Sunday, August 14, 2005

Cameron Exit Strategy

Following this post, I've turned over a new leaf as regards disseminating what one critic called my 'bile about corrupt party pinkos like “Chairman Maoude” and traitors, etc' .

So you can imagine how pleased I am to report some good news about DD's leadership rival David Cameron. As we noted here, DC had unfortunately got into a spot of potential embarrassment over binge drinking and his non-exec directorship at Urbium PLC, the 'premium bars' operator.

But now it looks like he might be presented with a quick exit. Because according to today's S Times:

'ELECTRA PARTNERS, the private-equity firm, is in exclusive talks to buy Urbium, the bar group behind Tiger Tiger and a string of other central London venues. The buyout firm...is thought to be prepared to bid more than £10.75 a share.

A deal at that level values Urbium at £114m and represents a large premium to its current value of £96.2m. That would prove a highly satisfactory outcome for the Urbium board, led by chairman John Conlan, and its adviser, Jag Mundi at Numis Securities.'

Highly satisfactory indeed: board directors could cash out their shares and options at a gratifyingly healthy profit. And DC could walk away from the whole situation without embarrassing anyone any further.

Glad it will all be cleared up so neatly.

(And for those who still think it's OK for MPs to have paid outside employment in addition to their main job, this is a real example of where it can lead to potential conflicts of interests. Nobody says DC is bad or corrupt, but he's ended up in a very difficult situation that he could so easily have avoided by junking his directorship. Which is precisely what Ken should do.)
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