Activism
Briefs .....
Shareholders look set to continue placing pressure on US newspaper groups to re-evaluate their
capital structure philosophies in order to address slowing growth and weak share
prices, according to credit rating firm Fitch.
Fitch warned that these changes in financial policy at newspaper groups with
investment grade ratings represent a risk to bondholders. The firm suggested
that companies with a single class of stock are likely to be more exposed to this
pressure from shareholders, but cautioned that if the pressure on share prices
continues, the management of companies with dual classes of stock will also face
more demands for financial policy changes. Fitch reported that both
Gannett Corp and
the New York Times Company had faced questions about their capital structure
philosophy from analysts when they recently announcement financial results.
For the third time in less than 12
months, French financier Vincent Bolloré has called an EGM at
Aegis in an attempt to have
two candidates elected to the media company’s board. Aegis has in the past
opposed Bolloré having a boardroom presence on the grounds that he is chairman
of Havas, a direct competitor.
March 2007 |
