset manager F&C, after it sold its final 11.7 per cent chunk into the market on behalf of a group of smaller shareholders yesterday. While bigger Friends Provident shareholders were recently handed shares of F&C as part of the demerger, to do with [...]
O2 considers T-Mobile bid July 1, 2009 T-MOBILE UK could find itself at the centre of a bidding war after O2 became the second mobile network operator to consider buying the firm from Deutsche Telekom, its German owner. O2’s Spanish parent company Telefonica is kicking the tyres at T-Mobile UK, after Vodafone entered talks with Deutsche Telekom earlier this week. Telefonica is [...]
O2 considers T-Mobile bid July 1, 2009 T-MOBILE UK could find itself at the centre of a bidding war after O2 became the second mobile network operator to consider buying the firm from Deutsche Telekom, its German owner. O2’s Spanish parent company Telefonica is kicking the tyres at T-Mobile UK, after Vodafone entered talks with Deutsche Telekom earlier this week. Telefonica is [...]
Great Portland in 175m fund raising May 19, 2009 THE West-end focused property group Great Portland Estates yesterday launched a £175m rights issue in order to take advantage of depressed values in the central London property market. The rights shares, which will be underwritten by Credit Suisse and JP Morgan Cazenove, are being issued at 133p each, at a 53.4 per cent discount to Monday [...]
CITY MOVES WHO’S SWITCHING JOBS June 24, 2009 Close BrothersThe financial services group has appointed Sven Guckelberger as a managing director to its corporate finance advisory arm, Close Brothers Corporate Finance, which has recently been sold to Daiwa Securities SMBC Europe. Guckelberger will join the restructuring and debt advisory group. Fenchurch The investment banking boutique has hired Julian Avery as a senior adviser, [...]
BEST OF THE BROKERS June 24, 2009 MARSTON’SUBS estimates that Marston’s rights issue to raise £165m will result in around an 18 per cent earnings per share dilution in 2010, falling to 12 per cent by 2013. But the broker said that 40 per cent fall in the share price this month, including 20 per cent since the announcement of the rights [...]