While London prices have recovered to 6 percent above their pre-crash peak, in the rest of the country they are still 10 percent below. Foxtons’ offering, which was oversubscribed, raised 335 million pounds for selling shareholders, including majority owner private equity group BC Partners, and company employees. BC Partners reduced its stake from 75 percent to 28.3 percent through the sale and if an overallotment option – whereby more shares can be sold if there is strong enough demand – is exercised this will drop further to 22.3 percent. Foxtons Chief Executive Michael Brown stands to pocket 52.3 million pounds from reducing his stake to 8.1 percent. The company, known for its cafe-style branches and the distinctive Mini Cooper cars driven by its sales staff, also raised 55 million pounds from selling new shares to reduce debt. A source close to the deal said good demand had come from investors in the UK and United States, with buyers confident housing market transactions volumes were far from peaking and Foxton’s strong lettings business would also support its value. The offer prospectus shows New-York based asset manager Blackrock (BLK.N) was a large investor, buying an 8.2 percent stake, while Fidelity Worldwide Investments holds 3.2 percent. The offer price valued Foxtons at around 18 times next year’s forecast earnings, compared with 17 times for Countrywide and a median of around 12.3 times for UK housebuilders, according to Thomson Reuters data. The float marks a milestone for BC, which has had a chequered history with Foxtons since first buying it for about 360 million pounds in 2007. The agency came to epitomize the woes of the private equity industry as plummeting sales pushed it into breach of the terms on its debt. BC, which ceded control of Foxtons to its lenders in 2010 before taking majority ownership again last year, is on track to make a return of close to three times its investment, a person familiar with matter said.
Ithaca Energy Inc.: Further UK Exploration Portfolio Farm-Outs
In addition, the study found that graduates from UK universities are among the most employable, with employers rating five UK universities among the worlds top 10. Sunday nights event also marked the launch of a new campaign by the British Council in Israel to inspire students and young professionals to enrich their education and advance their careers with a UK qualification. Today we start a real effort to reach out to Israeli students and help them understand what the UK has to offer, Gould told The Jerusalem Post before the event on Sunday. To be honest, in terms of numbers of Israeli students in the UK, they are not as big as we want them to be, he added. When I look at potential and then the actual numbers, we are unfortunately nowhere near potential. Gould explained that in addition to UK universities being phenomenal assets for peoples careers, they can especially interest Israeli students for various reasons such as the UK being closer to Israel in comparison to US universities, the English language, and their strength in areas that particularly interest Israeli, including technology, biotechnology and engineering, among other fields. He also pointed out that most British masters programs are completed in one year, which can benefit Israeli students who, because of the mandatory army service, tend to be older than their international classmates. According to the council the United Kingdoms international organization for cultural relations and educational opportunities the UK has hosted some 500,000 international students from about 200 different countries in the year 2012. Gould told the Post that besides what UK education can bring to Israeli students, he believes Israeli students are special. When UK universities recruit Israelis, they get phenomenally high quality, determined, experienced, mature and creative students, he said. Israeli students are special because of what theyve been through before university, because of the economy they come from and because of the country they come from. As an ambassador, this relationship is incredibly important to me, Gould added. It is the single best way to create understanding between the two countries, he explained. When I talk to people in the UK who are friends of Israel and are not Jewish, for most of them the reason why they even started thinking about Israel was because they knew an Israeli student. Some 60 Israeli alumni of UK institutions also spoke to prospective applicants at Sundays reception about their experiences of studying there as well as professional life after their studies. On its website, the councils education organization, Education UK, offers international applicants help concerning English language programs, UK boarding schools for children and teenagers, undergraduate and graduate studies in the UK, single courses applications, as well as information on traveling and student life in the UK.
