Pearl: Do not blackmail us January 27, 2010 PEARL, the insurance group that hopes to list in London sometime this year, said yesterday it wouldn’t allow itself to be blackmailed after it lost a key vote over a compromise offer to a disgruntled group of bondholders. Pearl, which was forced into a financial restructuring last year, withheld an interest payment worth £33m to [...]
Pearl bondholders expect to vote down compromise deal January 26, 2010 DISGRUNTLED Pearl bondholders believe they have sufficient support to vote down a deal over suspended interest payments at a crucial meeting to be held today. One source close to the bondholding group led by lawyers Bingham McCutchen told City A.M. yesterday: “We definitely have enough proxies to vote the proposals down.” Pearl, founded by the [...]
Hugh Osmond returning to the market January 24, 2010 THE founder of pub chain Punch Taverns is returning to the market to raise up to £500m for an investment vehicle aimed at buying distressed companies and funds. Hugh Osmond, who also floated Pizza Express, is joining other City heavyweights to launch Horizon, which will try to raise the cash via a public offering on [...]
Osmond launches £500m buyout fund January 10, 2010 ENTREPRENEUR Hugh Osmond will this week announce plans to float a £500m turnaround vehicle on the London Stock Exchange. The Horizon fund, expected to list before the end of January, will target one large investment in a consumer-facing business. Advisers from Osmond’s private equity firm Sun Capital have drawn up a long list of prospective [...]
Pearl’s creditors set to reject deal on suspended payments January 7, 2010 PEARL Group’s bondholders plan to reject a deal that the insurer hoped would end a bitter dispute over suspended interest repayments. The firm, founded by pizza entrepreneur Hugh Osmond, suspended interest payments on £500m of its bonds last year, sparking outrage from bondholders. Pearl has tabled a deal offering to buy back £100m of the [...]
Pearl’s creditors set to reject deal on suspended payments January 6, 2010 PEARL Group’s bondholders plan to reject a deal that the insurer hoped would end a bitter dispute over suspended interest repayments. The firm, founded by pizza entrepreneur Hugh Osmond, suspended interest payments on £500m of its bonds last year, sparking outrage from bondholders. Pearl has tabled a deal offering to buy back £100m of the [...]
Pearl courts bondholders January 5, 2010 PEARL, the insurance group founded by pizza entrepreneur Hugh Osmond, has tabled a deal it hopes will resolve a dispute it has been embroiled in with its bondholders. The firm suspended interest payments on £500m of bonds last year, sparking protests from the bondholders. The clash is an obstacle to the company’s hopes to achieve [...]
HUGH’S NEW HORIZON December 20, 2009 PIZZAEXPRESS and Punch Taverns founder Hugh Osmond has moved a step closer to floating his latest investment venture Horizon, with the appointment of bankers Credit Suisse and Numis to advise on going public. Horizon, which is understood to have raised £500m from investors, will debut on the market in the first half of January, according [...]
Hugh Osmond looks to buy firms in debt December 13, 2009 HUGH Osmond, the entrepreneur who built up Pizza Express and Punch Taverns, is amassing a £1bn war chest to begin a spending spree on distressed companies. Sun Capital, Osmond’s private equity firm, is already in the process of raising capital for the venture, and is understood to be preparing for a stock market listing early [...]
Insurer Pearl offers better bonds deal October 21, 2009 PEARL, the life insurance group that is planning a stock market flotation sometime next year, has resurrected discussions with the disgruntled holders of £500m of its bonds. Earlier this year, Pearl, then led by serial entrepreneur Hugh Osmond, suspended interest payments on the bonds, sparking protests from the holders, including representatives from Rathbone, F&C, Axa [...]