Word: monday
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With his shock of blond hair, deep tan and rakish English charm, billionaire entrepreneur Richard Branson likes to portray himself as maverick of the business world. And, on Monday, he made a typically bold gesture, announcing that he would lead an investment consortium to rescue the ailing U.K. mortgage lender Northern Rock. In an open letter to Northern Rock customers entitled "A Fresh Start," he pledged to save the bank and declared that the company would soon be known as Virgin Money...
...billion of new cash into Northern Rock, with half of that investment from the consortium. The remainder would be raised through an offer to existing shareholders to buy new shares for 25 pence (52 cents) each?as opposed to a share price that reached 110.1 pence ($2.28) on Monday during turbulent trading. The offered price values Northern Rock at $413 million, which is considerably less than its current market value of $960 million...
...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...
David Graves' Rooftop Magic NYC honey Sold at the Berkshire Berries stand at New York City's Union Square Greenmarket on Monday, Wednesday and Saturday, or visit berkshireberries.com...
...unlikely that the government will ever go that far, the newly appointed Vice Chief of Army Staff, Ashfaq Kyani, who is slated to take over from Musharraf when he retires as army chief, is already taking steps to remedy some of the military's worst problems. On Monday, he visited troops in Swat to raise morale and is taking concrete steps to get them more training and equipment. Even as U.S. military commanders return again and again to well-thumbed counterinsurgency textbooks dating to Vietnam to help with current engagements in Iraq and Afghanistan, Pakistan too has to learn...