| Fri 04:49 |
|
AFX UK Focus |
Daily Telegraph
MORRISONS: NO SUCCESSION RUSH
Sir Ian Gibson, the non-executive chairman of WM Morrison , has said that the company hopes to have a successor to
the poached chief executive Marc Bolland in place "early in the
new year", but claimed that Morrisons was not in a rush and
there was no deadline. Gibson made the remarks as the
supermarket chain released results showing that like-for-like
sales growth declined to 4.3 per cent during the 13 weeks to
November. The figures were disappointing compared to City
predictions of 4.6 per cent and the 7.8 percent growth seen in
the first half of 2009.
INVESTEC CHIEF CONFIDENT ON RECOVERY
Investec has reported a 10 per cent fall in its
pre-tax profits to 204 million pounds during the first half of
2009. The chief executive Stephen Koseff, however, noted that
the bank's bad debts appear to be diminishing compared to last
year. Although bad debts rose from 76 million pounds to 134
million pounds in the last six months, they had reached as high
as 180 million pounds during the final half of 2008. Koseff
expressed optimism for the future, whilst doubting that all the
damage done by the financial crisis would be undone.
LADBROKES TO CLOSE CALL CENTRES DUE TO TAX
The bookmaker Ladbrokes is to close its call centre
at Aintree, threatening 263 jobs. Employees are to be offered a
chance to relocate, in order to reduce the number of
redundancies. The company blamed its decision on tax regulations
placed on telephone betting operators in the UK. "Telephone
betting is a very competitive market", stated the Ladbrokes
spokesman Ciaran O'Brien, "and one that is becoming increasingly
difficult for UK-based operators, who face significantly higher
levels of tax than those operating from offshore jurisdictions."
Revenue fell 41.3 per cent to 9.1 million pounds during the
first half of 2009.
QUESTOR
National Grid (Buy)
BG Group (Buy)
The Guardian
TESCO RINGS THE CHANGES WITH PLANS TO OFFER HOME PHONE.
Tesco is planning to increase its stake in the
telecoms market, saying it sees more opportunities for big
returns from mobile phone and broadband users. Tesco has
recently announced a five-year deal with Cable and Wireless for it to supply Tesco with wholesale broadband packages,
which it intends to supply to customers in bundled deals with
its other products. Tesco is aiming to double its number of
phone shops to 200 by the end of 2010.
BLUE-BLOOD CAZENOVE JOINS THE BLUE CHIPS
Cazenove has been bought-out by JP Morgan for one
billion pounds. Most of Cazenove's shares were owned by current
and former employees - David Mayhew, the chairman of Cazenove,
stands to make 20 million pounds from the deal, with JP Morgan
offering 535p a share. Mayhew has been at Cazenove for 40 years,
and there have been speculations about his retirement for over a
decade. He is to stay on as chairman but will no longer have a
role in the management of the business.
OLIGARCHS BACK RUSSIAN NOVICE AS NEW CHIEF OF TNK-BP GROUP
In a move that proves the dominance of Moscow shareholders
in the TNK-BP group, an inexperienced favourite of the Russian
investors has been chosen as the new chief executive. Maxim
Barsky, 36, will be trained at BP's headquarters in London
for five months before assuming the position in 2011. BP has
insisted that it was not steamrollered into the decision. BP's
chief executive Tony Hayward said that he was "pleased" by the
development.
The Times
LEGAL & GENERAL LINES UP EX-WOOLWICH BOSS AS CHAIRMAN
Legal & General, the UK's third-largest insurer, is
set to appoint former Barclays chief executive John
Stewart as its new chairman. L&G has been searching for almost a
year for a replacement for Rob Margetts, who has served as
chairman for almost ten years. L&G senior independent director
Sir David Walker has begun canvassing shareholders over the
prospective appointment, and the insurer is expected to announce
next week that Stewart will take up the position from January.
BURBERRY TARGETS INDIA'S BRAND-AWARE MIDDLE CLASS
British fashion firm Burberry has applied for
government clearance to launch a joint venture with Indian
fashion retailer Genesis Colors. Burberry is hoping that it can
match in India the growth it has achieved in China, where the
company operates 44 stores and is enjoying double-digit
percentage revenue growth. Burberry chief executive Angela
Ahrendts said: "India is on a different curve. We only have
about two stores there now but I see the same growth potential."
TRINITY MIRROR BIDS FOR NORTH EAST SLOT IN ITV LOCAL NEWS
Publisher Trinity Mirror is bidding alongside the Press
Association and television producer Ten Alps for the chance to
make an ITV regional news bulletin for the North East.
Trinity Mirror is already the owner of several newspapers in the
region and hopes that these would form the basis for a new
Tyne-Tees news service, to be part-funded by public money. ITV
has complained that regional news bulletins will become
uneconomic when the UK switches to digital television, and
Labour ministers are keen for money from the BBC licence fee to
be used to help fund regional news on ITV.
