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Countrywide shareholders approve £140m cash call

Tue, 28th Aug 2018 14:10

(Sharecast News) - Countrywide shareholders approved a £140m emergency fundraising at the estate agency owner's annual general meeting on Tuesday.The company, which owns Bairstow and Eves and Hamptons, said more than 98% of its shareholders backed the cash call.Around £115m of the proceeds will be used towards paying down Countrywide's £200m debt, with a further £14m for general corporate purposes and to support working capital.Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "The injection of £129m of cash will keep the wheels turning for now, but that money is being used to pay down debt rather than to fund growth. In other words, this cash is a lifeline rather than a springboard."The news comes just days after the company cancelled a £20m bonus scheme for top management."Indeed some of the wounds Countrywide is nursing were self-inflicted, though political and fiscal decisions have played a part too. In particular stamp duty reforms and Brexit concerns prompted a 22% decline in London housing transactions last year, which compounded the operational mistakes made by Countrywide itself," Khalaf said."Looking forward, it's a long road to recovery for Countrywide. The sales pipeline is not disappearing quite as quickly as it was, but the latest published decline of 9% is still pretty steep. In the immediate future the company also faces a prospective £21m revenue headwind from legislation banning letting fees being charged to tenants, expected to come into force next year."At 1430 BST, the shares were down 7.8% to 13.74p.
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8 Mar 2018 10:36

WINNERS & LOSERS SUMMARY: Countrywide Shares Sink On Large Annual Loss

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - WINNERS----------Associated a

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8 Mar 2018 10:26

LIVE MARKETS-Late on your ECB homework? Here's ING's 'Angry Birds' cheat sheet

* European edge up * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux LONDON, March 8 (Reuters) - Welcome to the home for real time coverage of European

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8 Mar 2018 09:59

Britain's FTSE inches up in choppy trade; miners fall

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE 100 up 0.15 pct, helped by defensive stocks * Miners fall as trade war worries hit metal Upgrade AB 8

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8 Mar 2018 09:51

UPDATE 1-Easing tariff fears buoy European shares; M&A, earnings in focus

* STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares down 3.8 pct * Countrywide sinks 20 pct (Updates prices, adds Helen March

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8 Mar 2018 09:42

TOP NEWS: Countrywide Shares Fall On Axed Dividend, Annual Loss

LONDON (Alliance News) - Shares in Countrywide PLC fell sharply early Thursday after the company swung to a pretax loss, axed its dividend payout, and warned of further pain a

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8 Mar 2018 08:41

Fading trade fears support European shares; M&A, earnings in focus

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares 8

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8 Mar 2018 08:40

UPDATE 2-UK's Countrywide going 'back to basics' after profit plunges

* Core earnings fall 22.5 pct * Scraps 2017 dividend * Reducing HQ headcount * 2018 pipeline "significantly lower" * Shares fall 24 pct (Adds conference call,

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8 Mar 2018 08:20

LIVE MARKETS-Opening snapshot: STOXX inches up

* European edge up at the open * Asian trading calmer on hopes of smaller Trump tariff * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux Welcome to the home for real time of

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8 Mar 2018 07:58

LIVE MARKETS-What's on the radar ahead of the open

* European shares seen rising * Asian trading calmer on hopes of smaller Trump tariff * ECB meeting awaited * Results from Uniper, Akzo Nobel, Merck, JCDecaux Welcome to the home for real time of

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8 Mar 2018 07:44

UPDATE 1-UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE futures were up 0.08 percent ahead of the cash market open on Thursday. * G4S: The world's largest security group G4S said by

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8 Mar 2018 07:36

British estate agent Countrywide posts 22.5 pct drop in FY core earnings

March 8 (Reuters) - Countrywide Plc, Britain's largest estate agency, on Thursday reported a 22.5 percent drop in full-year core earnings, hurt by poor performance in its

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8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE 100 index is seen opening flat on Thursday, according to financial bookmakers. * UK-RECRUITERS: British recruiters a

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20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

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18 Jan 2017 09:48

Wednesday broker round-up

(ShareCast News) - Hochschild Mining: RBC Capital Markets reiterates Outperform with a target price of 290p. Pearson: Liberum reiterates Sell with a target price of 470p. IG Group: Barclays reiterates Overweight with a target price of 612p. British American Tobacco: Citi reiterates Buy with a targ

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13 Jan 2017 07:41

Revenue up but volumes down at Countrywide

(ShareCast News) - Estate agent Countrywide reported a small increase total group income for the year to the end of December as it said earnings are expected to be in line with the current range of market expectations amid a challenging market and a slowdown in London. Total group income for the yea

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