Telecoms rethink Eircom is considering delaying its planned €1 billion stock market listing amid fears that investors would shy away from buying its stock, according to the Sunday Business Post.
The telecoms firm had earmarked September as the date for its third public offering since 1999. However, the newspaper suggests it is reconsidering the strategy and is now looking at some other options, including a sale of a part of the business to international funds, and the postponement of the flotation by a number of months.
The company is seeking either a flotation or trade sale to deal with its debt burden, which sits at €2.3 billion.
Plea for smaller banks
The Bank of England (pictured below) has pushed for international regulators to relax capital rules for smaller banks, arguing that the current regulations give the bigger lenders an inbuilt advantage and restrict lending to households and businesses, reports the
Sunday Telegraph
.
The Bank of England’s industry supervisor, the Prudential Regulatory Authority, has lobbied for more lenient risk standards for so-called “challenger banks” in the latest round of negotiations of the Basel committee on banking supervision.
At present, smaller banks rely on a standardised risk assessment system on loans, while larger, established lenders can use bespoke models.
Nama vs Harris
State assets agency Nama has settled the first stage of a legal battle against Graham Harris, a London-based developer, according to the
Sunday Times
.
The agency had been seeking a summary judgment for €24 million against Harris in relation to four apartment hotel, or aparthotel, development firms. These proceedings have now been stayed by consent, the newspaper reports. The agency is still in a legal battle for a further €260 million it says was advanced to the developer by the former Irish Nationwide Building Society.
Eirtech stake desired
A US private equity outfit called Vance Street Capital, which has an investment portfolio that includes missile and jet-fighter component makers, is targeting a stake in Shannon aviation firm Eirtech, according to a report in the
Sunday Independent
.
A deal is likely to value Eirtech at a minimum of $50 million (€36 million), it says. A spokesman for Eirtech Aviation told the newspaper that it is currently “looking at potential development opportunities” but declined to identify possible partners.
Eirtech is 75 per cent owned by its chief executive, Niall Cunningham, with the remaining stake held by chief operating officer Peter Collins.