Oct. 22--Reformed shareholder activist Julian Treger's appointment as chief executive of Anglo Pacific had buyers chasing shares of the major resources royalties business 15.75p higher to 211p.
His arrival coincided with the issue of 1.3m new shares at 195p a pop, which a trust where Treger is a beneficiary subscribed for 897,435 shares, and a private investment company in which Treger has a 44.3pc shareholding subscribed for a further 333,333 shares taking his stake in the company above 10pc.
Treger used to be one half of Active Value Fund, along with Brian Myerson, the fearsome investor who went to war with the boards of retailer Liberty, jeweller Signet and glassmaker Pilkington.
Treger split from Myerson in 2006 and four years later hit the jackpot when his Audley European Opportunities fund sold a 23.5pc stake in AIM-listed Western Coal to Walter Energy, a $5bn American coal producer, in a $3.25bn cash-and-shares deal. Treger made a mouthwatering pounds sterling 243m on the deal.
When Treger gets involved with a company something does usually happen. He wants to create a leading international mining royalty investment company and with his right hand man Mark Potter, the new chief investment officer, he is confident he will do that with Anglo Pacific. Certainly one to watch.
Confident the Fed will delay a decision to start tapering its bond purchases until Janet Yellen takes over from Ben Bernanke as Fed chair in January, the Footsie climbed 31.62 points to 6,654.20, while the FTSE 250 jumped 130.80 points to 15,521.98.
Ahead of today's crucial postponed US non-farm payroll figures, Wall Street traded 24 points easier at the outset. Fast-food giant McDonald's quarterly results failed to please.
G4S rose 8.5p to 250.5p amid speculation UK private equity group Charterhouse Capital Partners is considering launching a pounds sterling 1bn offer for its cash solutions business.
After Citigroup lifted its target price to 460p from 360p, defence group BAE Systems rose 9p to 453.9p.
Royal Bank of Scotland, 81pc owned by the taxpayer, ran into heavy selling and closed 19.6p off at 353.1p. Investors ran for the exit amid reports that the Government is actively looking at the good-bank, bad-bank split for RBS, and an announcement is likely in the next two to three weeks.
The Treasury is understood to be weighing up three options for dealing with the bad loans of RBS, including setting up a 'bad bank' inside RBS under the supervision of an independent team. Other options would include creating a separate bank backed by the Bank of England to hold up to pounds sterling 60bn of toxic assets, or to create an entirely separate taxpayer-backed 'bad bank'.
Broker Nomura reiterated its reduce rating on the bank and warned minority shareholders had a lot to lose if the bank faced a break-up or other major changes.
News of yet another executive departure left Marks & Spencer 8p off at 487.1p. Gillian Ridley Whittle, development and buying director of womenswear, is leaving to join Australian department store Target.
She follows knicker queen Janie Schaffer out the door and major shareholders must surely be wondering what's the problem at the UK retail giant. Many people in the trade would tell them to look no further than chief executive Marc Bolland, he's the problem.
On the other side of the street, Superdry fashion company SuperGroup jumped 40p to 1109p as Canaccord Genuity advised clients to shop for stock ahead of the second-quarter trading update on November 7.
The broker's target price is pounds sterling 15 as it sees significant upside to forecasts from the cost savings from the new distribution centre, improved online offer and increasing international presence.
Department store Debenhams firmed 1.8p to 111.8p after Morgan Stanley upgraded to overweight, suggesting that Debs is both operationally and financially geared, and is an excellent way to play the UK consumer recovery theme.
David Cicurel's thriving scientific instrument designer and producer Judges Scientific eased 37.5p to 1710p following news of a heavily oversubscribed pounds sterling 8.125m share placing at 1625p a pop. Several new institutions took part including Blackrock and Polar Capital. Broker WH Ireland has a target price of pounds sterling 19 and said that the placing recharges the balance sheet. Net cash proceeds will add to its coffers and provide ammunition for any further earnings-enhancing acquisitions.
Cleantech industrial and refining group Hydrodec cheapened 0.12p to 12.25p following a pounds sterling 20m placing, pounds sterling 4m open offer and the removal of all long-term debt from the balance sheet at 11.25p.
AIM-listed Xenetic Biosciences advanced 0.75p to 6.38p on news of a bid approach from General Sales & Leasing Inc. It has entered into non-binding discussions with Nevada-based GSL, which trades on the Over-the-Counter Bulletin Board in the US. Xenetic reckons a bid by an SEC-reporting, unlisted company will enhance its plans to float on the US market. It had considered merging with existing US quoted biotech firms with complementary activities, but went off the idea.