Friday, 17 April 2015
Last updated 10 hours ago
Oct 23 2013 | 1:13pm ET
Amidst widespread anger over the low float price of the U.K.'s Royal Mail comes word that one of the biggest beneficiaries of the privatization is The Children's Investment Fund.
The activist hedge fund is now the postal service's largest shareholder with a 5.8% stake. TCI participated in the Royal Mail's initial public offering earlier this month, which priced the company at £3.30 per share. Royal Mail shares surged on that day and last week crested the £5, leading to questions about why the float price was so low.
Hedge funds were allocated 10% of the IPO, and TCI participated. But the hedge fund bought less than 1% of Royal Mail's shares that day; it has been aggressively buying up additional shares since.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…