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| Tue 09:03 | RNS |
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RNS Number : 6184C AMEC PLC 17 November 2009 AMEC plc 17 November 2009 GRD acquisition receives Australian Federal Court approval London, UK (17 November 2009) - AMEC, the international engineering and project management company, announces that GRD Limited (GRD) has received approval from the Federal Court of Australia for the acquisition by way of a scheme of arrangement following the shareholder approval obtained on 10 November 2009. All necessary approvals have now been obtained and the scheme is effective. The scheme will be implemented on 1 December 2009, when the scheme consideration of A$0.55 per GRD share will be paid to GRD shareholders.
Enquiries to:
Sue Scholes, Director of Communications Neil Jamieson, Director of Investor Relations Notes to Editors: AMEC plc AMEC is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenues of over £2.6 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process and Earth and Environmental businesses employ over 21,000 people in more than 30 countries globally. AMEC shares are traded on the London Stock Exchange where the company is listed in the Oil Equipment and Services sector (LSE: AMEC.L). AMEC's Natural Resources business is a leading provider of total life-of-asset services to customers in the upstream and downstream oil and gas (including oil sands) and mining sectors, with a strong reputation for balancing global excellence with local delivery.
GRD GRD Limited is an Australian engineering and development company. GRD Minproc, a wholly owned subsidiary of GRD Limited, is a leading global engineering and project delivery business providing high value services and specialising in the design, procurement and construction of mineral resource and waste-to-resources projects. The company's process engineering and project record are internationally recognised with extensive experience gained in copper, gold, uranium, nickel and iron ore. Customers include BHP Billiton, Anglo American, Freeport McMoRan, Rio Tinto and Vale. This information is provided by RNS The company news service from the London Stock Exchange END
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| Mon 08:56 | AFX UK Focus |
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LONDON, Nov 16 (Reuters) - AMEC plc:
America ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 12-11-09 | AFX UK Focus |
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Reuters messaging rm://rhysl.jones.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 12-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3731C
AMEC PLC
12 November 2009
AMEC plc INTERIM MANAGEMENT STATEMENT
* Trading in line with expectations
* Group EBITA margin approaching 8 per cent expected in FY2009
* Group order book £3.0 billion (October 2008: £2.5 billion; June 2009: £3.2 billion)
* FY2009 average net cash expected to be c.£700 million before GRD and any further acquisitions
Chief Executive Samir Brikho said:
"AMEC remains on track to deliver another year of improved performance in 2009 despite the ongoing challenging external environment.
"We expect to deliver a margin approaching 8 per cent this year and remain confident that with the benefits of our Operational Excellence programme, we will achieve our margin target of 8.5 per cent in 2010.
"We are delighted that the GRD acquisition has been approved by shareholders. GRD will enable AMEC to enhance its Natural Resources business in Australia and South America, and expand into new regions in Africa and further into Brazil."
Conference call
A telephone conference call for analysts and investors will be held at 9.30am today.
AMEC will present "Vision 2015" at a capital markets event at 10.30am on Friday, 4 December 2009. The event will be webcast live and may be accessed from our website at amec.com.
AMEC expects to announce preliminary results for the year ending 31 December 2009 on Thursday, 4 March 2010.
Forward looking statements
Any forward looking statements made in this document represent management's best judgement as to what may occur in the future. However, the group's actual results for the current and future fiscal periods and corporate developments will depend on a number of economic, competitive and other factors, some of which will be outside the control of the group. Such factors could cause the group's actual results for future periods to differ materially from those expressed in any forward looking statements made in this document.
INTERIM MANAGEMENT STATEMENT 12 NOVEMBER 2009
Trading remains in line with expectations, with the group on track to deliver another year of improved performance despite the ongoing challenging external environment.
The group expects to achieve an EBITA margin of approaching 8 per cent in 2009 and remains firmly on track to deliver its margin target of 8.5 per cent in 2010. This improvement in performance reflects the group's investment in the Operational Excellence programme, which is strengthening AMEC's competitive position and internal efficiency.
Through Operational Excellence, investment in developing relationships with key customers has resulted in significant new contract awards during 2009. As a result, the group order book remains strong, standing at £3.0 billion at the end of October 2009 (October 2008: £2.5 billion; June 2009: £3.2 billion), with revenue fully covered for 2009. The order book is conservatively stated, and the group has a rich and diverse range of attractive prospects across the business.
