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’Snap news
Breaking pre-market news on Wednesday,
- 3i appoints Greenhill’s Simon Borrows as its new chief investment officer — statement and results.
- Sodexo sees Q3 sales growth slow, but retains targets — statement.
Betfair goes west
We have asked the question before and we will ask it again; what price Betfair, when it lists on the London stock exchange later this month?
Well, if these slides from Numis Securities’ pre-float marketing presentation is anything to go by £1.5bn looks to be the ball park figure.
Dear HM Revenue & Customs
A draft version of a letter 11 independent UK stockbrokers are set to send to the HMRC:
Dear Sirs
Arden Partners plc, Oriel Securities Limited, The Evolution Group plc, Numis Corporation plc, Altium Capital Limited,
Leverage and the Lloyd’s List
Here’s a blast from the past.
Remember Informa, publisher of the Lloyd’s List and The Earthmover & Civil Contractor Magazine?
The last time Alphaville wrote about the company it was the subject of a leveraged takeover bid from a private equity consortium,
Interdealer broker wars
How much are 81 interdealer brokers worth?
Well, Tullett Prebon has provided something of an answer in a trading statement released on Friday:
In August 81 brokers on certain desks in our North American business resigned or gave notice of their intention to resign,
UK brokers call banks ‘bullies’
Three leading London City stockbrokers have written to Lord Myners, the City Minister, accusing Royal Bank of Scotland and Lloyds Banking Group of “corporate bullying” by forcing companies that owe money to the banks to use their investment banking services,
Brewin Dolphin’s accounting capitulation
It looks like the accounting battle between Numis and Brewin Dolphin, both of which released trading statements today, looks to have ended.
Mid-level stockbroker-watchers will remember that Numis analysts
Snap news
Breaking pre-market news on Thursday,
- Cisco to acquire Tandberg for $3bn — Bloomberg.
- Icap revenue expected to increase 6 per cent in second half — statement.
- 3i Infrastructure invested £32m between April 1 and Sept.
Snap news
Breaking pre-market news on Wednesday,
- Wolseley sells position in Stock Building Supply to Gores Group, via Chapter 11; £375m additional covenant headroom created – statement.
- Aviva announces restructured reattribution offer;
Snap news
Breaking pre-market news on Tuesday,
- Aberdeen Asset management sees aum fall to £96.3bn (March ’08: £107.3bn); looking for expansion opportunities – statement.
- Numis appoints Sir David Arculus chairman – statement.
Holiday weekend catch-up
In case you missed these stories:
- Buffett hits out at stress tests
Billionaire investor Warren Buffett criticised the Obama administration’s stress tests on the 19 largest US banks, a a one-size-fits-all attempt to identify capital shortfalls was inappropriate.
Icap’s Spencer sells Numis stake
Michael Spencer, founder of inter-dealer broker Icap and Conservative party co-treasurer, has sold his stake in Numis, which was part of a package of shares pledged against loans to his private company,
Of Tories and collateralized lending
First it was donor David Ross and three weeks later its treasurer Michael Spencer.
Does anyone else want to fess up?
Released on Tuesday:
The Board of Numis announces that it has received the following,
Snap news
The latest on Wednesday,
- Xstrata says no intention of making offer for Lonmin; financing unattractive – statement
- BoE to hold $30bn 1 week dollar repo and $10bn overnight dollar repo today,
Numis woos Bear Stearns staff
Numis, the small-cap UK stock broker, has approached a number of staff at Bear Stearns Europe dealing in large-cap shares. Numis is also rumoured to be targeting Bear Stearns’ equity derivatives staff – although a spokesman for the interdealer broker denied this.
Close Brothers braced for more defections
Close Brothers was braced for further defections from its investment trust team, following the resignations of five members who are to join rival Numis. It is understood that up to seven more staff from Wins Investment Trusts – part of the market-making business Winterflood – are also considering joining Numis,
UK’s Gaucho, Wagamama, eye listings
Gaucho, the UK-based Argentine restaurant chain, is to return to the stock market after a five-year absence, reports the FT. Zeev Godik, chief executive and founder, said he had restructured the business and sold operations in Switzerland and the Netherlands since the BSE crisis of 2002 forced the group to delist.
Lombard: Pain in the UK mid-market — only one way to go?
It’s hardly a great time for mid-market brokers – not least in the UK, where consolidation might be one answer, notes the FT’s Chris Hughes in Friday’s Lombard column.
Evolution Group and Panmure Gordon,
Hargreaves Lansdown plans May IPO
Hargreaves Lansdown, the UK-based financial adviser and broker, on Monday said it would float on the LSE in mid-May. About 25 per cent of the group’s shares will be offered for sale, with no new capital raised as part of the offer.
Markets live transcript 9 Mar 2007
Markets live chat transcript for the chat ending at 11:44 on 9 Mar 2007. Participants in this chat were: Neil Hume (NH) Paul Murphy (PM)
NH: Tin hat
NH: Tin hat
PM: Tin hat
PM: Yes, it’s tin hat time on Markets Live on FT Alphaville ,
Sainsbury’s: Good deal, costs more
It is fair to assume that CVC Capital partners and the rest of the consortium eyeing J Sainsbury have been forced to declare their hand prematurely.
Received wisdom has it that American financial regulation is much tougher than the British variety.
Markets live transcript 2 Feb 2007
Markets live chat transcript for the chat ending at 11:31 on 2 Feb 2007. Participants in this chat were: Paul Murphy (PM) Robert Orr (RO)
PM: Welcome to Markets Live – Alphaville’s daily commentary on market movers.
J Sainsbury — a timely piece of investment research
Speculation that a private equity consortium might be crunching J Sainsbury’s numbers has come and gone with some regularity over recent months. It resurfaced with a vengeance on Monday when clients of Numis Securities in London received the following from the broker’s sector specialist Steve Davies: