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Financial Advisory
European Equity Capital Markets Update Stimulating hope Winter 2019 Financial Advisory This equity capital markets update contains commentary on: recent European stock market performance; levels of equity market issuance and macroeconomic considerations; an insight into Deloitte’s IPO transaction management offering; and a case study of Helios Towers’ listing on the London Stock Exchange. 2 © 2019 Deloitte Financial Advisory, S.L.U. All rights reserved. European ECM Update | Contents Contents Welcome 4 Market performance and recent European IPOs 6 Equity issuance and macroeconomic considerations 14 ECM hot topic: Deloitte’s IPO transaction management offering 18 Case study: Helios Towers’ listing on the London Stock Exchange 24 Deloitte equity capital markets in Europe 26 About this report: This report contains data sourced from Deloitte’s Winter 2019 European CFO survey, FactSet, Thomson Reuters Eikon, Dealogic, company admission documents, press releases and stock exchange statistics. Unless stated otherwise, IPO and secondary fundraisings relate to completed transactions by companies admitted to European exchanges located in countries whose issuers are eligible for inclusion in the Stoxx Europe 600. All market data is as of closing on 13 November 2019. The issuance of convertibles has also been excluded. All commentary is provided by Deloitte ECM Partners. © 2019 Deloitte Financial Advisory, S.L.U. All rights reserved. 3 European ECM Update | Welcome Welcome Global stock market performance in 2019 has been determined by unsettled topics that were already present during the previous year. Uncertainties surrounding China/US trade talks, Brexit and a global economic slowdown on the horizon have dominated the outlook. However, these concerns on the whole have not prevented European stock markets from realising strong gains during the year; and while IPO activity in Europe has been impacted, a number of transactions were completed. -
Batteries for Electric Cars
Batteries for Electric Cars A case study in industrial strategy Sir Geoffrey Owen Batteries for Electric Cars A case study in industrial strategy Sir Geoffrey Owen Policy Exchange is the UK’s leading think tank. We are an independent, non-partisan educational charity whose mission is to develop and promote new policy ideas that will deliver better public services, a stronger society and a more dynamic economy. Policy Exchange is committed to an evidence-based approach to policy development and retains copyright and full editorial control over all its written research. We work in partnership with academics and other experts and commission major studies involving thor- ough empirical research of alternative policy outcomes. We believe that the policy experience of other countries offers important lessons for government in the UK. We also believe that government has much to learn from business and the voluntary sector. Registered charity no: 1096300. Trustees Diana Berry, Andrew Feldman, Candida Gertler, Greta Jones, Edward Lee, Charlotte Metcalf, Roger Orf, Krishna Rao, Andrew Roberts, George Robinson, Robert Rosenkranz, Peter Wall. About the Author About the Author Sir Geoffrey Owen is Head of Industrial Policy at Policy Exchange. The larger part of his career has been spent at the Financial Times, where he was Deputy Editor from 1973 to 1980 and Editor from 1981 to 1990. He was knighted in 1989. Among his other achievements, he is a Visiting Professor of Practice at the LSE, and he is the author of three books - The rise and fall of great companies: Courtaulds and the reshaping of the man-made fibres industry, Industry in the USA and From Empire to Europe: the decline and revival of British industry since the second world war. -
May CARG 2020.Pdf
ISSUE 30 – MAY 2020 ISSUE 30 – MAY ISSUE 29 – FEBRUARY 2020 Promoting positive mental health in teenagers and those who support them through the provision of mental health education, resilience strategies and early intervention What we offer Calm Harm is an Clear Fear is an app to Head Ed is a library stem4 offers mental stem4’s website is app to help young help children & young of mental health health conferences a comprehensive people manage the people manage the educational videos for students, parents, and clinically urge to self-harm symptoms of anxiety for use in schools education & health informed resource professionals www.stem4.org.uk Registered Charity No 1144506 Any