Outlook
Performance for 2009 is expected to remain in line with expectations.
The acquisition of GRD is expected to complete on 30 November 2009. AMEC expects to make further selective acquisitions, with the focus being on improving AMEC's competitive position through investment in people, capabilities, and geographic footprint.
Segmental performance
Natural Resources
Natural Resources continues to deliver record performance despite a challenging external environment.
The Natural Resources order book remains strong, standing at £1.51 billion at of the end of October (October 2008: £1.35 billion; 30 June 2009: £1.73 billion). The pipeline of future work in this division remains good and provides confidence going forwards.
The average number of employees in Natural Resources for the period January - October 2009 was 9,600, being in-line with the average for the first half of the year (January - October 2008: 10,800; January - June 2009: 9,608).
Natural Resources expects the first half/second half split of revenue in 2009 before the acquisition of GRD to follow a similar pattern to the previous year.
Power and Process
Levels of activity in this division continue to reflect the change of management focus towards the provision of lower-risk services with higher value added. Older contracts that do not meet these criteria continue to progress to their completion dates as expected. Trading conditions in Power and Process end markets remain challenging, with UK industrial markets showing further weakness in the second half as customers defer capital spending.
The Power and Process order book at the end of October was £1.16 billion (October 2008: £0.90 billion; 30 June 2009: £1.27 billion) with the quality improving as the division continues its change of focus towards nuclear and clean energy markets.
The average number of employees in Power and Process for the period January - October 2009 was 7,100 (January - October 2008: 7,978; January - June 2009: 7,413), with lower headcount reflecting changes of mix in the business.
Due to the expected winding down of older contracts and further weakness in UK industrial markets, Power and Process revenues in the second half of 2009 are expected to be broadly in line with the first six months of the year.
Earth and Environmental
Earth and Environmental continues to perform well despite the challenging external environment and a slower ramping up of government/stimulus spending than initially expected.
The Earth and Environmental order book at the end of October was £0.27 billion (October 2008: £0.25 billion; 30 June 2009: £0.22 billion).
The average number of employees in Earth and Environmental for the period January - October 2009 was 4,300 (January - October 2008: 3,900; January - June 2009: 4,223), with the year-on-year increase reflecting acquisitions, particularly Geomatrix acquired in June 2008.
Earth and Environmental expects to see the normal underlying seasonal improvement in performance in the second half of 2009, though growth will be tempered by weakness in certain end markets. Spending associated with government/stimulus packages in the US and Canada is now beginning to increase, but is expected to have more impact on 2010 than 2009 trading.
Financial position and net cash
The group remains in an exceptionally strong financial position. Net cash at the end of October 2009 was c.£690 million as compared with £699 million at 30 June 2009 and £765 million at 31 December 2008.
Average net cash for 2009 is expected to be c.£700 million before the impact of GRD and any further acquisitions.
Enquiries to:
AMEC plc: + 44 (0)20 7539 5800
Samir Brikho, Chief Executive
Ian McHoul, Chief Financial Officer
Sue Scholes, Director of Communications
Neil Jamieson, Director of Investor Relations
Media:
Brunswick Group LLP - Mike Harrison + 44 (0)20 7404 5959
Giles Croot
Notes to Editors:
AMEC plc
AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering, and project management services to the world's energy, power and process industries. With annual revenues of over £2.6 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process and Earth and Environmental businesses employ over 21,000 people in more than 30 countries globally.
www.amec.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 10-11-09 | RNS |
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RNS Number : 2608C AMEC PLC 10 November 2009 AMEC plc 10 November 2009 AMEC announces favourable vote at GRD Limited shareholder meeting AMEC plc, the international engineering and project management company, announces that, at a meeting held today in Perth, Australia, the vote by shareholders of GRD Limited (GRD) was overwhelmingly in favour of the proposed acquisition by AMEC via a scheme of arrangement. Samir Brikho, AMEC Chief Executive said: "We are delighted that GRD shareholders have approved the transaction. The capabilities and geographic coverage of GRD are highly complementary with AMEC's existing business and we look forward to welcoming GRD employees to AMEC." Tony Cruddas, President, Growth Regions, AMEC's Natural Resources Division, added: "The acquisition of GRD, and the calibre of people within the company, allows AMEC to expand its Natural Resources business across Australasia and Africa whilst further enhancing our Mining presence and capability in South America." Subject to court approval, the scheme is due to become effective on 16 November and to be implemented on 30 November 2009. Enquiries to:
Sue Scholes, Director of Corporate Communications Neil Jamieson, Director of Investor Relations Media:
Mike Harrison Giles Croot AMEC plc
Notes to Editors: AMEC plc AMEC is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenues of over £2.6 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process and Earth and Environmental businesses employ over 21,000 people in more than 30 countries globally. AMEC shares are traded on the London Stock Exchange where the company is listed in the Oil Equipment and Services sector (LSE: AMEC.L). www.amec.com AMEC's Natural Resources business is a leading provider of total life-of-asset services to customers in the upstream and downstream oil and gas (including oil sands) and mining sectors, with a strong reputation for balancing global excellence with local delivery.
