![]() ![]() UK Finance chair and former Bank of England court member Bob Wigley wrote in a Financial Times editorial timed to the report’s release: Today we have published our ‘Unlocking the power of securities tokenisation’ report, produced in conjunction with It looks at how securities tokenisation will transform capital markets and international banking infrastructure. In a report co-written with consulting firm Oliver Wyman, UK Finance said the advantages of tokenization, such as lower costs, lower risk and wider access, are not just “a nice-to-have.” Tokenization “can transform the financial system, and the UK should be at the centre of this transformation,” it said. The market is small now, but the future stakes are high, it said. ![]() It said then that the appointment of financial advisory firm AlixPartners was a “last resort” and followed discussions to “find a consensual solution and repayment” of the borrowing that reportedly amounted to GBP1 billion.Advocacy group UK Finance is urging the British government to encourage securities tokenization. Telegraph Media Group was bought by twin brothers Frederick and David Barclay in 2004 for GBP665 million.īut lender Bank of Scotland announced in June that it had appointed a receiver for the Bermuda-based holding company of the group, due to “debts being in default and with no sign they would be repaid”. The spokesman added the joint venture was “entirely committed to maintaining the existing editorial team of the Telegraph and Spectator publications” to protect their “reputation and credibility”. “Following transfer of ownership, RedBird Capital alone will take over management and operational responsibility for the titles under the leadership of RedBird IMI chief executive Jeff Zucker.” “Any transfer of ownership will of course be subject to regulatory review and we will continue to co-operate fully with the government and the regulator,” he said. The five Tory Member of Parliaments (MPs) have written to Deputy Prime Minister Oliver Dowden, Business Secretary Kemi Badenoch and Culture Secretary Lucy Frazer querying the wisdom of allowing overseas sovereign wealth funds to buy national newspapers, it said.Īnnouncing the financial deals on Monday, a spokesman for RedBird IMI said in a statement that it will “provide a loan to the value of GBP600 million, secured against the Telegraph and Spectator”. The assurances follow a group of lawmakers from the ruling Conservative party urging the government to use the United Kingdom’s national security laws to investigate Abu Dhabi’s role in the takeover, the Financial Times reported on Sunday. Redbird Capital, run by former CNN president and noted media executive Jeff Zucker, would run the publications “alone” with IMI being “a passive investor only”, according to the joint venture. With regulatory approval, that would give it eventual ownership of the Telegraph Media Group. The joint venture added it also intends to exercise an option to convert a further “similar” sized loan – secured against the Telegraph and Spectator titles – into equity. RedBird IMI said it will fully pay off the debts owed to Lloyds Banking Group, allowing the media group to be taken out of receivership. The parent company of the right-leaning titles has been controlled by the Barclay family for nearly two decades but was put up for sale earlier this year over unpaid debts. RedBird IMI – a joint venture between United States firm RedBird Capital and Abu Dhabi’s International Media Investments – said it had struck a deal for a “package of loans” totalling GBP600 million (USD750 million) to take control of the Telegraph Media Group. LONDON (AFP) – Abu Dhabi-backed investment fund RedBird IMI said on Monday it is set to take control of The Daily and Sunday Telegraph sister newspapers and The Spectator magazine in Britain. ![]()
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