Business & City Summary

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The Independent Online
Windfall for 3i banks

The clearing banks that own 3i, the venture capital group whose shares start trading today, will receive more than pounds 100m in profits this year from the sale of their holdings, according to analysts. The pounds 700m issue, at 272p a share, is expected to go to a 4p-8p premium, as 3i becomes Britain's biggest investment trust.

Halifax merger

Halifax Building Society has been talking to a number of other large societies about a possible merger, spurred by the proposed Lloyds Bank pounds 1.8bn takeover of Cheltenham & Gloucester. Leeds Permanent is said to be first on the list. TSB, the Bank of Scotland and Royal Bank of Scotland are also seeking to link with a top-10 society.

Eisner surgery

Michael Eisner, chairman of Walt Disney, underwent successful heart bypass surgery on Saturday, his doctor said.


Interims: Brewin Dolphin, Inspirations, ML Laboratories, Waste Management (Q2), Leslie Wise. Finals: Crane Europe, Unipalm Gp.

AGMs: Chester Water, Drayton Korea Tst, Ensor Hldgs, F&C Smaller, Hilclare, Sterling Industries.

Economic statistics: PSBR.


Interims: Carlisle Gp, Lazard Smaller Equities, SmithKline Beecham, Trust of Prop Shares. Finals: AIM Gp, Batleys, Brasway, Bucknell Gp, Creighton's Naturally, Nobo Gp, VHE Hldgs, Victoria Carpet.

AGMs: Argyll Gp, Caffyns, Cassidy Bros, A Cohen & Co, Courtaulds, Drummond Gp, Jarvis, Moorgate Smaller Cos, Powell Duffryn, Whitbread.

Economic statistics: CBI distributive trades survey (June).


Interims: Central Motor Auctions, Yeoman Inv Tst. Finals: Colefax & Fowler, Central Motor Auctions (AMD), Eve Gp, Hollas Gp, McKay Securities, Oceonics Gp, David S Smith.

AGMs: Acal, Amberley Gp, Drayton English & Intl, B Elliott, Essex & Suffolk Water, Fleming High Income Tst, Merchant Retail Gp, Osborne & Little, Stagecoach Hldgs, Vodafone Gp, Wrexham & E. Denbighshire Water.

Economic statistics: Retail sales (June), building society figures (June), provisional money figures.


Interims: Brown & Jackson, CLM Insur Fund, Data General Corp (Q3), Edinburgh Java Tst, Hill & Smith, Holders Tech, Rover & Mercantile Tst (2nd int div), Telemetrix, Wellcome. Finals: Elbief, First Technology, Goode Durrant, NatWest Smaller Cos, Property Tst, J Saville Gordon, Stanelco, Eliza Tinsley, YRM.

AGMs: Anglian Gp, Babcock Intl, Boots, Bristol Water, Bristol Water Hldgs, Brockhampton Hldgs, Business Post Gp, City of London PR, James Crean, Emap, Finsbury Tst, Hardy Oil & Gas, London Merchant Securities, M&G Second Dual Tst, Melville St Invs, Northumbrian Water, Pilkington, Scapa, Sketchley, Smith New Court, Southnews, Stoddard Sekers, VSEL.

Economic statistics: Engineering sales and orders (May), balance of trade with countries outside the EU (June), provisional vehicle production (June).


Interims: Abtrust High Income Tst, Baring Tribune Inv Tst, Greenfriar Inv Co, Selective Assets Tst, Smaller Cos Inv Tst, Sycamore Hldgs. Finals: Ascot Hldgs, Black Arrow.

AGMs: Electrocomponents, Hobson, NW Water, Oxford Instruments, Readicut Intl.

Economic statistics: GDP (Q2 prelim).