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(JSP.L) Jessops PLC Buy/Sell
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| Date/Time | Headline | Source |
|---|---|---|
| 1 | 2 | ||
| 05-11-09 | RNS |
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RNS Number : 0522C Jessops plc 05 November 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation:
4. Full name of shareholder(s) (if different Barclays Bank Trust Company Ltd
the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B035CB69 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Barclays Bank Trust Company Ltd Barclays Stockbrokers Ltd Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 05-11-09 | RNS |
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RNS Number : 0519C Jessops plc 05 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of existing
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation:
4. Full name of shareholder(s) (if different Barclays Bank Trust Company Ltd
5. Date of the transaction and date on which 26-Oct-09 the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Barclays Bank Trust Company Ltd Barclays Stockbrokers Ltd Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: 020 7116 2913 This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-10-09 | RNS |
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RNS Number : 7196B Jessops plc 30 October 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> 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 : 0055B Jessops plc 19 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of existing
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
3. Full name of person(s) subject to the notification
4. Full name of shareholder(s) (if different from 3.):
crossed or reached:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Barclays Bank Trust Company Ltd Barclays Stockbrokers Ltd Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 13-10-09 | RNS |
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RNS Number : 6722A Jessops plc 13 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
the notification obligation:
BARCLAYS STOCKBROKERS LTD
on which the threshold is crossed or reached:
or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B035CB69 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: BARCLAYS BANK TRUST COMPANY LTD
BARCLAYS STOCKBROKERS LTD Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 6261A Jessops plc 12 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation:
4. Full name of shareholder(s) (if different BARCLAYS BANK TRUST COMPANY LTD
5. Date of the transaction and date on which 06 OCTOBER 2009 the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B035CB69 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: BARCLAYS BANK TRUST COMPANY LTD
BARCLAYS STOCKBROKERS LTD
Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: 020 7116 2913 This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-10-09 | RNS |
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RNS Number : 5476A Jessops plc 09 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of existing
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
obligation: 4. Full name of shareholder(s) (if different from 3.):
crossed or reached:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Barclays Bank Trust Company Ltd Barclays Stockbrokers Ltd Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-10-09 | RNS |
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RNS Number : 4619A Jessops plc 08 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: JESSOPS PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation:
4. Full name of shareholder(s) (if different BARCLAYS BANK TRUST COMPANY LTD
5. Date of the transaction and date on which 02 OCTOBER 2009 the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B035CB69 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: BARCLAYS BANK TRUST COMPANY LTD
BARCLAYS STOCKBROKERS LTD
Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: 020 7116 2913 This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-10-09 | RNS |
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RNS Number : 4517A Jessops plc 08 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
the notification obligation:
BARCLAYS STOCKBROKERS LTD
on which the threshold is crossed or reached:
or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: BARCLAYS BANK TRUST COMPANY LTD
BARCLAYS STOCKBROKERS LTD Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-10-09 | RNS |
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RNS Number : 4515A Jessops plc 08 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
the notification obligation:
BARCLAYS STOCKBROKERS LTD
on which the threshold is crossed or reached:
or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: BARCLAYS BANK TRUST COMPANY LTD
BARCLAYS STOCKBROKERS LTD Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-10-09 | RNS |
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RNS Number : 4512A Jessops plc 08 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
subject to the notification obligation:
4. Full name of shareholder(s) Barclays Bank Trust
5. Date of the transaction and 29-Sep-09 date on which the threshold is crossed or reached:
notified:
crossed or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B035CB69 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
16,946,644
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Barclays Bank Trust Company LtdBarclays Stockbrokers Ltd Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | AFX UK Focus |
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Financial Times
ECONOMY LIMPING TOWARDS RECOVERY AS SAVINGS RISE The Office for National Statistics confirmed that the UK's economy contracted by less in the second quarter than previously forecast, while the CBI reported that the high street was once again showing signs of stability with more retailers reporting that sales were higher than a year ago. Household savings rates also rose to 5.6 percent, the highest for more than five years. The ONS said the UK recorded a current account deficit of 11.4 billion pounds in the second quarter, or 3.3 percent of GDP, compared with a revised deficit of 4.1 billion pounds, or 1.2 percent of GDP, in the first quarter.
