Close Brothers Share Discussion Threads

[cmethven] 21/1/2008 19:05

Things have gone very quiet. One has to question whether Cenkos would get a rights issue away in this current market. Any views out there?

[roidstermuthafukk] 19/1/2008 17:53

no worries

rich

[safman] 18/1/2008 12:41

coming back strongly..

saffy..

[safman] 17/1/2008 09:31

thks...

saffy..

[roidstermuthafukk] 17/1/2008 09:07

Jan. 14 (Bloomberg) -- Cenkos Securities Plc, a U.K. stock adviser for small and mid-sized companies, said it is in talks to buy Close Brothers Plc as it seeks to head off competing bidders that may include Blackstone Group LP.

Cenkos, whose earlier 1.4 billion-pound (2.75 billion) cash offer was rejected in November, said in a statement today it is working on an agreement to buy the London-based firm using debt and a ``significant'' issue of shares. The company would take the securities, asset-management and corporate-finance units and sell the banking division to Iceland's Landsbanki Islands hf.

Close Brothers, which lends to small and medium-sized companies and provides mergers advice, posted a 1 percent drop in fiscal second-half profit to 64.1 million pounds in September as falling interest rates and credit quality eroded lending. London-based Cenkos raised its bid to 1,025 pence a share from 950 pence on Jan. 9, the Sunday Times reported yesterday.

``With speculation that there may be two or three other bidders, it is hotting up,'' said London-based analyst Chris Smith at Oriel Securities Ltd., who has a ``buy'' recommendation on the stock, which he said is worth more than 990 pence. ``Whether or not it will lead to a bid remains to be seen.''

Close Brothers fell 1.2 percent to 983.5 pence in London trading, giving the company a market value of 1.47 billion pounds. Smaller competitor Cenkos was rose 0.7 percent to 221.5 pence, valuing the company at 160.8 million pounds.

Icelandic Buying Spree

New York-based Blackstone may pay as much as 11 pounds a share for Close Brothers, the Financial Times reported Jan. 10, citing people familiar with the matter. Blackstone, the world's largest buyout firm, held takeover talks with Close Brothers at a meeting on Jan. 4, said people with knowledge of the talks.

Close Brothers has received ``a number of further approaches'' following Cenkos's offer in November, the firm said last month. Discussions are at early stage, it said.

Cenkos would acquire operations accounting for about 67 percent of Close Brothers' pretax profit. Andrew Stewart, who set up Cenkos in 2005, co-founded Collins Stewart Plc in 1991 as a unit of Singer & Friedlander Group Plc. Following a management buyout of the company in 2000 and its acquisition of U.K. trader Tullett Plc in March 2003, Stewart stepped down as a director.

Assets at Reykjavik-based Landsbanki have grown more than sixfold since 2003 as the lender expanded outside the island's $16 billion economy to diversify funding and broaden its client base. The bank purchased Teather & Greenwood and Kepler Equities in the U.K., and Merrion Capital Group of Ireland in 2005, as well as the U.K.'s Bridgewell Group Plc last year.

`Good Fit'

Acquiring Close Brothers' banking unit would increase the revenue Landsbanki generates outside Iceland to 60 percent from 47 percent, the Reykjavik-based lender said in a statement today. About 33 percent of Landsbanki's core income would come from retail banking revenue after the deal, up from 17 percent.

``This would be a good fit for them both strategically and geographically,'' Halla Bjoerg Thorhallsdottir, an analyst at Reykjavik-based Kaupthing Bank hf, said in an interview today. ``We don't expect them to make any further acquisitions this year but there will perhaps be more in 2009 and in coming years,'' she said.

[roidstermuthafukk] 17/1/2008 09:07

Jan. 14 (Bloomberg) -- Cenkos Securities Plc, a U.K. stock adviser for small and mid-sized companies, said it is in talks to buy Close Brothers Plc as it seeks to head off competing bidders that may include Blackstone Group LP.

Cenkos, whose earlier 1.4 billion-pound (2.75 billion) cash offer was rejected in November, said in a statement today it is working on an agreement to buy the London-based firm using debt and a ``significant'' issue of shares. The company would take the securities, asset-management and corporate-finance units and sell the banking division to Iceland's Landsbanki Islands hf.

Close Brothers, which lends to small and medium-sized companies and provides mergers advice, posted a 1 percent drop in fiscal second-half profit to 64.1 million pounds in September as falling interest rates and credit quality eroded lending. London-based Cenkos raised its bid to 1,025 pence a share from 950 pence on Jan. 9, the Sunday Times reported yesterday.

