just got richer!
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12:08 pm, June 2, 2009
Man City’s owner set to double money on Barclays stake sale
Manchester City’s new owner, Sheikh Mansour Bin Zayed Al-Nahyan, looks set to almost double his money on the sale of half of the stake he picked up in Barclays last October.
His business, International Petroleum Investment Corporation, has announced that it is to sell more than 1.3bn shares for which it owned Mandatorily Convertible Notes (MCNs) that paid a coupon of 9.75 per cent. The shares can be converted at 153p a share, but Barclays is currently trading at nearer to 270p a share. Its share price has climbed by more than 200 per cent over the past three months once investors have realised that the firm is unlikely to need a Government-backed bailout.
However, IPIC will continue to hold warrants over a further 758 million shares, which it said it has no intention of selling in the immediate future. His Excellency Khadem Al Qubaisi said that the firm “has a high regard for Barclays, and great confidence in its management team and ongoing strategy".
"The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future. The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities."
Barclays group chief executive John Varley said that in the period since IPIC and the Abu Dhabi Government had invested in the firm, "we have been able to broaden our strategic and commercial relationship, and look forward to developing this further going forward."
<a class="postlink" href="http://www.crainsmanchesterbusiness.co.uk/apps/pbcs.dll/article?AID=/20090602/FREE/906029975/1134" onclick="window.open(this.href);return false;">http://www.crainsmanchesterbusiness.co. ... 29975/1134</a>
12:08 pm, June 2, 2009
Man City’s owner set to double money on Barclays stake sale
Manchester City’s new owner, Sheikh Mansour Bin Zayed Al-Nahyan, looks set to almost double his money on the sale of half of the stake he picked up in Barclays last October.
His business, International Petroleum Investment Corporation, has announced that it is to sell more than 1.3bn shares for which it owned Mandatorily Convertible Notes (MCNs) that paid a coupon of 9.75 per cent. The shares can be converted at 153p a share, but Barclays is currently trading at nearer to 270p a share. Its share price has climbed by more than 200 per cent over the past three months once investors have realised that the firm is unlikely to need a Government-backed bailout.
However, IPIC will continue to hold warrants over a further 758 million shares, which it said it has no intention of selling in the immediate future. His Excellency Khadem Al Qubaisi said that the firm “has a high regard for Barclays, and great confidence in its management team and ongoing strategy".
"The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future. The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities."
Barclays group chief executive John Varley said that in the period since IPIC and the Abu Dhabi Government had invested in the firm, "we have been able to broaden our strategic and commercial relationship, and look forward to developing this further going forward."