WEB BEATS TV TO BIGGEST ADVERTISING SHARE According to a report by PwC for the Internet Advertising Bureau, the Internet has overtaken television to become the UK's biggest advertising medium. In the first half of the year, online advertising grew 4.6 percent compared to the same period last year, and totalled 1.75 billion pounds. However, overall advertising fell by 16.6 percent, and as a result the Internet's share of the total market reached 23.5 percent, compared to TV's 21.9 percent. Peter Scott, chairman and joint chief executive of Engine Group, one of the UK's largest independent advertising agency groups, said: "It marks a point when things aren't going to go back to the way they were." The UK is the first substantial media market to see this kind of shift in market share. CROSSING THE LINE: GAMBLERS SWAP HORSE FOR FOOTBALL According to a study by Deloitte for the British Horseracing Authority, horseracing is for the first time contributing less than 30 percent of the betting industry's winnings from all bets placed. Five years ago, the sport contributed 45 percent. The BHA's chief executive Nic Coward said the report demonstrated the poor system operated in Britain, where just one percent of the amount wagered goes back to the sport. In Japan, that figure is 5.3 percent. However, the BHA said the report showed the sport was in good health -- it is the second-biggest sport based on attendances and revenues -- and pointed to the 3.4 billion pounds generated in spending in 2008 compared to the 2.9 billion pounds in 2005.
FOUR SEASONS FINALISES DEBT RESTRUCTURING DEAL WITH LENDERS Care home operator Four Seasons Health Care has agreed a debt restructuring deal with its lenders. Talks over the deal had been ongoing for more than a year and were closely watched due to the implications for other property-backed financings. According to Ian Martin, a corporate partner at law firm Macfarlanes, which is advising Four Seasons, the deal is the first in a wave of commercial mortgage-backed securities restructurings expected to take place over the next few years. SHED SIGNS U.S. AD DEAL After securing a product placement deal for the U.S. edition of the television programme "Who Do You Think You Are?", Shed Media hopes the government will change its stance and allow similar advertising in the UK. The arrangement with NBC and genealogy company Ancestry.com will see each episode make a limited number of mentions of Ancestry.com's research services. For its part, Ancestry.com has made a significant investment in the programme's budget -- both in terms of cash and in kind by carrying out most of the research.
JESSOPS AGREES DEBT SWAP WITH HSBC Camera retailer Jessops has avoided insolvency by agreeing a debt for equity swap with lender HSBC. The deal will protect around 2,000 jobs at the group. The firm's dire position meant it was allowed to bypass any shareholder consultation and under the terms of the agreement shareholders will receive a one-off payment of 100,000 pounds (around five percent of its market value). Executive chairman David Adams described the move as being "regrettable" for shareholders but noted the fact that the lack of remaining value in the stock had been highlighted on previous occasions. AG BARR SPARKLES DESPITE ABSENCE OF "BARBECUE SUMMER" Soft drinks maker AG Barr exceeded expectations by posting strong growth in interim sales and profits, despite the somewhat disappointing summer weather. Chief executive Roger White said sales across its range of beverages had in general benefited from weather that was nevertheless better than the previous year. Turnover for the six months to August 1 climbed from 82.4 million pounds to 104.7 million pounds, helped by the 61 million pound acquisition of Groupe Rubicon. Pre-tax profits rose from 11.3 million pounds to 13.5 million pounds.
MOSS BROS FAILS TO STEM LOSSES Men's clothing retailer Moss Bros failed to prevent its first-half losses from widening, even though like-for-like sales picked up in the last eight weeks. First half revenue stumbled from 61.1 million pounds to 60.8 million pounds, while pre-tax losses increased from 2.2 million pounds to three million pounds. Finance director Michael Hitchcock said the group continued to improve in the second half, but added: "We don't want to put a figure on that rise only for a double-dip in the economy to occur." But the rise in sales has enabled Moss Bros to restart its store opening programme, with three new outlets planned ahead of Christmas.
