Hambros investors expect break-up announcement
A spokesman refused to comment on forecasts that it would reveal preliminary details of its plans when it announced half-year figures next month. City sources said Hambros was understood to have employed Schroders to help it put together break-up proposals.
Splitting the group up would mark another step in Hambros' deteriorating fortunes. Its reputation took a severe blow when it advised Andrew Regan in his failed attempt to take over the Co-Operative Wholesale Society earlier this year and it was criticised recently for its rejection of a bid for Hambro Insurance Services, in which it holds a controlling 52 per cent stake.
The bid from Fisher International was pitched at 128p a share but since its rejection the price has fallen below 100p. That has irritated shareholders in Hambros, including Regent Pacific, the Hong Kong-based fund headed by Jim Mellon, which owns 3.5 per cent of the group.
William Philips, a director of Regent, said yesterday: "Many shareholders, including ourselves, would like to see a break-up and would welcome it. Hambros suffers from a conglomerate discount."
He said Regent had been disappointed that Hambros had rejected the approach from Fisher International.
Regent has been lobbying Hambros to break itself up for some time and believes the group could be worth as much as 350p a share.
Hambros shares have underperformed the market by almost 35 per cent in the past year and have dropped from a peak of 458p in 1994.
Since January this year they have slipped from a high of 268p at a time when the banking sector has performed strongly.
- Tom Stevenson
- 1 Scientists create transparent mouse complete with see-through organs
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Amazonian Indian tribe filmed making contact with Brazil village in rare video footage
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...