Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Westhouse set to acquire Arbuthnot Securities
Amid a raft of consolidation in the sector, corporate and institutional stockbroker Westhouse (WHL) has signed heads of terms to acquire rival Arbuthnot Securities.
Parent Arbuthnot Banking Group hoisted the for sale sign over the business a few months back, largely to allow it to focus on its core banking operations - which have strengthened, at a time when trading conditions in the broking industry have deteriorated.
Westhouse believes the deal will provide an enhanced service to its clients, as well as improved returns to shareholders. It admits that 'market conditions are challenging' but the AIM counter is still winning new mandates, it is also confident that the enlarged group will benefit from scale and an improvement in its recurring revenue to cost ratio.
Research from Growth Company Investor suggests Arbuthnot Securities has 46 AIM clients, whereas Westhouse has 27 (including Vitesse Media (VIS) - parent of Growth Company Investor). A spokesperson at Arbuthnot admits the group employs 57 people, has a total retainer base of 55 corporates, and trades from one site at 20 Ropemaker Street.
Consolidation in the sector is certainly picking up. Earlier this month Ambrian Capital sold off its brokerage division to Australian corporate advisory firm RFC Group for an undisclosed sum. This followed a write-down in its value of £2.2 million. Evolution is being swallowed up by Investec, and just this week Rivington Street Corporate Finance was picked up by its fellow PLUS listed rival Webb Capital. The transaction is subject to FSA approval.
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