GLOBAL - Henderson has confirmed talks with New Star Asset Management regarding a possible offer for acquisition.
New Star also confirmed being in discussions on a possible transaction with Henderson, which could include a possible offer for its ordinary shares.
It said any offer would be conditional upon the completion of the proposed capital restructuring which it agreed in December 2008 with its bank syndicate.
At the time, the firm said its restructuring would result in £240m (US$332.3m) of its £260m (US$360m) of gross debt being converted into equity. As part of the restructuring, New Star added it intended to de-list the company from the London Stock Exchange (LSE).
In case of a forthcoming transaction, it said all the proceeds would be applied to the repayment of new Star's current liabilities. As a result, it said it was uncertain any transaction would lead to a significant return, if any, to current shareholders.
It concluded there was no assurance that any offer for the company's ordinary shares would be at or above the level of the company's current share price.
As a first step towards restructuring, on 22 January 2009, New Star posted a circular to its shareholders in connection with the proposed cancellation of admission of its ordinary shares to the Official List of the UK listing Authority and to trading on the LSE's market for listed securities.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.
In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.