Editor's Pick: Markets: The week that was (16-20/11/09)
(LGEN.L) Legal & General Group PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 21-11-09 | AFX UK Focus |
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Financial Times
BANK URGES RESTRAINT IN BOOM TIMES The Bank of England's consultation paper into the financial crisis will conclude that new discretionary tools should be considered to help smooth the peaks and troughs of the economic cycle, even if they were only introduced in Britain. The bank's report will call for stronger measures than those in the Treasury's Financial Services Bill including the creation of "macroprudential" powers to be used as an effective way of dampening future credit booms. The main tool would be raising the capital required to be held by banks in good times, with less tight capital requirements during downturns.
ASB CALLS FOR GOVERNMENT BOND PENSIONS BENCHMARK Britain's leading accountancy group, the Accounting Standards Board, has called for company pension liabilities to be discounted by an interest rate equal to that on risk-free government bonds. UK and international accounting standards currently call for pension liabilities to be discounted at a rate consistent with either high-quality or AA-rated corporate bonds. National Association of Pension Funds chief executive Joanne Segars described the ASB proposals as"extremely disappointing". The International Accounting Standards Board is thought unlikely to consider the proposals for several years.
PRIVATE BANKS SEEK HOME LOAN CASH DEPOSITS Leading UK private banks are demanding upfront cash deposits from buyers seeking mortgages in excess of one million pounds as extra security against uncertain bonus income. Brokers say some private banks now require a year's worth of mortgage interest payments in advance and that this money is ring-fenced with clients unable to draw on this money until the end of the lending facility or until conditions improve. Nigel Bedford of largemortgageloans.com said: "Banks are using this to give them a little more comfort that there is money there just in case bonuses dramatically reduce."
OPPOSITION THREATENS TO BLOCK DIGITAL REFORM BILL The Conservative and Liberal Democrat parties have threatened to block the digital economy bill unless the government makes concessions. Both opposition parties suggested on Friday that they would demand changes to legislation entered into the bill by Lord Mandelson which would affect copyright law. The Conservative party also warned that that they would oppose the reform if the government kept powers to allow the industry regulator OFCOM to use part of the licence fee to pay for regional news provided by commercial broadcasters.
FULLERS HIGHLIGHTS SECTOR SPLIT Fullers Smith & Turner reported an 18 percent increase in pre-tax profit to 14.1 million pounds for the six months to September 26, on revenue that increased from 106 million pounds to 117 million pounds. The pub group's figures highlighted a growing divide in the sector between successfully managed operators and struggling leased and tenanted ones. Mark Brumby, analyst at Astaire Securities, said Fullers fared better than many of its rivals as most of the group's pubs are in London and the southeast. Brumby said: "Food-led managed houses have generally outperformed wet-led tenanted houses and southeast England has been outperforming the north." L&G SEARCH FOR CHAIRMAN ENDS Legal & General, the UK's third-largest life and pensions company, hopes to name former National Australia Bank head John Stewart as its new chairman by the end of next week. A source close to the situation said the appointment of Stewart is subject to the approval of the Financial Services Authority and the finalisation of some contractual terms. L&G is thought to be one of the primary targets of Clive Cowdery's Resolution vehicle as it looks to consolidate the insurance sector.
GARTMORE TO CUT DEBT WITH 250 MILLION POUND IPO Asset manager Gartmore is looking to raise 250 million pounds as it makes its debut on the London Stock Exchange. The group said the proceeds of the capital-raising would be used to reduce its 400 million pound debt. Gartmore is also expected to release another tranche of shares, enabling U.S. private equity group Hellman & Friedman to sell most of its 58 percent stake. The issue is expected to be priced within the next fortnight with the listing to occur in the second or third week of December.
MORTGAGES BEFORE CURRENT ACCOUNTS AT TESCO Tesco could introduce mortgages by the end of next year as it looks to stake a claim in the UK financial services sector. However, the supermarket group told analysts Friday that current accounts may not be offered until 2011. Tesco said: "We have said that we plan over time to extend the financial services business from a collection of successful financial products to that of a full-service retail bank. We need to build the systems and infrastructure platforms to enable us to provide these services." RIO TINTO BOLSTERED BY U.S. COAL SALE Miner Rio Tinto has continued its recapitalisation drive with the 741 million dollar sale of Cloud Peak Energy, a unit that comprises most of Rio's former U.S. coal business. The deal follows the 764 million dollar sale of the Jacobs Ranch mine to Arch Coal in October. Both disposals are part of an attempt to halve net debt by the end of the year from its peak of 39.1 billion dollars on June 30. The initial public offering of Cloud Peak raised 434 million dollars; a further 307 million dollars was raised through its share of a simultaneously placed offering of debt.
