Investment firm Alchemy has laid its cards on the table following Countrywide’s rejection of Connells’ offer for the estate agency giant, matching its offer of £2.50 a share.It has also claimed that a Connells takeover would lead to ‘multiple branch closures and job losses’.Alchemy, which remains the Countrywide board’s preferred bidder, says its offer to shareholders gives them the opportunity either to sell their shares or to participate alongside Alchemy in the recapitalisation of the company.This solves a problem for Countrywide’s shareholders, who are split between those who want to exit and those who believe it has a future.Alchemy believes this feature of the proposal represents the only way to satisfy enough shareholders to deliver a transaction – and that a conventional takeover – as offered by Connells – will not succeed.So far Alchemy has secured promises from shareholders holding 44.8% of Countrywide’s issued share capital as of yesterday.This includes Hosking Partners, Oaktree Capital and Brandes International but not, unsurprisingly, Robin Paterson’s Catalist.ExperienceIn response to Connells’ criticism that it has no experience of running a large estate agency, Alchemy has hit back saying its long-standing investment in Countrywide, and its separate ownership of a letting agency, give it a good understanding of Countrywide’s ‘business lines’.Alchemy says it also has an ‘outstanding new management team’ waiting in the wings, as well as new chairman Carl Leaver.“Alchemy firmly believes that Countrywide has a strong future as an independent, listed company; however, unlocking that potential requires a comprehensive recapitalisation, a new management team and a reinvigorated governance structure,” it says.Branch closuresDespite Connells offer being rejected, Alchemy has still taken time to slam the defunct deal, saying Connells’ offer to buy all the company’s shares does not give an opportunity to shareholders who want to stick around and see their stock increase in value.Most damning, Alchemy claims Connells’ offer is “likely to involve wholesale rationalisation of the Company’s business involving multiple branch closures and job losses, and would also likely be investigated or blocked by the Competition and Markets Authority”.The Alchemy deal includes raising £70m to clear the company’s debts partly through a new share issues and also new lending.Alchemy connells Countrywide December 4, 2020Nigel LewisOne commentJames Gibbs, Gibbs Gillespie Gibbs Gillespie 5th December 2020 at 9:45 amThe world is full of individuals and organisations who think they know how to run Estate Agencies without previously working in the industry and they all fail. Connells would know how to make a success here, but they would be tough shrewd operators, but would need to be.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » LATEST: Connells’ Countrywide bid ‘would see job losses, branch closures’ previous nextAgencies & PeopleLATEST: Connells’ Countrywide bid ‘would see job losses, branch closures’Claim is made by Alchemy, which is scathing of the Connells takeover bid and says its offer will satisfy all shareholders.Nigel Lewis4th December 20201 Comment2,025 Views
Through a partnership between the Center for Social Concerns (CSC) and the South Bend Catholic Worker, Notre Dame students will contribute to the local community this school year by recycling aluminum cans. The program, called Miraculous Metals, began this week and will continue as long as students support it, said Michael Hebbeler, director of student leadership at the CSC. There are currently 22 residence halls participating in the Miraculous Metals program, Hebbeler said. Students can collect aluminum cans and drop them in designated boxes in their halls. Catholic Worker staff members, as well as people who receive support from the Worker, will collect the cans and bring them to a local recycling center. The cans will then be exchanged for money, which will support the Worker’s daytime drop-in center, Our Lady of the Road, and the nighttime shelter, the St. Peter Claver House. “There’s a men’s house and women’s house, and they take in the poor and marginalized, so people looking for a home, looking for a roof, looking for community,” Hebbeler said. “The houses open up their doors to those in need, and the people live there.” Most of the proceeds will go to Our Lady of the Road, where people can eat a meal, do their laundry or take a hot shower. The center supports 60 to 130 people each day. The funds raised by the Miraculous Metals program will support the center’s operation as well as building repairs. Hebbeler said these funds are especially helpful in the winter when the St. Peter Claver House provides overnight shelter from cold weather. “They like to keep it small for fellowship and community, and they can take up to 10 men each night,” Hebbeler said. “They provide a roof and bedding and coffee and breakfast in the morning.” Hebbeler also said many Notre Dame students regularly volunteer at the Catholic Worker. He said the visits create “a sense of solidarity of walking together.” “There will be Notre Dame students spending the night with the homeless men as part of weather amnesty,” Hebbeler said. “Some of the money [from the metal collection] may be feeding volunteers. That’s what makes the Worker what it is — this sense of community. Notre Dame has a vital presence in the drop-in center and at the Catholic Worker.” Although the project is just beginning, Hebbeler said the CSC is looking forward to seeing the program’s results. He also hopes more Notre Dame students will become involved with the Catholic Worker. “There’s good enthusiasm from the [residence hall] social concerns commissioners, and we have a great partnership with the Catholic Worker community,” Hebbeler said. “We expect this project to bring more students into the community to see the impact.”
