Private equity suitors are circling troubled banknote maker De La Rue (DLAR) as they prepare to pick off its more promising businesses. Shares in De La Rue, which lost the prestigious contract to print Britain’s post-Brexit blue passport last year, tumbled last month after the firm released the latest in a string of profit warnings. Predators have now seized on this opportunity to look at snapping up De La Rue’s product authentication arm for a knock-down price. Three private equity firms –one headquartered in the UK and two US firms with London offices – are weighing up a bid for the division. De La Rue’s product authentication unit creates tracking software and physical labels to help prevent trade in fraudulent items, from cigarettes to official football shirts.
Marks & Spencer Group (MKS) has quietly shelved its Classic womenswear label to bring an end to its ‘confusing’ stable of brands. It follows a review of its women’s clothing brands and a drive to appeal to a broader range of shoppers. It will now focus on M&S Collection, Autograph and its recently relaunched Per Una. M&S still has a Classic section on its online shop promising ‘everyday quality’ and ‘timeless tailoring’. But this weekend that part of the website is not displaying any items of clothing and a source said it was on the brink of being removed. Classic was launched in 2001 to appeal directly to women over-55 – once referred to as the chain’s ‘core’ shoppers. A spokeswoman said the ‘best parts’ of the Classic range have now been absorbed into the main M&S Collection. It follows the fate of other former labels including Limited, Portfolio and Indigo.
It’s full steam ahead for the rescue of Titanic manufacturer Harland & Wolff as its buyer prepares to tap investors for £6million. Infrastrata (INFA) will announce a placing of new shares to the market this morning for 0.3p each. It will use the cash to pay £5.25million for Harland & Wolff’s engineering assets, securing the future of the shipyard’s 70 employees.
Kier Group (KIE) has admitted to covering its former chief executive’s home broadband bill in a pay report that is set to trigger a shareholder revolt this week. Influential shareholder advisory groups ISS and Glass Lewis have both told investors to vote against approving the executive payments at the key Government contractor’s annual general meeting on Friday. Kier – which has seen its market value fall from around £1 billion to less than £200 million in a year – paid its board a total of £2.1 million in the year to June, when the firm reported losses of £245 million. The total is down from £5.5 million the year before because Kier did not pay any bonuses in 2018-19. But Kier’s annual report reveals that Haydn Mursell – ousted as chief executive in January after a bungled share sale – still took home £423,000, down from £1.5 million the previous year.
Oil titan Saudi Aramco will offer just 0.5% of its shares to individual investors when it floats. The firm, owned by the Saudi Arabian state, published its long-awaited prospectus over the weekend. But the 658-page document was light on detail, and revealed nothing about how much the shares would be valued at, the total percentage of the company which would be sold, or a date for the stock market listing.
