Since early October – and not unexpectedly – hedge funds (read vulture funds) have bought into GCM shares in a fashion which has markedly (if not dramatically) altered the company’s current equity ownership.
Now, by far the biggest registered shareholders are companies controlled by Christian Leone and his US hedge funds, the Luxor Capital (Management) Group. Leone himself holds 12.56% and the Luxor Group 28.63% - more than 40% of GCM’s equity. Leone is also (or was until recently) an analyst for Goldman Sachs.
Meanwhile, another hedge fund, New York-based Hound Partners LLC, has acquired 3.10% of GCM, of which around 16% are in the form of shorted CFDs (everyone should know by now what these are, since they have widely featured
As among the most “toxic” of instruments used for securitisation, and off-book dumping, of unacceptable debt). Thus, along with the holdings of L-R Capital partners (owned by Leon Levy) at 3.80%; Southpoint Capital Advisors (3.14%);
Ospraie (3.10%) and Capital Group Companies (3.07%) more than half of GCM is now in the hands of US hedge funds.
Polo Resources maintains its 29.72% interest, and Credit Suisse, UBS and Fidelity International haven’t moved.
Thursday, November 13, 2008
Thursday, October 9, 2008
Royal Bank of Scotland (RBS) sells its shares in Phulbari mine scheme
World Development Movement, London, 08 October 2008
British bank Royal Bank of Scotland has sold its shares in Global Coal Management Resources (GCM ltd), the British company behind the Phulbari open-cast mine project in Bangladesh. In August 2008, 110 organisations from across the world wrote to RBS calling on it to withdraw its investment from the disastrous Phulbari project. The British bank has now responded by selling its shares, held through subsidiary ABN Amro, and telling campaigners RBS is “no longer an investor in GCM Resources”. The World Development Movement’s Policy Officer, Tim Jones, said: “RBS has joined Barclays and the Asian Development Bank in distancing themselves from this mine which would destroy the livelihood of tens of thousands of people. It is now up to Gareth Thomas and the UK government to do the same.” If it went ahead, the Phulbari open-cast mine would force more than 40,000 people to leave their homes and threaten the water supply of a further 100,000 people.
For more information and to take action go to:
Take Action
Kate Blagojevic Press officer, World Development Movement
0207 820 4900/4913, 07711 875 345
Email: kate.blagojevic@wdm.org.uk
British bank Royal Bank of Scotland has sold its shares in Global Coal Management Resources (GCM ltd), the British company behind the Phulbari open-cast mine project in Bangladesh. In August 2008, 110 organisations from across the world wrote to RBS calling on it to withdraw its investment from the disastrous Phulbari project. The British bank has now responded by selling its shares, held through subsidiary ABN Amro, and telling campaigners RBS is “no longer an investor in GCM Resources”. The World Development Movement’s Policy Officer, Tim Jones, said: “RBS has joined Barclays and the Asian Development Bank in distancing themselves from this mine which would destroy the livelihood of tens of thousands of people. It is now up to Gareth Thomas and the UK government to do the same.” If it went ahead, the Phulbari open-cast mine would force more than 40,000 people to leave their homes and threaten the water supply of a further 100,000 people.
For more information and to take action go to:
Take Action
Kate Blagojevic Press officer, World Development Movement
0207 820 4900/4913, 07711 875 345
Email: kate.blagojevic@wdm.org.uk
Sunday, October 5, 2008
World Development Movement (WDM) launches new campaign on Phulbari
World Development Movement (WDM) this week has launched a new part of their Phulbari campaign against the UK government’s support for the mine. WDM have written to their 15,000 members asking them to write to the UK Minister responsible for lobbying the Bangladesh government for the mine to go ahead.
The action is also on-line at: http://www.wdm.org.uk/campaigns/others/bangladeshmine/index.htm
The action is also on-line at: http://www.wdm.org.uk/campaigns/others/bangladeshmine/index.htm
GCM’s share price is now lower than it has ever been
You may be interested to know that GCM Resources Plc’s share price is now lower than it has ever been:
Visit GCM's website to see the downward curve: http://www.gcmplc.com/investor_relations/share_price.php
Visit GCM's website to see the downward curve: http://www.gcmplc.com/investor_relations/share_price.php
Phulbari on UK Television
On September 30, 2008 on Channel 4, one of the UK’s four main TV channels, there was a programme about the men who are funding the opposition Conservative Party in the UK. One of them is Michael Alen-Buckley, Chairman of RAB Capital, former shareholders of GCM and now shareholders of Polo Resources. The programme had a short bit on Phulbari, and criticised RAB Capital for investing in the project, and the Conservative party for not speaking out against the Phulbari project. David Cameron, leader of the Conservatives, has previously said he would publicly “exhort” businesses which are not acting responsibly. The World Development Movement’s Director, Benedict Southworth, was interviewed in the programme.
You can try and watch the programme at (you need a faster internet connection):
http://www.channel4.com/video/brandless-catchup.jsp?vodBrand=dispatches-camerons-money-men
The bit on Phulbari is about half-way through.
You can try and watch the programme at (you need a faster internet connection):
http://www.channel4.com/video/brandless-catchup.jsp?vodBrand=dispatches-camerons-money-men
The bit on Phulbari is about half-way through.
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