individuals depicted in our images are models and used solely for illustrative purposes. We all know of young people, whether employees, family or friends, who are struggling in some way with mental health issues; at ARL, we are so very pleased to support the vital work of stem4: early intervention really can make a difference to young lives. Please help in any way that you can. ADVISER RANKINGS – CORPORATE ADVISERS RANKINGS GUIDE MAY 2020 | Q2 | ISSUE 30 All rights reserved. No part of this publication may be reproduced or transmitted The Corporate Advisers Rankings Guide is available to UK subscribers at £180 per in any form or by any means (including photocopying or recording) without the annum for four updated editions, including postage and packaging. A PDF version written permission of the copyright holder except in accordance with the provision is also available at £360 + VAT. of copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, Barnard’s Inn, 86 Fetter Lane, London, EC4A To appear in the Rankings Guide or for subscription details, please contact us 1EN. -
Cairn Energy Update
Cairn Energy Update Producer, developer, explorer Oil & gas 24 July 2017 We refresh our view on Cairn Energy, focusing on key areas of interest for investors already familiar with the company. We examine a number of Price 174.7p valuation approaches for SNE in Senegal, the potential for reserve Market cap £1019m upgrades and exploration value. We believe SNE is an outsized asset and £0.8/US$ assume Cairn seeks to farm-down. This will naturally affect long-term Net cash ($m) at 31 December 2016 335 value upside, but would in our view drive a better balance of asset and Shares in issue 583.2m financial risk. We also examine features of Catcher, Cairn’s cost of capital and look at the Indian tax dispute. After a long period of value stagnation Free float 96% (as cash was invested to develop Catcher/Kraken), coming years could be Code CNE a time when investors see a path to this investment steadily bearing fruit. Primary exchange LSE Our core contingent NAV is 225p/share and our RENAV is 255p/share. Secondary exchange N/A (US$m) Operating Cash from Share price performance Year end Revenues PBT cash flow Net cash financing 12/15 0 (498) (16) 603 (6) 12/16 0 (152) (21) 335 (4) 12/17e 59 (792) (21) 18 0 12/18e 402 107 226 98 0 Note: Figures are as reported. SNE reserves upgrades hinge on upper reservoir The recent SNE-6 well test appeared to show strong connectivity between wells in the upper reservoirs, going some way to settle concerns that the pressure declines % 1m 3m 12m seen in past well testing would be major obstacles to recovery. -
Annual Report and Audited Financial Statements
Annual report and audited financial statements BlackRock Charities Funds • BlackRock Armed Forces Charities Growth & Income Fund • BlackRock Catholic Charities Growth & Income Fund • BlackRock Charities Growth & Income Fund • BlackRock Charities UK Bond Fund • BlackRock Charities UK Equity ESG Fund • BlackRock Charities UK Equity Fund • BlackRock Charities UK Equity Index Fund For the financial period ended 30 June 2020 Contents General Information 2 About the Trust 3 Charity Authorised Investment Fund 4 Charity Trustees’ Investment Responsibilities 4 Fund Manager 4 Significant Events 4 Investment Report 5 Report on Remuneration 15 Accounting and Distribution Policies 21 Financial Instruments and Risks 24 BlackRock Armed Forces Charities Growth & Income Fund 37 BlackRock Catholic Charities Growth & Income Fund 56 BlackRock Charities Growth & Income Fund 74 BlackRock Charities UK Bond Fund 95 BlackRock Charities UK Equity ESG Fund 111 BlackRock Charities UK Equity Fund 125 BlackRock Charities UK Equity Index Fund 138 Statement of Manager’s and Trustee’s Responsibilities 162 Independent Auditor’s Report 165 Supplementary Information 169 1 General Information Advisory Committee Members - BlackRock manager of the Funds, each of which is an alternative Armed Forces Charities Growth & Income investment fund for the purpose of the Alternative Fund: Investment Fund Managers Directive. Mr Michael Baines (Chairman) Mr Guy Davies Directors of the Manager Major General A Lyons CBE G D Bamping* Major General Ashley Truluck CB, CBE M B Cook Colonel -
The Report from Passenger Transport Magazine
