Word: branson
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...issue arrived just in time for Christmas. While I admire 10 Questions subject Richard Branson, I think you overdid it with the picture. He looked like a Western vision of Christ: long, flowing hair; beard; eyes raised to heaven. All he lacked was a crown of thorns...
Nicknamed the Rebel Billionaire for his daredevil stunts, the Virgin megabrand founder was just dubbed Citizen of the Year by the U.N. for his eco-advocacy. Richard Branson will now take your questions...
...Many shareholders aren?t happy. According to Robin Ashby of the Northern Rock Small Shareholders Group, an "overwhelming majority" of shareholders at a meeting on Monday in the northern English city of Newcastle where the lender is based, agreed in an informal vote that Branson?s offer undervalued the company. Shareholders still have the power to block a sale because the bank has not officially been declared insolvent, despite its reliance on an approximate $47 billion bail out made by the Bank of England in September, when Northern Rock revealed its financial difficulties. "The directors need to be aware that...
...bigger worry for Branson is that some larger shareholders are coming out against the deal. Philip Richards, CEO of the hedge-fund RAB Capital, which owns 6.5 % of the bank, released a statement saying, "We do not believe that this proposal reflects the true value of Northern Rock and we would expect either that this proposal be improved or that alternative proposals be brought forward...
...shareholders are unhappy with Branson?s bid, however, it is unclear where they might find a better one. The U.S.-based private-equity firm JC Flowers has also promised to repay billions of pounds of the Bank of England loan upfront, but its proposal offers shareholders only around 1 pence per share. Another investment firm, Olivant, has proposed buying a minority stake while parachuting new management in, a plan that would keep share prices at higher levels. But with the British government having already plunged billions of dollars into the bank, it will want to retain...