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Cantor Fitzgerald Ireland
A round up of the main financial stories of interest from the weekend papers. 09th November 2020
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Weekend Press Summary
Saturday 7th November 2020 Sunday 8th November 2020
The Saturday Independent The Sunday Business Post
Central Bank Commission is left without board members for a State may subsidise key international air routes amid year connectivity fears The Central Bank has been operating without full supervision for The government is also looking at support measures for regional more than a year as Finance Minister Paschal Donohoe has not airports so that they are in a position to support the economy when appointed enough directors to fill vacant board posts. air travel recovers.
Permanent TSB to cut 300 jobs and close Dublin city centre CPL founders in line for €110m pay day in takeover office Recruitment firm agrees to all-cash offer from Japanese hiring giant PTSB is seeking voluntary redundancies from 12.5pc of its 2,400- Outsourcing. Anne Heraty and her husband Paul Carroll are in line strong workforce, mainly among management and head office for a €110 million pay day after agreeing the sale of their workers, and surrendering the lease on its Park Place offices when recruitment business CPL Resources. Outsourcing is one of the it expires in April 2021. biggest recruitment companies in Japan with 80,000 workers and a value of €1 billion. Aryzta board agrees to swap out directors The board of Swiss-Irish food group Aryzta has thrown its weight Former BoE governor: the colour of money is now green behind proposals by activist investors and agreed to a massive Former Bank of England governor Mark Carney says the turnover of its membership, signalling a clear change of strategy sustainability revolution must come from private sector away from the American market. Kennedy Wilson makes $85m from sale of Dublin office block RSA Insurance receives £7.2bn international takeover bid US property giant bought Baggot Plaza for a knockdown price in RSA Insurance Group has received a £7.2bn (€7.96bn) takeover 2013 as part of non-performing loans portfolio. proposal from Canada's Intact Financial Corporation and Danish insurer Tryg A/S, paving the way for the biggest acquisition of a UK- Kingspan in the dock in public inquiry over Grenfell Tower fire listed company this year. The insulation firm has been accused of a playing a central role in the 2017 London tragedy and trying to ‘trivialise its wrongdoing’ The Saturday Irish Times Government looks to take the safe route back to international Joe Brennan interviews Bank of Ireland chief executive air travel Francesca McDonagh. The interview deals with how the bank is With the aviation sector in dire straits, the new approach will involve dealing with the covid pandemic, lessons learned and future plans travellers having negative PCR Covid-19 tests, and voluntary for the bank. isolation from people coming from red zones. Nphet, however, remains adamant that international travel is not safe Insurance company RSA is in talks with a consortium of
Canadian insurer Intact Financial and Danish Insurer Tryg anoint a possible deal that values the group at about £7.2 billion. Eco bottle firm steels itself for US expansion Dublin company Mother Reusables has positioned itself as a direct US short term rental company Airbnb is expected to make its competitor to big players such as Chilly’s and S’Well IPO registration public next week. It was reported last month that the company was aiming to raise about $3 billion and could reach a Soros firm sells €2.1m worth of shares in Cairn Homes valuation of more than $30 billion in the IPO. The billionaire’s Soros Fund Management reduces stake in
In his Market Beat column Joe Brennan reviews the deal to buy construction firm to 2.87 per cent from 3.21 per cent. Irish listed recruitment firm CPL Resources led by Anne Heraty. The buyer is Japanese group Outsourcing. Irish firm to launch game-changing payroll software in US Waterford-based Flexiwage has raised €1 million in seed funding The NTMA which oversees the Government’s portfolio of State and patented its original product ahead of roll-out. savings notes that €230 million was put into prize bonds in the first half of 2020, an increase of almost 92 percent on the same When it comes to Trump voters, why do pollsters get it so period in 2019. wrong? Cantillon notes Permanent TSB’s results on Friday with new US pundits are finally realising they should stop wasting time tutting lending at the bank falling 23 percent so far this year. Like other over the president’s rallies and try to understand his huge appeal. banks in the country it is planning to cut jobs in a cost saving drive.