GRD GRD Limited is an Australian engineering and development company. GRD Minproc, a wholly owned subsidiary of GRD Limited, is a leading global engineering and project delivery business providing high value services and specialising in the design, procurement and construction of mineral resource and waste-to-resources projects. The company's process engineering and project record are internationally recognised with extensive experience gained in copper, gold, uranium, nickel and iron ore. Customers include BHP Billiton, Anglo American, Freeport McMoRan, Rio Tinto and Vale. Global Renewables is a development company specialising in the recovery of resources from municipal solid waste. Global Renewables is currently undertaking the Lancashire Waste Partnership PFI Project, one of the largest waste contracts of its type in the United Kingdom. GRD's revenue in the year ending 31 December 2008 (for continuing activities) was A$251 million (£123 million). This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-11-09 | RNS |
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RNS Number : 2162C AMEC PLC 09 November 2009 AMEC plc - Total Voting Rights and Capital AMEC plc notifies that 2,859 shares held in Treasury were transferred to share scheme participants. Following this change, AMEC plc's registered capital now consists of 337,965,871 ordinary shares, of which 6,139,940 are registered as Treasury Shares, leaving a balance of 331,825,931 shares with voting rights. The figure of 331,825,931 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, AMEC plc under the FSA's Disclosure and Transparency Rules. K A Hand Assistant Company Secretary 9 November 2009 This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-11-09 | RNS |
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RNS Number : 9500B AMEC PLC 04 November 2009 AMEC plc 4 November 2009 Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons In accordance with the Disclosure and Transparency Rule 3.1.4 R(1), we hereby advise that Mr Roger Jinks (President - Earth and Environmental and an AMEC person discharging managerial responsibility) sold 18,000 ordinary shares in AMEC plc for US$13.0955 per share on 2 November 2009. Following this transaction, Mr Jinks now holds 21,645 ordinary shares in the Company (representing 0.007% of the voting rights in the Company). Mr Jinks also has an interest in 188,532 restricted shares awarded under the Performance Share Plan 2002 and 42,552 restricted shares awarded under the Transformation Incentive Plan and 910 shares under the International Savings Related Share Option Scheme. K A Hand Assistant Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-11-09 | RNS |
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RNS Number : 7881B AMEC PLC 02 November 2009 AMEC plc - Total Voting Rights and Capital AMEC plc notifies that 4,139 shares held in Treasury were transferred to share scheme participants. Following this change, AMEC plc's registered capital now consists of 337,965,871 ordinary shares, of which 6,142,799 are registered as Treasury Shares, leaving a balance of 331,823,072 shares with voting rights. The figure of 331,823,072 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, AMEC plc under the FSA's Disclosure and Transparency Rules. K A Hand Assistant Company Secretary 2 November 2009 This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-10-09 | RNS |
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RNS Number : 4483B AMEC PLC 27 October 2009 27 October 2009 AMEC plc Notification of Transactions of Directors, Persons Discharging Managerial Responsibility or Connected Persons In accordance with the Disclosure and Transparency Rule 3.1.4R(1), we hereby advise you of the following changes in directors' interests. Savings Related Share Option Scheme Grant A grant of options over AMEC's ordinary shares of 50p each was made on 23 October 2009 to the undermentioned director in accordance with the terms of the UK AMEC Savings Related Share Option Scheme (3 year plan) at an option price of 600p as follows:
Following this transaction, Mr McHoul holds 73,658 shares in the company (representing 0.022% of the voting rights of the Company). Mr McHoul also has an interest in 297,580 Restricted Shares under the Performance Share Plan 2002, 205,360 shares awarded under the Transformation Incentive Plan and 1,512 shares under the Savings Related Share Option Scheme. K A Hand Assistant Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | AFX UK Focus |
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LONDON, Oct 26 (Reuters) - AMEC plc:
a contribution towards costs should be commenced against AMEC ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | RNS |
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RNS Number : 3952B AMEC PLC 26 October 2009 AMEC plc 26 October 2009 AMEC plc - statement on civil recovery order In late 2007, AMEC, the international engineering and project management company, identified certain irregular receipts received between November 2005 and early 2007, amounting to some US$9 million. AMEC promptly appointed external advisors to carry out an investigation and self-reported the findings to the appropriate authorities, including the Serious Fraud Office (SFO), in March 2008. A subsequent SFO investigation has determined that no proceedings should be commenced against AMEC or any of its associated group companies. The SFO has concluded, however, that there was a failure to keep accurate records as required by the companies legislation and that this matter is suitable for civil resolution. AMEC has agreed to pay the sum of £4,943,648 in respect of a Civil Recovery Order, plus a contribution towards associated costs, in full and total settlement