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CompaniesBriefs .....
Eurotunnel’s proposed restructuring plan has been approved by the Paris commercial court, bringing the embattled channel tunnel operator’s shareholders one step closer to the creation of a new company – Groupe Eurotunnel - and a share swap. Lombard in the Financial Times (16 January) noted that it took the commercial court only 30 minutes to reject the 33 lawsuits opposing the restructuring on such grounds as the deal being more generous to shareholders than some more senior creditors. Even if the deal’s opponents persist and succeed in a higher court, Lombard suggested a ruling would probably be too late to alter the terms of the restructuring.
Parmalat has reached agreement with Deloitte & Touche and Dianthus, the audit firm which operated under the Deloitte & Touche name until July 2003, to settle their legal disputes. Under the agreement reached by the three parties the audit firms have agreed to pay $149m and to withdraw all pending legal actions and allegations. Parmalat had accused Deloitte of being among those which had hidden the dairy company's losses and caused its collapse in 2003. Parmalat relisted last year.
The proposed merger between Euronext and the New York Stock Exchange took a step closer to reality when the chairmen’s committee of the Euronext regulators gave its approval to the planned combination. This approval is, however, dependent on the submissions the Paris-based exchange and its subsidiaries need to make to national authorities.
Assura, the FTSE 250 medical and property group, has cancelled the existing bonus arrangement of non-executive chairman Mark Jackson in order to bring his remuneration arrangements into line with other members of its senior team. Assura, which last year changed its name from The Medical Property Investment Fund, will pay Jackson £500,000 in cash as a result of the cancellation. He will also be awarded 500,000 units under the Assura executive equity incentive plan, which on 31 December 2010 will entitle him to a number of shares, the volume to be determined by fulfilment of performance conditions.
The Committee of Sponsoring Organisations of the Treadway Commission (COSO) has appointed Grant Thornton to develop guidance to help organisations to monitor the quality of their internal control systems. COSO said as well as helping to monitor internal controls within companies the guidance would also help Sarbanes-Oxley compliance. A project white paper will be published this year and the guidance will be completed in early 2008.
Rank Group shareholders have approved the sale of the company’s Hard Rock Cafe business to the Seminole Tribe of California. The sale is currently the subject of a lawsuit brought by Cordish, a US real estate company, that alleges Hard Rock USA management and the Native American tribe conspired to rig the bidding for the restaurant, hotel and casino chain.
February, 2007 |
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