Marconi offers new options
Marconi yesterday published its first executive share options package since July's disastrous profits warning. There was criticism of its attempt to reprice options earlier in the year, but the new exercise price of 35p still reflects the dramaticdrop in Marconi shares.
New chief executive Mike Parton can buy up to 1.5m shares if the company meets its debt reduction target next March and 1.5m more up to 2005 if returns to shareholders hit targets.
Yorkshire picks up minnow
One of Britain's biggest building societies, the Yorkshire, is taking over the tiny Gainsborough building society, based in Lincolnshire and founded in 1911. The rescue follows the drop in value of its head office, which is its only branch. None of its 7,300 members will be able to vote on the deal or receive windfalls.
The write-down would have affected its capital asset ratio. It is understood the office has been valued at up to £450,000 despite a book value of £750,000.
BT fund bid rejected
Edinburgh Fund Managers said yesterday it had rejected a takeover approach by Hermes Pensions Management because it fell short of the level it would consider recommending to shareholders. "Despite recent media speculation, the aim of the board remains to build EFM as a successful independent business," chairman John Wright said in a statement.
Hermes, owned by the BT pension scheme, said earlier yesterday it was considering whether to make a bid for Edinburgh after its initial approach was rejected. Edinburgh has a market capitalisation of about £150m.
Moody's cuts NTL junk status
Worries about NTL's £12bn debt pile returned to haunt Britain's largest cable operator as leading credit agency Moody's cut its "junk" bond rating to a lower level.
Moody's expressed concerns about its ability to service the debt and announced a drop in its rating for NTL bonds to "Caa2", the fourth lowest rating.
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