TEMPUS
National Grid (A solid hold)
PayPoint (Too soon to check out)
AEA Technology (Take profits)
The Independent
SAB MILLER RAISES A GLASS TO UK SALES
SAB Miller has reported that volumes increased
amongst its leading beer brands in the UK during the six months
to 30 September. The brewer's UK business, Miller Brands, grew
volumes of Peroni Nastro Azzurro by 35 per cent over the period
and increased volumes of Pilsner Urquell by 26 per cent. The
brewer reported earnings before interest, tax, depreciation and
amortisation were down two per cent to 2.19 billion dollars over
the half year period, with pre-tax profits falling to 1.5
billion dollars, after exceptional charges of 239 billion
dollars.
HALFORDS PROFITS SOAR BY 24 PER CENT
Halfords has reported a 24 per cent increase in
pre-tax profits to 60.9 million pounds for the 26 week period to
October 2, driven by a 2.1 per cent increase in underlying sales
during the second quarter and tight cost controls. David Wild,
chief executive of the bike and car parts retailer, said: "We
can certainly continue sales for the remainder of this quarter,
but we are a bit more nervous about the first quarter of next
year with VAT going up, unemployment rising and the impact of
sterling on buying products from overseas."
KIER NAMES SUCCESSOR TO VETERAN CHIEF EXECUTIVE
Paul Sheffield has been appointed as the successor to
Kier chief executive John Dodds when he stands down from
the construction and engineering services group next April. Mr
Sheffield is currently Kier's head of construction,
infrastructure and overseas business, and has been with the
group since joining as a graduate engineer in 1983. Out-going
chief executive Dodds said: "I've worked with Paul Sheffield for
over 25 years and I'm absolutely convinced that he is the right
man to lead Kier into the future. Paul is highly talented and I
look forward to working with him to ensure a seamless transition
during the lead up to my retirement."
INVESTMENT COLUMN
National Grid (Buy)
Unite Group (Buy)
Huntsworth (Hold)
Prepared for Reuters by Durrants
Keywords: PRESS DIGEST British business Nov 20
COPYRIGHT
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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.
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| Thu 07:02 |
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RNS |
This news article is displayed preformatted as it may contain results tables
RNS Number : 7523C
Morrison(Wm.)Supermarkets PLC
19 November 2009
Record number of customers
attracted to Morrisons
Wm Morrison Supermarkets PLC
Q3 Interim Management Statement
Trading
The Group's performance in the third quarter has been good, continuing the progress reported in the first half. Sales continued to grow well ahead of the market, reflecting good like for like growth and the contribution from the 37 stores opened so far this year.
In the 13 weeks to 1 November total sales* excluding fuel were up by 9.1% (5.1% including fuel). Like for like sales* grew by 4.3% (1.3% including fuel).
At our interim results announcement in September we said that commodity prices would continue to ease through the quarter, resulting in lower retail price inflation and market growth. This has proved to be the case and our underlying sales performance in the period has been consistent with the good growth we experienced in the second quarter.
In this environment we continue to deliver great value and quality to our customers whilst focusing on managing our cost base and generating profitable growth.
Morrisons welcomed a record 10.8 million customers on average through its doors each week during this period, up by over 1.6 million since we launched our Food Specialist for Everyone strategy two years ago. Our like for like sales of 13% over this period reflect the attractiveness of our unique fresh, quality and value offer.
Optimisation Plan
Our new regional distribution centre at Sittingbourne opened ahead of schedule in the quarter to support the additional volumes going through the business as a result of our store opening programme, and we are very pleased with its early performance. The remaining initiatives within the Optimisation Plan, which concludes in January 2010, are on track.
Outlook
Performance in the third quarter has been good and we have confidence in the strength of our unique proposition. Our expectations for the current year remain unchanged.
Commentating on Morrisons 3rd quarter trading, CEO Marc Bolland said;
"Morrisons continues to grow ahead of the market driven by our award winning combination of outstanding quality, fresh food and great value. I am pleased that more and more customers are attracted to Morrisons, as we continue our journey from national to nationwide."
*exc VAT
Sales including VAT
Exc. fuel Inc. fuel
Total 8.4% 3.7%
Like for like 3.6% 0.0%
Enquiries:
Wm Morrison Supermarkets
Marc Bolland - Chief Executive 0845 611 5000
Richard Pennycook - Finance Director
Investor Relations
Niall Addison - Investor Relations Director 07764 624701
Media Relations
Wm Morrison Supermarkets: Gillian Hall 0845 611 5359
Citigate Dewe Rogerson: Simon Rigby 020 7638 9571
Sarah Gestetner
Kevin Smith
There will be an analyst conference call at 9 a.m. today.
