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’The curious case of the JJB cash call [updated and explained]
If Wednesday’s cash call from Commerzbank is mind-numbingly complex, then the latest fund raise from JJB Sports, the struggling sports retailer, is downright odd.
First, let’s consider the fees.
JJB is raising £65m of which £5m will be paid out in fees,
Adventures in hybrid debt, fixed income fund edition
So who buys banks’ hybrid, or subordinated, debt?
Fixed income funds (FIFs), for a start. And S&P’s just-released report into UK FIFs makes for an interesting illustration of what’s been going on in the sector.
Ross bids to manage PPIP assets
Wilbur Ross, the billionaire investor, and his firm’s parent company, Invesco, are leading a consortium bidding to manage some of the US government’s $1,000bn in Public-Private Investment Programme assets.
EDF revives British Energy bid
Electricité de France is moving closer to a deal to buy British Energy, the nuclear generator, after progress in talks with some of the UK company’s top investors. The French utility, whose £12bn bid was rebuffed by British Energy’s shareholders in July,
M&G denies EDF deal on British Energy
M&G, one of the biggest shareholders in British Energy, on Wednesday denied it had reached agreement with Electricité de France over an improved offer for the nuclear generator. Its comments, to the FT,
Invesco to launch European ETFs
Invesco, the investment manager, is to launch a European exchange-traded funds business to tap into the growing popularity of the sector. It will on Monday reveal plans for the UK and European expansion of PowerShares,
Invesco to switch primary listing to NY
Invesco, the big fund management group, plans to switch its primary stock exchange listing from London to New York, because US investors now hold more than 50% of its shares and it believes it will benefit more from a US listing.
Imperial’s investors back bigger rights issue
Shareholders of Imperial Tobacco have given the green light to the UK’s second-largest tobacco company to increase the size of its rights issue to fund an acquisition of Altadis, reports The Times. Imperial was already planning the City’s second-largest share issue,