Allied Irish Banks raises 1bn in bond exchange and considers disposals June 22, 2009 ALLIED Irish Banks (AIB) has raised €1bn (£848m) of capital by exchanging bonds worth €2.4bn for a new issue of €1.3bn, the lender said yesterday. “The securities will be exchanged for between 50 per cent and 67 per cent of their face value in line with the previously announced exchange prices,” AIB said in a [...]
Brixton and Segro hammer out terms of takeover deal June 22, 2009 SHARES in Brixton property group plummeted 30 per cent to 43.5p yesterday after its board agreed to an all-share offer from larger rival Segro, which values the company at a 40 per cent discount to its market capitalisation on Friday. Segro has offered 1.75 of its own shares for each Brixton share, valuing Brixton at [...]
Great Portland’s cash call works June 22, 2009 Property group Great Portland Estates yesterday said it had received a 93.6 per cent take up for its fully underwritten rights issue to raise gross proceeds of £175m. The property company said it had received valid acceptances in respect of 126,777,488 new shares under the terms of its 8 for 11 cash call. JP Morgan [...]
Falling rents hit landlords June 22, 2009 The proportion of surveyors reporting a fall in rent in the three months to the end of April hit its highest since the poll of surveyors began in 1999. The Royal Institution of Chartered Surveyors’ (Rics) found that 55 per cent more surveyors and estate agents reported a fall in rents than a rise.
ST Telemedia on Eircom hunt June 22, 2009 ST Telemedia confirmed yesterday that it was considering a bid for Eircom, the Irish telecoms group, in what would be its first significant acquisition outside Asia in several years. The Singapore state-owned telecoms group said it was currently in the process of evaluating a potential investment in Eircom through Eircom Holdings, the Irish company’s Australia-based [...]
Yacht services up at YCO Deuxmil June 22, 2009 Super yacht services company YCO Deuxmil said yesterday its profits had leapt 249 per cent over the year to December, despite wealthy individuals cutting back on spending on luxuries in the downturn. The firm said gross profit rose to £5.27m, from £1.51m in 2007.
Brit launches bid for Chaucer June 22, 2009 LLOYD’S of London insurer Brit Insurance made a £226m all-share offer for smaller rival Chaucer yesterday, forcing private equity group Pamplona to reveal it has built a 7.34 per cent stake in the company. Brit is offering the Chaucer board 0.23 new Brit shares for every Chaucer share. This is a nil-premium offer, meaning it [...]
World Bank dashes hopes of a recovery June 22, 2009 HOPES of a global recovery were dealt a blow yesterday after the World Bank slashed its 2009 growth forecasts and said the burden of bank restructuring will hinder recovery in developed nations. The Bank said the US economy will shrink by three per cent this year and the eurozone by 4.5 per cent, compared to [...]
YELL WARNS ON DEBT June 22, 2009 SHARES in Yell Group, which recently appointed ex-Merrill Lynch man Bob Wigley as chairman, slumped nearly 14 per cent to 25.5p yesterday after the directories publisher warned that a nine per cent dip in earnings would force it to renegotiate its debt covenants for a second time.
CITY VIEWS: DO YOU AGREE THAT WE’RE NOT OUT OF THE WOODS YET ? June 22, 2009 ANDY HEARN BANNERMAN RENDELL“I don’t think we are over the worst of it yet. There is still not a lot of public confidence. Unemployment continues to weigh on peoples’ minds and while there are still job cuts I don’t think we can begin to say we’re near a recovery.” CHARLES RAWLINS ACE INSURANCE“I think this [...]