|Bid||403.60 x 25900|
|Ask||404.30 x 44600|
|Day's Range||397.13 - 411.40|
|52 Week Range||397.13 - 716.00|
|Beta (3Y Monthly)||-0.06|
|PE Ratio (TTM)||16.18|
|Earnings Date||Jul 30, 2019|
|Forward Dividend & Yield||0.10 (2.44%)|
|1y Target Est||730.20|
The strategic rationale for the tie-up is partly predicated on the demographic trends playing out in Saudi Arabia and in response to King Salman’s National Transformation Plan, which explicitly sets out the increased role for private sector participation in healthcare services. A couple of days after the agreements were settled, the group’s chief executive, Prasanth Manghat, purchased 75,000 shares at around 2,495p apiece, increasing his aggregate holding by 42 per cent. That is a heavy commitment, but he may feel that investors need some indirect reassurance given the steep rise in net debt/payables through 2018.
“I am extremely sorry that we’ve had to take this decision,” Woodford, wearing a dark pullover, said in a video posted to YouTube overnight in London. “We understand our investors’ frustration. Former bond king Bill Gross, who enjoyed decades of success, issued a letter to investors in 2011 titled “Mea Culpa” after his fund lagged peers.
As Neil Woodford battled to contain the fallout from gating his flagship fund, the famous stock picker endured another setback on Tuesday as subprime lender Non-Standard Finance Plc’s hostile bid for larger rival Provident Financial Plc foundered. Woodford’s firm is a big holder in both stocks and had backed the union. The tie-up appeared to be in the bag, even if other shareholders objected.
NSF has decided to let its offer for Provident lapse, according to a statement Tuesday, confirming an earlier report by Bloomberg News. NSF made an unsolicited offer in February for Provident worth about 1.3 billion pounds ($1.7 billion), and its deadline for getting shareholder approval had already been extended.
Famed for eschewing the tech bubble and sticking with tobacco and pharmaceuticals as others sold out, Neil Woodford's cult status among British money managers is on the ropes after some of his investors were unable to recoup their money. When Woodford struck out on his own from Invesco and launched Woodford Investment Management, billions of pounds flowed into his funds, which often bucked conventional market wisdom and included riskier, less liquid investments.
The watchdog also confirmed NSF had offered to demerge its Loans at Home unit, the UK's third-largest provider of home credit, but raised questions over whether the resulting offshoot would be truly independent. NSF, controlled by funds who also own just over 50 percent of Provident, earlier this month dropped the level of acceptances needed to press ahead with the bid after winning over investors with 53.53% of its shares, well short of its original 90% target. NSF, led by ex-Provident boss John van Kuffeler, set June 5 as the last date on which the takeover may be declared unconditional.
Morningstar has downgraded British wealth manager Neil Woodford's £4.3 billion Equity Income Fund to neutral from bronze due to heavy redemptions and risk-taking, the fund rating firm said on Monday. "Persistent redemptions, underperformance, and stock-specific issues, combined with the manager's relentless willingness to push the portfolio to its liquidity limit, have resulted in portfolio positioning that we consider extreme," Morningstar analyst Peter Brunt said in a note. Morningstar awards gold, silver or bronze ratings to funds it considers strongly performing.
Led by NSF's chief executive John van Kuffeler, who is a former boss of fellow subprime lender Provident, the takeover attempt has become increasingly bitter, with NSF saying Provident has been mismanaged. In its defence, Provident has raised concerns about the strategic, operational and financial logic of NSF's offer and its historical dividend payments and share buybacks. NSF, which first made a move in February, said in a statement that its offer was now unconditional in terms of acceptances by investors, with June 5 the last date on which the takeover may be declared "wholly unconditional".
The FTSE 100 advanced 0.8% and outperformed its European peers. The FTSE 250 was roughly flat. Markets were initially upbeat after U.S. President Donald Trump said talks between Beijing and Washington had not collapsed, terming the Sino-U.S. conflict as "a little squabble".
The Competition and Markets Authority (CMA) said in February sub-prime lender Provident and smaller rival Non-Standard Finance (NSF) would have to hold off from integrating after any deal, to protect staff and customers while it considers the market impact of combining the subprime lenders. "We fully expect to reach an agreement in principle on an appropriate remedy with the CMA during the initial Phase I review process," NSF said on Monday. "If the CMA's approval has not been received by the date on which all other conditions to the offer are satisfied, NSF will have a decision as to whether or not to waive the CMA condition and proceed to completion," NSF said on Monday.
Provident said that 96% of the shares held by its independent shareholders have yet to be signed up to NSF's offer for the larger company, just days before a final deadline the latter has given for the deal to be accepted. Three funds - Woodford, Invesco and Marathon - holding more than 50% of Provident and a majority stake in NSF have all backed the bid, led by current NSF Chief Executive Officer and former Provident boss John van Kuffeler. "While this (96%) statistic is interesting and clearly implies low support for the transaction, the offer process only requires a majority if NSF chooses to proceed," KBW analyst Martin Williams said in a note on the deal.
(Adds company news items and futures) May 10 (Reuters) - Britain's FTSE 100 index is expected to open 22 points higher at 7,229 on Friday, according to financial bookmakers, while FTSE 100 futures were ...
NSF's 1.3 billion pound hostile bid for Provident has turned into a bitter war of words between the two subprime lenders, with NSF accusing Provident Financial executives of mismanaging the company. Provident, established in 1880 and based in the northern English city of Bradford, has been rebuilding after a botched restructuring of its home credit business led to profit warnings and the departure of its chief executive officer in 2017.
Provident, established in 1880 and based in the northern English city of Bradford, has been rebuilding after a botched restructuring of its home credit business led to profit warnings and the departure of its CEO in 2017. Non-Standard Finance (NSF) has expressed "strong confidence" in its takeover bid, giving investors more time to accept its $1.3 billion offer. Provident has rejected the offer and hit back at NSF accusations of mismanagement.
(Adds company news items and futures) May 3 (Reuters) - Britain's FTSE 100 index is seen opening 1 point higher at 7,352 on Friday, according to financial bookmakers, while FTSE 100 futures were up 0.13 ...