Participants dial in line: 0800 028 1243 (UK)
+44 (0) 20 7806 1951 (international)
Pin number: 3694607¿
Replay facility: 0800 358 7735 (UK)
Replay Access Number: 3694607¿
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSEAKFNFLDNFEE
More
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| Wed 18:57 |
|
AFX UK Focus |
By James Davey and Mark Potter
LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month closing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
"A superb, credible choice," said Cavendish Asset Management fund manager Paul Mumford.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at brewer Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."
GOLDEN HELLO?
Morrison said Bolland would leave at the end of January and M&S's Rose told BBC radio he probably wouldn't start until late spring, although the date and terms were yet to be confirmed.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Investec's Katharine Wynne said his background in international brand marketing at Heineken would also strengthen the group's hand with its plans to expand more overseas.
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.
For INSTANT VIEW click on:
For COLUMN click on
For TIMELINE on M&S search for new CEO click on
(Additional reporting by Raji Menon and Matthew Scuffham, Editing by Dan Lalor and Elaine Hardcastle)
($1 = 0.5946 pound) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.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.
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| Wed 17:17 |
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AFX UK Focus |
By James Davey and Mark Potter
LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month closing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at Dutch beer group Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."
GOLDEN HELLO?
M&S said Bolland would join in the new year and on terms to be confirmed. He will stay at Morrison until the end of January.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
HANDOVER
M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Some analysts were disappointed by the scale and timing of the plan when it was announced last month
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.
For INSTANT VIEW click on:
For COLUMN click on
For TIMELINE on M&S search for new CEO click on
(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell ad Dan Lalor)
($1 = 0.5946 pound) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.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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| Wed 16:57 |
|
AFX UK Focus |
By James Davey and Mark Potter
LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month clsoing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at Dutch beer group Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."
GOLDEN HELLO?
M&S said Bolland would join in the new year and on terms to be confirmed. He will stay at Morrison until the end of January.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
HANDOVER
M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Some analysts were disappointed by the scale and timing of the plan when it was announced last month
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.
For INSTANT VIEW click on:
For COLUMN click on
For TIMELINE on M&S search for new CEO click on
(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell ad Dan Lalor)
($1 = 0.5946 pound) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
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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.
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| Wed 15:27 |
|
AFX UK Focus |
Nov 18 (Reuters) - British retailer Marks & Spencer has picked Marc Bolland as its next leader. Here are some key events leading up to his appointment.
March 2008 - M&S says CEO Stuart Rose will stay until July 2011 and will replace Chairman Terry Burns on June 1, 2008. Combining the roles infuriates some investors.
July - Rose survives one of the M&S's biggest shareholder rebellions as 22 percent of investors abstain or vote against his election as executive chairman.
March 2009 - In a fresh challenge to Rose's dual role, investor Local Authority Pension Fund Forum (LAPFF) files a resolution for the AGM calling on him to share power.
June 2009 - Three shareholder advisory groups -- Glass Lewis, Pirc and RiskMetrics -- urge the roles to be split and an independent chairman to be appointed by July 2010.
July 8 - Rose survives a big shareholder rebellion over its management succession plan, as 38 percent of investors urge him to stand down as chairman earlier than envisaged.
Sept. 9 - M&S promotes food chief John Dixon to its executive board, strengthening his chance of succeeding Rose. M&S has always said it would prefer an internal succession with finance director Ian Dyson and Dixon the most likely contenders.
Oct. 1 - Asda boss Andy Bond rules himself out. Bond was favoured partly for driving growth at Asda.
Nov. 18 - M&S appoint Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison.
((For main story please click on)
(Writing by Carl Bagh, Editorial Reference Unit, Bangalore; Editing by David Cutler and David Cowell) Keywords: M&S/CEO
(carl.bagh@thomsonreuters.com; +91 80 41355917; Reuters Messaging: carl.bagh@thomsonreuters.com)
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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.
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| Wed 15:03 |
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AFX UK Focus |
By James Davey and Mark Potter
LONDON, Nov 18 (Reuters) - British retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
Bolland, CEO since 2006 at the UK's fourth largest grocer, will replace Stuart Rose in the new year at a time and on terms to be confirmed, M&S said on Wednesday.
Morrisons said Bolland would stay until the end of January.
His appointment ends M&S's 20-month search for a new CEO and is expected to end a corporate governance dispute with investors over Rose's occupancy of both the chief executive and chairman's roles, analysts said.
M&S, one of Britain's biggest clothing retailers, previously said it would prefer an internal candidate, with Finance Director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as the contenders.
