TLG IMMOBILIEN Buys 9.99% Stake In Aroundtown; Begins Merger Talks
TLG IMMOBILIEN AG announced an agreement to acquire a 9.99% stake in the
share capital of Aroundtown S.A. from Avisco Group Plc for EUR 1.016 billion, valuing Aroundtown at EUR 8.3 per share.
Aroundtown welcomes TLG as an investor in the company and Avisco supports the potential merger between TLG and Aroundtown.
TLG expects this stake purchase to be accretive to the FFO per share from day one and intends to seek representation on the board of Aroundtown.
If TLG plans full exercise of option, its shareholding in Aroundtown would increase from 9.99% to 14.99%, making it the largest shareholder in Aroundtown.
As part of the transaction, each of TLG and Avisco have agreed to a lock-up
of shares representing 9.99% in Aroundtown until the earlier of August 31, 2020 or a potential merger between the two companies.
TLG and Aroundtown also intend to begin talks regarding potential merger to the benefit of both companies and their shareholders.
Norwegian Air seeks to postpone bond repayments
OSLO, Sept 2 (Reuters) – Budget airline Norwegian Air is asking bondholders to extend the maturity of its debt by two years, and will in return pledge valuable take-off and landing slots at London Gatwick Airport as a security, it said in Monday.
While the indebted carrier’s operational performance has improved since mid-July, the company’s working capital has decreased this year amid ongoing engine problems and the grounding of its fleet of Boeing MAX aircraft, it added. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
Rebel UK lawmakers aim to pass anti no-deal Brexit legislation over a few hours- BuzzFeed
LONDON, Sept 2 (Reuters) – British lawmakers aiming to stop a no-deal Brexit are hoping to pass legislation over just a few hours once parliament has returned, BuzzFeed reported on Monday, citing a draft version of a parliamentary motion.
BuzzFeed said rebel lawmakers are divided over whether to pass the legislation on Tuesday or over two days on Tuesday and Wednesday. Parliament returns from its summer break on Tuesday.
India manufacturing PMI dipped to 15-month low
India’s manufacturing activity eased in August with the Purchasing Managers’ Index hitting a 15-month low, in the latest sign of ongoing weakness in the economy.
The purchasing managers index for August fell to 51.4 from 52.5 in July, IHS Markit said in a statement on Monday. A PMI reading above 50 indicates expansion while a reading below that points to contraction in activity.
The PMI reading comes after data Friday showed India’s economic growth slowed to a six-year low in the fiscal first quarter.
The gross domestic product growth at Asia’s third-largest economy slipped to a weaker-than-expected 5.0% in the three months through June compared with a year earlier.
Last month saw "an undesirable combination of slowing economic growth and greater cost inflationary pressures in the Indian manufacturing industry," IHS Markit principal economist Pollyanna de Lima said.
There was drop in input buying activity that reflected a mixture of intentional reductions in stocks and shortages of available finance, she said.
"Until manufacturers are willing to loosen the purse strings, it’s difficult to foresee a meaningful rebound in production growth on the horizon," she said.
Write to Saurabh Chaturvedi at [email protected]
British manufacturing PMI drops to seven-year low in August
The IHS Markit/CIPS U.K. manufacturing PMI fell in August to a seven-year low of 47.4, down from 48 in July. Econommists polled by FactSet expected a 48.3 reading. Any reading under 50 indicates contracting conditions. "The high levels of economic and political uncertainty pervasive across domestic and global markets continued to weigh heavily on the performance of UK manufacturing during August. Output volumes fell as intakes of new work contracted at the fastest pace for over seven years, while business optimism dropped to a series-record low," IHS Markit said.
Scottish court to hear bid to allow appeal case seeking to stop suspension of UK parliament
LONDON, Sept 2 (Reuters) – A group of lawmakers will seek permission from a Scottish court on Monday to appeal against its decision to refuse a bid to stop Prime Minister Boris Johnson from suspending parliament, a court spokeswoman said.
Last week the court rejected a request to place an interim block on Johnson’s order to suspend parliament but said it would hear full arguments this week. (Reporting by Michael Holden; editing by Costas Pitas)
A friend lent me a mortgage deposit – how much do I owe him now?
Q In 2006 I bought a house for £250,000 with an interest-only mortgage. I have made occasional overpayments so the outstanding loan is £200,000 (still interest-only). The value of the house is now £450,000. A friend paid the cash deposit of £10,000 as an investment when I bought the house. He has lived in the house since then and has been paying me £330 a month in rent. He now wants the money he invested back plus any gain he has made from the house going up in value. How do I work out what I owe him? I am not intending to sell the house.
A When your friend invested £10,000 in your house back in 2006, his contribution to the purchase was 4% of the purchase price (10,000 divided by 250,000 times 100). So to work out what you owe him, you simply take 4% of its current value of £450,000 which means paying him £18,000. To be scrupulously fair to your friend, you might want to get an estate agent of his choice to value the property to ensure that he agrees what the house is worth and so what he can expect to get back.