Devonshires has acted for London & Quadrant (L&Q), one of the UK’s leading and prominent housing associations, to help in securing a £500m Bond.The deal is the social housing sector’s largest own-name bond issue and was completed in two tranches in the form of £250 million 12-year and £250 million 40-year bonds.The backdating companies broke this rule: they reported how many options they were issuing, but conveniently omitted the fact that they had been backdated. The bigger reason for choosing to backdate is to get around some bothersome accounting regulations.In Washington, people say that it’s not the crime that gets you—it’s the coverup. [C]ompanies didn’t need backdating to lavish huge sums of money on their executives: they could have issued more at-the-money options to make up the difference, or they could have just handed out grants of stock. Until recently, the regulations distinguished, for no good reason, between in-the-money and at-the-money options.The CLÁR programme was introduced in 2001 to address depopulation and deficits in infrastructure and services in rural areas.The programme co-ordinates existing sources of public and private finance and provides additional funding for the provision of small scale economic and social infrastructure to help rural communities.in order to make them more valuable, it seemed like a problem that would come and go quickly... What’s distinctive about this one is that the benefits companies got from backdating were so small.Never, you might say, have so many cheated so much to gain so little.
The Programme now operates in 23 counties and caters for a population of almost 727,000.The Dating Game, by James Surowiechi, The New Yorker: ..When news broke, earlier this year, that some companies had backdated stock-option grants ...This course aims to provide a practical introduction to dealing with leasehold management issues, including obligations of both the Landlord and Tenant and recovery of service charges.Housing Officers and Leasehold Managers will certainly benefit from attending this course.