Page 61 - First Transit News Today

Just 61.3% of investors voted in favour of the deal with 38.7% rejecting it. Only 50% of shareholders needed to agree to the deal for it to be approved. FirstGroup’s largest shareholder, activist investor Coast Capital, had said it would vote against the deal, saying it undervalued the divisions. FirstGroup will focus on its UK operations, including the Avanti West Coast line, after the sale of two North American divisions (Luciana Guerra/PA) Coast wrote to FirstGroup’s board demanding Thur...

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Far from minimal disruption, the full impact of leaving the EU may take 15 years to appear The reams of paperwork and border checks that exporters face on EU shipments is having an effect. Photograph: Ben Stansall/AFP/Getty Images The reams of paperwork and border checks that exporters face on EU shipments is having an effect. Photograph: Ben Stansall/AFP/Getty Images Tue 25 May 2021 14.44 EDT Last modified on Tue 25 May 2021 16.58 EDT Teething problems? Bumps in the road? The consequences of...

FirstGroup activist Coast pulled back after signalling support for US deal Coast Capital Management initially suggested it would back a deal worth at least $4.7bn 24 May 2021 • 6:00pm The US hedge fund leading the fight against FirstGroups £3.3bn sale of its American divisions was initially willing to back the terms of the deal it now bitterly opposes, leaked documents show. Coast Capital Management, FirstGroups largest shareholder, said it would support the sale of First Student and Fi...

Coast Capital founding partner James Rasteh described the EQT sale as leaving billions of dollars on the table. He added: The deal crystallises value destruction and is a punishment for investors. It is not the first time that Coast has agitated at the group. Two years ago it launched an unsuccessful bid to clear out the board – after which then chairman Wolfhart Hauser stepped down – and demanded the US and UK businesses be separated. Stock Watch - Sanderson Design Group A major Japanese i...

© Shutterstock / Bestravelvideo Thank you for signing up to The Press and Journal newsletter. Something went wrong - please try again later. Sign Up FirstGroup has agreed to pay another £6 million to escape its TransPennine Express (TPE) rail contract obligations. Shares in the Aberdeen-based transport operator nudged up 0.75% to 74p today (May 11) after it announced a termination fee deal with the Department for Transport (DfT). A condition of emergency recovery measures agreements (E...

Updated: May 10, 2021, 8:50 pm © EVENING EXPRESS Thank you for signing up to The Press and Journal newsletter. Something went wrong - please try again later. Sign Up The biggest single shareholder in FirstGroup is embroiled in a new row over the Aberdeen-based transport giant after previously trying to oust its board. But this time Coast Capital’s beef is not with the company, but rather a union which has accused it of “bandit capitalism” for allegedly trying to block moves to sub...

Others are “not interested in what the company is going to do going forwards”, the source said. The decision to fill a £336m hole in FirstGroup’s UK retirement fund comes weeks after the Pensions Regulator was given new powers to probe takeover deals that could adversely affect scheme members. The Pension Schemes Act 2021 stipulates that companies must notify the Pension’s Regulator before selling a material part of their business. The new laws followed public outcry over Sir Philip Gr...

RMT union wreaked havoc on the company’s South Western Railway franchise, in a dispute over train guards before Covid hit

KPN rejects EQT and Stonepeak’s € 18 billion takeover bid In the last two weeks, KPN has rejected a takeover bid worth around 18 billion euros from a private capital consortium, and has put pressure on bidders to raise the bid of the Dutch telecommunications group. EQT and Stonepeak Infrastructure Partners are surrounding KPN last year and began taking on the responsibilities early last month, according to several people with direct knowledge of the conversations. The offer was submitted,...