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Kensington shareholders vote in favour of Investec deal

Kensington Group shareholders have voted in favour of the offer made by South-African firm Investec at its EGM today.

The meeting saw 178 (97.27 per cent) of scheme shareholders vote in favour of the deal, with just 5 (2.73 per cent) against.

This comes despite rumblings last month that several major shareholders, including former chairman Martin Feingold who owns just under 12 per cent of Kensington, have criticised the sales price.

The £270m price tag is less than half what Kensington was valued at a year ago, which reflects problems it has experienced including several profit warnings.

The completion of the acquisition is likely to occur in August, with a meeting of Kensington’s petition to sanction the scheme to take place on August 7.


C&G puts pressure on exit fees

Leading lenders are sticking to charging exit fees despite Cheltenham & Gloucester’s decision to scrap its charges on new lending.C&G’s move comes just before the FSA’s July 31 deadline for lenders to review their fees for clients. A Money Marketing survey has found that several major lenders, including Nat-ionwide, Alliance & Leicester, Yorkshire Building Society […]

D&B scores own goal with glitch

Credit-rating agency Dun & Bradstreet has written to over 300 companies to apologise after a system glitch downgraded the firms’ credit risk ratings.D&B’s ratings on companies’ financial strength are a key part of the data which is used by the Pension Protection Fund to calculate individual companies’ risk-based levies.D&B says that it updated its scoring […]

Woolwich joins

Online mortgage company has added Barclays’ Woolwich mortgage brands to its range of products. Customers of can compare the whole of market before going directly to the Woolwich customer service teams by telephone to complete their mortgage application.Since launch has offered consumers a full mortgage search facility to compare mortgages from all […]

Stop the cold-calling

Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]


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