Gw Pharmaceuticals Share News (GWP)

Sat, 3rd Jul 2010 03:45

The Daily Telegraph

APOLLO THREATENS TO WITHDRAW OFFER FOR BRIT OVER LACK OF

ACCESS

Apollo, the private equity firm, has threatened to

withdraw from its proposed offer to buy Brit Insurance

without preliminary access to its books. The Lloyds of London

insurer rejected a proposed 10.50 pound bid on Thursday, saying

it 'undervalued the company and, accordingly, would not

represent a basis on which the board is prepared to engage with

Apollo'. Brit's share price soared 30 percent from 720 pence

earlier this month after the approach was announced. They

climbed 12.5 pence to close at 900 pence on Friday.

ITALY DRILLING BAN HITS UK OIL EXPLORER'S SHARE PRICE

Mediterranean Oil and Gas, the exploration and

production company, saw its share price fall 7.5 pence to 21

pence after the group warned it could be hit by new Italian

restrictions on deepwater drilling. Italy's new rules to prevent

drilling close to the coast follow BP's disaster in the

Gulf of Mexico, which has become the worst ever accidental

spill. Stafania Prestigiacomo, the country's environment

minister, banned exploration and production within five miles of

the shore and within 12 miles for protected areas.

GW ALLAYS WORRIES

GW Pharma has played down reports that private care

trusts were not paying for prescriptions for Sativex, a multiple

sclerosis drug that is derived from cannabis. Earlier in the

week it was suggested that PCTs in the south central area would

not prescribe the drug. However, GW said the decision by certain

PCTs was made last year, prior to its regulatory approval. The

company added that 90 percent of PCTs in the UK paid for the

drug on the NHS. Its shares increased eight pence to reach 108

pence.

RBS 'PAYS' HSBC TO BUY INDIAN UNIT

The Royal Bank of Scotland has agreed a deal with

HSBC that could see the bank paying its larger rival to

take its Indian operations off its hands. The move underlines

the urgency of the bank's efforts to slash the size of its

international businesses. HSBC is set to buy RBS' commercial and

retail banking operations in India for 63 million pounds.

However, RBS will also cover the majority of any losses made by

the business, meaning it could in effect end up paying HSBC for

the privilege.

The Guardian

CABIN CREW UNION TELLS BA DISPUTE IS 'TRASHING' THE

COMPANY'S BRAND

Airline British Airways has been warned by a trade

union that there will be no 'true peace' between the company and

its striking staff until it withdraws sanctions against striking

cabin crew. Unions have claimed that they will be able to bring

the strike to a close if the airline restores to its staff the

discount on its flights that has been taken away for life from

those who chose to strike. In the letter to chief executive

Willie Walsh, union representatives said that the dispute is

'trashing' the reputation of the airline.

OUTRAGED INVESTORS REVOLT AGAINST TESCO

Supermarket chain Tesco saw the largest shareholder

rebellion in its history on Friday, as 47 percent of its

investors chose not to vote in favour of the company's senior

employee remuneration package. Shareholder anger was largely

provoked by the amount paid to Tim Mason, head of Tesco's US

business Fresh & Easy. Mason received seven million pounds while

F&E lost 165 million pounds last year on sales of 354 million

pounds. Some investors also refused to vote in favour of a

clause in directors' contracts which guarantees them a year's

salary and a bonus, even if they are fired.

FSA INQUIRY INTO LENDING PRACTICES AT READING BANK

The Financial Services Authority has begun a formal

investigation into lending practices at a branch of the Bank of

Scotland in Reading, Berkshire. The investigation is said to

have been prompted by a three-year campaign conducted by local

businesses claiming to have been wronged by the bank. A number

of business customers claimed that a bank executive required

them to pay for the services of a consultant, Quayside Corporate

Services, to qualify for a loan. The executive no longer works

at the bank, and Quayside requested to be struck off at

Companies House in November.

The Independent

JEWELS OF BRITISH INDUSTRY AT RISK OF FALLING INTO AMERICAN

HANDS

Analysts at financial services firm Standard & Poor's have

predicted that low economic growth in the UK and the weakness of

sterling against the dollar will make it likely that American

companies will launch takeover bids for UK companies across a

variety of sectors. Companies such as defence manufacturer BAE

Systems and pharmaceutical firm AstraZeneca are

said to be likely targets of transatlantic bids. This trend has

already been demonstrated by US food firm Kraft's

takeover of UK confectioner Cadbury, as well as engineering firm

Scott Wilson Group's recent announcement that it is to

be bought by US rival URS.

The Times

THAT'S COOL - AN AD FOR UNILEVER'S ICE CREAM ON YOUR IPHONE

Consumer products firm Unilever is to double its

spending on digital advertising in an attempt to reach more

people in the younger age bracket. Company executives have

recently met with internet giants such as Facebook and Google in the US to discuss developing a digital strategy.

Unilever will be the first company to use technology firm

Apple's new iAD advertising service on its iPhones and

iPads. The company is developing an interactive advert for the

platform, which has 60 million dollars worth of advertising

spending already committed to it before it has even launched.

CERES SUPER BOILERS HIT WITH FURTHER DELAYS

The green technology company Ceres Power has

admitted that its sophisticated new boilers will not be

available to consumers until the middle of 2012, one year later

than anticipated. The boilers are designed to release excess

electricity back into the national grid, giving householders a

return on their investment. The company cited 'required

engineering design changes' as the reason for the delay. Ceres

shares fell 4 pence to 71.75 pence, compared to their 2004

flotation price of 120 pence.

IHG ADDS 105 MILLION DOLLARS TO COFFERS WITH SALE OF

ATLANTA'S LUXURY HOTEL

InterContinental Hotels Group, owner of the Holiday

Inn, Crowne Plaza and Indigo brands, has sold off Atlanta's

luxury Buckhead Hotel to a property investment firm for 105

million dollars. Since its demerger from Bass in 2003, IHG has

pursued a policy of asset disposal, selling 185 of its hotels to

reduce debts and give better value to investors. This process

has so far generated 5.3 billion dollars.

HOMEBASE STEPS IN WHERE DIY MAN OF TODAY FEARS TO TREAD

The DIY retailer Homebase, owned by Home Retail Group , is to offer bedroom and bathroom fitting services to

customers, in a tacit acknowledgement that the market for DIY is

declining. The company is also considering similar services for

patios, garages and driveways, and is already testing one for

flooring and tiling. The new strategy is at odds with that of

its contemporary B&Q, which is reacting to the dwindling number

of people proficient in DIY by offering classes in its stores.

DIVIDEND DELIGHT FOR TRAVIS PERKINS INVESTORS

Investors rushed to buy shares in the builders' merchant

Travis Perkins after the company announced that it would

resume paying dividends during 2010, boosting its shares by six

percent. Travis Perkins announced that half-year results would

be better than expected, due to a 4.7 percent increase in sales,

and said that it expected to be able to award a five

pence-a-share dividend payout for the first time since February

2009.

WPP VENTURES INTO MUSLIM MARKET WITH ISLAMIC BRANDING.

The advertising group WPP has created the first

Islamic branding consultancy in the world. The growing

popularity of Western consumer goods in China and India has

resulted in a demand for information on the specific mindset of

Muslim consumers. Early attempts by Western companies to attract

an exclusively Muslim customer base have not met with a great

deal of success -HSBC's attempt to attract people to

its Sharia-compliant banking division ended in failure.



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