$200m stake for sale
Tuesday 08 August 1995
Invesco shares yesterday closed down 20p at 238p amid disappointment that Peregrine will not be bidding for all of the company.
The share price dropped despite good results, with Invesco reporting interim pre-tax profits of pounds 25.8m compared with pounds 18.7m last year. The dividend was up 40 per cent to 1.75p.
"Invesco has got a lot going for it. It has seen a lively US market, and margins continue to improve on the strength of efficiency gains,' said Simon Whittock, analyst with Smith New Court.
Invesco increased its funds under management by 12 per cent to pounds 47bn, the bulk of which is in the US. Most of the Peregrine stake is being offered to American investors, helping Invesco broaden its shareholder base in its main market. Invesco also said it will be seeking a full listing on the New York Stock Exchange.
"We think asset management is beginning to be a major growth industry. Invesco has paid the price, getting people in place across the world, and is now well positioned to take advantage of this global growth," said Charles Brady, Invesco's chairman.
Philip Tose, chairman of Peregrine, said he was selling out because the stake had become too dominant a passive investment. "We couldn't take Invesco over, much as we would have like to have done, because of the high level of goodwill," he said.
Invesco is now one of the select group of major British quoted asset managment businesses, around which areprowling a number of banks, insurance companies and investment houses, domestic, European and American. "We would like to stay independent," said Mr Brady. "At some point we could acquire someone, we are generating the funds for this."
Comment, page 15
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- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Presidential optical illusion offers clues to how brain processes faces
- 5 Grumpy Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Presidential optical illusion offers clues to how brain processes faces
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
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