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Thomas Bouklas, a retired teacher from St. John’s the Baptist Diocesan High School in West Islip, was arrested Friday on charges of possessing child pornography.A retired teacher from St. John the Baptist Diocesan High School in West Islip was arrested Friday for allegedly possessing child pornography on his computer, Suffolk County police said.An investigation by detectives with the computer crimes unit led to evidence that 64-year-old Thomas Bouklas was allegedly downloading and possessing child pornography over the Internet, police said.Authorities executed a search warrant at the former teacher’s home in Holbrook, police said. Investigators seized computers, hard drives “as well as assorted media,” police said in a news release.Bouklas is also a former soccer coach at the catholic school.He was charged with possessing a sexual performance of a child. Bouklas was processed at the Seventh Precinct and transported to First District Court in Central Islip.
Although OVI recorded a growth of 2018 percent in July 10,8 compared to the same month last year, this is the smallest increase in the last three years, which indicates a significant slowdown in labor demand, according to OVI data in July, and prepared by the Zagreb Institute of Economics.Seasonally adjusted index values offer the same conclusion as the seasonally adjusted index fell 11,8 percent in July, the biggest drop on a monthly basis in 16 months. The slowdown may come from the tourism sector, given that, according to initial data, the July season did not meet all expectations.Thus, the demand for the traditionally most sought-after service occupations in the Adriatic counties in July 2018 compared to July 2017 fell or stagnated: the demand for vendors is almost identical, the demand for chefs fell by 6,6 percent, while the demand for waiters fell by as much as 32 percent. In contrast, central Croatia, which includes the City of Zagreb and Zagreb, Varaždin, Krapina-Zagorje, Međimurje, Sisak-Moslavina and Karlovac counties, recorded a 13 percent increase in labor demand compared to the same month last year, primarily for workers’ occupations. in manufacturing, computer scientists, hairdressers and nurses.The Online Vacancy Index (OVI) is a monthly index of online job vacancies developed at the Institute of Economics, Zagreb in cooperation with the MojPosao portal. The purpose of the index is to provide timely information on the current state of labor demand. The OVI index is created by simply counting the number of unique new ads whose application deadlines end in the month for which the index is calculated. Since ads published through only one portal are taken, the number of ads is expressed as an index (base year is 2015).The index is interpreted as meaning that values greater than 100 represent an increase compared to 2015, and values less than 100 decrease compared to the base year. The index was seasonally adjusted by the X-12-ARIMA method.
Sam Allardyce has admitted there is more pressure on him than Newcastle counterpart Steve McClaren as he attempts to guide Sunderland to a sixth successive derby victory. The former West Ham boss told the Sunderland Echo: “I’ve got to look after the reputation of Sunderland. The pressure’s on me more than it’s on Steve. We’ve won the last five, so I don’t want to be the one who doesn’t win it. “But we’ll wait and see on the players – only the players can make everyone smile next week. They just have to carry on what they have done five times before. “They have been struggling, but won the last five games against Newcastle. They don’t need me to coach them this week! Let’s hope for the same again.” Press Association The 60-year-old will go into Sunday’s showdown at the Stadium of Light with his side having failed to win any of their opening nine Barclays Premier League fixtures this season, and facing a team who ended their own wait on Sunday with a 6-2 demolition of Norwich. However, the Black Cats have won the last five encounters between the two clubs, while each of Allardyce’s three predecessors – Paolo di Canio, Gus Poyet and Dick Advocaat – have beaten the Magpies in their second game at the helm having lost their first, just as he did at West Brom on Saturday.