CITY WHISPERS: De Beers sticks to the works of art in Anglo-American divorce

When a wealthy couple divorces, the crucial question ultimately arises: who keeps the art?

There are some breathtaking works on display at the joint London headquarters of mining giant Anglo American and diamond group De Beers.

As you walk out of the toilets on the sixth floor, you come face to face with one of David Hockney’s famous swimming pool paintings.

So how will it be divided if they part ways? Not 50-50. De Beers will retain its much larger collection, much of which was built up in the early 20th century, while Anglo will be able to retain its existing range.

If De Beers ever wanted to raise money, could it sell some of its works? No, says boss Al Cook, who points out that this kind of good taste is a hallmark of the company, telling Whispers: “Delete your history at your peril.”

And finally, he notes, with something as valuable as an art collection, “You can only sell it once.”

‘Disruption payouts’ for JD bosses

JD Sports is giving £330,000 in ‘disruption benefits’ to its top two bosses to help them move for the job.

Boss Regis Schultz, who moved from Dubai in September 2022 to take over as the ‘King of Trainers’, will receive £60,000 a year for three years.

And new chief financial officer Dominic Platt will receive three annual payments of £50,000, the company’s annual report revealed last week.

This is in addition to the £3.5 million given to former executive chairman Peter Cowgill for not working at any of JD Sports’ competitors for two years. He is also not allowed to steal former colleagues.

Nice rewards if you can get them.

New focus for acquitted Lynch

In a stunning end to the trial against Mike Lynch, ‘British Bill Gates’ was acquitted of criminal charges in the fraud case about his old company Autonomy.

Whispers wonders whether after the celebration he will focus on private equity firm Thoma Bravo’s £4.3 billion takeover of Darktrace, the company he founded after leaving Autonomy.

The vote is on June 18th – there’s time to speak your mind, Mike!

Hales Care would like to join AIM

Another small company wants to join the London stock market, Whispers hears through rumors.

Hales Care, which supports people in their own homes, is keen to join the junior AIM index this summer.

The company, Whispers understands, thinks a stock market listing will help it raise money (as well as, presumably, its profile) and put it in a better position to take on competitors.

It currently works in the east and north of England, the Midlands and Yorkshire, but is also keen to look further afield.

Expect an announcement any day now.

It’s a tiddler for sure, but it’s always good to see some enthusiasm being expressed for the London Stock Exchange.

Contributor: Emily Hawkins