This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/uk-england-humber-48050626
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Hull telecoms company KCOM set for £500m takeover | Hull telecoms company KCOM set for £500m takeover |
(32 minutes later) | |
Hull-based telecoms company KCOM - famous for its cream-coloured phone boxes - looks set to be taken over by one of Britain's biggest pension funds. | Hull-based telecoms company KCOM - famous for its cream-coloured phone boxes - looks set to be taken over by one of Britain's biggest pension funds. |
Universities Superannuation Scheme Ltd (USSL) has agreed to buy the struggling company in a deal valuing it at £504m. | Universities Superannuation Scheme Ltd (USSL) has agreed to buy the struggling company in a deal valuing it at £504m. |
News of the deal boosted KCOM's share price by about a third to 97p. | News of the deal boosted KCOM's share price by about a third to 97p. |
More than 50,000 people in Hull bought shares in KCOM when it floated on the London Stock Exchange in 1999 with a share price of 225p. | More than 50,000 people in Hull bought shares in KCOM when it floated on the London Stock Exchange in 1999 with a share price of 225p. |
The company provides voice and internet-based services to 140,000 consumers and businesses across the city of Hull - the only part of the UK where larger rival BT does not have a presence. | The company provides voice and internet-based services to 140,000 consumers and businesses across the city of Hull - the only part of the UK where larger rival BT does not have a presence. |
More stories from Yorkshire | |
The takeover deal is being recommended for approval by KCOM's shareholders. | The takeover deal is being recommended for approval by KCOM's shareholders. |
It comes after the company issued a profit warning late last year that was followed by a string of management changes, including the replacement of its chief executive and finance chief. | It comes after the company issued a profit warning late last year that was followed by a string of management changes, including the replacement of its chief executive and finance chief. |
In its half-year report last year, KCOM reported a fall in profits, while net debt soared 60% to £108.5m due to investment in infrastructure across its Hull and East Yorkshire network. | In its half-year report last year, KCOM reported a fall in profits, while net debt soared 60% to £108.5m due to investment in infrastructure across its Hull and East Yorkshire network. |
Follow BBC Yorkshire on Facebook, Twitter and Instagram. Send your story ideas to yorkslincs.news@bbc.co.uk. |
Previous version
1
Next version