``With speculation that there may be two or three other bidders, it is hotting up,'' said London-based analyst Chris Smith at Oriel Securities Ltd., who has a ``buy'' recommendation on the stock, which he said is worth more than 990 pence. ``Whether or not it will lead to a bid remains to be seen.''

Close Brothers fell 1.2 percent to 983.5 pence in London trading, giving the company a market value of 1.47 billion pounds. Smaller competitor Cenkos was rose 0.7 percent to 221.5 pence, valuing the company at 160.8 million pounds.

Icelandic Buying Spree

New York-based Blackstone may pay as much as 11 pounds a share for Close Brothers, the Financial Times reported Jan. 10, citing people familiar with the matter. Blackstone, the world's largest buyout firm, held takeover talks with Close Brothers at a meeting on Jan. 4, said people with knowledge of the talks.

Close Brothers has received ``a number of further approaches'' following Cenkos's offer in November, the firm said last month. Discussions are at early stage, it said.

Cenkos would acquire operations accounting for about 67 percent of Close Brothers' pretax profit. Andrew Stewart, who set up Cenkos in 2005, co-founded Collins Stewart Plc in 1991 as a unit of Singer & Friedlander Group Plc. Following a management buyout of the company in 2000 and its acquisition of U.K. trader Tullett Plc in March 2003, Stewart stepped down as a director.

Assets at Reykjavik-based Landsbanki have grown more than sixfold since 2003 as the lender expanded outside the island's $16 billion economy to diversify funding and broaden its client base. The bank purchased Teather & Greenwood and Kepler Equities in the U.K., and Merrion Capital Group of Ireland in 2005, as well as the U.K.'s Bridgewell Group Plc last year.

`Good Fit'

Acquiring Close Brothers' banking unit would increase the revenue Landsbanki generates outside Iceland to 60 percent from 47 percent, the Reykjavik-based lender said in a statement today. About 33 percent of Landsbanki's core income would come from retail banking revenue after the deal, up from 17 percent.

``This would be a good fit for them both strategically and geographically,'' Halla Bjoerg Thorhallsdottir, an analyst at Reykjavik-based Kaupthing Bank hf, said in an interview today. ``We don't expect them to make any further acquisitions this year but there will perhaps be more in 2009 and in coming years,'' she said.

[inv] 15/1/2008 12:03

take out bid at around £12 imminent

[roidstermuthafukk] 14/1/2008 14:13

what do you mean saff?? sorry but having a thick day!

[safman] 14/1/2008 13:06

anwhere between 10.25 - 11.00 squid per share.. if cenkos do acquire wins.. t'will be a completely different kettel of fish..

saffy..

[safman] 14/1/2008 13:03

Blackstone in wings as Cenkos raises Close Brothers bid to £1.5bn
Dominic Walsh

The prospect of a takeover of Close Brothers, the merchant bank, moved a step closer over the weekend after Cenkos, led by Andy Stewart, the Collins Stewart co-founder, raised its indicative bid to about £1.5 billion.

Mr Stewart met Colin Keogh, the Close chief executive, on Friday and talks are expected to continue this week as Cenkos pores over its rival's books with a view to entering exclusive talks about a possible recommended bid.

Cenkos, which is bidding in tandem with Landsbanki, of Iceland, is thought to have raised its offer to about £10.25 a share from the £9.50 that was dismissed by Close two months ago as "wholly inadequate".

However, Close is also talking to two other suitors, including Blackstone Group, the American investment behemoth, which is rumoured to be ready to offer between £10.50 and £11. Blackstone's main interest is said to be in the bank's asset management business. Under the Cenkos proposal, it is believed that Landsbanki would acquire Close's banking business, while Cenkos would retain Winterflood Securities, Close's stockbroking business, as well as its asset management and corporate finance divisions.
Related Links

* Defectors exit Close Brothers as bidders await

* Close Brothers denies staff are demotivated

All three main bidders are understood to have signed nondisclosure agreements, a precondition of being able to conduct due diligence on Close's books. Other suitors mooted include Tata, the Indian conglomerate, and Orix, the Japanese financial group, although it was not clear last night whether either was still actively pursuing a deal.

Mr Stewart has claimed that the investment bank's underperformance was largely a result of demotivated staff who were not given equity as part of their compensation packages, as is the practice at other investment banks and boutiques.

