Lloyds Share Sale Raises Prospect Of Uk’s Complete Exit By 2015

Comedy Central UK Acquires New CBS Shows ‘The Millers,’ ‘We Are Men’

This often happens after an embargo period, during which time journals can still charge for access to the work. International fallout Each time a new funder or government introduces an open access policy, publishers assess their options and sometimes change their access rules. Scholarly publishing is an international endeavour and the worldwide community must deal with the fallout from publisher responses to the UK position. The chairman of the BIS Committee, Adrian Bailey, noted that: Current UK open access policy risks incentivising publishers to introduce or increase embargo periods. But it is more than a risk there is clear evidence this has occurred. Current RCUK policy allows publishers to impose embargoes of up to 12 months and in some cases even 24 months before authors are allowed to place their work in green open access repositories. The BIS Committee is concerned that publishers could try to force authors into an upfront, gold payment by stretching out these embargo periods for as long as they can, effectively preventing public research from being accessed quickly for free. An example is Emerald, a UK based publisher, which recently introduced a 24-month embargo period as a direct response to the RCUK policy. Springer, the worlds second largest journal publisher, previously imposed no embargo period on authors depositing work in their institutional repository. But earlier this year, it introduced a 12-month embargo on final peer-reviewed versions. Springer contends that its change in policy was not spurred by RCUK, but rather to make rules more consistent . Importantly, the BIS Committee report notes that extended embargo periods are maintained or introduced despite a lack of evidence that shorter embargoes harm publishers.

UK’s open access policies have global consequences

Osborne said the government will consider offering shares to retail investors when it offloads more of its remaining 32.7 percent stake. “This is the first in a multi-staged sale program. I will consider all options for later sales of our shareholding in Lloyds, including a retail offering to the general public,” Osborne said in a letter to Andrew Tyrie, chairman of the Treasury Select Committee. A sale of shares in RBS is seen as much further away, with the shares still trading at 28 percent below the government’s average buy-in price – meaning taxpayers are sitting on a loss of 13 billion pounds. The outlook for RBS is further complicated by the government’s decision to hire investment bank Rothschild to examine whether the bank should be broken up. A decision is expected in the autumn. The Lloyds sale is the biggest equity capital markets deal in Europe this year and the proceeds are also greater than the expected 2 billion to 3 billion pounds which Britain is expected to raise from the sale of Royal Mail. Sources with direct knowledge of the transaction said the biggest block of investors were British, but there was also good demand from the United States, Asia and Europe, with investors seeing the stock as a play on the UK economic recovery. The sale will reduce the government’s debt by 586 million pounds, as the shares were on its books at 61.2p, taking into account fees already repaid by Lloyds. The sale price was ahead of the government’s average buy-in price of 73.6 pence, meaning the government will make a profit of 61 million pounds. Bank of America Merrill Lynch, JP Morgan Cazenove and UBS Investment Bank were joint book runners on the deal. Lazard acted as capital advisor.

Pendragon: A UK Autodealership Benefiting From A UK Recovery

Fund Gurus picture

Source: FT Markets 14x 2014 earnings seems a cheap price. This is highlighted when comparing the stock to the broader UK market. The UK market currently trades on 17.38x earnings, and 16.19x future earnings , broadly in line with Pendragon. However, Pendragon’s 1yr growth rate is forecast at 6% (with impressive 2 year growth), while the FTSE 100 is at 4.5% . Pendragon is cheaper than the market, yet has higher growth. Catalysts to Growth The article has already identified some factors which may contribute to continued share price performance. As an industry the aging UK vehicle fleet will need replacing and this should increase car sales. Similarly the UK consumer is growing in confidence, which should see rising consumer spending and lead to increased car sales and aftersales. Coupled with these macro tailwinds, Pendragon has established itself as the number 1 online motor retailer. There is a shift towards online business and Pendragon’s dominant position here should secure further growth. The national footprint of the business and economies of scale gives it a competitive advantage over regional peers. The business is also improving efficiency, with margins expanding in 2012; aftersales margins increased from 59% to 61% . If this expansion continues then profitability and earnings will continue to grow. Risks This is a cyclical stock. If the UK economy stalls, or disappoints then this stock may suffer.

in early October, stars Will Arnett as a newly divorced man who looks forward to single life until his parent’s marital problems derail his plans. It will get its U.K. debut on Oct. 14 in the 9:30 p.m. slot. We Are Men, which debuts on Sept. 30, has a star-studded cast led by Tony Shaloub, Jerry OConnell, Kal Penn and Chris Smith. They play four single guys living in a short-term apartment complex who share their missteps in love. Under the content agreement, Comedy Central UK also renewed its rights to The King of Queens and Rules of Engagement. Financial terms were not disclosed. The deal was struck by Brad Wood, head of acquisitions, Comedy Central UK, and Stephen Tague, senior vp Europe, CBS Studios International. “The Millers was the stand-out comedy at this year’s LA Screenings,” said Wood. “Its a great fit with our current crop of U.S.