MAKinG TRAVEL SiMpLe apps Wide variations in journey planners quality of apps four stars Moovit For the first time, we have researched which apps are currently Combined rating: 4.5 (785k ratings) Operator: Moovit available to public transport users and how highly they are rated Developer: Moovit App Global LtD Why can’t using public which have been consistent table-toppers in CityMApper transport be as easy as Transport Focus’s National Rail Passenger Combined rating: 4.5 (78.6k ratings) ordering pizza? Speaking Survey, have not transferred their passion for Operator: Citymapper at an event in Glasgow customer service to their respective apps. Developer: Citymapper Limited earlier this year (PT208), First UK Bus was also among the 18 four-star robert jack Louise Coward, the acting rated bus operator apps, ahead of rivals Arriva trAinLine Managing Editor head of insight at passenger (which has different apps for information and Combined rating: 4.5 (69.4k ratings) watchdog Transport Focus, revealed research m-tickets) and Stagecoach. The 11 highest Operator: trainline which showed that young people want an rated bus operator apps were all developed Developer: trainline experience that is as easy to navigate as the one by Bournemouth-based Passenger, with provided by other retailers. Blackpool Transport, Warrington’s Own Buses, three stars She explained: “Young people challenged Borders Buses and Nottingham City Transport us with things like, ‘if I want to order a pizza all possessing apps with a 4.8-star rating - a trAveLine SW or I want to go and see a film, all I need to result that exceeds the 4.7-star rating achieved Combined rating: 3.4 (218 ratings) do is get my phone out go into an app’ .. -
Platinum Metals Review
PLATINUM METALS REVIEW A quarterly survey of research on the platinum metals and of developments in their application in industry VOL. 10 APRIL 1966 NO. 2 Contents Recent Advances in Industrial Platinum Resistance Thermometry 42 Petrochemicals by Platinum Reforming 47 Prevention of Corrosion in Paper Making Machines 48 Expansion in Platinum Production 52 Platinum-wound Furnaces in the Manufacture of Semiconductors 53 The Wetting of Platinum and its Alloys by Glass 54 Electrodeposition of Iridium 59 The Reaction between Hydrogen and Oxygen on Platinum 60 Catalysis of Olefin-to-Olefin Addition 65 Abstracts 66 New Patents 73 Communications should be addressed to The Editor, Platinum Metals Review Johnson, Matthey & Co Limited, Hatton Garden, London ECI Recent Advances in Industrial Platinum Resistance Thermometry By J. S. Johnston, B.s~.,A.R.C.S. Rosemount Engineering Company Limited, Bognor Regis The modern platinum resistance thermometer provides the most accurate and versatile method of industrial temperature measurement and control. This article gives details of a new design of platinum resistance thermo- meter element of small dimensions and good stability. It also describes a range of complete thermometers based on these elements together with a resistance-bridge system used for signal conditioning when the thermo- meters are used in data-logging or computer controlled systems. Two principal factors have contributed to a thermometer confers the advantages of better recent large increase in the use of platinum reproducibility and larger output signal resistance thermometers in industry. On the coupled with the ability to scale the output one hand new techniques of manufxture to fit the requirements of the instrumentation. -
Parker Review
Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people. -
FTSE Factsheet
FTSE COMPANY REPORT Share price analysis relative to sector and index performance Data as at: 30 January 2020 Celtic CCP Travel & Leisure — GBP 1.425 at close 30 January 2020 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 30-Jan-2020 30-Jan-2020 30-Jan-2020 1.7 105 100 1D WTD MTD YTD Absolute 0.0 2.2 -12.3 -12.3 1.65 100 95 Rel.Sector 1.6 4.7 -7.7 -7.7 Rel.Market 1.3 4.8 -10.4 -10.4 1.6 95 90 1.55 VALUATION 90 1.5 85 Trailing 85 RelativePrice RelativePrice 1.45 80 PE 17.5 Absolute(localPrice currency) 80 1.4 EV/EBITDA -ve 75 PB 1.9 1.35 75 PCF -ve 1.3 70 70 Div Yield 0.0 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Price/Sales 1.8 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.1 100 80 80 Div Payout 0.0 90 70 70 ROE 12.9 80 60 60 70 Index) Share Share Sector) Share - - 50 DESCRIPTION 60 50 50 40 40 The principal activity of the Group is the operation of 40 30 RSI RSI (Absolute) a professional football club, with related and ancillary 30 30 activities. -
SAVANNAH 2020 BOARD REVIEW an Analysis of the FTSE 100 & FTSE 250 Executive and Non-Executive Board Appointments in 2020 INTRODUCTION