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Weekend Press Summary
Strict limits on Christmas get-togethers needed, Nphet expert Dublin property prospects ranked 11th in Europe by Urban warns Land Institute and PwC survey Professor Philip Nolan says tight restrictions may be needed on Dublin was ranked just outside the top 10 in a new league table of social contacts amid concerns there could be a third wave in spring European cities with the most attractive property investment and if level 5 restrictions are eased too early. development prospects. Strong demand for rental housing and student accommodation boosted Dublin’s appeal but concerns were State’s loan guarantee scheme gives out only €43m to firms raised about the outlook for the office market in an annual survey by Just 743 loans have been approved by banks using the scheme so almost 1,000 global investors, developers, lenders and advisers. far, according to new figures. The Irish capital climbed to 11th place overall, from 12th last year, while Berlin, London, Paris and Frankfurt made up the top four. Going, going . . . how Trump became the ex-president in waiting SumUp adds €120m to prime Dublin base to become European Donald Trump’s entire brand was based on the illusion of success. hub Now, as the US presidency slips out of his hands, he faces an SumUp, a contactless payments processing company, has pumped uncertain future of legal battles – but the political turmoil he more than €120m into its Irish subsidiary as part of a plan to run its unleashed across America shows no sign of going away. EU business through Dublin. The company, which provides mobile card-reader machines to small businesses, was recently granted an electronic money licence by the Central Bank of Ireland, which The Sunday Times allows tech outfits to carry out payments across the trade bloc.
Developer Quintain Ireland moves to activate €100m loan for Banks brace for new bounce back loans boom Dublin schemes Banks are braced for a flood of small business customers topping Quintain Ireland, a residential developer backed by the American up bounce back loans tomorrow when Rishi Sunak reopens the private equity fund Lone Star, has agreed a €100m loan facility from Covid-19 rescue scheme, even after a £38bn lending spree. The the state-backed alternative lender Activate Capital to press ahead chancellor was forced to allow top-up loans and extend the new with two large developments in Dublin. The financing, Activate’s applications deadline from November to January after England was largest deal yet, will support residential and related developments at plunged into a fresh lockdown last week. NatWest estimated that Adamstown and Portmarnock, where Quintain has aggregate about a third of its existing bounce back loan scheme (BBLS) capacity for 4,300 new houses and apartments. customers — almost 100,000 businesses — could be eligible for a
top-up because they did not borrow the full £50,000 the first time €5.5m for CPL Resources executives as takeover by around, or reach the 25%-of-revenue threshold. Outsourcing goes ahead
A group of 30 executives at CPL Resources will share a €5.5m PM woos business by rehiring envoy Andrew Griffith windfall after the recruitment company accepted a €318m takeover Boris Johnson is to bring the former finance director of Sky back to approach from the Japanese group Outsourcing last week. CPL front-line politics amid intense anxiety in the business community confirmed that the executives would be able to exercise their share over the government’s handling of Covid-19 and Brexit. Andrew options before the takeover was completed at the end of January, Griffith, who left the pay-TV giant in July last year for a six-month entitling them to shares worth €11.25 for an option price of just 10c stint as Johnson’s business envoy before becoming an MP in a share. December’s election, will return as the government’s net-zero
business tsar. He will focus on encouraging investment in Britain’s Kennedy Wilson doubles its money on sale of Bank of Ireland green energy, fintech and transport industries HQ
