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’Northern Rock shares ‘valueless’
An independent valuer said on Tuesday that shareholders of UK lender Northern Rock should not be entitled to any compensation after their investments were wiped out when the bank was nationalised two years ago.
RAB shakes up management
A management reshuffle at RAB Capital will see a new chief investment officer and chief risk officer, after the UK hedge fund manager on Wednesday announced a sharp drop in assets under management and performance fees,
Snap news
The latest on Friday,
- New Star asset management see assets under management fall £3.1bn to £16.1bn; renegotiates covenants on debt facilities; interest rate increases 1.5% – statement
- RAB capital shuts funds;
RAB funds lose $500m in one month
RAB Capital said its hedge funds had lost a further $500m this month even as investors in its largest fund backed a restructuring that locks in their remaining money for three years. The agreement by investors in RAB Special Situations,
RAB threatens to close fund
RAB Capital’s flagship hedge fund has plunged by almost half this year after it wrote down stakes in private companies including A1 Grand Prix, the motor racing series, and will be shut unless investors agree to lock up their money for three years.
Free RAB Cap investors!
Would someone please rescue RAB Capital’s Special Situations investors? Fund manager Philip Richards is holding them captive and plans to do so for the next three years. Here’s the restructuring proposal published today:
RAB co-founder steps down as chief
Philip Richards stepped down on Thursday as chief executive of RAB Capital to focus on running the Aim-listed company’s biggest hedge fund, saying it was “too onerous” to manage the company as well as the fund amid market turmoil.
Snap news
The latest on Thursday,
- RAB Capital announces appointment of Stephen Couttie (formerly COO) as CEO – statement.
- Provident, Carlyle confirm that Blackstone will also be participating in Informa bid consortium – statement.
Main RAB fund eyes buyback
RAB Special Situations, the Aim-listed hedge fund run by RAB Capital, is considering buying back its own shares after lack of investor interest in the loss-making fund saw them fall to a hefty discount to the asset value.
Snap news
The latest on Tuesday:
- UBS confirms Blackrock sale and reports a first quarter loss of SFr11.5bn, along with job losses of 2,600 this year in its investment bank – statement
- “More recently, conditions in the housing market have deteriorated sharply.”
Olivant withdraws Northern Rock bid
Olivant pulled out of plans to rescue Northern Rock on Monday night in a move that confounded British ministers and left just two proposals to take control of the stricken bank. The private equity group pulled out an hour before the afternoon deadline for bids,
Northern Rock suitors clarify intentions
Proposals from bidders hoping to take control of Northern Rock are expected to be submitted by Monday‘s deadline, with the bank’s own management claiming to have won pledges of at least £400m in support of its own rescue plan.
Rock concert FAQ
Weather forecast for Tuesday in Newcastle upon Tyne: Light rain, maximum 9 degrees, minimum 4, visibility poor. Financial forecast: light grief, max share price 90p, minimum 84p, commercial visibility poor,
Lombard: the Rock’s extraordinary EGM
Northern Rock has hired an 11,000-seat arena for a special meeting of its shareholders next week. The queues for tickets are unlikely to be as long as those that built up outside the group’s branches last year,
N. Rock is ‘no lame duck’, say funds
The two hedge funds calling an emergency meeting of Northern Rock next Tuesday have urged the bank’s 180,000 shareholders to give their backing amid signs that the next three weeks will be critical to the stricken bank’s future.
Rock fails to put stop to EGM
Northern Rock has failed to persuade its key shareholders to abandon demands for an emergency meeting and has only until Christmas eve to fix a date for what could be an embarrassing face-off with investors.
RAB Capital warns on profits
Northern Rock’s second largest shareholder issued a profits warning on Monday, blaming “difficult” trading conditions in November, including a sharp decline in the value of its holding in the stricken UK bank.
The Crock effect: RAB warns on ‘difficult’ conditions
Oh dear. Just last week Cazenove was arguing that “too much prominence” had been given to RAB Capital’s stake in Northern Rock – which was good for a 3.4 per cent rally in the shares of the hedge fund.
Lombard: Talking your Crock book
Always be careful when hedge funds put their mouth where their money is. Philip Richards, chief executive of RAB Capital, and Jon Wood of SRM Capital, another hedge fund, are fighting the corner for fellow shareholders in Northern Rock,
SRM takes stake in Northern Rock
Jon Wood, one of the City of London’s shrewdest traders, is understood to have built a 4 per cent stake in Northern Rock through SRM Global, his $3bn (£1.5bn) hedge fund. The stake will lever SRM into a position of power in any future takeover talks.
Northern Rock scraps £60m dividend payout
Northern Rock, the troubled UK mortgage lender, bowed to mounting pressure on Tuesday and scrapped its controversial dividend payout amid continuing uncertainty over its future. The bank said it had received various approaches from unnamed parties about “potential transactions”,