www.savannah-group.com SAVANNAH 2020 BOARD REVIEW An analysis of the FTSE 100 & FTSE 250 Executive and Non-Executive Board appointments in 2020 INTRODUCTION Welcome to our analysis of the board appointments driven lockdowns and market spasms. The numbers to the FTSE 100 and FTSE 250 listed companies in Q4 suggest, surprisingly, that the events of 2019 caused 2020 and our deeper analysis of the full year. more of a slowdown in executive director changes than the pandemic but this is still to play out. More We now have three full years of analysis and trends on this later. from our close monitoring of the FTSE 350 board appointments. For readers interested in tracking Speaking of the rapid rise in the number of women the developments for themselves, here are our in the boardrooms, the Hampton-Alexander Review reports for the full year 2018 and for the full year has just published its fifth and final report. The 2019. Following our 2018 report, we have continued fundamental targets for female representation in to publish quarterly updates allowing us to see the the boardrooms have been achieved and the emerging trends, most particularly the rapid rise momentum is in place to continue the Government in the number of women in the boardrooms and backed, business led drive for more women in the that, in turn, revealed the yawning gap between vital executive committee roles. It will be no surprise the relative numbers of women in non-executive to readers of this report that the majority (52%) of director roles and executive director roles, one of non-executive director appointments to the FTSE 350 the most serious governance issues facing us. -
Africa's Leading Independent Oil Company
TULLOW OIL PLC PLC OIL TULLOW 2017 ANNUAL REPORT & ACCOUNTS & REPORT ANNUAL 2017 TULLOW OIL PLC 2017 ANNUAL REPORT & ACCOUNTS AFRICA’S LEADING INDEPENDENT OIL COMPANY www.tullowoil.com D AFRICA’S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and South America. Our key activities include targeted Exploration and Appraisal, selective development projects and growing our high-margin production. We have a prudent financial strategy with diverse sources of funding. Our portfolio of 90 licences spans 16 countries and is organised into three Business Delivery Teams. We are headquartered in London and our shares are listed on the London, Irish and Ghana Stock Exchanges. 1 2 3 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Our Group highlights 1 Directors’ report 56 Statement of Directors’ responsibilities 108 Our operations 4 Audit Committee report 67 Independent auditor’s report for the Chairman’s foreword 6 Nominations Committee report 73 Group Financial Statements 109 Chief Executive Officer’s foreword 8 EHS Committee report 76 Group Financial Statements 117 Chief Financial Officer’s foreword 10 Remuneration report 78 Company Financial Statements 153 Executive Team overview 12 Other statutory information 101 Five-year financial summary 162 Market outlook 14 Supplementary information Our strategy 16 Shareholder information 163 Our business model 18 Licence interests 164 Key performance indicators 20 Commercial reserves and resources 168 Creating value 24 Transparency disclosure 169 Operations review 26 Sustainability data 176 Finance review 31 Tullow Oil plc subsidiaries 179 Responsible Operations 36 Glossary 181 Governance & Risk management 38 Board of Directors 40 Principal Risks 42 Organisation & Culture 50 Shared Prosperity 52 You can find this report and additional information about Tullow Oil on our website: www.tullowoil.com Cover: TEN FPSO, Prof. -
Investor Presentation
Investor Presentation www.lancashiregroup.com Safe harbour statements NOTE REGARDING FORWARD-LOOKING STATEMENTS: CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS “BELIEVES”, “ANTICIPATES”, “PLANS”, “PROJECTS”, “FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”, “PREDICTS”, “MAY”, “CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. ALL SUCH STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION, THE FINANCIAL POSITION OF THE COMPANY AND ITS SUBSIDIARIES (THE “GROUP”), THE GROUP’S TAX RESIDENCY, LIQUIDITY, RESULTS OF OPERATIONS, PROSPECTS, GROWTH, CAPITAL MANAGEMENT PLANS AND EFFICIENCIES, ABILITY TO CREATE VALUE, DIVIDEND POLICY, OPERATIONAL FLEXIBILITY, COMPOSITION OF MANAGEMENT, BUSINESS STRATEGY, PLANS AND OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES RELATING TO THE GROUP’S INSURANCE BUSINESS) ARE FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO: THE ACTUAL