Leading shareholders in TBI the regional airports operator have lost faith in the company’s management and

Leading shareholders in TBI, the regional airports operator, have lost faith in the company’s management and are looking to sell out. Leading shareholders in TBI, the regional airports operator, have lost faith in the company’s management and are looking to sell out.
It is understood that institutional investors will this week urge TBI’s board to consider sensible offers for the company, after it rebuffed a £503m bid last week.Vinci, a French construction group, offered 90p-a-share for TBI, which was immediately dismissed by TBI as “opportunistic”. But Vinci is expected to come back with a revised offer and TBI and its board will have to rely on its institutional shareholders for backing.TBI owns Luton, Belfast and Cardiff airports. But despite the growth in air travel, the company has disappointed the City. In August, TBI issued its third profits warning in 18 month.Stanley Thomas, TBI’s non-executive chairman, and his brother Peter, are TBI’s largest shareholders.Phillips & Drew, TBI’s largest institutional shareholder, has gradually increased its holding in TBI over the last two years.Harinder Sandhu, fund manager at P&D, refused to comment on TBI’s management, but said: “TBI has good assets which at 90p-a-share do not reflect its strategic value.

Other bids should emerge and P&D will review all the options.”. Telecoms company Thus is working on financial restructuring plans to position itself to buy undervalued rivals. Telecoms company Thus is working on financial restructuring plans to position itself to buy undervalued rivals.
It is understood that ScottishPower, Thus’s parent company, which owns 50.1 per cent, is considering taking on some of Thus’s debt in return for equity. This would allow Thus to use its shares to make acquisitions in the bombed-out telecoms sector.At present, ScottishPower faces a hefty capital gains tax bill if its stake in Thus is diluted. By increasing its stake in return for debt, Thus can issue more shares without inflicting any tax penalties on its parent.Malcolm Stephen, telecoms analyst at Deutsche Bank, said: “Any structure to reduce Thus’s debt would help make the company a more attractive proposition.”It is thought that ScottishPower could take up to £90m of Thus’s borrowings.Unlike many of its rivals in the alternative telecoms market, Thus is fully funded until the second half of next year. It is to make a major announcement on its future financing arrangements by March 2002.ScottishPower last week reported a drop in first quarter pre-tax profits to £105.3m, from £137.6m in the similar period last year..

Consignia, the state-owned mail company formerly known as the Post Office, has been accused of deliberately stamping on its competition. The accusation comes from AICES, the trade body that represents companies which include the giants DHL, FedEx, TNT, UPS and Hays. The body is incensed because Consignia is suing potential rival Hays although the Government and the European Union is committed to deregulation.”AICES is extremely disappointed that Consignia’s first reaction to the prospect of competition is to contact the lawyers,” said a spokesman. “Its action appears to be more concerned with putting off potential market entrants than any real concern about the long-standing added-value services that are being provided by competitors.” He said they were not prepared to comment on the details of individual cases, but Consignia’s legal action would “harm consumers and businesses who increasingly desire a choice of services”.
Consignia launched legal action against Hays in July, accusing the support services company of trying to cream off valuable parts of the post business and being in breach of the Postal Services Act. The case, to be heard in the High Court, has been deferred until October.Yet the issue of whether Hays should carry out these services is still being mulled over by the industry regulator, PostComm.Last Wednesday, Hays moved closer to winning three licences to deliver certain mail services in the UK, after PostComm ended the consultation period on its application. Consignia refused to comment on the contents of its response.

But it is understood that Consignia complained that if Hays was granted the licences then it would be essentially cherry-picking the most profitable delivery services in the country, while Consignia was still required to run the more unprofitable ones.A Consignia spokesman denied that the company had deliberately attempted to prevent competition through its legal action.”Everything we do is in the best interests for our 27 million customers in providing a universal service,” said a spokesman for Consignia “That is always our starting position. But we are worried about companies cream-skimming, picking out the most profitable services.”The spokesman said that if Post Comm allowed companies to “cream-skim” then it would not be able to guarantee a universal postal service or price.PostComm’s views on the subject are revealed on its website. It discusses the claim that competition will mean Consignia’s revenues will be hit, while its costs will remain the same. “Consignia’s ability to recover these costs will be as much in its hands … as it is in the hands of its competitors,” says the company’s entries on the website.Consignia is required to pay the Government, its sole shareholder, 40 per cent of its post-tax profits, with a minimum payment set at £93m.In Consignia’s last financial year, the company made just £172m post-tax profit, requiring it to pay the government the mandatory dividend.Hays spokesmen have declined to comment.. Forget Furby’s, Tickle Me Elmos or Tracey Island. The plaything that will create parental stampedes at UK toyshops this Christmas will be the Cybiko

Forget Furby’s, Tickle Me Elmos or Tracey Island.