Virgin Trains manager jumps ship to First Group for west coast main line railway takeover November 26, 2019 First Group has poached the boss of Virgin Trains just in time to take over the west coast main line rail franchise in 12 days’ time. Phil Whittingham, who has been at Virgin since it took control of the country’s most lucrative rail network in 1998, will keep running the line, which connects London to [...]
‘Unforgivable’: Property tycoon Robert Tchenguiz blasts First Group management amid calls for sale of US assets November 18, 2019 Directors at First Group have been branded “immature” by major investor and property tycoon Robert Tchenguiz, as shareholders demanded the struggling transport giant launch a full strategic review and sell off its US businesses. The bus and rail operator is in the process of selling its US coach service Greyhound, but said earlier this year [...]
Watchdog pauses investigation into First Group’s West Coast Rail franchise November 15, 2019 The UK’s competition watchdog has paused its investigation into the decision to award the West Coast Rail franchise to First Group after the company offered to make changes to the deal. The Competition and Markets Authority (CMA) said last week it would escalate its probe into First Group’s joint venture with Trenitalia on the route unless [...]
First Group shares sink as losses widen after Greyhound charge November 14, 2019 First Group’s share price sank today as it fell to a £187m half-year loss as transport charges hobbled the firm while doubts weigh over the future of its West Coast Rail franchise. Read more: CMA flags competition concerns on 21 West Coast Rail franchise routes The figures The transport giant fell to a loss before [...]
First Group chairman resigns after defeating Coast Capital’s boardroom coup June 25, 2019 First Group’s chairman has resigned despite defeating an attempt by activist investor Coast Capital to oust him from the board. Wolfhart Hauser has stepped down and will not stand for re-election at the company’s next annual shareholder meeting. Around one in four shareholders, excluding Coast, voted against the New York Hedge fund’s 13 resolutions, Press [...]
Schroders and Columbia Threadneedle back Coast Capital in First Group dispute June 24, 2019 Activist investor Coast Capital, which is demanding an overhaul of bus and rail operator First Group, has received the backing of two major fund managers. Schroders and Columbia Threadneedle Investments, which own nine per cent and 10 per cent of First respectively, are opposing the re-election of the company’s chairman Wolfhart Hauser at an extraordinary [...]
First Group launches searing attack on ‘opportunistic’ activist investor June 4, 2019 Transport giant First Group has hit back at an activist investor trying to oust six of its board members, describing it as an “opportunistic, self-interested player that is only focused on short-term gains”. In a searing attack First Group has slammed US hedge fund Coast Capital for its “scatter-gun, inconsistent and unusual proposals” and warned [...]
First Group to sell off Greyhound arm amid activist pressure as losses narrow May 30, 2019 First Group has announced plans to sell parts of its operations including its US Greyhound buses. Shares in the FTSE 250 company, which has been facing pressure from an activist investor to split up the business, jumped 13 per cent per cent in early morning trading after it also announced plans to separate its First Bus operations [...]
Activist investor hits out at First Group over results meeting ban May 29, 2019 An activist investor in First Group is furious that it has not been allowed to attend the transport company's full-year results meeting tomorrow. First Group is locked in a boardroom battle with US hedge fund Coast Capital, which owns a 9.7 per cent stake in the firm and is its largest shareholder. Coast has demanded [...]
US investor fires opening shot in battle for control of transport company Firstgroup May 13, 2019 Transport company Firstgroup said today that activist investor Coast Capital has requisitioned a general meeting in an attempt to take control of its board of directors. US investment management firm Coast Capital, which owns 9.77 per cent of the company’s shares, wants to remove six of the eleven current directors and replace them with seven of [...]