Latest news with #AndrewThorntonKC
The National
22-05-2025
- Business
- The National
High Court approves takeover of Scotsman owner National World
Media Concierge, which owns a number of Irish publications, already has 27.8% of National World's shares. It offered to pay £65.1 million for the remainder, which represents a 53.3% premium to National World's closing share price from November 21 2024, the last business day before the beginning of the offer period. The shares will be transferred at 23p each to Neo Media Publishing, a vehicle for Media Concierge to receive them. READ MORE: Labour admit 'not a penny' of £200m Grangemouth rescue fund spent so far National World's directors, who oversee a number of historic UK publications including the Yorkshire Post and the Scotsman, have backed the transfer, the company's lawyer Andrew Thornton KC said at a hearing on Thursday. In written submissions, Thornton said the directors gave 'irrevocable undertakings to support the scheme'. He also said that at a meeting in London on February 13, 'no scheme shareholders asked any questions or raised objections'. A total of 26 of the 77 scheme shareholders attended the meeting, representing 67.9% of the total value of National World's shares, with 25 voting in favour. Thornton added that trading in National World's shares has been illiquid, meaning they are difficult to sell without a loss in value. The company therefore 'concluded that the scheme presents an attractive opportunity for the shareholders to realise their holdings'. The barrister continued: 'The directors of the company have confidence in the company's continuing ability to succeed as an independent business.' In approving the scheme, Justice Hildyard said: 'I consider that this scheme can and should be sanctioned. I say order.' After the hearing, Media Concierge welcomed the High Court decision and confirmed that the formal transfer of ownership will take place on May 27. Malcolm Denmark, Media Concierge's chief executive, said: 'The formal approval of the transaction marks the final step in the process, and we are pleased to be moving forward. 'National World is home to some of the UK's most respected and long-established regional media, and we believe there is significant potential for growth and renewal with the right focus and investment. 'As a long-term investor in the business, and with extensive experience managing local and regional news brands in Ireland, we understand both the challenges and the value of high-quality, community-based journalism. 'We greatly appreciate the dedication and professionalism shown by National World's teams throughout this period. 'Their commitment has ensured the business remains on a strong operational footing. 'We now look forward to working together to support and strengthen the business in what we believe can be an exciting new chapter.'
Yahoo
17-03-2025
- Business
- Yahoo
Thames Water: Challenge to £3bn emergency loan dismissed by Court of Appeal
An appeal against a £3bn rescue package for Thames Water has been dismissed following a three-day hearing last week. The Court of Appeal's ruling on Monday averts the possibility of the UK's biggest water supplier being placed into special administration (SAR). But critics argue the £3bn emergency loan from a group of Class A creditors is only a short-term fix for the troubles at Thames Water and a SAR is in the public interest. Thames Water has amassed debts of more than £19bn and is under pressure to upgrade creaking infrastructure and reduce sewage leaks. The full details of the court's reasons for the dismissal are set to be published in due course. Additionally, all other consequential matters are paused until the full judgment is handed down. A group of Thames Water's Class B creditors and the Liberal Democrat MP, Charlie Maynard, appealed against the decision at a three-day hearing last week. Andrew Thornton KC previously told the court the terms of the agreement were 'mispriced and inappropriate' and were 'designed by senior lenders for the benefit of senior lenders.' Thames Water's parent company, TWUH, and its Class A creditors had challenged the appeal. Responding to the judgement, Thames Water chief executive Chris Weston said: 'We are pleased that the Court of Appeal has today decisively refused the appeals and upheld the strong High Court decision to sanction the Company Plan. 'We remain focused on putting Thames Water onto a more stable financial foundation as we seek a long-term solution to our financial resilience. 'Today's news demonstrates further progress.' A spokesperson for the group of Class A creditors said: 'The decision from the Court is clear and we hope this brings to an end the ongoing legal distractions so all parties can focus all efforts on securing billions in fresh equity and new long-term ownership for Thames Water. 'A market-based solution is the best route to achieving financial sustainability for the company in the coming months and will deliver the complex operational turnaround, improved service and environmental outcomes customers rightly expect and deserve. 'Customers will be placed at the centre of the rebuild and will not bear the costs of the restructuring. We will now be working with the company to allow it to move forward and access the money it needs to continue to invest in the business and work with stakeholders to complete an equity process this Summer.' A statement from the Class B creditors reads: 'While we are disappointed with the Court of Appeal's decision to dismiss our appeal, we are pleased the Court has struck out the proposed releases of the company's directors and advisors from legal liability, which the Class B Creditors have consistently maintained are inappropriate in an interim restructuring plan such as this one. 'Until the Court of Appeal releases its judgment, our position remains unchanged, and we will continue to explore all available avenues, including seeking leave to appeal to the Supreme Court, to ensure that customers and the broader public are not forced to bear the costs of a deeply flawed restructuring process.' Sign in to access your portfolio