NATIONWIDE LASHES OUT AT RESCUED BANKS Graham Beale, chief executive of Nationwide Building Society , has criticised the aggressive strategies of government-backed banks such as Northern Rock and Lloyds Banking Group as "seriously distorting" the savings market with "uneconomic pricing". Beale singled out National Savings & Investment's current market leading one-year bond which pays 3.95 percent interest saying: "NS&I is way outside the competitive spectrum, way, way off the scale." Nationwide revealed a 64 percent fall in underlying pre-tax profits in the six months to September, citing lower interest rates and tough competition.
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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| 20-11-09 | RNS |
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RNS Number : 8694C CSR plc 20 November 2009 CSR plc Shareholder Notification CSR plc ("the Company") has received a notification from a registered shareholder pursuant to the FSA's Disclosure and Transparency Rules. The registered shareholder has advised that the shares held by them in the Company in which they have voting rights, comprising direct and indirect interests, are as follows: Legal & General Group Plc, through Legal & General Investment Management (Holdings) Limited Legal & General Investment Management Limited Legal & General Assurance (Pensions Management) Limited and subsidiaries held 7,193,834 ordinary shares (3.95%) Ends This information is provided by RNS The company news service from the London Stock Exchange END
HOLPUGAUGUPBGAU More |
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| 19-11-09 | RNS |
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RNS Number : 8039C Spice PLC 19 November 2009 19 November 2009 Spice plc ("Spice" or "the Company") Share holding in the Company The Company was notified on 18 November 2009 by Legal & General Group plc that Legal & General Assurance (Pensions Management) Limited holds a direct interest in 13,529,649 ordinary shares of 2 pence each in Spice, representing in total 3.84 per cent of Spice's issued share capital. Ends Spice plc Tel: 0113 201 2120 Simon Rigby, Chief Executive Officer Oliver Lightowlers, Group Finance Director Julia Morton, Company Secretary Financial Dynamics Tel: 020 7831 3113 Billy Clegg Caroline Stewart KBC Peel Hunt (Broker) Tel: 020 7418 8900 Julian Blunt (Corporate finance) Matthew Tyler (Corporate broking)
NOTES TO EDITORS Spice plc Spice is a total utility infrastructure support services business. The Group's operations were founded in 1996 and have their origins in the electricity industry, although the range of activities has since been expanded into other niche areas. The Group is organised into two divisions to match its utility customer base; a Supply Division; and a Distribution Division. Spice's businesses have a common theme of delivering and co-ordinating infrastructure services to customers, and the technological element within the product mix has been built up significantly over the course of the last three years. This information is provided by RNS The company news service from the London Stock Exchange END
HOLBLBFTMMMBBAL More |
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| 19-11-09 | RNS |
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RNS Number : 8022C Intertek Group PLC 19 November 2009 Intertek Group plc (the Company)
NOTIFICATION OF INTEREST IN TOTAL VOTING RIGHTS A form TR-1 containing the following information was received by the Company on 18 November 2009. Name of Company contact and telephone number for queries: Sarah Westley, Company Secretariat Administrator, 020 7396 3420
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
of existing shares to which voting rights are attached:
2. Reason for the notification (please tick the appropriate box or boxes):
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:
(if different from 3.):
5. Date of the transaction and date on which the threshold is crossed or reached:
reached: 8. Notified details:
A: Voting rights attached to shares
if possible using
the ISIN CODE
GBP 0.01
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)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) Legal & General Investment Management Limited (Indirect) (LGIM) Legal & General Group Plc (Direct) (L&G) (6,340,736 -3.99 % = LGAS, LGPL & PMC)
Management (Holdings) Limited (Direct) (LGIH)
(Direct) (LGIMHD) (5,796,041
-3.65 % = PMC)
(PMC) (5,796,041 -3.65 % = PMC)
(LGPL)
Proxy Voting:
N/A
to hold: N/A
voting rights: N/A
13. Additional information:
020 3124 3851 This information is provided by RNS The company news service from the London Stock Exchange END
HOLEASFNFLSNFFE More |
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| 10:31 | ||||
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L&G SEARCH FOR CHAIRMAN ENDS
Legal & General, the UK's third-largest life and pensions company, hopes to name former National Australia Bank head John Stewart as its new chairman by the end of next week. A source close to the situation said the appointment of Stewart is subject to the approval of the Financial Services Authority and the finalisation of some contractual terms. L&G is thought to be one of the primary targets of Clive Cowdery's Resolution vehicle as it looks to consolidate the insurance sector. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| Fri 08:58 | ||||