But analysts said they all failed to impress at last month's investor day, which was seen as a beauty parade for one of the biggest jobs in the industry.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrisons. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
"It's a very good move for shareholders and it's a good move for corporate governance. It's the positive news of the day," said a top 20 M&S shareholder.
Shares in M&S rose to a 17-month high and were up 6.5 percent at 392.1 pence at 1350 GMT. Shares in Morrison's were down 4.5 percent at 282.1 pence.
Rose will continue as part-time chairman to ensure a smooth transition and as previously stated will leave M&S by July 2011.
Bolland is widely regarded as having delivered a successful turnaround at Morrisons. Previous to that job he was chief operating officer at Heineken based in the Netherlands.
His appointment to M&S was welcomed by sector analysts, but they said it was a blow to Morrisons and some questioned his clothing retail experience.
"On the face of it, a very good appointment," said John Stevenson, analyst at KBC Peel Hunt.
"You could argue Marc hasn't got the public persona of, say, a Justin King (CEO of J Sainsbury), because he's not been in the press as much. But the fact is he's been very successful at Morrisons."
Luca Solca, analyst at Sanford Bernstein, welcomed the appointment but noted. "He (Bolland) doesn't have any non-food retail experience and to be honest his total retail experience is just three years."
Bolland joined Morrison when it was still reeling from the bodged acquisition of larger rival Safeway.
He took the reins from Ken Morrison, son of the founder and a major shareholder, and showed the kind of diplomacy he may need during what could be a period of powersharing with Rose.
Rose said the handover period would be about six weeks.
Ignoring some analysts' calls for him to sell off Morrison's food manufacturing operations and invest in non-food ranges, Bolland stuck with the group's traditional "Market Street" format of fresh food counters and gave it a makeover.
Combined with innovative promotions and new product ranges, he transformed Morrison into the fastest growing of Britain's top four food retailers for most of the past two years.
"Bolland was also an inspirational marketer and we sense Morrison will miss him materially," said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to "hold" from "buy."
Netherlands-born Bolland will be M&S' second non-British CEO, following Belgian Luc Vandevelde, whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrisons said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.
For an INSTANT VIEW on Bolland's appointment click on:
For a column on Bolland's appointment click on
(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
COPYRIGHT
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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.
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| Wed 15:00 |
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AFX UK Focus |
LONDON, Nov 18 (Reuters) - Marks & Spencer Plc
MARKS & SPENCER'S ROSE SAYS MARC BOLLAND WAS "VERY BEST CANDIDATE"
for CEO job
MARKS & SPENCER'S ROSE SAYS EXECUTIVES IAN DYSON, KATE BOSTOCK AND
John Dixon "excited" by Bolland appointment
MARKS & SPENCER'S ROSE SAYS WILL WORK ABOUT 3-DAYS A WEEK IN NON-EXEC
chairman role
MARKS & SPENCER'S ROSE SAYS BOLLAND "CAN TAKE BUSINESS ON ANOTHER
decade of its journey"
MARKS & SPENCER'S ROSE SAYS BOLLAND'S LACK OF CLOTHING RETAIL
experience "doesn't bother me"
MARKS & SPENCER'S ROSE SAYS "I WILL NEVER BE CEO OF ANOTHER RETAILER"
MARKS & SPENCER'S ROSE SAYS BOLLAND "NOT JUST A TURNAROUND MERCHANT"
MARKS & SPENCER'S ROSE SEES CEO HANDOVER PERIOD OF ABOUT 6 WEEKS WHEN
Bolland joins company
((London Equities Newsroom; +44 20 7542 7717))
(For more news, please click here)
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| Wed 13:40 |
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AFX UK Focus |
By James Davey and Mark Potter
LONDON, Nov 18 (Reuters) - British retailer Marks & Spencer picked Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
Bolland, who has been CEO at Morrisons, the UK's fourth largest grocer, since 2006, will take up his new post in the New Year at a time and on terms to be confirmed, M&S said.
Morrisons said Bolland would stay with the firm until the end of January.
His appointment ends M&S' 20 month search for a new CEO to succeed Stuart Rose.
M&S had previously said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as the contenders. But they all failed to impress at last month's investor day, which was seen as a beauty parade for one of the biggest jobs in the industry.
"Being CEO of M&S is the job in UK retail," said one shareholder. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
Shares in M&S rose to a 17-month high and were up 5.3 percent at 387.7 pence at 1233 GMT. Shares in Morrison's were down 4.8 percent at 281.6 pence.
Rose will continue as part-time chairman to ensure a smooth transition and as previously stated will leave M&S by July 2011.
Bolland is widely regarded as having delivered a successful turnaround at Morrisons. Previous to that job he was chief operating officer at Heineken based in the Netherlands.
His appointment to M&S was welcomed by sector analysts, but they said it was a blow to Morrisons.
