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Rensburg rejects Rathbones for Carr Shepherd takeover

Private client manager Rensburg’s rejection of Rathbones’ offer in favour of a reverse takeover of Carr Shepherd Crosthwaite could secure its shareholders a better deal.

The Rensburg board rejected Rathbones’ offer of 610p a share after Rensburg shares were suspended at 500p last week. Liontrust and Framlington fund managers have criticised the reverse takeover that will see Rensburg pay a premium to become a subsidiary of Investec, with only 36 per cent control of the business.

But Altium speciality finance analyst Jeremy Grime says Rensburg shareholders will effectively own 36.4 per cent of the combined group’s assets, 3.5bn, in the Carr Shepherds deal compared with 27.8 per cent, 3.3bn, under the Rathbones’ proposals as Rathbones prices its funds more expensively. Grime says:”It seems a very strange move, paying a premium to give away control of your business but the two offers are really not miles apart and both are dilutive to Rensburg.”


Savings gap is the result of economic success

Tony Byrne’s recent Independent View column is his usual mixture – highly entertaining with spin and misconceptions (Money Marketing, January 6). Whether or not you feel that insurance company funds should enjoy negative taxation, as has happened in recent years (speaking as a taxpayer, I do not), this Government has not “taken tax-raising to a […]

Mortgage Express launches Max 130

Mortgage Express is launching Max 130 – a new product enabling homebuyers to borrow up to 130 per cent of their property value with no higher lending charge.Max 130 is designed to meet the needs of first time buyers, people without a deposit and those that require cash and debt consolidation.There are two rates available. […]

Independent view – Peter Hargreaves

I am sure that other brokers, product providers and IFAs will be in the same boat as Hargreaves Lansdown. The amount of time, effort and cost involved in verifying a client’s identity is nothing less than seriously onerous. Let me state here that we take money laundering seriously and adhere strictly to the rules.

Qatar cover image - thumbnail

White paper — Qatar International Insights

Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.


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