Knight Vinke builds stake in Comet owner
Tuesday 29 June 2010
The activist investor Knight Vinke has acquired a 3 per cent stake in Kesa Electricals, which owns the Comet chain in the UK.
Shares in Kesa soared by 6.10p, or 5.2 per cent, to 122.6p yesterday after the statement on Knight Vinke's purchase. The institutional investor has previously agitated for change at companies such as HSBC and Royal Dutch Shell, but is understood to have merely identified value in Kesa, which trades at nearly half the value of rival DSGi, the owner of Currys and PC World.
Knight Vinke first joined Kesa' share register around May before upping its stake in recent days.
Kesa, which operates the Darty chain in France, Italy and Turkey, last week posted a pre-tax profit of £69.6m for the 12 months to 30 April, following a hefty loss the previous year. In an attempt to drive further growth, Kesa said it would freshen up the Comet brand and refurbish 40 stores in the UK this year.
Comet, which has 248 stores, will also focus on driving further web sales and higher margin ranges, such as small domestic appliances and accessories. Both Kesa and Knight Vinke declined to comment yesterday.
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford seriously injured after his vintage light aircraft crash lands near Los Angeles, report claims
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...