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Seems a Heavyweight - might be good for the SP:- November 20, 2009 Legal & General lines up ex-Woolwich boss John Stewart as chairman Miles Costello and Katherine Griffiths 1 COMMENT RECOMMEND? Legal & General is poised to hire John Stewart, the former deputy chief executive of Barclays, as its new chairman, The Times has learnt. The UK’s third-largest insurer is understood to have identified Mr Stewart, who ran the Woolwich building society until its takeover by Barclays in 2000, as its preferred candidate to replace Rob Margetts. L&G, led by Tim Breedon, its chief executive, has been searching for a successor to Mr Margetts for just under a year. The insurer’s incumbent chairman, who was paid £362,000 last year, plans to retire after leading L&G for almost ten years. Mr Stewart, who left Barclays in 2003 to become chief executive at National Australia Bank, is expected to take up his new job in January. Subject to his contract being finalised and his appointment being cleared by regulators, L&G is expected to announce him as its chairman next week. RELATED LINKS Legal & General benefits from Cowdery rumours Woolwich growing pains hit customers Sir David Walker, the insurer’s senior independent director, has already begun canvassing shareholders over the prospective appointment. L&G declined to confirm Mr Stewart’s arrival last night. A spokesman said: “This is an ongoing process. We will be making an announcement once the process is completed.” If confirmed, it will be the second time this year that L&G has looked outside the insurance sector to fill a senior position. Nigel Wilson, a former executive at United Business Media, the publisher, became L&G’s finance director in September. It is understood that L&G was keen to recruit someone with a background deeply rooted in UK financial services, but not necessarily a former insurance executive. Sir James Crosby, the former HBOS chief executive, was previously close to taking the job. L&G wanted someone with senior experience of overseas markets to help to oversee its expansion in regions such as India and the Gulf. Mr Stewart was one of several former Woolwich executives to leave after the takeover. He ran National Australia Bank, based in Melbourne, from 2004 to 2008. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| Thu 08:13 | ||||
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Legal & General, the life and pensions group, has identified its preferred candidate to become chairman and hopes to make an appointment within days. It is about a year since Sir Rob Margetts said he wanted to retire after almost 10 years in the job. The hunt for a replacement has not been quick or easy, writes the FT.
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| Wed 18:44 | ||||
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Lansdowne Partners Raises Bet Against UK's Legal & General Lansdowne, known for its long-term strategy of betting that specific share prices will fall, gained its reputation - and a considerable profit - from taking a four-year short position in Northern Rock, the nationalised mortgage lender. Hedge fund thinks bank slide is over Top investor netted £100m from Barclays sell-off Simon Bowers The Observer, Sunday 1 March 2009 Article history Lansdowne Partners, one of Mayfair's largest and most successful hedge funds, has taken £100m in profits from short-selling shares in Barclays and has told its investors it now believes the British banking sector is undervalued. The fund is understood to have been short-selling Barclays shares - betting on a fall in its share price - for about two years. But it has now cashed in that short position, marking the end of the fund manager's negative view on the bank. Barclays shares peaked at close to 800p in early 2007 and dropped to a five-year low of 60p a month ago. Other lucrative Lansdowne "shorts" that have been closed included a substantial position in HBOS, which came to light during the bank's troubled rights issue last summer. It was diluted and sold before the lender was forced to accept a government-brokered rescue takeover bid from Lloyds TSB. Lansdowne also took a negative view on Allied Irish Bank, which has been forced to seek rescue funding from the Irish government. The fund cut its short position in the bank by more than 50% last month, making profits estimated to run into tens of millions of euros. Despite these successful short bets on bank stocks, Lansdowne managers last year failed to trigger the kind of huge management fees for which hedge funds are famous. The shine was taken off the funds' performances as investments in a number of companies, most notably in mining firms such as BHP Billiton, proved to be very poor decisions. More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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