Newswire Services or for Dissemination in the United States Ithaca Energy Inc. Further UK Exploration Portfolio Farm-Outs 23 September 2013 Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) announces further UK exploration portfolio farm-out transactions.When combined with the previously announced UK farm-outs the Company is now fully carried for the forecast cost of drilling the UK exploration well commitments transferred as part of the Valiant Petroleum plc (“Valiant”) acquisition and in addition will receive over $8 million in cash from the farm-out parties. Highlights *Farm-out to Oyster Petroleum Limited (“Oyster Petroleum”) of a 9% working interest in the UK licences containing the Handcross prospect and a further 5% working interest to Sussex Energy Limited (“Sussex Energy”).Ithaca has a fully carried 31% working interest, will receive a cash payment and has retained operatorship of the licence.*Farm-out to Euroil Exploration Limited, a subsidiary of Edison SpA (“Edison”), of a 10% working interest in the UK licence containing the Isabella prospect for cash.Ithaca has a fully carried 10% non-operated working interest and will receive a cash payment.*The farm-out agreements collectively provide for the parties to pay their working interest share of future licence costs, the reimbursement of past licence costs and the payment of certain cash considerations.*Ithaca has now offset the full $85 million of forecast UK exploration well commitment costs transferred as part of the Valiant acquisition and generated over $8 million in cash payments. Iain McKendrick, Chief Executive Officer, commented:”I am delighted that the Company has achieved a cashflow positive position with respect to the Handcross and Isabella exploration wells.The Company has successfully executed upon its key post-acquisition objective of removing its UK exploration cost exposure whilst still retaining potential upside.” Handcross Exploration Well Farm-Out Ithaca has entered into a farm-out agreement with Oyster Petroleum concerning UK licences P1631 and P1832 (blocks 204/14c, 204/18b and 204 /19c), which contain the Handcross prospect.In addition Sussex Energy, an existing Handcross co-venturer, has exercised an option under the terms of its original farm-out agreement to take a further 5% working interest in the licences. The agreements will result in the transfer of a 9% working interest in the licences to Oyster Petroleum and a 5% working interest to Sussex Energy in exchange for the companies paying their working interest shares of past and future licence costs in addition to providing Ithaca with a cash payment.These transactions reduce Ithaca’s working interest in the licences from 45% to 31%.Ithaca retains operatorship of the licences. When combined with earlier farm-out transactions to RWE Dea UK SNS Limited and Edison, Ithaca is now carried for its forecast share of the planned Handcross exploration well cost and will also receive additional cash beyond the carry. Handcross is a Palaeocene prospect located in the Judd Basin in the West of Shetland sector of the UK Continental Shelf (“UKCS”).An exploration well is to be drilled on the prospect using the Stena Carron drillship, with operations anticipated to commence in late 2013. Completion of the transactions is subject to normal regulatory and third party consents.Following completion, the Handcross partners will be Ithaca (31%, Operator), Edison (25%), RWE Dea (20%), Sussex Energy (15%) and Oyster Petroleum (9%). In addition, Ithaca has entered into a further agreement with Oyster Petroleum to transfer its full 33.33% non-operated interest in UK licence P2018 for a cash sum.The licence, covering West of Shetland blocks 214/24b, 214/29a and 214/30c, was awarded in the UK 27th Offshore Licensing Round.Completion of the licence transfer is subject to normal third party and regulatory consents. Oyster Petroleum isa new UK West of Shetland focused exploration company backed by the Norwegian international oil and gas investor HitecVision.Sussex Energy is a subsidiary of Azimuth Limited, a privately owned company with assets in the UKCS, Norway, Eire and Namibia. Isabella Exploration Well Farm-Out Ithaca has entered into an agreement with Euroil Exploration Limited, a wholly owned subsidiary of Edison, to farm-out a 10% interest in UK licence P1820 which contains the Isabella gas condensate prospect.This transaction reduces Ithaca’s non-operated working interest in the licence from 20% to 10%. The farm-out agreement provides for Edison to pay its 10% working interest share of future licence costs in addition to a cash payment to Ithaca.When combined with the earlier Isabella farm-out transaction executed with Maersk Oil North Sea UK Limited, Ithaca is now carried for its forecast share of the Isabella exploration commitment well cost and will also receive additional cash beyond the carry. The P1820 licence was awarded in the UK 26th Offshore Licensing Round and covers blocks 30/6b, 30/11a and 30/12d in the UK Central North Sea.The licence work programme requires an exploration well to be drilled on the Isabella prospect by early 2015. Completion of the transaction is subject to normal third party and regulatory consents.Following completion, the Isabella partners will be Apache North Sea Limited (50%, Operator), Maersk Oil North Sea UK Limited (30%), Ithaca (10%) and Edison (10%). Edison is a major European energy company, with operations spanning the full energy supply chain, including oil and gas activities in Europe and Africa. – ENDS – Enquiries: Ithaca Energy Iain McKendrick email@example.com +44 (0)1224 650 261 Graham Forbes firstname.lastname@example.org +44 (0)1224 652 151 FTI Consulting Billy Clegg email@example.com +44 (0)207 269 7157 Edward Westropp firstname.lastname@example.org +44 (0)207 269 7230 Georgia Mann email@example.com +44 (0)207 269 7212 Cenkos Securities Jon Fitzpatrick firstname.lastname@example.org +44 (0)207 397 8900 Neil McDonald email@example.com +44 (0)131 220 6939 RBC Capital Markets Tim Chapman firstname.lastname@example.org +44 (0)207 653 4641 Matthew Coakes email@example.com +44 (0)207 653 4871 About Ithaca Energy Ithaca Energy Inc.