ASOS (ASC) has appointed a slew of heavy-hitting directors to revive its fortunes. Four new non-executive directors, with experience at companies from Ocado to Burberry, will ‘reflect Asos’s increased size and scale’. They replace Hilary Riva and Rita Clifton, to leave the board when their six-year tenures expire in April. Karen Geary, a non-executive director at National Express and formerly chief human resources officer at software firm Micro Focus, joined yesterday. Luke Jensen, the boss of Ocado’s technology division, will take his place on Asos’s board at the beginning of November.
Metro Bank (MTRO) has finally managed to shore up its balance sheet as chairman Vernon Hill agreed to leave by the end of the year. Metro, forced to pull a £200million bond issuance last week after failing to garner enough interest from investors, launched a new £350million bond yesterday. The bank promised investors a yield of 9.5%, even higher than the 7.5% it was advertising on its last failed fundraising. The bond launch came as Hill, Metro’s founder, said he would step down as chairman of the lender by the end of the year even if a replacement has not been found. And he will leave the board altogether. This summer, the US businessman said he would retire as chairman but only once a replacement was found. He also planned to remain as a non-executive director.
Aston Martin Holdings (AML) shares slumped another 6% yesterday as it capped off a torrid first year as a public company. Britain’s only listed car maker floated at 1900p a year ago today – but has plunged 75% since and last night closed at just 478p.
Paddy Power and Betfair owner Flutter Entertainment (FLTR) has agreed to buy Canadian rival The Stars Group in a £9.3billion deal aimed at creating the world’s biggest betting firm. Flutter’s chief executive, Peter Jackson, said the deal would help the group ‘turbocharge’ its expansion and means it will have customers in over 100 markets. If shareholders approve the deal, Flutter will own 54.6% of the newly formed group, with Stars shareholders holding the remainder. The newly-formed firm will have its headquarters in Dublin and be listed on the London Stock Exchange, as well as on Euronext Dublin. The takeover of Stars by Flutter will allow the two firms to make savings of £140million a year, while there will also be potential cross-sell in international markets and lower finance costs.
Dave Lewis, boss of Tesco (TSCO), has revealed plans to step down next summer after five years at the helm. Lewis, who was parachuted in to lead Tesco’s drastic transformation in 2014, said his work ‘is complete’ as the retailer now moves from ‘turnaround to growth’. The supermarket chief will be succeeded by Boots lifer Ken Murphy. Lewis said: ‘My decision to step down as group CEO is a personal one. I believe that the tenure of the CEO should be a finite one and that now is the right time to pass the baton. ‘Our turnaround is complete, we have delivered all the metrics we set for ourselves. The leadership team is very strong, our strategy is clear and it is delivering.’
City veteran Martin Gilbert has called time on his three and a half decade tenure at fund management giant Standard Life Aberdeen (SLA) and one of its two forerunners, Aberdeen Asset Management. The firm announced that Gilbert, who is vice chairman of the group and chairman of Aberdeen’s investment arm, will not be standing for re-election at the company’s shareholder meeting next May and therefore departs in September. In March Gilbert stood down as the firm’s co-chief executive, the role he had held since the merger with rival Standard Life in 2017.
Eye disease specialist ReNeuron Group (RENE) had mixed results from an ongoing trial. The treatment involves injecting a stem cell therapy into the eyes of people with a genetic condition called retinitis pigmentosa, which causes degenerative blindness. This worked rapidly and profoundly on the first few candidates – judged by reading letters on a chart – but with a lower rate of improvement in subsequent patients.
Hochschild Mining (HOC) slipped after it bought a deposit of rare earth minerals in Chile for £46million in cash. It said the market for the minerals is forecast to ‘grow exponentially’ as they are used in renewable technologies such as electric cars and wind turbines. China currently dominates world supply and has threatened to slash exports in its ongoing trade war with the US – so getting hold of deposits elsewhere is a priority for many mining groups.
Infrastrata (INFA) the energy infrastructure firm that has rescued Belfast shipyard Harland & Wolff soared as it said it had completed a number of pre-construction milestones that it needed to finish in September. It is still on schedule for other preparations it needs to complete this year, it added.
Motif Bio (MTFB) was on the up after it conditionally raised £600,000 to enable a restructuring, announced earlier this week, that would see it sell off its main asset, an antibiotic called iclaprim.