"On the face of it, a very good appointment," said John Stevenson, analyst at KBC Peel Hunt.
"You could argue Marc hasn't got the public persona of, say, a Justin King (CEO of J Sainsbury), because he's not been in the press as much. But the fact is he's been very successful at Morrisons."
Bolland, who is Dutch, will be M&S' second non-British CEO, following Belgian Luc Vandevelde, whose troubled tenure in the top job culminated in a second failed bid approach for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
For an INSTANT VIEW on Bolland's appointment click on:
For a column on Bolland's appointment click on
(Editing by Paul Sandle and Andrew Callus) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
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| Wed 13:29 |
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AFX UK Focus |
By James Davey and Mark Potter
LONDON, Nov 18 (Reuters) - British retailer Marks & Spencer picked Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
Bolland, who has been CEO at Morrisons, the UK's fourth largest grocer, since 2006, will take up his new post in the New Year at a time and on terms to be confirmed, M&S said.
Morrisons said Bolland would stay with the firm until the end of January.
His appointment ends M&S' 20 month search for a new CEO to succeed Stuart Rose.
M&S had previously said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as the contenders. But they all failed to impress at last month's investor day, which was seen as a beauty parade for one of the biggest jobs in the industry.
"Being CEO of MKS is the job in UK retail," said one shareholder. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
Shares in M&S rose to a 17-month high and were up 5.3 percent at 387.7 pence at 1233 GMT. Shares in Morrison's were down 4.8 percent at 281.6 pence.
Rose will continue as part-time chairman to ensure a smooth transition and as previously stated will leave M&S by July 2011.
Bolland is widely regarded as having delivered a successful turnaround at Morrisons. Previous to that job he was chief operating officer at Heineken based in the Netherlands.
His appointment to M&S was welcomed by sector analysts, but they said it was a blow to Morrisons.
"On the face of it, a very good appointment," said John Stevenson, analyst at KBC Peel Hunt.
"You could argue Marc hasn't got the public persona of, say, a Justin King (CEO of J Sainsbury), because he's not been in the press as much. But the fact is he's been very successful at Morrisons."
Bolland, who is Dutch, will be M&S' second non-British CEO, following Belgian Luc Vandevelde, whose troubled tenure in the top job culminated in a second failed bid approach for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
For an INSTANT VIEW on Bolland's appointment click on:
(Editing by Paul Sandle and Andrew Callus) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
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| Wed 13:25 |
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AFX UK Focus |
LONDON, Nov 18 (Reuters) - WM Morrison Supermarkets PLC:
TO REVIEW BOTH INTERNAL AND EXTERNAL CANDIDATES FOR THE ROLE OF CHIEF EXECUTIVE
BOLLAND WILL REMAIN IN POST AS CHIEF EXECUTIVE OFFICER UNTIL THE END OF THE FINANCIAL YEAR
((London Equities Newsroom; +44 20 7542 7717))
(For more news, please click here)
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| Wed 13:02 |
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RNS |
RNS Number : 7025C
Morrison(Wm.)Supermarkets PLC
18 November 2009
Wm Morrison Supermarkets Plc
Directorate Change
18 November 2009
The Board of Wm Morrison Supermarkets Plc announces that it has received the resignation of Chief Executive Officer, Marc Bolland. He will remain in post as Chief Executive Officer until the end of the financial year.
The Board would like to express its appreciation for the contribution Mr Bolland has made to the development and success of the Company over the last three years.
The Board has commenced a process which will be conducted by its Nominations Committee to review both internal and external candidates for the role of Chief Executive Officer.
Sir Ian Gibson, Chairman of Morrisons, said: "The Morrisons Group has a strong and capable senior management team who will continue to deliver the business strategy which has enabled Morrisons to achieve market leading growth this year whilst the Board identifies a suitable successor. I would like to thank Marc for his contribution over the last three years."
The Q3 IMS for the period to 2 November 2009 will be released tomorrow morning.
Ends
Enquiries
Investor Relations
Niall Addison 07764 624701
Media Relations
Wm Morrison Supermarkets:
Gillian Hall 0845 611 5359
Citigate Dewe Rogerson: 020 7638 9571
Simon Rigby
Sarah Gestetner
Kevin Smith
Note to editors
There will be a Q3 IMS analyst conference call at 9 a.m. on 19th November 2009.
Analyst dial-in number: +44 (0)20 7806 1951
Password: 3694607
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOABDBDBLSBGGCI
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| Wed 12:37 |
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STOCKS NEWS Reuters Results diary
Europe Real-time Equity News
UK Stocks on the move
UK smallcaps UK smallcaps news
12:14GMT 18Nov2009-M&S up, Morrison down on Bolland appointment
---------------------------------------------------------------
Shares in Marks & Spencer rise 5 percent as analysts welcome the appointment of Marc Bolland as its new chief executive.
