Wednesday, 25th January, 2006

Dear Reader,

There's an acrid smell wafting through our windows - no, it's not the usual air pollution, but the smell of burnt hedge funds - a privatisation that many of them thought was in the bag fell apart, and now some of them, as well as Henderson Land, seem to think that one of their own is to blame - how ironic!

Henderson Investment - Post Mortem (25-Jan-06)
The market has been conducting a post-mortem on the Henderson Investment deal, so by popular request we are jumping in. We highlight loopholes and propose improvements in the Takeover Code, the disclosure law and the Listing Rules, but fundamentally, HLD only has itself to blame for not delivering a knock-out bid and reaching out to all HI shareholders. There's nothing wrong with voting shares you hold, whether or not they are borrowed.


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David M Webb