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Osmond could lose £200m on Pearl as Cowdery circles assets

Hugh Osmond is set to lose up to £200m of his paper fortune as a result of the restructuring of his Pearl Group empire, according to The Sunday Times.

Meanwhile, The Independent on Sunday has suggested that Clive Cowdery is eyeing off some or all of the assets he sold to rival Osmond last year.

An FSA investigation into Cowdery and other directors of the original Resolution came to a close this month, giving the green light for the new firm, Resolution Limited, to go ahead with acquisitions.

The Sunday Times said Osmond is close to agreeing a £3bn debt-for-equity swap with a group of banks including Lloyds Banking Group.

It suggests a deal may be announced by the end of this week.

The paper claims the move will lead to £500m of new equity being pumped into the business from private equity firm, Liberty.

The Amsterdam-listed firm is expected to buy the majority of the shares the banks acquire in Pearl through the swap.

Pearl’s debt soared last year after its £5bn acquisition of Cowdery’s original Resolution.

The firm’s capital base has been impacted by the turbulence in stock markets.


Red tape register

Speculation is mounting that the Government will adopt proposals for private landlords to be licensed when it responds to the Rugg review in the next fortnight.

America must ‘pay the piper’, says Johnstone

There are positive indicators in the American economy but the country is by no means through the credit crisis. This is the view of Bruce Johnstone, a managing director and former chief investment officer (CIO) at Fidelity International.Speaking at a conference for wealth managers today, Johnstone warned of the possible consequences of the Federal Reserve […]

Brimecome taking over from Treves

Equitable Life chairman Vanni Treves will be retiring later this year after eight years in the role. He will be succeeded by non-executive director Ian Brimecome.


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