City Briefs: Chamberlin; IMI; IBB; Paragon Group

Chamberlin confirms sacking of FD

WALSALL-based foundry group Chamberlin has sacked its Finance Director for issues unrelated to its financial position.

The firm announced earlier this month that Mark Bache had been removed from his position as FD and the board said he had now left the business with immediate effect.

“The board has commenced the process of appointing a new Group Finance Director and further details will be announced in due course. In the meantime the company’s Financial Controller, Ian Poole, will retain responsibility for the day-to-day financial management, reporting directly to chief executive Tim Hair,” said Chamberlin in a statement.
 
It said Bache’s departure was “wholly unrelated to the financial position of the company or because of any financial matters”. Chamberlin said it was keen to stress the company continued to trade in line with market expectations.
 

Gateley set to retire from IMI board after AGM

BIRMINGHAM-based engineering group, IMI, has said that non-executive director Terry Gateley will be retiring from the business in May. Gateley is also stepping down from his role as Senior Independent Director and chairman of the Audit Committee.

His retirement at the end of the 2013 AGM comes nine years after his first election as a director of the business.

Phil Bentley, who was appointed as a non-executive director on October 1, 2012, will assume the chair of the Audit Committee following Gateley’s retirement. He has previously been Finance Director of Centrica and also chairman of the Audit Committee at Kingfisher plc where he was previously a non-executive director.  
 
Anita Frew will succeed Gateley as the Senior Independent Director next May.  She joined the board in 2006 and has extensive experience at board level in public companies including existing roles as a chairman and as a senior independent director.
 
Roberto Quarta, IMI chairman, said: “We will have plenty of opportunity to thank Terry for his efforts at the AGM next year. In the meantime I would like to thank him for his ongoing contribution to the board, notably in his current roles as senior non-executive director and as chairman of the audit committee where we have particularly valued his deep financial knowledge.”

 

Deadline for IBB takeover talks extended

THE board of Islamic Bank of Britain has been granted more time to conclude negotiations over a possible takeover of the business.

The Birmingham-based bank said in October that Masraf Al Rayan (MAR) was in discussions with Qatar International Islamic Bank (QIIB) regarding the purchase of QIIB’s shareholding in IBB.

IBB said that while it had not received a direct approach from MAR, QIIB remained in discussions with MAR regarding the sale of its IBB shares, which represent 88.41% of the issued share capital of IBB. The IBB shares carry 30% or more of the voting rights of IBB and would trigger the requirement for a general offer.  MAR has confirmed that if any offer is made it is likely that it would be solely in cash.
 
The new deadline has been set for 5pm on January 7, 2013 and IBB said that if any deal was concluded it would update the market.

Paragon allots new shares to Employee Trust

SOLIHULL credit and mortgage group Paragon has allotted 1,700,000 ordinary shares worth £1 each to the group’s Employee Trust.

The shares were acquired to meet awards as they mature and are exercised under Paragon’s Performance Share Plan, in which the group’s executive directors and certain of the group’s senior employees have participated from time to time.
 
Following the allotment of the shares, the total shares held by the Paragon group’s various employee trusts is 4,271,414.