Bolland, currently chief executive of William Morrison Supermarkets, has been widely credited with turning around Morrison's performance. Shares in Morrison, Britain's fourth-biggest grocer, fall 5 percent as his departure raises questions over the sustainability of its revival.
"Bolland has an extremely good track record at Morrison. It's definitely a good appointment in our view but certainly a surprise," says Sam Hart at Charles Stanley.
"Bolland was probably only two-thirds of the way through the turnaround and restructuring programme at Morrison. That definitely leaves a big void for someone to fill," Hart adds.
For more please click on
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12:00GMT 18Nov2009-UK small caps up 0.1 pct at midday
-----------------------------------------------------
The FTSE Small Cap index gains 0.1 percent in midday trade, underperforming both the blue chips and the midcaps, which put on 0.4 percent and 0.8 percent, respectively.
Namibia-focused miner Kalahari Minerals climbs more than 4 percent after the firm announces "exceptional assay results" at Rossing South, which is owned by Australia's Extract Resources, in which Kalahari holds a 40.43 percent stake.
Hasgrove sheds 8.5 percent after the marketing and communications services group issues a trading update, with KBC Peel Hunt cutting its rating on the stock to "hold" from "buy".
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
11:40GMT 18Nov2009-PureCircle up following surprise placing
-----------------------------------------------------------
Shares in PureCircle Ltd rise as much as 6 percent after the Malaysia-based group says it raises 40 million pounds through a share placing to boost production of its natural sweetener.
The company says it placed 20 million shares at 2 pounds each, a 3.6 percent discount to the stock's Tuesday closing price.
FinnCap analyst Charles Pick says the surprise discounted placing suggests an increase in confidence by the company's management in the potential of Reb A, a natural sweetener extracted from stevia leaves.
Pick, who keeps a "hold" rating pending further information from the company, says the liquidity of shares will be improved.
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Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net
10:33GMT 18Nov2009-GTL Resources up on first-half results
---------------------------------------------------------
Shares in GTL Resources gain 5.2 percent after the AIM-listed ethanol producer swings to first-half pretax profit, which prompts Hoodless Brennan to repeat its speculative "buy" rating, saying the "performance should go some way to restoring confidence".
GTL reports a pre-tax profit of $2.5 million from a loss of $5.9 million for the same period in the previous year, partly as a result of substantially improved market commodity margins, as revenue increased 48 percent to $107 million.
"If this performance continues the group is extremely cheap on a 2010 view at only around 3.3 times earnings," says Hoodless Brennan in a note.
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09:379MT 18Nov2009-Dimension Data up on FY results
--------------------------------------------------
Shares in South African IT firm Dimension Data rise 4.7 percent after the company reports a 25.4 percent rise in full-year operating profit, which prompts Altium Securities to raise its target price to 90 pence from 82 and repeat its "buy" rating.
Dimension Data posts operating profit of $194.4 million and says revenue for the year rose 0.4 percent to $4 billion and earnings per ordinary share rose to 7.6 U.S. cents from 7.4 in the year-ago period.
Altium Securities says results came in ahead of its expectations and well ahead of consensus forecasts, adding further upgrades are likely to its top of the range estimates.
"Dimension Data is well positioned to take advantage from both the material increase in network technology and solutions spending over the next few years," says the broker in a note.
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09:33GMT 18Nov2009-Capita falls, wins less new work in 09
---------------------------------------------------------
Shares in Capita fall 4 percent after Britain's biggest back-office outsourcer says it won less new work in the ten months to the end of October than it did in the same period last year, with analysts concerned about its slowing growth rate.
The outsourcing group won 1 billion pounds of work in the year to date, as opposed to 1.2 billion this time last year. This compares unfavourable with rival Serco, which has won 4.5 billion pounds of new work so far this year, up from 2.6 billion at the same point in 2008.
"Capita has been a big underperformer this year -- it has only appreciated by 4 percent, compared to the FTSE100 and Serco who have both appreciated by 23 percent and 17 percent respectively," says Astaire analyst Andy Smith.
"At the interim the organic growth rate was 8 percent, having coming down from 12 percent and 14 percent in December 08 and June 08 but we still expect Capita to post a robust set of results in 2009."
For more, click on
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09:10GMT 18Nov2009-Ladbrokes higher as BoA/Merrill upgrades
-----------------------------------------------------------
Shares in bookmaker Ladbrokes rise as much as 5.5 percent to 134 pence, hitting a four-week high, after Bank of America-Merrill Lynch upgrades the stock to 'buy' from 'underperform' and raises its price target to 160 pence from 140 previously.
The broker says the worst news is over after a run of punter-friendly football results impacted margins, causing the stock to hit an all-time low.
