Nomura sells cash to buy assets

Article Abstract:

Nomura International is to finance its 980 million pounds sterling purchase of Thorn, the retail operation of Radio Rentals, through securitization. This means that Nomura will effectively divest the risk of the transaction by selling bonds secured on the cash flow of Thorn. Nomura regards securitization as a relatively low-risk method of financing purchases by separating the debt from the company being purchased. However, some observers have reservations about securitization, believing that it is not always appropriate.

Misc. Equipment Rental & Leasing, Equipment Leasing & Rental, Rental and Leasing Services, Analysis, Mergers, acquisitions and divestments, Lease and rental services industry, Lease and rental services, Equipment rental, Asset-backed securities, Asset backed securities, Nomura International, Thorn PLC

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British Gas fracture leaves City uncertain

Article Abstract:

Moves by British Gas to demerge and create British Gas Energy and TransCo International have not received a particularly warm welcome from City analysts. There is concern that British Gas Energy, the smaller unit, will not be sufficiently capitalised, and that TransCo International, the larger unit, will become a takeover target. British Gas has emphasised that the restructuring will have no impact on its overall dividend-paying ability.

Management, Gas utilities, Centrica PLC

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Marconi revives City anger over boardroom pay excesses

Article Abstract:

Marconi's decision to reorganize its executive share option scheme has revived controversy in the UK over the remuneration of directors. Institutional investors are becoming more aware of this issue as pressure grows from pension fund trustees.

Management Salaries, Corporate directors, Compensation and benefits, Executive compensation, Wages and salaries

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