Trust adviser holds Wellcome stake
Monday 06 February 1995
Wellcome, on the receiving end of a £9.4bn takeover bid from Glaxo, said it became aware late on Friday of the 14.1 million shares held by Fleming, as a result of a Section 212 notice it served on the fund managers. These are issued to establish the trueidentity of shareholders.
A spokesman said Fleming Asset Management, a separate department of Robert Fleming merchant bank from the corporate finance team advising the Trust, had built the stake up since last September. The stake of 1.5 per cent is the fifth largest after the trust, which has 39.5 per cent, Prudential, Schroders Investment Managers and Phillips & Drew Fund Management.
Meanwhile, more details emerged of the manoeuvrings in the weeks ahead of the Glaxo bid.
Wellcome sources confirmed that a week before Christmas Bernard Taylor, the leading adviser to the trust, arranged a meeting scheduled for 10 January between Flemings' corporate finance side, Sir Richard Sykes, chief executive of Glaxo, and Sir Roger Gibbs, chairman of the trust, which is one of Britain's foremost charities.
At the meeting, Sir Richard sounded out Sir Roger on the prospect of the trust selling its Wellcome stake.
When the bid was announced on Monday, 23 January, Flemings attracted controversy by giving Wellcome's directors just four days to persuade the trust not to sign an irrevocable undertaking to pledge its shares to Glaxo - providing a higher bid does not emerge within 21 days of Glaxo's offer document being posted. That is expected on Wednesday along with interim trading results expected to show a profit of £1.03bn.
Wellcome sources also pointed to previous links between Mr Taylor and the Glaxo chief executive. They said he was appointed last September to the advisory team of the newly-formed Prescribe UK, a government/industry initiative to boost inward investment in the UK drugs industry. The advisory team is chaired by Sir Richard Sykes.
In addition, one of Mr Taylor's back-up team, Marion Sears, is understood to have worked for Glaxo before entering the City.
Mr Taylor, poached early last year by Flemings from Barings - which, with Morgan Stanley, advises Wellcome group - now finds himself on the opposite side of the table to his former colleagues.
Mr Taylor is reputed to have started at Flemings with a "golden hello" payment of £700,000-£800,000. His salary is believed to be over £500,000 a year.
Sales of the tablet are set to fall again, say analysts
Met Police confirm there was a 'minor disturbance' and that no-one was arrested
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Concerns raised phenomenon is threatening resort's image as a family destination
I Am Bread could actually be a challenging and nuanced title
- 1 Indian footballer Peter Biaksangzuala dies after injuring spine doing somersault celebration
- 2 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Lynda Bellingham dead: Loose Women presenter dies after battle with colon cancer
Sophia Loren: How I rejected Cary Grant and 'pulverised' Marlon Brando with my eyes
Banksy arrest hoax: Internet duped by fake report claiming that the street artist's identity has been revealed
'Russian submarine spotted' by Swedish military off coast of Stockholm
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Oscar Pistorius sentence: Athlete's wealth and notoriety provoke an overdue debate on South African prisons
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver allegedly kicks gay couple off for kissing
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...