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Viewing results 1-25 of 80

Industry & services

Abellio officially takes over East Midlands franchise following Stagecoach disqualification

Abellio's tenure begins amid an ongoing dispute between Stagecoach and the Department for Transport after its bids for three franchises were thrown out in April ...

on 08/19/2019

FirstGroup tracks upwards as it appoints former Arriva boss as new chairman

David Martin will replace Wolfhart Hauser, who stepped down in June after a failed attempt to oust him by activist shareholder Coast Capital...

on 08/15/2019
Retail & consumer

FirstGroup’s West Coast win “a mixed blessing”, says Liberum

The broker warned that investors could react to the new award with scepticism due to the firm’s “recent poor track record in rail franchising”...

on 08/15/2019
Industry & services

West Coast rail franchise award stokes debate about foreign state operators

Only six out of 30 of UK rail franchises, including London underground and the not-yet operational Crossrail, do not have some sort of foreign owner...

on 08/14/2019
Industry & services

FirstGroup joint venture awarded West Coast rail franchise

The FTSE 250 transport firm will run the franchise from 8 December as part of a JV with Italian state-backed rail operator Trenitalia...

on 08/14/2019
Industry & services

FirstGroup fends off activist attempt to oust board but chairman bows to pressure

Coast Capital, an activist investor with a nearly 10% stake in the transport group, failed to remove any of the six directors it was seeking to oust at an EGM on Tuesday...

on 06/26/2019
Industry & services

Coast Capital questions FirstGroup strategy, claims execs considering sale of US school bus business

In a letter to other shareholders ahead of a crunch meeting on Tuesday afternoon, Coast said it had been informed that chairman Wolfhart Hauser and CEO Matthew Gregory had told some investors that “everything is for sale at the right price”...

on 06/25/2019
Industry & services

Schroders and Columbia Threadneedle to back Coast Capital coup against FirstGroup chairman

Schroders and Columbia, which own around 9% and 10% of the FTSE 250 group respectively, will oppose the re-election of Wolfhart Hauser at Tuesday's EGM...

on 06/24/2019
Industry & services

FirstGroup activist shareholder Coast Capital comes back with fighting talk

The New York hedge fund has fired off responses to criticism from the transport group of its proposal to replace the board...

on 06/18/2019
Industry & services

FirstGroup announces meeting for 25 June to decide fate of six directors

The meeting has been requisitioned by Coast Capital, an activist investor that holds nearly 10% of the FTSE 250 group, in an effort to oust six directors and replace them with its own nominees...

on 06/04/2019
Industry & services

Activist investor Coast Capital slams “half baked” FirstGroup breakup plan

Chad Tappendorf, a partner at the New York-based hedge fund, told Proactive that the plan, which will see the company focus on its other US bus businesses First Student and First Transit, was “the height of folly”...

on 05/30/2019
Industry & services

RBC puts chances of FirstGroup break-up at 50/50 following activist pressure

However, the bank upgraded the stock to ‘outperform’ from ‘sector perform’, saying disposals could generate “considerable value” for the transport group...

on 05/14/2019
Industry & services

Why are Britain’s bus and rail companies struggling to make money?

The rail system isn’t working for anyone, says Liberum’s Gerald Khoo, while the high street’s decline means fewer people are taking buses...

on 05/13/2019
Industry & services

Everybody off: activist calls for FirstGroup board to step down

A New York-based hedge fund proposes getting rid of six of the transport operator's eleven board members...

on 05/13/2019