Major Engine investor in disclosure controversy

1699071 — Sun, 28 Dec 2008 10:37:00 GMT

Conservative party treasurer Michael Spencer, whose family-owned financial business has a substantial shareholding in The Engine Group, is at the centre of a controversy concerning shares in public companies that were pledged to secure bank loans without informing the Stock Exchange.

Spencer acquired an 11% stake in Engine in 2007 through INCAP Finance BV which in turn is owned by a company called IPGL that is under Spencer's control.

The current controversy revolves around shares held by INCAP Finance BV in two public companies where Spencer is a director - the stockbroking business Numis Corporation and international money brokers ICAP. Apparently the pledging of shares in Numis had not been announced when it first occurred in January 2008 or when the arrangement was restructured in October.

In a statement issued on 23 December Numis said that IPGL and INCAP had taken legal advice at the time the shares were first pledged but that "in the wake of recent press reports on this issue in relation to other companies IPGL sought further advice and concluded that notification should have been made".

Engine's chief executive is Peter Scott and its best known marketing subsidiaries include WCRS, Partners Andrews Aldridge and the Mandate public relations business. Under Scott's leadership the group has expanded rapidly by acquisition, helped by private equity funding.

IPGL donated over £1 million to the Conservative Party in the year to 31 March 2007.

Light the blue touch paper

2182355 — Fri, 26 Sep 2008 10:10:00 GMT

Starring on the new Conservative Party website, overhauled ahead of the upcoming party conference, is the Blue Blog where, according to David Cameron's first post, "you'll see posts from me, the Shadow Cabinet, MPs and candidates and Members of the Party".

It's odd that it has taken this long for the Tories to get a blog going, especially as the party was pretty on the ball with Webcameron, but given Dave's bland first post, we haven't been missing much.

What catches the eye is the blog roll, which has to be the most contrived reading list I've ever seen. From BuzzMachine and Comment is Free to Guido Fawkes and Mumsnet, no worthy stone is left unturned, while Boris Johnson's musings are conspicuous by their absence - surely essential reading for any Tory?

Instead of showcasing the breadth of ideas being absorbed by the party, as it's no doubt intended to do, the list merely serves to reinforce the style over substance arguments Cameron battles constantly.

Let's hope future content will offer a little more insight.

Search results matching tag 'Conservative Party'

Major Engine investor in disclosure controversy

Light the blue touch paper