Investors handed a stake in Sooty
Investors in Guinness Flight Venture Capital Trust will own a stake in Sooty, the glove puppet. The fund has invested pounds 750,000 into the holding company which owns the two Sooty businesses and all associated intellectual property rights. The investment means GFVCT owns a 33 per cent stake. The fund's strategy is to expand Sooty's potential in film and merchandising. The first episode of a new cartoon series will be screened on ITV next week.
Toulmin resigns from United News & Media
Michael Toulmin has resigned as a director of United News & Media. The move follows the appointment to the board earlier in the year of Stephen Grabiner who now has executive responsibility for all the group's newspapers. Mr Toulmin has represented the regional newspapers and UK advertising publications on the board since 1988. He will remain chairman of United Provincial Newspapers and Yorkshire Post newspapers.
Bids to manage Telstra privatisation
The Australian government has invited stockbroking firms to bid for the lucrative job of managing the A$10bn (pounds 4.7bn) one-third privatisation of the main communications carrier, Telstra. Submissions to handle what will be Australia's largest privatisation are due by 20 January.
Ashquay criticises UK Estates' purchase
Ashquay, the property group which is involved in a pounds 21m hostile bid for UK Estates, has increased the pressure on its target by criticising UK Estates decision to spend pounds 500,000 buying its own shares for its employee share trust. The groups have been involved in bitter exchanges since Ashquay launched its offer lasts month.
Sir Christopher steps down from Costain
Sir Christopher Benson stood down as chairman of the troubled Costain construction group yesterday. He is being replaced by Dr Azman Firdaus Shafii. Sir Christopher's departure coincides with the recently approved sale of the group's US coal interests and its stake in the Spitalfields development site. Chief executive Alan Lovell will step down once a successor has been appointed.Reuse content