Today’s Markets: Blue Prism Offer, Woodford Claim, Petershill Pricing & More

  • Blue Prism takeover offer
  • Woodford’s class action lawsuit
  • Petershill, backed by Goldman Sachs, to raise over £ 1 billion

Blue Prism confirms its private equity offer

UK investors often complain when local tech companies are bought in the London market and delivered to private equity funds. This is not the case with Blue Prism (PRSM). Earlier this year, the group’s biggest investors led by Jupiter Asset Management suggested that directors start looking for a buyer, and after a four-month search, the robotic processing company confirmed an all-cash offer that values ​​the ‘£ 1.1 billion company. . Read the full story here. Mo

Woodford’s complaint goes to court

Law firm Leigh Day is suing Link Fund Solutions on behalf of investors in the bankrupt Woodford Equity Income fund.

The firm has officially launched legal action against Link, after having “important pre-action correspondence” with Link’s attorneys, Clifford Chance. Leigh Day currently represents some 11,000 claimants and will initiate proceedings for all of its clients on an ongoing basis.

Leigh Day argues that Link, in his role as authorized administrator of the Woodford Equity Income fund, broke FCA rules in the way he managed and supervised the fund, and that this ultimately led to the collapse of the fund. funds, causing ordinary investors loss and damage. Leigh Day noted in an update that Link had “made clear his intention to vigorously defend the claims.”

With around 300,000 investors trapped in Woodford’s flagship fund since trading was suspended in June 2019, several companies are considering legal action. Our assessment of the options available to trapped Woodford investors starting in March can be found here.

Efforts to liquidate the fund and return the remaining money to investors are still ongoing, with the less liquid parts of the portfolio proving difficult to sell. An August update from Link noted that a total of £ 2.54bn had been distributed to investors following asset sales, with the value of the remaining assets standing at £ 123.6m. sterling on July 30, 2021.

Link said he hopes to complete the sale of the remaining assets in 2022, although it remains impossible to provide a definitive end date to the process. Comics

Petershill prices indicate continued demand for PE

Private equity remains the most popular game in town right now. Despite somewhat turbulent markets and broader economic conditions, Petershill Partners – a private equity pool of assets created by Goldman Sachs in London – managed to price its expected IPO in the middle of its indicative range. At 350 pence a share, the company will be valued at £ 4 billion with conditional trades in its shares starting today and full trading starting on Friday.

Petershill provides exposure to a portfolio of alternative assets, with the company holding stakes in 19 different alternative asset investment companies with assets under management totaling $ 187 billion. Its portfolio is primarily focused on private markets, which account for around 80% of its investments, with the remainder being in hedge fund mandates. The company promises to provide investors with exposure to the United States, with all of its investments except one focused in the United States. The float will raise up to £ 1.2bn for other investments.

Strong demand for Petershill shares follows the successful launch of UK and European private equity specialist Bridgepoint (BPT) in June and comes amid heightened activity in UK markets for private equity buyers. DG

Read more:

Goldman-backed PE investor considers float in London

How to value Bridgepoint stocks

Bridgepoint stocks are too hot

Ford plans expansion as interest in electric vehicles soars

Much has been said about the future of Britain’s motoring as drivers have rushed to find petrol and diesel in recent days. The consensus is that an increase in the use of electric vehicles cannot happen soon enough. Indeed, four of the five best-performing cars on Autotrader over the weekend were electric, according to a report from the company.

There are still many issues to be addressed as electric vehicles gain popularity. Refueling is not as simple as many say: is electricity for cars produced in a green way, how long does it take to recharge the car, will a full battery allow a week- end in Cornwall?

Still, Ford picked a good week to announce an $ 11.4 billion investment in an electric car plant in Tennessee, creating its largest plant ever. Ford has lagged behind many of its peers in the auto industry, including Tesla (US: TSLA) and Volkswagen (DE: VOW3), whose electric vehicles are growing in popularity in the United States and Europe.

In the United States, the popularity of electric vehicles still has a long way to go, but a bill currently being passed by the Senate could provide greater financial incentives for companies with large portfolios of electric vehicles. Ford’s expansion plans are better late than never. Mo

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