Voting shake-up lifts Parker
Wednesday 25 September 1996
The 107-year-old company announced plans to end the dual share structure which gave voting control to the descendants of the founder, Frederick Parker. At the same time, the two last remaining family representatives on the board are to relinquish executive duties, with chairman Martin Jourdan taking on a non-executive role.
News that holders of the voters are to receive a two-for-three scrip issue to compensate for loss of control sent the thinly traded shares 65p ahead to 240p. They are now 100p higher than where they were at the start of September. The non-voting A shares were left almost unmoved by the day's events, slipping 0.5p to 165p.
Analysts had been expecting moves to update the share structure since the arrival last year of a new chief executive, James Moore, who has been shaking up the business. Yesterday, he unveiled pre-tax losses deepened from pounds 936,000 to pounds 1.08m for the year to July. Excluding exceptionals, profits jumped from pounds 1.04m to pounds 3.6m.
Comment, page 19
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
- 5 We have six months to save the world, says leading economist
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...