View more on these topics

Resolution bid to see B&B’s books wins UK Shareholders Association support

Resolution’s request to access Bradford & Bingley’s books has been given the backing of the UK Shareholders Association and 40 per cent of the bank’s institutional shareholders, the firm claims.

The investment company led by Clive Cowdery made a £400m bid to acquire a controlling stake in the bank, which was rejected by B&B’s board as it continues to recommend that its shareholders vote for a rights issue and the sale of a 23 per cent stake to Texas Pacific Group.

B&B is denying Resolution access to its books for due diligence purposes.

The Association of British Insurers has warned that the proposals recommended by the B&B board to the bank’s shareholders represent “breaches of sound governance”.

UK Shareholders Association communications director Roger Lawson says: “We believe that Resolution’s proposal should be seriously considered by Bradford & Bingley and that Resolution should be given access to financial information to enable them to firm up their proposal.”

Resolution says its proposals would provide a capital injection into B&B that is not conditional on maintenance of credit ratings or the uncertainty of a rights issue.

It also argues that its proposals would be on a similar timetable to the rights issue and capital raising from TPG, but at a materially higher price.


‘Web is future of distribution’

Product providers must develop a web-based multi-channel distribution model to capitalise on direct online sales as relationships with advisers become increasingly unstable, says 1st The Exchange.In a white paper on changes to the UK advisory market, it warns that relationships with IFAs will be “seriously under threat” if commission is abandoned under the retail distribution […]

‘Absolute beginners must prove their credentials’

BlackRock managing director Alex Hoctor-Duncan is warning of potential “roadkill” in the absolute return sector due to the number of funds coming to market.Hoctor-Duncan says investors and advisers must be cautious when selecting funds and need to understand that there are various ways of achieving absolute returns.He says: “I think advisers have to take a […]

Intrinsic axes Mint staff

Intrinsic has made almost half of Mint’s back-office staff redundant, Money Marketing understands.Twelve out of 25 people lost their jobs, including almost all the compliance team, half the IT team and admin staff. A source says: “Intrinsic called a meeting on May 30 and the Mint staff were given their marching orders a few days […]

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm