New Star's share price has plummeted over 70% this morning following news the beleaguered fund manager was in "advanced and constructive" talks with its bank syndicate.
The John Duffield-led group's share price opened lower and continued to dive after it was denied a suspension of trading after the announcement. Last month Duffield admitted his firm has been "too slow" in reacting to market declines, with the manager suffering over £1.5bn in redemptions from investors since 30 June this year. Its funds under management from the middle of the year has dived from £19.8bn to £14.3bn; while the troubled group has had to recently renegotiate its financial covenants, with its debt interest rate climbing by 1.5%. "Discussions with our bank syndicate are con...
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