DAIRY CREST TO CLOSE FINAL SALARY SCHEME Food manufacturer Dairy Crest has become the latest UK-listed group to close its defined benefit pension scheme to existing members. The company also said it had managed to make further reductions to its debt, even though cheese stocks rise at this time of year -- a trend that usually pushes up borrowings. Dairy Crest said the employees who were part of its final salary scheme would not be able to accrue further benefits within the fund from next April and that affected staff will be moved to its defined contribution scheme. The group said the step had been taken in an effort to reduce financial risk.
WINTERFLOOD'S TRADE BOLSTERS CLOSE BROTHERS Merchant bank Close Brothers has beat analysts expectations by reporting strong figures after generating record income at Winterflood, its marketing and securities trading business. Pre-tax profit dropped 25 percent to 88.3 million pounds for the 12 months to July, but the decrease was less than some analysts had expected. Strong performance at Winterflood helped offset the impact of impairment charges from bad loans at the group's banking operations and sharp falls in revenue and assets under management at its funds business. Chief executive Preben Prebensen said the group's securities business in particular had benefited from "strong volumes, volatility and the participation of retail investors".
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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| 29-09-09 | RNS |
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RNS Number : 8919Z Jessops plc 29 September 2009 A second and final Price Monitoring Extension has been activated in this security. The closing auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still execute more than a pre-determined percentage above or below the price of the previous automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction call execution which will set today's closing price. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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RNS Number : 8897Z Jessops plc 29 September 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | AFX UK Focus |
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LONDON, Sept 29 (Reuters) - Jessops Plc:
before the end of this year of Jessops Plc ((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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| 29-09-09 | RNS |
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RNS Number : 8852Z Jessops plc 29 September 2009 Jessops plc 29 September 2009
JESSOPS PLC
ANNOUNCEMENT OF COMPLETION OF SOLVENT RESTRUCTURING Jessops Plc - Completion of solvent restructuring Further to the announcement in respect of the proposed solvent restructuring of the Jessops group of companies (the "Group") (the "Proposal"), the board of directors of Jessops plc (the "Board") confirms that the Proposal has completed. The Proposal involved the sale of the Group's main operating company, The Jessop Group Limited, and certain other subsidiaries of Jessops Plc to a newly formed special purpose vehicle, Snap Equity Limited (the "Disposal"). It is the intention of the Board to put Jessops Plc into solvent liquidation before the end of this year. The Proposal allows for the sum of £100,000 to be distributed to shareholders of Jessops Plc on such liquidation, but there will be no further value available for distribution to Jessops Plc shareholders. As there are currently 102.9 million shares in issue, for every 100 shares held, this equates to approximately 9.7 pence.
For further information please contact Jessops Plc David Adams Jessop House 98 Scudamore Road Leicester
LE3 1TZ 0116 232 6000 Brunswick Group Jonathan Glass / David Litterick 020 7404 5959 KPMG Corporate Finance Chris Belsham 020 7694 8527 Note: KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for Jessops plc as sponsor in relation to the Disposal and is not acting for any other person in relation to such Disposal. KPMG Corporate Finance will not be responsible to anyone other than Jessops plc for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any transaction or arrangement referred to herein. This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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RNS Number : 8060Z Jessops plc 28 September 2009 Jessops plc 28 September 2009
JESSOPS PLC
