WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
CATTLES’ NON-EXECS WIN TEPID SUPPORT
Long-suffering investors in cattles, whose shares have been suspended since April, protested yesterday against the re-election of two non-executive directors at the subprime lender’s annual meeting. About a tenth of investors voted against the re-election of David Haxby, senior independent director who has been with the board since 1999, and Alan McWalter, a director since 2005 and on Cattles’ audit committee. The no-votes were high compared with most annual meetings where directors expects to win more that 95 per cent support, though some observers were surprised that there were not more.
ASDA CHIEF FITS THE FRAME FOR M&S
Andy Bond is credited with turning around Asda since he became chief executive in 2005, a success that means he is seen as contender to become chief executive of Marks & Spencer when Sir Stuart Rose steps back to become the retailer’s non-executive chairman.
TWO BOARD MEMBERS QUIT OPD
Lady Bottomley and Richard Boggis-Rolfe have resigned from the board of OPD, the recruitment group. The move comes after the close last week of a recommended cash offer for the company at 57p a share from Peter Hearn, who has been chairman since founding the business in 1991. Hearn had built a stake of 27 per cent when the offer was launched in May, but the offer was accepted by only another 31 per cent, leaving the company with Hearn’s offer vehicle as the largest shareholder with slightly less than 63 per cent. During the offer period Schroder raised its stake from 22 to 25 per cent.
Andy Brough of Schroder, said the aim was to stop Mr Hearn taking OPD private.
THE TIMES
INSTITUTIONAL INVESTORS READY TO BYPASS BANKS IN PROTEST
Britain’s leading institutional investors are considering joining forces to bypass investment banks in a protest over the fees they charge for rights issues. The head of UK equities for one of the City’s biggest long-term shareholders told The Times yesterday that institutions are considering options to take control of what has traditionally been the banks’ turf because they are so frustrated by high underwriting fees and deep-discount cash-raising.
CHINA CHALLENGES BLU-RAY FORMAT
China has unleashed a new “format war” for control of the high-definition DVD market in an audacious attempt to unseat the Blu-ray disc as the sole global standard, by launching the China Blue High-definition Disc (CBHD) for domestic use.
The Daily Telegraph
ARCHIE NORMAN VEHICLE COLLECTS £2.6M IN FEES FROM HSS HIRE
Archie Norman’s investment vehicle has taken £2.6m in fees out of HSS Hire, the recession-affected tool-hire group, in the last two years, accounts filed at Companies House show. Norman, who chairs HSS, led a £310m buy-out of the company through his Aurigo venture and alongside hedge fund Och-Ziff in 2007. Accounts show that from April 2007 to December 2007, Aurigo collected £1.8m in fees and last year earned £816,000.
ACROMAS LOSES £506M IN “STRONG PERFORMANCE”
Accounts published yesterday for the year to January reveal that Acromas, owned by private equity houses Charterhouse, Permira and CVC, suffered a loss before tax of £506.7m, after an interest bill for the year of almost £710m.
WALL STREET JOURNAL
BA PRESSES BOEING FOR BREAK
British Airways is pressing Boeing to renegotiate installment payments on 787 Dreamliners the carrier has ordered — a money-saving effort that highlights a new headache for airlines and plane makers amid the credit crunch and plunging air traffic. BA chief executive Willie Walsh said in an interview in London he is seeking to delay cash payments that all airlines make to Boeing and its European rival Airbus as new planes are being built.
BANKS STUDY UK RULE ON OVERSEAS EXECUTIVES
Banks and lawyers are assessing new UK requirements that some senior managers and directors based outside Europe at companies with a “substantial” UK presence must pass a test to ensure the quality of management in the financial industry.