BRITISH FIRM TO INVEST €119M IN WINDFRAM PROJECT - The Irish Examiner reports that British financial services group Legal & General Capital has committed to investing up to almost half of a planned €250m investment fund aimed at financing alternative energy group NTR’s onshore wind projects both here and in the UK.
NTR announced that Legal & General has signed up as the anchor investor in the new fund, which is targeting equity of €250m.
The paper writes that the British firm will cover up to 47.5% of the investment, which could see Legal & General invest almost €119m.
Dublin-based NTR is also set to be a significant investor in the new fund, by pumping €50m into it.
GLANBIA LOOKING TO FILL 200 NEW ROLES - Food group Glanbia is launching a Christmas recruitment drive to fill more than 200 vacancies across its global operations, according to the Irish Times.
Glanbia is specifically targeting members of the Irish diaspora who may be returning to Ireland for Christmas.
The positions are spread across a range of sectors within the group including IT, science and innovation, sales and marketing, finance, human resources, operations, engineering, and executive and general management.
The performance nutrition and ingredients group already employs nearly 6,000 staff globally, including 2,000 in Ireland.
OLDER INDEPENDENT STOCKBROKERS STRUGGLING IN LONDON - The Financial Times says that shares in Panmure Gordon fell 20% on Wednesday after it warned of a “decline in capital market transactions” — in a sign that fees from a bumper year of deal making are eluding some of the City of London’s older independent stockbrokers.
According to the paper, while large investment banks have enjoyed a surge in corporate dealmaking off the back of a $4tn wave of mergers, the smaller brokers of London are increasingly struggling, with many smaller operators being forced to consolidate in recent years.
Three generations of UK prime minister David Cameron’s family were partners at Panmure: His father, grandfather and great-grandfather. It traces its history back to 1876 and lent money to build Chinese railroads in the early 20th century.
Panmure Gordon was a leading adviser during a wave of British industrial mergers in the 1950s and 1960s, but more recently has worked as an adviser and broker to small and medium-sized companies listed on the London Stock market. Its share price fell 40% in morning trading before recovering to close the day at 66.5p, a fall of 20%.
SINGING GROUP CORRS MADE €174,000 LAST YEAR – The Irish Independent reports that profits at the entertainment group ‘The Corrs’ more than tripled to €174,033 last year.
The new accounts, lodged by the band’s Coppice Ltd with the Companies Office, show that the company enjoyed a sharp rise in fortune – even before the band’s return to the music scene this year.
According to accounts filed, the firm’s accumulated profits rose by 216% in the 12 months to the end of December last.
The cash pile at the company now stands at €282,524.