ANNOUNCEMENT OF PROPOSED SOLVENT RESTRUCTURING Jessops Plc - Update on financial position and announcement of proposed solvent restructuring The board of directors (the "Board" or the "Directors") of Jessops Plc announce the proposed solvent restructuring of the Jessops group of companies (the "Group") (the "Proposal"). The Proposal, which is described below, will involve the sale of the Group's main operating company, The Jessop Group Limited, and certain other subsidiaries of Jessops Plc to a special purpose vehicle ("Newco") (the "Disposal"). HSBC Bank plc ("HSBC" or the "Bank") will own 47 per cent. of the shares in Newco, 33 per cent. will be owned by the trustees of The Jessop Group Limited Pension and Life Assurance Scheme (1993) (the "Scheme") (the "Trustees") (on behalf of the Scheme) pursuant to a regulated apportionment arrangement in respect of the Scheme and the remaining 20 per cent. will be owned by an employee benefit trust (the "EBT"). The allocation of shares in the EBT has not yet taken place and is subject to independent trustee approval, but the EBT will be used as part of the long-term incentivisation of the management of Newco going forward and its existence is required by the Bank as a condition to the Proposal. The Group Board members will not be assigned shares in the EBT at the time of the Disposal and no decision or plan has been made in respect of allocation of shares to Group Board members following the Disposal. The Proposal will enable The Jessop Group Limited and certain other subsidiaries of Jessops Plc to continue to trade as financially stable businesses with the support of HSBC. It is the intention of the Board to put Jessops Plc into a solvent liquidation in due course. The Proposal allows for the sum of £100,000 to be available for shareholders of Jessops Plc (the "Shareholders") on such a liquidation. If the Proposal does not proceed, the Company will become insolvent and there will be no funds available to make any distribution to the Shareholders. The Proposal is expected to complete and take effect from tomorrow. The United Kingdom Listing Authority (the "UKLA") has granted a waiver under Listing Rule 10.8 in respect of the requirement to prepare a circular and obtain shareholder approval for the Disposal, available only to companies in severe financial difficulty. In the event that the Proposal cannot be progressed and the Bank ceases to provide continued financial support to Jessops Plc, then the Directors believe that given that Jessops Plc's financial position is so precarious they will have no alternative but to instigate formal insolvency proceedings for Jessops Plc. Jessops Plc has confirmed to the UKLA that:
(a) negotiation of the Proposal does not allow time for either shareholder
(b) all alternative methods of financing have been exhausted and the only
(c) by taking the decision to implement the Proposal, the Directors are
The Group is the largest photographic retailer in the UK. A large investment in stock up to December 2006 and under-performance of the Group due to difficult and uncertain retail trading conditions in early 2007 had resulted in an increasing and unsustainable level of debt within the Group. This culminated in the announcement on 30 January 2009 that the Directors expected that the Group would breach its covenants under its banking facilities in the immediate future and were actively engaging the Group's advisers and HSBC to put the business on a more stable footing for the future, including discussions regarding the possibility of a fundamental restructuring of the Group's debt. As at 29 March 2009, the Group had gross assets of £79.0 million, net liabilities of £29.9 million and, for the six month period ended 29 March 2009, losses before tax of £13.0 million. On 27 May 2009 and 19 August 2009, the Board updated Shareholders on the progress of the discussions with the Bank and reported that it was working with the Bank towards a solvent solution for Jessops Plc's business, but that due to the historical high level of debt, it was highly unlikely that any value would be attributed to Jessops Plc's existing ordinary shares. Discussions with HSBC have now concluded and it has become clear to the Board that if the Proposal described in this announcement is not effected immediately, Jessops Plc will not be able to avoid formal insolvency proceedings, in which case the Shareholders will receive nothing. Current debt facilities On 30 August 2007, the Group entered into a committed loan facility of £60 million and an overdraft facility for working capital purposes both due to expire on 31 December 2008 with HSBC. A deferred financing fee of £7 million was also to be paid in December 2008. These facilities were secured by a fixed and floating charge over the Group's assets, which is first ranking to the extent of the first £20 million of debt with the remaining debt ranking pari passu with a fixed and floating charge over the assets of The Jessop Group Limited and a pledge over the shares of The Jessop Group Limited granted in favour of the Trustees of the Scheme. On 26 September 2008, Jessops Plc renegotiated its banking arrangements to extend the expiry date of the loan facility until 31 December 2011. Under the terms of the extension, Jessops Plc has committed facilities of £52 million (the "Committed Facilities") and a revolving overdraft facility for working capital purposes provided to The Jessop Group Limited which is repayable on demand. The existing security remained in place in respect of these facilities. In addition, the deferred financing fee of £7 million has been reduced to £5 million and is now due on 31 December 2011. The Group ended 2008 with £57.4 million of long-term debt due to HSBC, plus an overdraft of £5.4 million. Under the loan facility documentation, Jessops Plc is obliged to comply with certain financial covenants. The Directors