Wednesday 10 June 1998
THE FINANCIAL Services Authority yesterday proposed that risk warnings be added to all Individual Savings Accounts which carry the Government's endorsement in a bid to stop customers "misbuying" savings policies. In a consultation paper published yesterday, the FSA said ISAs which meet the Treasury's "CAT standards" for charges and terms should carry a warning that they may not be suitable for any customer. The proposal addresses concerns that customers could "misbuy" the savings when they are introduced next April if they carry Government endorsement.
pounds 97m airline
BRITISH REGIONAL Air Lines, one of the largest regional airlines in Europe, yesterday said it expected to have a market capitalisation of pounds 97m when it floats on the London Stock Exchange in June. The flotation will be by way of a placing of 40,673,534 new and existing ordinary shares at 150p.Dealings in the new shares are expected to start on 18 June.
LAURA ASHLEY Holdings yesterday appointed Nicholas Ashley and Motoya Okada to the board as non-executive directors with effect from 9 June. They are replacing Sir Bernard Ashley and Takuya Okada who are retiring. The company also said Dino Adriano, the chief executive of J Sainsbury, will resign from the board when his two-year term of appointment expires in September.
REG VARDY, the UK motor retailer, is making a recommended cash offer for Trust Motor Group, on the basis of 235p in cash for each Trust share. Taken together with the special interim dividend declared by Trust on 8 May, the bid values each Trust share at 240p and values the entire issued share capital of Trust at approximately pounds 36.0m.
IN YESTERDAY'S item about Waddington, chief executive Martin Buckley was wrongly quoted as saying he hoped for pounds 70m proceeds from the sale of the group's cartons division. Mr Buckley did not give any indications about the likely price of the business. The group overall posted a 14 per cent increase in profit before tax and an 18 per cent increase in earnings per share, beating analysts' expectations by about pounds 1m.
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