First Group begins sale of North American businesses after investor pressure March 11, 2020 Bus operator First Group has today announced that it will sell its North American businesses after a long-running campaign by prominent investors finally paid off. Coast Capital, an activist hedge fund with a 10 per cent stake in the firm, as well as British-Iranian property tycoon Robbie Tchenguiz, have been pressuring First Group to divest [...]
Coast Capital renews attempt to force break-up of bus operator First Group March 9, 2020 Coast Capital has renewed its attempts to engineer a break-up of transport operator First Group, saying it will try to force an emergency general meeting of shareholders unless the group announces a separation. First Group has long been under pressure from several of its investors to separate the company’s North American operations into independent businesses, [...]
First Group shareholder claims victory as firm weighs sale of US arm December 16, 2019 A major First Group shareholder has welcomed the firm’s decision to consider a sale of its US businesses. The transport giant today said it has appointed advisers to review its US school bus and public transit arms, adding that it will “explore all options” a month after a sinking share price pushed two big investors [...]
Virgin Trains manager jumps ship to First Group for west coast main line railway takeover November 26, 2019 First Group has poached the boss of Virgin Trains just in time to take over the west coast main line rail franchise in 12 days’ time. Phil Whittingham, who has been at Virgin since it took control of the country’s most lucrative rail network in 1998, will keep running the line, which connects London to [...]
‘Unforgivable’: Property tycoon Robert Tchenguiz blasts First Group management amid calls for sale of US assets November 18, 2019 Directors at First Group have been branded “immature” by major investor and property tycoon Robert Tchenguiz, as shareholders demanded the struggling transport giant launch a full strategic review and sell off its US businesses. The bus and rail operator is in the process of selling its US coach service Greyhound, but said earlier this year [...]
Watchdog pauses investigation into First Group’s West Coast Rail franchise November 15, 2019 The UK’s competition watchdog has paused its investigation into the decision to award the West Coast Rail franchise to First Group after the company offered to make changes to the deal. The Competition and Markets Authority (CMA) said last week it would escalate its probe into First Group’s joint venture with Trenitalia on the route unless [...]
First Group shares sink as losses widen after Greyhound charge November 14, 2019 First Group’s share price sank today as it fell to a £187m half-year loss as transport charges hobbled the firm while doubts weigh over the future of its West Coast Rail franchise. Read more: CMA flags competition concerns on 21 West Coast Rail franchise routes The figures The transport giant fell to a loss before [...]
First Group chairman resigns after defeating Coast Capital’s boardroom coup June 25, 2019 First Group’s chairman has resigned despite defeating an attempt by activist investor Coast Capital to oust him from the board. Wolfhart Hauser has stepped down and will not stand for re-election at the company’s next annual shareholder meeting. Around one in four shareholders, excluding Coast, voted against the New York Hedge fund’s 13 resolutions, Press [...]
Schroders and Columbia Threadneedle back Coast Capital in First Group dispute June 24, 2019 Activist investor Coast Capital, which is demanding an overhaul of bus and rail operator First Group, has received the backing of two major fund managers. Schroders and Columbia Threadneedle Investments, which own nine per cent and 10 per cent of First respectively, are opposing the re-election of the company’s chairman Wolfhart Hauser at an extraordinary [...]
First Group launches searing attack on ‘opportunistic’ activist investor June 4, 2019 Transport giant First Group has hit back at an activist investor trying to oust six of its board members, describing it as an “opportunistic, self-interested player that is only focused on short-term gains”. In a searing attack First Group has slammed US hedge fund Coast Capital for its “scatter-gun, inconsistent and unusual proposals” and warned [...]