believe that in the absence of ongoing extensions of the financial covenant testing dates, the financial covenants would be breached (and would continue to be breached for the immediately foreseeable future). With the approach of Christmas, the business is entering its most critical trading period and as in prior years requires increased supplier credit limits to meet its stock requirements for the Christmas peak period. In the absence of a fundamental restructuring of the business, suppliers have stated that they are unwilling to extend the necessary increased credit limits. In order to secure the future of the business and thereby the continued employment of 2,000 people nationwide, it is important that the Proposal be implemented immediately. As previously announced on 27 May 2009 and 19 August 2009, the Board has been in discussions with its advisers and HSBC regarding options for a fundamental restructuring of the Company's debt which it hoped would result in a solvent solution for the Group. During these discussions, HSBC did not state that it would not allow sufficient time to complete the Disposal in accordance with the usual requirements of Chapter 10 of the Listing Rules. On 16 September 2009, HSBC confirmed that should the Proposal not be effected immediately, it would not make available any further finance to Jessops Plc and would withdraw its current facilities. Without HSBC's continued financial support, Jessops Plc and the Group will not be in a position to meet their obligations as they fall due, would be unable to continue trading and Jessops Plc would have no choice but to commence formal insolvency proceedings. Prior to 16 September 2009, the Company had not been in a position to seek shareholder approval for the Proposal, as HSBC had not confirmed that it was willing to proceed with the Proposal and was actively considering other options including formal insolvency proceedings. Additionally, KPMG Corporate Finance, who is acting as sponsor to Jessops Plc in relation to the Disposal confirms that, in its opinion and on the basis of the information available to it, Jessops Plc is in severe financial difficulty and that it will not be in a position to meet its obligations as they fall due unless the Disposal is effected in accordance with the proposed timetable. Sourcing of Finance Jessops Plc has attempted, without success, to refinance its current borrowing facilities. The Board has also considered the possibility of equity fund raisings. However, in light of the Group's current financial position this does not, in the opinion of the Board, constitute a viable alternative. It is now clear to the Board that unless an urgent solution is identified that meets the approval, and thereby gains the support of, the Bank, the Directors will have no choice but to instigate formal insolvency proceedings. Accordingly, the Board has formulated a proposal set out below to restructure the Group in order to attempt to ensure its ongoing survival and HSBC has agreed to assist in its implementation. The Proposal The Board has been advised that in light of the serious financial position of Jessops Plc, it has a primary duty to act in the best interests of Jessops Plc's creditors. In order to achieve the best results for creditors, two courses of action were identified by the Board: (i) to implement an appropriate insolvency procedure or (ii) to attempt a solvent restructuring of the Group. The Board has concluded that a solvent restructuring of the Group is the preferable route. The Proposal is as follows:
(a) Newco will be incorporated and provided with a £54 million loan facility
(b) In exchange for 47 per cent. of the shares in Newco, HSBC has agreed to
(c) Jessops Plc will receive £54 million from the sale of the Shares and
(d) The disposal of the majority of the assets of the Group would ordinarily
(e) Following the Disposal as outlined above, the Board is intending to put
The Directors are of the opinion that, in the event the Proposal is implemented, the working capital available to Jessops plc (which will no longer have any trading subsidiaries) is sufficient for at least 12 months from the date of this announcement (although it is proposed that Jessops plc would be placed into solvent liquidation before the end of such 12 month period). The Board anticipates that all liabilities of Jessops plc would be met following implementation of the Proposal and intends to put Jessops plc into solvent liquidation before the end of this year. The Disposal could have been implemented following a delisting under Listing Rule 5.2.7. However, such a course of action would have necessitated a further delay of 20 business days which the Bank would not permit. The Directors concur with this view as they consider a delay of 20 business days would jeopardise continuity of supplies and place the business at serious risk of insolvency. The Directors believe that the Proposal is in the best interests of the Company taking into account the interests of creditors, to whom the Directors have a primary duty in this situation, the Shareholders and also the best interests of employees of the Group.
