STOCKS TO WATCH: Kath Fontana leaves Mitie

STOCKS TO WATCH: Kath Fontana, Mitie’s managing director for government accounts, leaves the company

It’s rarely quiet in the politically charged world of government contracts, especially for rated player Mitie.

Last week, its offices in the Shard skyscraper were raided as part of an ongoing antitrust investigation.

The Competition and Markets Authority is investigating the relationship between Mitie and US company PAE after the Home Office raised concerns.

Changes: Kath Fontana, Mitie’s Managing Director for Government Accounts, has left the company

Now I can reveal that Kath Fontana, its managing director for government accounts, has left the company. Fontana is a veteran of managing big deals and only joined in 2019.

She made headlines last year when, as president of the Royal Institution of Chartered Surveyors, she was one of four trustees to step down following a governance scandal.

Senior Mitie sources said Fontana was fired to cut costs because she was “expensive” and her departure was “totally unrelated” to the CMA investigation.

It is understood that the director of the strategic alliance, Duncan Dodd-Hughes, will assume some of his functions.

Analysts fear inflation will hit Moonpig

Online greeting card seller Moonpig hasn’t had much to report since last year’s IPO, with shares down 45%.

Analysts now fear inflation could deter shoppers from buying flowers and chocolates with their card orders.

This week’s trade update is expected to show whether it can hit the £280m in sales predicted by industry watchers.

Short sellers bet on Royal Mail

The Mail on Sunday reported last week that short sellers were targeting Royal Mail.

Two of them – Marshall Wace and Citadel – have increased their bets in recent days.

Among analysts’ concerns for the stock are union demands for a pay rise to help postal workers fight rising bills. This crisis is far from over.

At a meeting of postal workers in Liverpool, Communications Workers Union Deputy General Secretary Terry Pullinger denounced the board.

In a subsequent letter to chief executive Simon Thompson, he claims the company ‘rushed’ to offer a £400m reward to investors ‘but when it comes to our members they are dragging their feet’ .

It will rumble.

BioNTech seeks investment in Covid proceeds

BioNTech has had a remarkable two years – developing the Covid vaccine used around the world in partnership with US giant Pfizer.

Now, German biotech company and fellow Covid jab Moderna face the challenge of deciding where to invest profits and how to reward shareholders.

BioNTech has announced a €2bn (£1.7bn) plan to benefit investors through a buyout and €486m special dividend.

It will give his UK chief commercial officer Sean Marett a €1.14m windfall to go along with his €2.5m salary package and stock worth $119m (£91m).

Ugur Sahin, the German oncologist who co-founded the company, owns shares worth $7.1 billion.


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