In the ports' wake
Article Abstract:
The differing approaches to privatization taken by Edinburgh's Forth Port Authority and Glasgow's Clyde Port Authority seem to reflect the inherent differences between the culture and outlook of east and west Scotland. Clyde chose to privatize through a 26 million pounds sterling management employee buyout. In contrast, Forth chose to privatize by issuing 27 million of the port's ordinary shares in a placing and intermediaries offer. The port authority of Glasgow's management buyout allowed it to reinvest half of the acquisition price back into the organization. Edinburgh's port authority chose flotation because it did not want to risk being outbidded in a buyout. Some say that a buyout is an easier process than flotation, while Forth's Bruce Minto claims that flotation is quicker than a buyout.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
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Squeezed towards a no-win situation
Article Abstract:
The 'no win no fee' arrangement between lawyers and their clients allows legal advisers to be paid only if they win their cases. Such an arrangement has been gaining acceptance in the UK's corporate legal community as a result of the current scarcity of profitable business negotiations that traditionally have made corporate lawyers some of the highest earning professionals in the country. Accepting work, even on a no win no fee basis, is attractive to partnerships interested in meeting their original budget expectation. Although these arrangements have become prevalent, observers believe that it can never be accepted as the standard practice. Legal firms cannot survive if they take on too much work with no guarantee of any financial remuneration.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
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Acquiring a bit more than you bargained
Article Abstract:
The process of company acquisition provides no guaranties against fraud. However, companies making acquisitions can take some steps toward detecting fraudulent activity. Conducting a thorough investigation is one such step, for which there is no substitute since profit statements of companies for acquisitions are sometimes fraudulent. Due diligence is another step, although high costs prevent some companies from effecting it. Owing to the limited time and access to critical information within the increasingly litigious acquisition process, it is best for the buying company to keep deals simple and to terminate negotiations if fraud is imminent.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
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