For further information please contact Jessops plc David Adams Jessop House 98 Scudamore Road Leicester
LE3 1TZ 0116 232 6000 Brunswick Group Jonathan Glass David Litterick 020 7404 5959 KPMG Corporate Finance Chris Belsham 020 7694 8527 Note: KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for Jessops plc as sponsor in relation to the Disposal and is not acting for any other person in relation to such Disposal. KPMG Corporate Finance will not be responsible to anyone other than Jessops plc for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any transaction or arrangement referred to herein. This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | AFX UK Focus |
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The Times
JESSOPS IN DEBT SWAP Photographic retailer Jessops will come under the control of its bank, pension fund and an employee benefit trust in a debt-for-equity swap deal that is expected to leave shareholders with only 100,000 pounds. The company said the move would safeguard 2,000 jobs. HSBC will take a 47 percent holding in the group in return for foregoing 34 million pounds in debt.
BARCLAYS READY TO POUNCE AS STANDARD LIFE WALKS AWAY FROM
BANKING Barclays has entered discussions to buy the banking arm of Standard Life as part of its drive to acquire businesses while its competitors struggle to shore up their finances after the economic slowdown. Standard Life is in talks with several parties, but Barclays is believed to be the most likely bidder. The deal could be valued at between 200 million pounds to 300 million pounds, according to City rumours on Monday, although analysts said such a price was generous. Standard Life, which employs 300 people in Edinburgh, reported a profit of 9.5 million pounds in 2008.
POOR TRADING AT GLOBE PUBS CAUSES PROFITS TO DRAIN AWAY Globe Pub Company has posted a first-quarter loss of 203.3 million pounds after being forced to write down the value of its estate amid continued poor trading conditions. The struggling tenanted pub group, which has been hit by the smoking ban, the recession, high beer tax and cheap drink in supermarkets, said that a review of the carrying value of its 421 pubs had led to a 199.1 million pounds impairment fee. In the three months to the end of August, beer sales in the group declined by a further eight percent year-on-year. The company, founded by Robert Tchenguiz, said the continued inability to access capital meant it was unable to invest in refurbishing any pubs. The Daily Telegraph
ARSENAL SUFFERS PENALTY KICK OVER VACANT FLATS London & Stamford Property has announced the acquisition of almost 150 flats for a knock-down price from Arsenal Football Club's Highbury Square development. The acquisitive real estate group stepped in with a cut-price offer after Malaysian group Fraser & Neave abandoned plans to acquire the apartments. Analysts say the club has sold the flats in the North Stand of its former stadium at a discount to market value of almost 20 percent. Guernsey-based London & Stamford has paid 41.2 million pounds for 142 one and two-bedroom flats, four three-bedroom flats and 98 parking bays.
ORANGE TO START IPHONE PRICE WAR On Monday, Orange became the first mobile company to break into O2's exclusive deal to sell iPhones in the UK, in a move that is expected to prompt a price war for the hugely popular device at Christmas. Several other operators have entered discussions with Apple in a bid to win the right to sell the phone, with Virgin Mobile and Vodafone understood to be the frontrunners in the race. Tom Alexander, chief executive of Orange UK, said: "Getting the iPhone has been top of my to-do list since I joined Orange and I am delighted that we've been able to get it."
ALBEMARLE STRIKES RECESSION GOLD Albemarle & Bond announced a surge in profits after a jump in gold prices and more consumers borrowed against their valuables in a bid to beat the recession. The pawnbroker said pre-tax profit increased 50 percent to 14.6 million pounds in the year to the end of July, while revenue jumped 18 percent to 55.5 million pounds. The company, which lifted its final dividend by 44 percent to 6.5 pence a share, plans to open 10 to 15 new pawn shops in 2009. Chairman Greville Nicholls said the group's customer base remains the same. "We haven't seen a lot of middle class people coming to pawn their Rolexes", he said. The Independent
BORDERS UK TO CLOSE STRUGGLING BOOKS ETC STORES Borders UK has revealed it is set to close the struggling Books Etc and Border Express brands but said there are no "imminent plans" to shut down any Borders stores. A spokesperson for the bookseller, which completed a management buyout backed by the retail restructuring specialist Hilco in July, said: "I can confirm that our future strategy is single-brand." The troubled retailer is understood to be particularly keen to restructure leases on its bigger outlets, which could involve sub-letting floor space, putting in more concessions or negotiating a cut in space with landlords. S&SE SEES PROFITS UP "SUBSTANTIALLY" Scottish & Southern Energy has said it expects profits to be "substantially higher" compared to 2008. It said the figure for the half year to the end of September compared with "exceptionally low" profits a year earlier, when the surplus dived 54 percent to 303 million pounds, hit by delayed price hikes. In a trading statement on Monday, the owner of Southern Electric, Swalec and Scottish Hydro Electric, said it expected a "moderate increase" in profits for the year to March 31, plus a dividend increase of at least four percent more than inflation.