Close has suffered a number of high-profile defections, including Darren Redmayne, the head of the group's European private equity business, and Martin Gudgeon, chief executive of its advisory arm.

[safman] 14/1/2008 08:32

enkos Securities PLC
14 January 2008


Cenkos Securities plc ('Cenkos')

Landsbanki Islands HF ('Landsbanki')


Possible recommended offer for Close Brothers Group PLC ('Close Brothers')


Further to recent press comment, the Boards of Cenkos and Landsbanki confirm
that they are in discussions with Close Brothers regarding a possible
recommended offer for the entire issued share capital of Close Brothers.


It is currently envisaged that an offer for Close Brothers would be made by
Cenkos by way of a scheme of arrangement, with a sale of the banking division to
Landsbanki conditional upon the scheme becoming effective, and that funding for
the offer would be achieved through a combination of debt and a significant
equity issue by Cenkos.


Cenkos intends that the divisions being retained by it would continue to be run
independently of its existing businesses, and the employees of those divisions
will be remunerated in line with Cenkos' existing policy of direct equity
ownership together with transparent pay structures.


The expansion of Landsbanki's operations outside Iceland is a clearly stated
strategic priority. The focus of this strategy has been to achieve sectoral and
geographic diversification of assets, funding and income through the addition of
value enhancing complementary businesses. The diverse model of the Close
Brothers banking division together with its valuable management and employees
brings a good fit to this strategy and would provide Landsbanki with an
excellent opportunity to further strengthen its footprint in the specialist
asset-based lending sector in the UK, Irish, Channel Islands and German markets.
Furthermore, Close Brothers' banking operations are very well funded with the
ratio of deposits to total loan book being 117% on July 31 2007(1).


The proposal of Cenkos and Landsbanki is subject to a number of pre-conditions
and conditions, including due diligence, Cenkos shareholder approval and
regulatory approval and there can be no certainty that the discussions will
ultimately lead to an offer for Close Brothers nor as to the terms or the price
on which an offer might be made nor as to the timing of any offer.


Enquiries:

HSBC (adviser to Cenkos and Landsbanki)
Anthony Bernbaum / Julian Gray
[phone]

Bell Pottinger (PR adviser to Cenkos)
David Rydell / Dan De Belder
[phone]



HSBC Bank plc, which is regulated in the United Kingdom by the

[safman] 11/1/2008 16:00

and now fast approaching ten quid a share.. news over the weekend ?..

we shall see..

saffy..

[safman] 11/1/2008 13:40

price holding up v well.. at these levels.. makes u wonder there must be some substance with the current news about CBG..

good luck..

saffy..

[safman] 11/1/2008 09:44

back down to 9.50p a share..

saffy..

[safman] 10/1/2008 16:46

big trades here.. main shareholder on the board of directors.. tis interesting times..

saffy..

[safman] 10/1/2008 14:12

vol..excellent at these levels..again watching with interest..

saffy..

[safman] 10/1/2008 11:34

the ball is rolling and its v. difficult to get away..acquire, be acquired or merge to rid of rumours..

saffy..

[roidstermuthafukk] 10/1/2008 10:32

i presume if they offer 1100p then we may see rival bids?? after all blackstone are in it for a nice profit....so goto be worth 12 quid or so...so i imagine cenkos or others would come in the fray and then shave of the bits they did not want?? what do you think saffers??

Rich

[roidstermuthafukk] 10/1/2008 10:13

still low!

[safman] 10/1/2008 09:06

Blackstone may be willing to pay 11 stg/shr for Close - report
LONDON (Thomson Financial) - Blackstone, the US private equity firm, has indicated to UK investment bank Close Brothers that it might be willing to pay as much as 11 stg per share for the group, said the Financial Times, without citing sources.

The deal would value Close Brothers at around 1.6 bln stg, the paper said.

Sources familiar with the situation told the FT that Blackstone had yet to settle on a final offer price and had indicated only that it was willing to discuss a transaction in the 950 pence - 11 stg range.

[e-mail] af/lam

saffy..

[safman] 10/1/2008 09:01

a trade over 10 quid..the first i've seen.. interesting stuff as well as vol..

saffy..

[safman] 10/1/2008 08:33

As required by Listing Rule 9.6.14R, Caledonia Investments plc ('Caledonia')
announces that Peter Buckley, a director of Caledonia, has been appointed by
Jamie Cayzer-Colvin, also a director of Caledonia, as his alternate on the board
of Close Brothers Group plc with effect from 9 January 2008.
erday..


9 January 2008


yesterday..

saffy.