Connect with us

Business

Sirius Minerals shareholders seek last-ditch deal to stop takeover

Published

on

Yorkshire potash miner Sirius says it will need £460m to complete the next stage of the mine under North York Moors

Yorkshire potash miner Sirius says it will need £460m to complete the next stage of the mine under North York Moors

Yorkshire potash miner Sirius says it will need £460m to complete the next stage of the mine under North York Moors

Desperate Sirius Minerals shareholders have launched a last-ditch campaign to find an alternative to a £405million takeover deal that would leave many of them with virtually nothing.

Yorkshire potash miner Sirius is in the process of being taken over by miner Anglo American in a 5.5p per share deal after efforts to raise funds failed in September.  Shareholders are due to vote on the deal on March 3.

But a group of investors is trying to drum up support from fellow private and institutional backers for other rescue options, such as a fundraising by selling new shares. 

This would keep the company publicly listed and mean investors do not have to cement losses they have made since the share price crashed six months ago.

The group wants to prove there would be enough support for them to conduct a £460million cash call, which is what Sirius said it would need to complete the next stage of the mine under North York Moors.

 

Business

Coronavirus set to claim a series of corporate victims as Brighthouse and Carluccio’s near collapse

Published

on

By

The coronavirus is set to claim a series of corporate victims this week as Brighthouse and Carluccio’s near collapse. 

Rent-to-own firm Brighthouse will appoint administrators today after the lockdown tipped it over the edge. 

And Italian-style restaurant chain Carluccio’s is working with administrators FRP to ‘consider all options’ in a move which could threaten more than 2,000 jobs. 

On the brink: Rent-to-own firm Brighthouse will appoint administrators after the lockdown tipped it over the edge

On the brink: Rent-to-own firm Brighthouse will appoint administrators after the lockdown tipped it over the edge

On the brink: Rent-to-own firm Brighthouse will appoint administrators after the lockdown tipped it over the edge

Carluccio’s chief executive Mark Jones said that his company is ‘days away from large-scale closures’ without state aid, while a group of 38 MPs have written to Chancellor Rishi Sunak urging him to step in with an aid package to support the aviation sector as travel bans have decimated bookings. 

Research from accountancy firm UHY Hacker Young has revealed that the number of restaurant insolvencies last year climbed 10 per cent to 1,500, while the number of pubs which went bust also increased by 10 per cent, to 500. 

Continue Reading

Business

Locked down zoo saved as Lloyds Bank stumps up £300,000

Published

on

By

A Somerset zoo that was forced to close its doors to the public due to the coronavirus pandemic has bagged £300,000 of funding to help it survive. 

Noah’s Ark Zoo Farm, in Wraxall near Bristol, was forced to shut last weekend in the run-up to its busiest time of the year, but was facing substantial costs to look after more than 1,000 animals. 

Lifeline: Noah's Ark Zoo Farm, in Wraxall near Bristol, was forced to shut last weekend in the run-up to its busiest time of the year

Lifeline: Noah's Ark Zoo Farm, in Wraxall near Bristol, was forced to shut last weekend in the run-up to its busiest time of the year

Lifeline: Noah’s Ark Zoo Farm, in Wraxall near Bristol, was forced to shut last weekend in the run-up to its busiest time of the year

However, the family owners were able to breathe a sigh of relief after agreeing a £300,000 package with Lloyds Bank which will allow them to retain their team of specialist staff. 

Lenders are under pressure from the Government and Bank of England to support businesses through the lockdown. Lloyds has worked with Noah’s Ark for the entire 66 years the Bush family has been on site. 

Managing director Larry Bush said: ‘Running a zoo is a huge undertaking and we were really concerned about our animals. 

‘But our catering suppliers donated fruit and veg that would otherwise have been delivered to local hotels and restaurants, and the public have shown their support.’ 

 

Continue Reading

Business

Arcadia halts £2m pension top-ups as it tries to cling on to cash in face of coronavirus lockdown

Published

on

By

Sir Philip Green’s retail empire is suspending payments to its pension scheme as it desperately tries to cling on to cash in the face of the coronavirus lockdown. 

Arcadia, which owns High Street brands including Topshop, Wallis and Dorothy Perkins, will halt the £2m monthly contributions which were agreed with The Pensions Regulator last summer to reduce a shortfall in the pension scheme. 

Under pressure: Sir Philip Green's Arcadia owns High Street brands including Topshop, Wallis and Dorothy Perkins

Under pressure: Sir Philip Green's Arcadia owns High Street brands including Topshop, Wallis and Dorothy Perkins

Under pressure: Sir Philip Green’s Arcadia owns High Street brands including Topshop, Wallis and Dorothy Perkins

The deal saw Sir Philip’s wife, Tina, who technically owns Arcadia, agree to plug the gap in the scheme by also making her own £25m per year contributions. 

She will continue to make those payments, despite the crisis hitting High Street sales. 

But pensions expert John Ralfe, who advised MPs investigating the collapse of Sir Philip’s High Street chain BHS, estimates that if Arcadia were to go bust the current shortfall in its pension scheme would be around £350m to £400m.

Continue Reading

Trending