of this matter. As recognised by the SFO, AMEC acted promptly and responsibly in connection with the matter and AMEC has co-operated with the SFO throughout the investigation. No improper overall commercial advantage accrued to AMEC in connection with the receipts and no adjustment is required to any AMEC financial statements. These receipts were associated with AMEC's last remaining active PPP project. The division to which it belonged was divested in mid-2007. The project is now complete, ahead of the original schedule. AMEC is committed to the highest ethical standards. The company's code of business conduct requires that all its businesses and employees act with integrity at all times and that there is strict compliance with applicable laws. AMEC has appointed an independent consultant to review and report upon its existing ethics and compliance programme, to ensure these standards are maintained. Enquiries to: AMEC plc + 44(0)20 7539 5800 Sue Scholes, Director of Communications Neil Jamieson, Director of Investor Relations Media contacts: Brunswick Group LLP + 44 (0)20 7404 5959 Mike Harrison or Giles Croot Notes to Editors: AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenues of over £2.6 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC's Natural Resources, Power and Process and Earth and Environmental businesses employ over 21,000 people in more than 30 countries globally. This information is provided by RNS The company news service from the London Stock Exchange END
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| 19-10-09 | RNS |
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RNS Number : 0296B AMEC PLC 19 October 2009 AMEC plc - Total Voting Rights and Capital AMEC plc notifies that 2,625 shares held in Treasury were transferred to share scheme participants. Following this change, AMEC plc's registered capital now consists of 337,965,871 ordinary shares, of which 6,146,938 are registered as Treasury Shares, leaving a balance of 331,818,933 shares with voting rights. The figure of 331,818,933 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, AMEC plc under the FSA's Disclosure and Transparency Rules. K A Hand Assistant Company Secretary 19 October 2009 This information is provided by RNS The company news service from the London Stock Exchange END
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| 16-10-09 | RNS |
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RNS Number : 8952A Macquarie Korea Infrastructure Fund 16 October 2009
MACQUARIE KOREA INFRASTRUCTURE FUND
INCHEON GRAND BRIDGE - OPEN TO TRAFFIC 16 October 2009 - Macquarie Korea Infrastructure Fund ("MKIF") today announced that the Incheon Grand Bridge1 will open to traffic at 12:00 am on 19 October. It is a 12.3km, dual three-lane tolled bridge connecting Incheon International Airport to the new developed commercial area of New Songdo International District in Incheon City. The construction was successfully completed in 52 months as originally scheduled on budget at a cost of approximately KRW 1.6 trillion2 by construction companies led by Samsung C&T Corporation. Incheon Grand Bridge is the longest bridge in Korea and the fifth longest cable-stayed bridge in the world. Incheon Bridge Co., Ltd. ("IBC") is the project company which holds the concession to operate Incheon Grand Bridge for 30 years from the opening. MKIF has 41% (KRW67.5 billion) of IBC's equity and also committed to invest in 57.8% (KRW89.4 billion) of its subordinated loans, making a total investment in the project of KRW156.9 billion. Incheon Grand Bridge is supported by a Minimum Revenue Guarantee ("MRG") provided by the Ministry of Land, Transport and Maritime Affairs (the "MLTM") for the first 15 year of operations. Under the terms of MRG, the MLTM will provide revenue support to IBC up to 80% of the inflation-adjusted toll revenue forecasted in the concession agreement. The Incheon Grand Bridge is expected to provide benefits to bridge users and the public including:
The toll rate has been set at KRW 5,500 for small vehicles3 in accordance with the concession agreement. For further information, please contact:
Macquarie Korea Infrastructure Macquarie Korea Infrastructure Fund
Jason.Pak@macquarie.com This release is not an offer or solicitation for sale of the securities of Macquarie Korea Infrastructure Fund('MKIF') in the United States or in any jurisdiction where any offer, sale or solicitation in respect of such securities is not permitted. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in any jurisdiction where such offer or sale is not permitted. The securities of MKIF has not been registered under the Securities Ac, and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act. There will be no public offer of the securities in the United States. Not for distribution in the United States or in any jurisdiction where any offer, sale or solicitation in respect of the contemplated securities is not permitted. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire any securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. This release does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MKIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. MKIF or Macquarie Shinhan Infrastructure Asset Management Co., Ltd. is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of this entity do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities. Investments in MKIF are subject to investment risk, including possible delays in repayment or loss of income and/or capital investment. Neither MKIF, nor any member of the Macquarie Group companies, including MSIAM, guarantees the performance of MKIF, the repayment of capital or the payment of a particular rate of return on MKIF securities.