PHONES4U POSTS FALLING PROFITS Phones4U reported a 43 percent slump in pre-tax profits to 12.9 million in 2008, after it incurred restructuring costs worth of 8.7 million pounds. However, the 450-store mobile phone specialist saw its sales increase by three percent for the year to December 31 2008. Tim Whiting, the company's chief executive, underlined it had struck an IT outsourcing deal and restructuring of its workforce in 2008. The Guardian
GLAXO LOOKS TO NEWER MARKETS WITH LUCOZADE LAUNCH IN CHINA GlaxoSmithKline has signed a deal with President (Shanghai) Trading to distribute Lucozade in China, as part of an expanding drive into emerging markets. The multinational said it hoped the launch of the energy drink into the world's most populous country, which is planned for early 2010, would be followed by other markets, including Mexico, Brazil and the United States. It also announced on Monday it had signed a 1.38 billion pounds deal to sell its pneumonia and meningitis vaccines in Brazil, in a move that is expected to further boost the company's world reach.
FAREPAK CUSTOMERS BEGIN TO RECEIVE COMPENSATION BDO Stoy Howard said on Monday it had begun posting compensation cheques to Farepak customers, almost three years after the company collapsed leaving more than 100,000 people out of pocket. The liquidators of the Christmas hamper firm said payments worth a total of 240,000 pounds have been sent to 5,900 customers whose money was put into trust by the company before it fell into administration. Around 122,000 customers have put in claims worth 38 million pounds but they can expect just five pence for every pound. A WEEK AFTER PLEDGE TO CUT EMISSIONS, BA STARTS LUXURY FLIGHTS WITH NEARLY EMPTY JETS Environmental campaigners have accused British Airways of hypocrisy as the carrier is set to launch luxury flights between London and New York, just a week after the chief executive Willie Walsh pledged a drastic reduction in emissions. Vicky Wyatt, Greenpeace aviation campaigner, described the new all-business service, as "another example of BA saying one thing, and doing another". Richard Dyer, of Friends of the Earth, said the spacious layout of the aircraft -- 32 seats on a plane normally fitted for 100 people -- meant each passenger accounted for about three times the usual CO2. A spokesperson for the company said BA was committed to cutting emissions.
Prepared for Reuters by Durrants
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| 28-09-09 | AFX UK Focus |
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LONDON, Sept 28 (Reuters) - Struggling British camera retailer Jessops PLC has put forward a rescue plan that will keep the firm in business but provide little return for equity investors.
"The restructuring proposal will ensure that Jessops Group Limited remains a fundamentally strong business with a strong presence on the High Street," said Jessops Executive Chairman David Adams.
(Reporting by James Davey and Jan Harvey; Editing by Tim Dobbyn) Keywords: JESSOPS/PLAN (jan.harvey@thomsonreuters.com; +44 207 542 7744; Reuters Messaging: jan.harvey.reuters.com@reuters.net)
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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| 25-09-09 | AFX UK Focus |
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LONDON, Sept 24 (Reuters) - Improving business sentiment could be the trigger for some companies to file for insolvency, the head of UK corporate restructuring at Ernst & Young said.
Bloom, who has managed the administration of high-profile companies including Kaupthing Singer & Friedlander, Railtrack, and Barings Bank, also said improving lender confidence was a "great plus" for company rescues but was a "double-edged sword.
(Reporting by Tom Freke; Editing by Dan Lalor) Keywords: BLOOM/BUST (tom.freke@thomsonreuters.com; +44 (0)207 542 4036; Reuters Messaging: tom.freke.thomsonreuters.com@reuters.net)
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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