Barclays deputy chair declines to go for top job
Barclays deputy chairman Michael Rake has ruled himself out of contention to be its new chairman, striking a blow to the UK bank as it hunts for new leadership to steer it through its interest rate rigging scandal. Rake, who was favoured for the job, was not interested in the role, people familiar with the matter said yesterday. The bank was fined $451 million (R3.7 billion) three weeks ago for manipulating the London interbank offered rate (Libor) and the scandal has unearthed deep problems in its relations with regulators. The job will also attract intense scrutiny, and possibly interference, from British authorities. Rake would have been forced to give up his chairmanship roles at telecoms firm BT Group and budget airline easyJet to take the job. – Reuters
Redefine geared to raise capital
Redefine International reported on Friday its preparations for its planned capital raising of up to £100 million (R1.29 billion) were well advanced. The hybrid property fund listed on the London Stock Exchange’s Alternative Investment Market that houses the international assets of JSE-listed Redefine Properties, said it expected to post a prospectus in September, in which it would set out details of the capital raising to shareholders. The company said the capital raising would be in the form of a firm placement and open offer and Redefine Properties International, the company’s largest shareholder, would take up its full entitlement. – Roy Cokayne
Erbacon tables rights offer plans
Erbacon Investment Holdings has provided further details about its planned rights offer, which forms part of its debt restructuring plan to recapitalise its balance sheet and improve its liquidity and solvency to enable it to implement its growth plan. The AltX-listed construction firm said on Friday that a total of 390.24 million new ordinary shares would be offered to shareholders at a subscription price of 40c a rights offer share in the ratio of two rights offer shares for every ordinary share held on the record date of the rights offer. The subscription price represents a 23.1 percent discount to the 30-day volume weighted average price on March 26, and a discount of 9.1 percent to that benchmark on May 31. It was unchanged at 36c on Friday. – Roy Cokayne