http://www.rns-pdf.londonstockexchange.com/rns/8952A_-2009-10-16.pdf
<HR>--------------------------------------- 1 Location-map attached to the disclosure 2 Total project cost, in nominal term 3 For entire route, including connecting road toll charge of KRW 300 This information is provided by RNS The company news service from the London Stock Exchange END
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| 16-10-09 | AFX UK Focus |
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Financial Times
PARTIES DUCK CHANCE TO CURB DEFICIT The Government will spurn an opportunity to reduce the future budget deficit by an estimated five billion pounds. Falls in the retail price index mean that a number of benefits and tax thresholds calculated on this measure should also fall, but there is little Government will to introduce cuts just ahead of an election. The Treasury has said that the cost of abandoning the normal uprating rules will be about 3.4 billion pounds a year for pensions and about 1.3 billion pounds for income tax and national insurance. Asked if they would claw back the costs with lower-than-normal uprating of benefits and tax in the future, both the Treasury and the shadow chancellor declined to comment.
INDUSTRY WELCOMES RADICAL REFORM
for the reform of procurement processes at the Ministry of Defence. A review, carried out by former MOD adviser Bernard Gray, recommends an annual audit of the equipment programme and suggests that a strategic defence review should be conducted every couple of years to rebalance spending. The industry did however express some concerns about funding for defence programmes.
REVAMP OF COUNCIL PENSIONS URGED Describing much of the criticism aimed at local authority pensions as being based on "myths", Mike Taylor, chief executive of the London Pensions Fund Authority, will nonetheless note the need for reform when he addresses the National Association of Pension Funds on Friday. Taylor says that council workers should retire later and increase their pension contributions if the local government pension scheme is to survive. He also suggests that workers should switch from final salary schemes to schemes based on average career salaries.
AMEC BUILDS BRIDGE INTO KOREAN ENERGY
South Korea's energy sector after enhancing its credentials in the region by leading the construction of one of the world's largest bridges. Amec has entered a joint venture with state-run Korea Electric Power Corp and Korea Gas Corp to steer their growth into international markets. Chief executive Samir Brikho, who will attend the opening of the 12.5km Incheon Bridge on Friday, said that working with Samsung Engineering and Construction showed him that Korea's companies have the technical skills needed for big projects, but that the UK group had expertise in programme management "that needed to be learned in South Korea".
LLOYDS IN BOS DIVISION SALE TALKS Lloyds Banking Group is looking to sell parts of Bank of Scotland's private client investment management assets and is in talks with wealth management group Rathbone Brothers over a possible sale. The move is part of the bank's strategy to divest some of the non-core assets it acquired through the takeover of HBOS and follows this week's announcement that Lloyds plans to sell Halifax Estate Agencies. According to those familiar with the situation, the deal is likely to be worth around 50 million pounds. BHP AND RIO DITCH JOINT IRON ORE MARKETING PLAN The proposed creation of a joint marketing company by BHP Billiton and Rio Tinto which could have potentially sold as much as 15 per cent of their iron production from Western Australia, has been abandoned. Instead, their agreement will be a 50-50 production joint venture. The move follows criticism from steelmakers that viewed the potential new company as the start of a closer tie-up between the two mining giants. UBS has valued the joint venture at an estimated 116-126 billion dollars.
