Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
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  • FETransmission.com
  • Investegate.co.uk
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  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Monday 08 October, 2012

Invesco Perpetual

Statement on EADS/BAE merger

RNS Number : 1095O
Invesco Perpetual
08 October 2012
 



 

Statement on EADS/BAE merger

 

Invesco Perpetual ("Invesco") has noted the announcement last month of the proposed merger of EADS and BAE Systems ("BAE" or "the Company").  Funds managed by Invesco own approximately 13.3% of BAE's ordinary share capital, making it the largest shareholder in the Company.

While full details of the proposal are awaited, Invesco has noted the deadline imposed by the Panel of 10th October 2012.  In view of the importance of the possible merger to the future of BAE and the size of Invesco's holding, Invesco considers it appropriate to outline its significant reservations regarding both the proposal and its impact on long term value for BAE shareholders.

 Invesco's reservations include:

 

Strategy and structure

·     Other than diversification - which investors can achieve for themselves more cheaply and simply -  Invesco does not understand the strategic logic for the proposed combination.

·     Invesco believes the merger would materially jeopardize BAE's unique and privileged position in the United States defence market, and has been unable to identify any corresponding benefits to offset this.

·     Invesco is very concerned that the level of state shareholding in the combined group will heavily impair its commercial prospects - especially in the United States -and result in governance arrangements driven more by political considerations than shareholder value creation.

·     The proposed dual listed structure ("DLC") perpetuates the predecessor company identities and thus impedes synergies. It also  divides share trading between two markets and therefore deprives the enlarged group of the benefits of a single deep pool of liquidity.  This is why most of the recent DLC's have been subsequently dissolved.

Financial

·     BAE shares are trading at historic low multiples (also low relative to the peer group) and we believe BAE can deliver significant standalone upside value for its existing shareholders from these levels.

·     The merger ratio does not reflect BAE's superior cash generation, or the quality of its earnings stream, derived from the length and nature of its customer contracts.

·     BAE's current dividend yield of 5.9% is more than double that of EADS's yield of 2.3%.  The initial announcement did not provide any visibility for dividends beyond 2013, and Invesco are very concerned that shareholder dividends will not be prioritised in the combined group, with BAE shareholders   then facing a significant drop in their dividend income in the future.

·     The two CEO's emphasized recently that "the rationale that drives this transaction is growth".  While growth is important, it should not be at the expense of cash flow and returns, which are even more important drivers of long term value creation.

Invesco has, on and off, owned shares in BAE for over twenty years. Invesco believes BAE is a strong business with distinctive positions in the global defence market (especially in the US and UK) and good stand-alone prospects.

We look forward to discussions with the Board of BAE and other BAE shareholders in the coming days

Invesco is being advised by Ondra Partners

 

Contacts:

Ondra Partners                                                                                                                 +44 20 7082 8750

Michael Tory

Adam Gishen

StockWell Communications                                                                                       

Philip Gawith                                                                                                                    +44 20 3178 6760

Anthony Silverman                                                                                                         +44 20 3427 5381

 

Notes :-

1.    432,010,523 shares of BAE Systems are held in funds by Invesco Perpetual Henley and 432,329,428 by Invesco in total

2.    2,304,294 shares of EADS are held in funds by Invesco Perpetual Henley and 3,846,899 by Invesco in total

3.    Recent dealings in BAE since 1st September 2012 result in aggregate purchase of 10,695,436 shares at an average price of 328.2p and sale of 650,605 shares at an average price of 335.8p

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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