Saga cuts 1,400 jobs, former owner to back 150 million stg capital raise

(Reuters) – UK-based over-50s holidays and insurance specialist Saga SAGA.L launched a 150 million pound ($194 million) capital raising on Thursday that will see former boss Roger De Haan return as non-executive chairman after the loss of 1,400 jobs.

De Haan, the son of Saga’s founder Sidney Isaac De Haan, was chief executive before Saga was sold in 2004 to private equity group Charterhouse and will backstop the new fundraising with up to 100 million pounds ($130 million) of his own money.

“The company I sold was doing brilliantly well. I don’t know what happened…but (it) had certainly lost its way,” De Haan said on a call with reporters.

In a statement hours after the results, Saga said it has completed the bookbuild process and raised gross proceeds of about 74.8 million pounds. Bookrunners have placed 623.3 million new shares at 12 pence a piece with some shareholders, De Haan

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Green School funding saga continues as Chris Hipkins rejects claims made in James Shaw video

Chris Hipkins, James Shaw are posing for a picture


Minister of Education Chris Hipkins is disputing a claim from Greens co-leader James Shaw he gave “verbal sign-off” for the Green School proposal, describing it as a mischaracterisation.

A leaked video shows Shaw telling party members he got the okay from Hipkins in a conversation they had before the controversial bid was signed off.

Shaw’s been in damage control since infuriating party supporters, schools and unions with his strong advocacy for the nearly $12 million application for the private school.

The expansion project was approved by a group of wider ministers under a $3 billion infrastructure fund – they say Shaw should take full responsibility as the sole advocate for the bid.

That advocacy extended to threatening to block at least 44 projects, earmarked for $600m of funding, unless it was given the green light.

While Hipkins had no involvement in the ministerial approval, in the video, Shaw

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