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GRT Gartmore Grp

119.80
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gartmore Grp LSE:GRT London Ordinary Share KYG917851084 ORD 0.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 119.80 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 119.80 GBX

Gartmore Grp (GRT) Latest News

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Date Time Title Posts
25/2/201113:39Gartmore - one of the first floats in 2010326
18/12/201011:33*** Gartmore Group ***9

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Gartmore Grp (GRT) Most Recent Trades

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Gartmore Grp (GRT) Top Chat Posts

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Posted at 18/12/2010 11:33 by spob
from the FINANCIAL TIMES


Henderson eyes bid for Gartmore
By Miles Johnson

17 December 2010

Henderson Global Investors has begun negotiations with Gartmore about making a £344m rescue bid for the troubled City fund manager.

It has made a 95p per share conditional offer, a discount to Gartmore's current share price of 104.8p, which would be paid in a mix of cash and Henderson shares, according to people familiar with the talks.

EDITOR'S CHOICE
In depth: Hedge funds - Dec-14.SEC fines Gartmore $1.35m for trading breach - Dec-09.Aberdeen rules out buying rival Gartmore - Nov-30.Henderson tests the water for Gartmore rescue - Nov-26.Swan Street builds its interest in Gartmore - Nov-23.

The terms of the deal, which Jeffrey Meyer, Gartmore chief executive, wants to complete by the end of the year, have not been finalised and there is no certainly of its success, these people said.

Henderson's interest in Gartmore, which was first reported by the Financial Times last month, comes after its rival put itself up for sale after the departure of its key fund manager Roger Guy.

Gartmore, which is being advised by Goldman Sachs, received two other indicative offers – one from GAM, the Switzerland-based fund manager, and the other from the Japanese financial conglomerate Sumitomo – but is now in exclusive talks with Henderson. Gartmore and Henderson both confirmed that they were in discussions.

The move for Gartmore runs counter to Henderson's stated strategy of pursuing acquisitions in the US, but is viewed as an opportunity to add to its retail business and bolster its presence in hedge fund investment products. Last year, Henderson snapped up New Star Asset Management for £115m in a similar rescue takeover.

The likely end of Gartmore's independence comes less than a year after it listed on the London Stock Exchange. Gartmore is still 20 per cent owned by the private equity group Hellman Friedman, which bought it out after it had been passed around owners including Banque Indosuez, NatWest and Nationwide Mutual.

The company, one of the City of London's best-known retail fund managers, has been rocked by a series of high-profile staff departures amid which its shares collapsed by more than 50 per cent from a listing price of 220p. That made it one of the worst-performing stock market listings in Europe since the onset of the financial crisis.

Guillaume Rambourg, who co-managed Gartmore's hedge fund business with Mr Guy, was suspended in March for breaching internal trading rules, later resigning from the company to concentrate on fighting a Financial Services Authority investigation into the incident.

In November, Mr Guy, who managed 16 per cent of Gartmore's £20.9bn of client assets, announced that he would retire on the same day as its chief operating officer Dominic Rossi moved to Fidelity.
Posted at 18/12/2010 10:25 by envirovision
Gartmore, which last month announced it would seek a merger or sale of the company, said the bid talks were on the basis of a proposal priced at "a slight discount" to Gartmore's closing share price of 98.75 pence on December 16.

I DONT FANCY YOUR CHANCES OF GETTING OUT BREAK EVENS, YOU HAVE BEEN MUGGED OVER.
Posted at 17/12/2010 16:05 by minsky
spob - thanks for the update.
But if Henderson's offer is "at a discount to the current share price" why has the share price gone up?
Posted at 25/11/2010 11:22 by andrewbaker
Gartmore have made a mess of things: not a great surprise as given the numbers in the City and financial services who are numerically and intellectually challenged, there is bound to be a company from time to time with enough of them on board to c*ck up what is really a pretty good line to be in (meaning, don't be too far below the average or tracker, and you'll coin in money from the AMC and other not so visible charges).

