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’Snap news
Breaking pre-market news on Friday,
- News Corporation files Form 8k to the SEC – statement.
- Smiths News expects “significant buyer substitution” to mitigate impact of News of the World closure – statement.
Snap news
Breaking pre-market news on Friday,
- Flybe prices IPO at 295p per share — statement and statement.
- City Link managing director resigns; Rentokil Initial warns full year performance unlikely to improve — statement.
Snap news
Breaking pre-market news on Monday,
- Puma to restate 2009 results after ‘irregularities’ at Greek joint venture partner — statement.
- Pearson expects adjusted EPS 10 per cent ahead of last year;
Snap news
Breaking pre-market news on Wednesday,
- Lloyds posts £1.6bn profit in first half, impairments at £6.55bn – statement.
- RBS sells UK branches to Santander for £1.65bn — statement and statement.
Snap news
Breaking pre-market news on Monday,
- Tullett Prebon operating profit falls from £100.6m to £84.7m — statement.
- BNP Paribas net profit up 31 per cent to €2.1bn in second quarter – statement.
Snap news
Breaking pre-market news on Tuesday,
- Vodafone expects 2011 operating profits to be in the range of £11.2bn to £12bn; takes impairment charge of £2.3bn on Indian operations – statement.
- Yell announces retirement of chief executive and chief financial officer;
Snap news
Breaking pre-market news on Tuesday,
- KiFin (Nathan Kirsh and family) makes 50p per share hostile cash offer for Minerva – statement.
- Cable and Wireless announce details of proposed demerger, launches £200m convertible bond – statement,
Snap news
Breaking pre-market news on Friday,
- Lloyds Banking Group says it is considering possible alternatives to the UK Government Asset Protection Scheme – statement.
- UBS is under investigation by the Swiss stock exchange for possible breaches of rules regarding publishing price sensitive information – statement.
Blackstone to buy 50% of Broadgate
British Land will complete the sale of half of London’s £2.2bn Broadgate office complex to US buyout group Blackstone. British Land was on Thursday night finalising the cash-and-debt deal, which entails a joint venture with Blackstone to hold the 32-acre City of London estate.
Blackstone in Broadgate stake talks
Blackstone is in exclusive talks with British Land to take a 50% stake in Broadgate, the landmark £2.5bn office development in the City of London, it emerged as British Land revealed on Tuesday it had
Blackstone seals British Land deal
Blackstone, the US buyout group, is set to buy half of the Broadgate Estate in the City of London from British Land, reports The Times. The deal could be announced as early as Tuesday when British Land reports Q2 results,
Takeover talk boosts FTSE
Takeover speculation helped push the FTSE 100 to a new 10-month high on Thursday, boosting property stocks as rumours circulated of potential interest in both Land Securities and British Land. The Telegraph reports that a consortium of Asian investors has approached Credit Suisse about a possible bid for British Land for as much as £10bn including debt.
Hercules trust secures cash injection
The UK’s largest retail park fund, the £1.5bn Hercules unit trust run by British Land and Schroders, has secured vital funding from the Canada Pension Plan Investment Board, one of the largest North American pension funds,
Snap news
Breaking pre-market news on Thursday,
- Panmure Gordon announces £23m (34p) share placing with Qinvest, which will own 44% of company – statement.
- Investec cuts dividend, sees earnings fall, but says balance sheet strong – statement.
The City of London ATM – part II
On Friday morning, FT Alphaville ruminated over which UK plcs might be next to appear at the City of London cash machine. We trotted out the usual suspects; Barratt Developments, Punch Taverns and Yell.
Snap news
Breaking pre-market news on Friday,
- RBS says more job cuts expected in UK and internationally – statement.
- Anglo American prices $2bn bond offering – statement.
- British Land sells Abbey headquarters – statement.
British Land in £740m rights issue
British Land has tapped shareholders for £740m in a fully underwritten rights issue. The UK property group announced the issue alongside a £1.64bn writedown in the third quarter following a 13% reduction in its property portfolio valuation.
British Land set for rights issue
British Land is set to become the latest major UK property company to launch a huge rights issue. The company, the UK’s second largest real estate investment trust, has begun sounding out investors to act as potential underwriters to the issue.
UK property sector plans cash calls
UK property company Hammerson is to launch a £600m rights issue on Monday, signalling the start of a likely wave of equity raising from the struggling UK commercial property sector, reports the FT. Property companies,
Banker to head British Land
British Land has chosen another banker to lead it through the property slump with the appointment of Chris Grigg, former head of UK business banking at Barclays, as its chief executive. Grigg, a former Goldman Sachs banker and chief executive of Barclays Commercial,
British Land pulls Meadowhall sale
British Land on Thursday abandoned the attempted sale of a majority stake in Meadowhall, its £1.7bn shopping centre in Sheffield. The company in April had hired three agencies to sell up to 75% of the mall to institutional investors.
UK Reits the world’s worst performers
So much for hopes that Britain’s fledgling Reits market would take off. There was a lot of hype before the UK introduced real estate investment trusts in January, but the reality could not be further from the hype,