Ex-Sun editor fails in bid to oust media firm’s boss
Digital broadcaster Brave Bison shot up after former Sun editor Kelvin MacKenzie and his son ashley failed in their bid to oust the firm’s chairman following a boardroom bust-up.
The pair, who own a combined 8pc stake in the AIM-listed media company, launched a bid to force out chairman Sir Robin Miller and non-executive director Paul Marshall earlier this year.
The attempted coup followed ashley MacKenzie’s resignation as chief executive in January, which the firm put down to a disagreement over the company’s future. it is believed the board did not agree with MacKenzie’s plans to put Brave Bison up for sale, with talks of a takeover by Bob geldof-founded Zinc Media collapsing last week.
But father and son failed to gather the support of enough shareholders at Brave Bison’s annual general meeting yesterday, with both Miller and Marshall re-elected to the firm’s board.
the firm also announced that MacKenzie’s permanent replacement as chief executive will be Claire Hungate, currently a managing director at Warner Bros television. Shares rose 10.2pc, or 0.1p, to 1.2p.
Biotech firm Shire rose after securing regulatory approval for its long- lasting treatment for attention deficit hyperactivity disorder (ADHD), which affects up to 11pc of american children.
Shire hopes to begin selling Mydayis later this year after it was given the green light by the US Food and Drug administration.
Mydayis contains similar active ingredients – including amphetamine – as adderall, Shire’s other popular treatment for ADHD. But the medicine can last for up to 16 hours – four more than adderall.
Shire’s share rose 2pc, or 89.5p, to 4460p, although it remains down 4.5pc for the year as it continues to suffer from an increasingly competitive market.
The FTSE 100 finished down 0.3pc, or 24.92 points, at 7447.79 after spending all day in the red.
Oil majors also suffered another tough session after the price of the black stuff fell to another multi-month low over concerns of a potential global oversupply.
Shell fell 1.3pc, or 28.5p, to 2097p, while BP was down 0.8pc, or 3.55p, to 456.7p after analysts at Macquarie suggested they could be worst hit by low oil prices.
A rally in copper, platinum and gold prices helped miners to prop up the FTSE 100 despite Moody’s warning that South african regulations could hit the sector. it said that a new charter seeking to raise the minimum threshold for black ownership of mining companies to 30pc from 26pc will require miners to use cash or raise debt to create the additional shares for purchase. Despite Moody’s listing
Anglo American as one of the worst potential casualties of the charter, the miner rose 1.7pc, or 16.3p, to 975.7p. Meanwhile, Glen
Core was up 1.8pc, or 4.85p, at 281.45p and Rio Tinto advanced 0.7pc, or 20p, to 3020p. Healthcare property investor
Assura sat at the top of the FTSE 250 following its successful placing of £98.4m of shares in the market on tuesday. the firm rose 3.7pc, or 2.3p, to 64p.
Meanwhile, Allied Irish Banks increased the price of its float due to demand. the bank will sell 25pc back to the public after it was rescued during the financial crisis in a bailout which costs irish taxpayers £18.5bn.
Earlier this month shares were priced at between €3.90 and €4.90. But this has been revised up to €4.20 to €4.60 after books were oversubscribed multiple times. Shares will be floated in both Dublin and london.