But ... there is still value there precisely because of the AUM: never mind the quality feel the width. This will attract a bid.

Liontrust has a market value of 3.278% of AUM, whilst Jupiter's is 5.9%. Gartmore's is 1.845%. Say a fair percentage for Gartmore based on AUM is the average of Liontrust and Jupiter, ie 4.589%, and say that the AUM halved from the current £20b. That would give a market value of £458.9m compared to £369.4m currently, which translates to a share price of 124.23p.

And that is assuming 50% of AUM walks out the door.

My 128p guesstimate for a bid is pretty safe: it would be a steal based on current assets managed, and therefore could well be a reasonable amount more.

Of course, the shorters and those with no financial interest either way but just happy to air their complexes anonymously on-line, will not agree: but I'm happy to agree to disagree. It won't affect the outcome one iota anyway.
Posted at 23/11/2010 07:03 by simon gordon
Daily Mail - 23/11/10:

In a desperate move to keep more staff from following star fund manager Roger Guy out of the door, Gartmore on Friday raised eyebrows in the City by awarding key employees bumper share awards.

News of the lock-in has gone down like a lead balloon. Particularly as rumours doing the rounds suggest Goldman Sachs is having major problems in finding a buyer for the beleaguered fund management group.

Hungry bears again savaged the shares, which plummeted to a low of 95p before they closed 11.9p, or 11pc, cheaper at 98.05p. Last December's flotation price was 220p.

Gartmore has diluted the total number of shares on offer by 15pc to incentivise staff. John Bennett, who is now regarded as Top Gun and is apparently running Guy's European Large Cap Fund, is the biggest beneficiary.

He has been awarded a staggering 9m new shares to take his total shareholding up to 11m. Chief executive Jeffrey Meyer gets 3m new shares, while global head of distribition Phil Wagstaff has received 2m.

In a recent note, analyst Sarah Ing at Singer Capital Markets, said that Gartmore needed to act swiftly to protect its assets. She believes that almost all of the £3.5bn of assets managed by Roger Guy are likely to walk out the door and that it could haemorrhage further funds during this period of uncertainty.

www.dailymail.co.uk/money/article-1332151/MARKET-REPORT-Gartmore-share-boost-hits-rivals.html#ixzz165R46r5U
Posted at 11/11/2010 16:24 by randolph and mortimer
Well, JUPiter are now valued at 3.65 x GRT, with AUM of £3bn more. Even if GRT sank to £13BN, pro-rata Jupiter's valuation would still give £650m. Take off the debt of c.£100 and still one gets > £500m. Call it a deal at 155pps.
Posted at 08/11/2010 10:34 by mercury123
Well I was lucky enough to decide to take profits on Friday but at under £1 I think it's time to get back in - the share price is bound to bounce all over the place but it seems to me most of the bad news is now in the price
Posted at 25/10/2010 15:59 by blueflex2
If the info sheet above is true, the share price is undervalued so much.
Posted at 18/10/2010 07:12 by liquidkid
Royal Bank of Canada (RBC) has agreed a deal to acquire BlueBay Asset Management for £963 million.The price represents a premium of 29.1% to the closing price of BlueBay shares of 375.05p on 15 October and a premium of 57.7% on the average three month share price of 307.63p.
Posted at 29/9/2010 18:36 by salpara111
RBS have dumped their entire holding of over 12m shares, doubtless bought at float so that is a pretty dismal loss of 50% for them/us the taxpayer!

That would explain the big drop today and will doubtless create a large hangover as I seriously doubt that the MM will have had a buyer lined up, if they had, a price would have been agreed and the transaction would not have pushed the share price down so far today.

I have a limit order out for some at 105, I will wait and see if it gets filled.

A stunning catalogue of mismanagement here, I imagine that there are quite a few people in the city calling for the CEO's head on a plate.
Gartmore Grp share price data is direct from the London Stock Exchange

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