Aldermore IPO flops as market flattens but Virgin Money pushes ahead with flotation plans October 15, 2014 Aldermore's advisers approached investors with a cut-price offer in a last- ditch bid to save the challenger bank’s stock market float, but failed to pick up enough sales, City A.M. understands. The firm pulled its initial public offering (IPO) yesterday, blaming “the recent deterioration of global equity markets”. The bank approached the IPO [...]
British software firm Micro Focus acquires US rival The Attachmate Group September 15, 2014 FTSE 250-listed software company Micro Focus International is to buy privately-owned US rival The Attachmate Group in an all-share deal valuing the combined firms at $2.35bn (£1.45bn). Micro Focus said yesterday that following the reverse takeover, its shareholders would own about 60 per cent of the equity in the new group which would be [...]
Direct Line set to join FTSE 100 as Barratt slides down the list September 2, 2014 Insurer Direct Line looks set to join the coveted FTSE 100 listing this week alongside newcomer Dixons Carphone, as the FTSE committee conducts its quarterly review. The changes are likely to be announced later today and could also see homebuilder Barratt demoted out of the top 100 blue chip companies. The developer only joined the [...]
Standard Life share price rockets on £2.2bn deal with Manulife September 4, 2014 Standard Life received a bullish response yesterday from markets and analysts to the sale of its Canadian business for C$4bn (£2.2bn), as shares sky-rocketed and analysts upgraded forecasts after the mega deal. Shares in the huge FTSE 100 listed insurance and investment firm surged by nearly 11 per cent in early trading, before finishing [...]
City Moves for 19 August 2014 | Who’s switching jobs August 18, 2014 Turner & Townsend The programme management and construction consultancy has appointed Martin Greenhalf as director in its commercial development project management team. He joins from Sweett Group, where he was a director of project management. TSB Bank David Fenton has been appointed chief economist at the bank. He joins from RBS, where he was most [...]
TSB draws up prospectus ahead of 2014 stock market flotation November 24, 2013 LLOYDS’ spin-off TSB bank has drawn up the first drafts of its prospectus to investors ahead of its initial public offering, as it prepares to float on the stock market next year. The lender was established as a standalone entity in September and says it has benefitted from the seven day switching scheme which allows [...]
George Osborne accused of obstructing MPs over Co-op and Lloyds Bank deal August 20, 2014 George Osborne was accused of unreasonably withholding information on ministers’ meetings with Lloyds and Co-op bankers in a series of confrontational letters published yesterday. He was accused of obstructing MPs trying to work out whether the government pressured bank executives into their ill-fated deal. The chancellor claims ongoing probes prevent him from telling the Treasury [...]
City ignores critics with rush to float June 16, 2014 LONDON’S fragile new issues market will shrug off the fears of sceptical fund managers this week as two of the country’s biggest employers pull the trigger on multi-billion pound listings. FTSE giant Lloyds Banking Group is expected to lift the bottom level of the price range for the listing of high street offshoot TSB, while [...]
Virgin Money to hire advisers for 2015 stock market flotation May 11, 2014 CHALLENGER bank Virgin Money is planning to hire Goldman Sachs and Bank of America Merrill Lynch in the coming weeks to advise on its stock market flotation. The pair are expected to help organise the initial public offering (IPO) and to run the book on the flotation. Virgin Money is expected to go to market [...]
Exclusive: RBS is big loser of seven-day switching while Santander wins customers July 22, 2014 RBS is losing the battle for banking customers, City A.M. can reveal, shedding 171,400 customers through the seven-day switching system and gaining just 95,000 current account customers. Overall, RBS and NatWest have lost a net 76,200 through the system since it was launched last September, according to City A.M. calculations based on figures from survey firm [...]