Kennedy Wilson more than doubled its money when the Californian Hiccup at Harrods property group sold the Bank of Ireland headquarters on Baggot Harrods has been forced to rejig the terms of a £200m credit line as Street for $165m (€136m). The group pocketed a gain of $85m in the pandemic deprives the iconic department store of foreign the sale of the building, Baggot Plaza, to the German real estate tourists. In August, Harrods renegotiated the terms of a revolving fund Deka Immobilien. Kennedy Wilson bought the property, a credit facility with the Qatar National Bank to avoid breaching former headquarters of the state training agency Fas, in June 2014 covenants. Part of Harrods’ worst-case scenario at the point when it from Nama-appointed receivers to the Treasury Holdings Group. rejigged the covenants — the closure of its Knightsbridge flagship
for four weeks — has now become a reality, putting it at risk of Coca-Cola Amatil takeover bid lacks fizz, says fund manager breaching the covenants in April. Setanta
A Dublin fund manager owned by Irish Life has taken the unusual Amazon’s British Empire step of publicly criticising a takeover approach received by one of High street retailers are up in arms about the lockdown advantage the holdings in its portfolio. Setanta Asset Management said the gifted to the tech giant this Christmas. The month-long closure of proposed A$9.3bn (€5.7bn) deal materially undervalues Australia’s non-essential retailers at the most lucrative time of year is opening Coca-Cola Amatil, one of the largest bottlers and distributors in the up a huge divide between the industry’s winners and losers. High Asia Pacific region. Amatil’s board has recommended acceptance of street bosses are apoplectic that Amazon and the supermarkets, the approach received last month from Coca-Cola European which have also enjoyed a 12-month business rates holiday, will Partners in the absence of a betteroffer. However, Setanta, which cash in at their expense. has a 2.6% stake in Amatil, dismissed the offer as opportunistic in a statement issued on Friday evening.
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Weekend Press Summary
Interview: Lawrence Stroll — the Canadian petrolhead leaving Aston Martin shaken and stirred The car-maker’s new boss is unfazed by the marque’s record of guzzling fortunes — and unimpressed with his predecessor. Since it was created in 1913 by Lionel Martin and Robert Bamford in London, Aston has swallowed multiple fortunes and belched for more. Victor Gauntlett, its chairman in the 1980s, said the only way to make a small fortune out of Aston Martin was to “start with a big one”. It has gone bust seven times. Its eighth was starting to look like a distinct possibility.
The Sunday Independent
Richard Curran - Heraty gets timing right with €318m CPL sale to Japanese firm Words like 'shrewd' are sometimes used about CPL founder and chief executive Anne Heraty and her husband Paul Carroll. Now they are about to bag over €110m for their stake in the sale of the company as part of a €318m takeover.
Focus: Can Goodman's empire weather the storm? Last Tuesday, ABP announced that Mark Goodman, son of Larry, was stepping down as boss of its ABP International subsidiary. Mark Goodman's resignation from ABP International came just eight months after he replaced his elder brother, Laurence, on the board of ABP International's parent company, ABP Food Group.
Thousands of firms locked out of new Covid relief scheme Thousands of companies which were expected to be able to avail of a major new Covid support scheme have learned in recent days that they will not qualify for the funding.
Brookfield Renewable does deal to sell an Irish wind portfolio for $140m Brookfield Renewable Partners, a Toronto Stock Exchange-listed renewable energy firm, has done a deal to sell a 46 megawatt (MW) portfolio of wind-farm assets in Ireland for $140m (€118m).
Work on £250m home lifts Size Group revenues Size Group, the Irish-owned, London construction firm got a 46pc boost to its revenues last year as it completed work on a £250m (€277m) Mayfair mansion owned by British telecoms billionaire philanthropist John Caudwell.
Coca-Cola HBC restructuring will lead to Irish job losses, staff told Coca-Cola Hellenic Bottling Company (HBC) Ireland and Northern Ireland has informed staff of a restructuring process which will result in the loss of a number of jobs.
800 employers could avoid TWSS Covid-19 wage list Around 800 employers who availed of the Temporary Wage Subsidy Scheme (TWSS) either reversed out or are working towards reversing out of the scheme before Revenue published the list of recipients.
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Weekend Press Summary
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