DYSON CUTS BLADES FROM 'AIR MULTIPLIER' DESIGN British design guru Sir James Dyson has launched his 'Air Multiplier' fan that boasts reduced energy consumption and no external blades. The fan will be assembled in Malaysia and will be targeted at the Australian, US and Japan markets. Its sales potential in the UK might be limited by the milder temperate climate. However, if British consumers wish to purchase the new fan, they must wait several weeks to do so, register their interest online or at shops such as The Conran Shop and Harrods, and pay 199 pounds for the pleasure.
SABMILLER SEES SALES REVIVING
half to September 30, SABMiller pointed to increased sales in Poland, Colombia and the Czech Republic and said its half-year figures were in line with expectations. South Africa, which accounts for one-fifth of group profits, saw volumes falls by three per cent, while the rest of Africa saw a three per cent increase in lager sales. Evolution Securities expects global second half beer sales to increase by 2.5 per cent.
MOTHERCARE DISPLAYS REVENUE RESILIENCE Mothercare reported an 8.2 per cent increase in sales for the first half of the year, helped by strong online and overseas demand. Second quarter sales improved seven per cent - a slight slowdown on the first quarter - while like-for-like sales rose three per cent in the second quarter. Mothercare intends to open 100 new overseas stores this year with launches planned in Australia and an Early Learning Centre in South Africa. Chief executive Ben Gordon said: "Three per cent like-for-like in these markets is fantastic."
WHSMITH TO BUY BACK SHARES AS MARGINS RISE
after it announced an increase in pre-tax profits from 76 million pounds to 82 million pounds in the year to August 31. The figures are sufficiently strong to enable a 35 million pound share buy-back. Like-for-like sales fell five per cent across the group and overall sales were down one per cent to 1.34 billion pounds. Chief executive Kate Swann said if the current three workplace stores prove successful, more than 100 additional workplace stores could be opened to support this area of growth in addition to the 90 hospital stores already in operation. Prepared for Reuters by Durrants COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-10-09 | RNS |
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RNS Number : 8429A AMEC PLC 15 October 2009 AMEC plc 15 October 2009 In accordance with the Disclosure and Transparency Rules (DTR) 5, we have received a notification from Legal & General Group Plc dated 14 October 2009 stating that, as at 13 October 2009, they held a notifiable interest of 13,197,514 shares in AMEC plc, which represents 3.98% of the voting rights in the Company. The interest is entirely a direct holding. The reason for the notification is stated as: "An acquisition or disposal of voting rights". The notifications state that the threshold that has been crossed or reached is that the aggregate direct holding is now below 4%. The full name of the Shareholder is stated as: Legal & General Assurance (Pensions Management) Limited Further information provided relating to the chain of controlled undertakings through which the voting rights are effectively held is stated as follows: Legal & General Group Plc (Direct) (L&G) (13,197,514 - 3.97%) Legal & General Investment Management (Holdings) Limited (Direct) (12,012,882 - 3.62%) Legal & General Assurance (Pensions Management) Limited (12,012,882 - 3.62%) C L Fidler Deputy Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | AFX UK Focus |
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Oct 12 (Reuters) - :
into AMEC (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-10-09 | AFX UK Focus |
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The Mail on Sunday TESCO ACCUSED OF PRICE RISE EXPERIMENTS
Amec has signed a memorandum of understanding with Indian construction firm Hindustan to spearhead a nuclear building programme. The agreement will see the engineering and project management group use its experience and expertise to design and provide safety systems for nuclear power stations. The agreement follows the Indian government's announcement that it intends to build hundreds of nuclear reactors over the next 40 years in order to bridge to current energy gap in a country where currently 400 million people have no electricity. STAGE SET FOR 100 MILLION POUND THEATRE GROUP SALE
PUNCH TO CUT VALUE OF ESTATE BY 600 MILLION POUNDS
SAINSBURY LIFTS FINANCE STAKES
SHAREWATCH
BEEFED-UP CORRUPTION PROBE JEOPARDISES BAE PLEA BARGAIN
INVESTORS SUE RBS OVER RIGHTS ISSUE SALE
QUESTOR
LLOYDS TO FREEZE PRIVATE EQUITY OUT OF PROPERTY
FORMER WOOLWORTHS BOSS IN LINE TO BE JJB SPORTS CHIEF EXECUTIVE
It is believed that Lazard, adviser to sports retailer JJB Sports, has approached former Woolworths chief executive Steve Johnson about the vacant chief executive position at JJB. A source close to the situation described Johnson as "a class act" who "came in far too late to turn Woolies around". JJB will try to reassure investors on Monday in relation to Friday's postponement of a 100 million pound rights issue. The UK Listing Authority held up the capital-raising over a "mystery accounting issue".