"Since the last trading update football results have normalised. The proportion of draws has risen through the season which should lead to a normalisation of margins," say BoA/Merrill analysts in a research note.
Rival William Hill gains 1.6 percent to 190.3 pence.
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
08:31GMT 18Nov2009-Cadbury up on hopes of Hershey-Ferrero rival bid
-------------------------------------------------------------------
Cadbury shares rise as much as 1.8 percent on hopes chocolate makers Hershey Co and Ferrero SpA will mount a joint bid for he British confectioner, which could help it fend off a hostile takeover by Kraft Foods Inc . Analysts said they were unlikely to rush into any move, however.
A source familiar with the talks between U.S.-based Hershey and Italy's Ferrero told Reuters on Tuesday that discussions between the two sides were at a preliminary stage, giving the strongest signal yet of a possible rival bid to Kraft's $16.7 billion offer, which Cadbury has rejected as "derisory".
"A combination of Hershey and Nestle was initially talked about and Ferrero has been mentioned this week so perhaps they have got together, which would probably be good news for Cadbury, but it could be wishful thinking," said FinnCap analyst Charles Pick.
"But there could be something in it and if there is they (Hershey and Ferrero) would have plenty of time and could just wait and see how events unfold and look at the offer document when it's released."
For more, click on
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08:24 GMT 18Nov2009-FTSE small caps up 0.2 pct at the open
----------------------------------------------------------
The FTSE Small Cap Index gains 0.2 percent in early trade, taking its cue from London's blue chips which also add 0.2 percent, while the FTSE 250 rises 0.4 percent.
Building-maintenance firm Rok Plc rises 6.4 percent, topping the small cap risers in early on, after the firm announces it has been awarded Preferred Bidder as part of consortium in Oldham Housing Project worth 130 million pounds.
British driving services firm Trafficmaster Plc falls 1.6 percent after the company reports a fall in consumer services revenues and decreased visibility over the timing of future revenues for its business services division, but says it is on track to deliver a similar level of operating profit in 2009 as in the previous year.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
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| Wed 12:03 |
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AFX UK Focus |
LONDON, Nov 18 (Reuters) - British clothing, homewares and food retailer Marks & Spencer said on Wednesday it had appointed Marc Bolland as its new chief executive.
Bolland, currently CEO of William Morrison Supermarkets , the UK's fourth largest grocer, will take up his new post in the New Year at a time and on terms to be confirmed.
He will succeed Stuart Rose as CEO but Rose will continue as part-time chairman to ensure a smooth transition, M&S said in a statement.
As previously stated Rose will leave M&S by July 2011.
Bolland has been CEO of Morrison's since 2006.
Shares in M&S were up 4.3 percent at 384.9 pence at 1142 GMT. Shares in Morrison's were down 3.7 percent at 284.8 pence.
(Reporting by James Davey, editing by Paul Sandle) Keywords: M&S/
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
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| Wed 11:58 |
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AFX UK Focus |
For more please double click on or
((London Equities Newsroom; +44 20 7542 7717))
(For more news, please click here)
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| 12-11-09 |
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AFX UK Focus |
LONDON, Nov 12 (Reuters) - Price competition between retailers this Christmas will be the most intense for a decade, British grocer Asda said on Thursday, as it unveiled the latest in a series of cut-price deals in the sector.
Britain's second-biggest supermarket chain behind Tesco said it was cutting prices on 50 home technology products and accessories, including a Philips Blu-Ray DVD player, an Intempo iPod Dock and Fuji 10 Mega Pixel camera.
The move follows a wave of similar pre-Christmas offers from the group covering music, games, toys and clothing.
Britain's top three supermarkets are all expanding non-food ranges, which tend to attract higher profit margins than groceries, stepping up the pressure on specialist retailers.
The industry is also fighting over the market share of toys-to-DVDs chain Woolworths, which collapsed last Christmas.
"This year will be the most aggressive on price in a decade," Asda Chief Financial Officer Judith McKenna said.
Later on Thursday, Asda will announce third-quarter sales figures as part of a release by U.S. parent Wal-Mart.
Justin King, the head of British rival J Sainsbury said on Wednesday that competition this Christmas was "feisty," but stopped short of declaring a price war.
