Revolut offers dog rides as Bank of England licensing talks drag on

Revolut: branch management

Revolut “appoints a dog to the role of C-suite”, says the press release, which does not improve afterward. In a stunt to promote its pet insurance launch, the $33 billion valued kind of bank this week appointed a one-year-old Shiba Inu named Sam as pet leader.

Joking about lap dog hires is a bold strategy while working on his UK banking license application. Since 2019, the cryptocurrency-friendly lender has recruited management considered independent from co-founder and chief executive Nikolay Storonsky, whose intense style has been judged little chance of gaining trust Bank of England regulators.

The arrival in 2020 of Martin Gilbert as President and his appointment to the former head of Standard Chartered Europe Richard Holmes leading the British division helped address allegations of an ejection seat culture under Storonsky’s leadership. However, appointing dogs always seems easier than recruiting people: Revolut has yet to appoint an investment director to replace Anton Pasiechnikov, who left in Wizz Financial in November after just eight months in the role. His job posting remained online until Thursday afternoon after being posted more than ten weeks ago.

Capricorn Energy: Short Stories

The list of London’s most shorted stocks has a new entry: Capricorn Energy. The Edinburgh-based oil explorer, formerly known as Cairn, came out of nowhere this week to become the third most-bet company on the London Stock Exchange after Cineworld and shopping center owner Hammerson.

Data compiled by IHG Markit showed that since the end of January around 64m Capricorn shares worth £130m had been loaned out, equivalent to 13% of its market value, compared to less than 1% previously. Yet there was no new disclosure in the Financial Conduct Authority report. daily short position reportwhere borrowers are legally required to book all UK short positions above a 0.1% share capital threshold.

What could explain the anomaly? It might be worth noting that Capricorn is expecting a $1.1 billion tax refund from the Indian government. Immediately after the cash comes in, Capricorn plans to launch a $500 million cash return to shareholders via a tender offer.

According to securities lending specialists, some Capricorn shareholders may wish to avoid passing the tax refund from one government to another. Temporarily placing shares with a borrower in a low-tax jurisdiction before the tender is launched could be a mechanism to reduce its capital gains tax liability, they said. declared.

The sudden jump in short-term interest has therefore been interpreted as suggesting that after more than seven years of wrangling with India, investors have become convinced that payback is imminent. Capricorn declined to comment. Of the company’s two largest shareholders, MFS Investment Management said it does not discuss individual stocks in its portfolios and BlackRock directed us to a publication on website defining its general policies on institutional securities lending.

Wirecard: farewell to auctions

Corporate fraud memorabilia hunters had the opportunity this week to recover memorabilia from the Wirecard collapse.

The insolvency auctioneer Hämmerle offered more than 400 lots to be collected from Wirecard’s former headquarters in Aschheim, near Munich. The site has been mothballed since August 2020, when administrators began dismantling the bankrupt payment group.

Available for purchase alongside office furniture and accessories were a Shiatsu massage chair with integrated audio-visual relaxation system, a selection of diseased plantstable football and gym equipment including a punching bag and one trampoline. The notoriety of Wirecard makes lively auctions: a batch of 50 generic art prints exploded its reserve price by €50 to sell for €1,600.

Presenting more than a bargain were five document shredders capable of shredding DVDs and credit cards to GDPR compliant standards, which when new are priced at €2,000 each. The hammer is down to just £1,900 for all five, possibly reflecting wear from the previous owner’s heavy use.

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