BUYERS EYE UP MINERVA AFTER CREDITORS DEAL Industry sources have indicated that private equity firms including Blackstone, Area, Fortress and Europa Capital, are among potential buyers for the property group Minerva. A takeover bid for the company by Limitless, a property company owned by the Dubai government, collapsed last year after Limitless and Minerva's lenders were unable to agree on lending terms. Minerva recently secured a deal with its banks over the group's one billion pound debt burden, giving the group breathing space until June 2011. It's a deal which analysts believe "puts the company into play" for a renewed takeover bid from Limitless or a private equity buyer. ROW OVER STAFF POACHING BY RIVAL MONEY BROKERS ENDS UP IN HIGH COURT
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-10-09 | AFX UK Focus |
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The Mail on Sunday TESCO ACCUSED OF PRICE RISE EXPERIMENTS
Amec has signed a memorandum of understanding with Indian construction firm Hindustan to spearhead a nuclear building programme. The agreement will see the engineering and project management group use its experience and expertise to design and provide safety systems for nuclear power stations. The agreement follows the Indian government's announcement that it intends to build hundreds of nuclear reactors over the next 40 years in order to bridge to current energy gap in a country where currently 400 million people have no electricity. STAGE SET FOR 100 MILLION POUND THEATRE GROUP SALE
PUNCH TO CUT VALUE OF ESTATE BY 600 MILLION POUNDS
SAINSBURY LIFTS FINANCE STAKES
SHAREWATCH
BEEFED-UP CORRUPTION PROBE JEOPARDISES BAE PLEA BARGAIN
INVESTORS SUE RBS OVER RIGHTS ISSUE SALE
QUESTOR
LLOYDS TO FREEZE PRIVATE EQUITY OUT OF PROPERTY
FORMER WOOLWORTHS BOSS IN LINE TO BE JJB SPORTS CHIEF EXECUTIVE It is believed that Lazard, adviser to sports retailer JJB Sports, has approached former Woolworths chief executive Steve Johnson about the vacant chief executive position at JJB. A source close to the situation described Johnson as "a class act" who "came in far too late to turn Woolies around". JJB will try to reassure investors on Monday in relation to Friday's postponement of a 100 million pound rights issue. The UK Listing Authority held up the capital-raising over a "mystery accounting issue". COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-10-09 | AFX UK Focus |
|
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The Mail on Sunday TESCO ACCUSED OF PRICE RISE EXPERIMENTS
Amec has signed a memorandum of understanding with Indian construction firm Hindustan to spearhead a nuclear building programme. The agreement will see the engineering and project management group use its experience and expertise to design and provide safety systems for nuclear power stations. The agreement follows the Indian government's announcement that it intends to build hundreds of nuclear reactors over the next 40 years in order to bridge to current energy gap in a country where currently 400 million people have no electricity. STAGE SET FOR 100 MILLION POUND THEATRE GROUP SALE
PUNCH TO CUT VALUE OF ESTATE BY 600 MILLION POUNDS
SAINSBURY LIFTS FINANCE STAKES
SHAREWATCH
BEEFED-UP CORRUPTION PROBE JEOPARDISES BAE PLEA BARGAIN
INVESTORS SUE RBS OVER RIGHTS ISSUE SALE
QUESTOR
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
||
| 11-10-09 | AFX UK Focus |
|
|
The Mail on Sunday TESCO ACCUSED OF PRICE RISE EXPERIMENTS
Amec has signed a memorandum of understanding with Indian construction firm Hindustan to spearhead a nuclear building programme. The agreement will see the engineering and project management group use its experience and expertise to design and provide safety systems for nuclear power stations. The agreement follows the Indian government's announcement that it intends to build hundreds of nuclear reactors over the next 40 years in order to bridge to current energy gap in a country where currently 400 million people have no electricity. STAGE SET FOR 100 MILLION POUND THEATRE GROUP SALE
PUNCH TO CUT VALUE OF ESTATE BY 600 MILLION POUNDS
SAINSBURY LIFTS FINANCE STAKES
SHAREWATCH
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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