InterContinental Hotels Group PLC : IHG signs agreement for first Holiday Inn in Mauritius (4-Traders)
InterContinental Hotels Group PLC (LON:IHG) the world’s largest hotel group by number of rooms, has signed a new franchise agreement with Airport Hotel Limited that will see the Old Manor House at Plaisance Airport become Holiday Inn Mauritius – Plaisance Airport. The 140 room property will be the first Holiday Inn to open in Mauritius and will join IHG’s InterContinental Resort Mauritius which opened in 2009. The agreement is a response to the need for a hotel at the airport driven by the ongoing growth of the tourism market in Mauritius. The country has seen a three-fold increase in passenger traffic since 1990.
InterContinental Hotels Group Receives Buy Rating from Investec (IHG) (UtahPeoplesPost)
Investec reiterated their buy rating on shares of InterContinental Hotels Group PLC (LON:IHG) in a research report sent to investors on Tuesday morning, Stock Ratings Network.com reports. The firm currently has a GBX 2,100 ($32.52) price target on the stock. InterContinental Hotels Group PLC (LON:IHG) traded up 0.42% on Tuesday, hitting GBX 1920.0001. InterContinental Hotels Group PLC (LON:IHG) has a 1-year low of GBX 1483.929 and a 1-year high of GBX 2053.00. The stock’s 50-day moving average is currently GBX 1630.. The company’s market cap is £5.117 billion.
Man Group CEO Considers Stock Buyback After Redeeming Debt (BusinessWeek)
MAN GROUP PLC ORD USD0.03428571 (LON:EMG), the world’s biggest publicly traded hedge fund manager, said it may buy back shares or pay a special dividend as it tries to reduce its $920 million of surplus capital. The stock jumped. The company plans to repurchase all outstanding debt to reduce surplus capital by as much as $470 million, leaving it with about $450 million by January 2014, MAN GROUP PLC ORD USD0.03428571 (LON:EMG) said in a statement today. The firm may use the remaining surplus to “benefit” investors through stock buy-backs, special dividends or takeovers, Chief Executive Officer Emmanuel Roman said. “We will look at the three options and do what makes the most sense,” Roman, 49, told reporters on a conference call.
Man Group funds under management slip 3.8% (MarketWatch)
MAN GROUP PLC ORD USD0.03428571 (LON:EMG) Friday reported a 3.8% fall in funds under management for the first quarter of 2013 and said it intends to call or redeem, with cash, all tier 1 hybrid, tier 2 and senior debt securities, leading to total annualized pre-tax interest and coupon savings of up to $78 million from 2014. …Redemptions will be slightly accretive to earnings per share after upfront costs in 2013. -Relative to the Group’s capital position pro forma for CRD IV, redemptions will result in a reduction in surplus capital of up to $470 million giving pro forma surplus capital at Jan. 1, 2014 of at least $450 million.