(Reporting by Mark Potter; Editing by Jon Loades-Carter) Keywords: ASDA/
(mark.r.potter@thomsonreuters.com; +44 20 7542-2943; Reuters Messaging: mark.potter.reuters.com@reuters.net)
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| 09-11-09 |
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RNS |
RNS Number : 2054C
Morrison(Wm.)Supermarkets PLC
09 November 2009
Form TR-1 with annex. FSA Version 2.1 updated April 2007
For filings with the FSA include the annex
For filings with issuer exclude the annex
TR-1: Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: Wm Morrison Supermarkets Plc
2. Reason for notification (yes/no)
Yes
An acquisition or disposal of voting rights
No
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
No
An event changing the breakdown of voting rights
No
Other (please specify):______________
3. Full name of person(s) subject to notification obligation: Nigel George Pritchard
4. Full name of shareholder(s) (if different from 3): Nigel George Pritchard & Susan Barbara Pritchard
5. Date of transaction (and date on which the threshold is crossed or reached if different): 6th November 2009
9th November 2009
6. Date on which issuer notified:
7. Threshold(s) that is/are crossed or reached: 4%
8: Notified Details
A: Voting rights attached to shares
Class/type of shares Situation previous to the triggering transaction Resulting situation after the triggering transaction
If possible use ISIN code
Number of shares Number of voting rights Number of shares Number of voting rights Percentage of voting rights
Direct Indirect Direct Indirect
GB0006043169 106,785,306 106,785,306 100,785,306 100,785,306 3.80%
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion period/date No. of voting rights that may be acquired (if the instrument Percentage of voting rights
exercised/converted)
Total (A+B)
Number of voting rights Percentage of voting rights
100,785,306 3.80 %
9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:
Proxy Voting:
10. Name of 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:
14 Contact name: Frances Davies, Gordons LLP
15. Contact telephone name: 0113 227 0389
This information is provided by RNS
The company news service from the London Stock Exchange
END
HOLEADFNELKNFFE
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| 08-11-09 |
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AFX UK Focus |
This news article is displayed preformatted as it may contain results tables
LONDON, Nov 8 (Reuters) - Newspaper publisher Trinity Mirror is planning to close its final salary pension scheme due to the increased costs of providing the scheme.
Trinity Mirror's pension deficit increased by 68.6 million pounds ($113.9 million) in the first half of the year to 275 million pounds as at June 30.
The company already closed its final salary scheme to new entrants in 2003 but said the volatility of financial markets, new pension regulation and rising life expectancies made it necessary to take further action.
"Closing these schemes to future accrual would help limit the increase in liabilities in the defined benefit pension schemes and help the group to fulfil its commitment to eliminate the current deficit," it said in a statement.
The group currently has 3,000 active members of the final salary scheme and these will be offered the defined contribution scheme after a tow-month consultation period, a spokesman said on Sunday.
Other UK companies who are considering closing or who have closed final salary pension schemes include Johnson Matthey , Dairy Crest, Barclays, Morrisons and Rentokil.
($1=.6025 pounds)
(Reporting by Victoria Bryan; Editing by Greg Mahlich) Keywords: TRINITYMIRROR PENSION/
(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)
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| 03-11-09 |
|
RNS |
RNS Number : 8948B
Morrison(Wm.)Supermarkets PLC
03 November 2009
Wm Morrison Supermarkets PLC
Preference Share Redemption Letter
Copies of the letter sent to shareholders holding 5¼% Cumulative Redeemable Preference Shares confirming redemption of those shares have been submitted to the UK Listing Authority for publication through its Document Viewing Facility at Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
The document can also be viewed on the Company's website at www.morrisons.co.uk
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 02-11-09 |
|
RNS |
This news article is displayed preformatted as it may contain results tables
RNS Number : 7628B
Morrison(Wm.)Supermarkets PLC
02 November 2009
BLOCK LISTING SIX MONTHLY RETURN
Information provided on this form must be typed or printed electronically and provided to an ris.
Date: 2 November 2009
Name of applicant: Wm Morrison Supermarkets Plc
Name of scheme: Wm Morrison Supermarkets Plc Executive Share Option Scheme
Wm Morrison Supermarkets Plc Sharesave Scheme
Period of return: From: 01.05.09 To: 31.10.09
Balance of unallotted securities under scheme(s) Wm Morrison Supermarkets Plc Executive Share Option Scheme
from previous return: - 1,814,000
Wm Morrison Supermarkets Plc Sharesave Scheme - 4,719,434
Plus: The amount by which the block scheme(s) has Wm Morrison Supermarkets Plc Sharesave Scheme - 20,000,000
been increased since the date of the last return (if
any increase has been applied for):
Less: Number of securities issued/allotted under Wm Morrison Supermarkets Plc Executive Share Option Scheme
scheme(s) during period (see LR3.5.7G): - 116,000
Wm Morrison Supermarkets Plc Sharesave Scheme - 19,717,203
Equals: Balance under scheme(s) not yet Wm Morrison Supermarkets Plc Executive Share Option Scheme
issued/allotted at end of period: - 1,698,000
Wm Morrison Supermarkets Plc Sharesave Scheme - 5,002,231
Name of contact: Hazel Jones
Telephone number of contact: 0845 611 5702
This information is provided by RNS
The company news service from the London Stock Exchange
END
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