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Elephant shares at risk

Elephant Loans & Mortgages has been given until October 13 to find a nominated adviser or its shares will no longer be listed on the Alternative Investment Market.

This morning Blomfield Corporate Finance resigned as Elephant’s nominated adviser.

AIM suspended the company’s shares in April and the cancellation will take effect on October 13 unless an adviser can be appointed and full clarification is provided regarding Elephant’s financial restructuring before that date.

Gary Miller-Cheevers, chief executive officer at Elephant is confident about its future.

He says: “We are in discussion with a number of advisers and our shares will not be cancelled.”

Elephant suffered a further blow earlier in the month when its broker SVS Securities quit.

Reverse takeover talks between Elephant and Financial Trade Partnership were also terminated.


Grey area

Mole enjoyed the sights and sounds of Birmingham’s Botanical Gardens in honour of the Pink Home Loans Service Awards last week, thanks to edeus. Mole chuckled at many a quip from Pink managing director David Copland’s lips.

UBS cuts 2,000 jobs

UBS is cutting a further 2,000 jobs this week bringing the job loss toll to 6,000 since Q3 2007.

Attracting new money

The traditional treasury function of balancing savings books with loans has all but gone from banks and building societies. However, the events of the past 12 months have led some lenders to look again at whether there is a role for increasing the savings side of their balance sheets to gain more control of their mortgage books.

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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