Court says farewell to UBS
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.COURT Cavendish Group, the nursing home operator that went public last year, is changing its City advisers.
Tomorrow it will announce that it is replacing UBS with Smith New Court as stockbroker and Samuel Montagu as banker. Last month the company appointed Millbank Public Relations in place of Brunswick.
Dr Chai Patel, Court's chairman, said: "We have been debating the fact that, as a small company, we should separate the role of merchant bank and broker, which until now have both been performed by UBS. When the analyst who followed us, Andrew Richmond, left UBS we felt it was important to have a dedicated analyst.''
When Court floated in July 1993, the public offer was twice subscribed at 225p, but the shares opened at 207p after a rival placing flooded the market. They rose to 270p at one point this year before falling to 212p. The price today is 235p. "UBS are an excellent house with a great reputation," Dr Patel said. "They did a superb job for us on the flotation, but their main reputation has been with FT-SE 100 companies. They tell me that there isn't a public company chairman who is happy with his share price.''
Nevertheless a UBS source pointed out that 60 of the firm's 100 corporate clients are in the smaller category, and that they devote considerable resources to that sector.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments