Commenting on the trade statistics for March 2017, released today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“The sharp deterioration in the UK’s net trade position means that trade is likely to have been a drag on UK growth in the first quarter of the year, following a strong performance in the previous quarter. This deterioration reflects a sharp rise in imports in the quarter, and a slight fall in exports.

“While many exporters are benefiting from improving growth outlooks in key trading markets, and the weaker pound is helping to make them more price competitive, our Quarterly Economic Survey shows businesses under pressure from the rising costs of raw materials. The widening in the UK’s trade deficit, and weakening output from the industrial and construction sectors, is further evidence that we are still a long way from achieving a rebalancing of our economy.

“As the UK moves through the Brexit process and beyond, it is vital that more is done to provide greater practical assistance for exporters, including developing an expanded trade mission and fairs programme and funding front-line, face-to-face support for exporters to help get UK businesses trading with the world.”

Standard Life has today published further information regarding the recommended all-share merger with Aberdeen Asset Management PLC. This follows approval this evening from the UK Listing Authority.

Three RNS announcements have been made in total by Standard Life. The first confirms the publication of a Prospectus and Circular for Standard Life shareholders (link). The second confirms the composition of the proposed Board of the Combined Group following the completion of the merger (link). The third provides a Q1 assets and flows update from Standard Life (link).

In addition, Aberdeen has issued an RNS confirming the publication of its Scheme Circular document for its shareholders. A link to this RNS announcement is here (link).

You will find the Standard Life Prospectus and Circular and the Aberdeen Scheme Document here – https://www.standardlife.com/dotcom/potential-merger.page

Content guide

The table below provides a guide to the contents of the Standard Life Prospectus.

Board Directors of the Combined Group – 60
Timetable of events – 62
Cost synergies – 70
Management, employees, branding and location – 73
Q1 assets and flows – 76
Dividend policy post completion – 79
Director biography details – 149
Executive Managers of the Combined Group – 161
Remuneration for Executive directors – 163
Key Board committees – 166
General Meeting resolutions – 206
Synergy Information – 223

Standard Life Q1 assets and flows

The Standard Life Prospectus contains a Q1 assets and flows update from Standard Life (p76).

Keith Skeoch, Chief Executive, Standard Life plc, has made the following comment regarding these results:

“We have made further progress in the first three months of 2017 with inflows from our growth channels, including notable growth in flows in our Pensions and Savings business. This has been supported by strong investment performance over the short and long-term. We continue to benefit from diversifying our sources of assets, and this strategy will be further enhanced by our proposed merger with Aberdeen. Standard Life remains confident about capitalising on industry trends, to meet the evolving needs of our clients and customers and to create long-term value for Standard Life Shareholders.”

The table below provides a guide to the contents of the Aberdeen Scheme Document.

Expected timetable of events – 13
Reasons for the merger & strategic positioning of Combined Group – 16
Value creation potential of the merger – 20
Management, employees and governance branding and location – 22
Branding and location – 23
Statements of support – 24
Dividends and dividend policy – 25

Next steps

Standard Life will hold a General Meeting at 2.00pm on 19 June at the Assembly Rooms, 54 George Street, Edinburgh to allow Standard Life shareholders to vote on the resolutions required to approve and implement the Proposed Merger and related matters. These resolutions will require approval by a simple majority of the Standard Life Shareholders present and voting (in person or by proxy) at the Standard Life General Meeting.

Aberdeen will hold a Court Meeting and General Meeting on 19 June. The Scheme will require the approval of Aberdeen Shareholders at the Court Meeting (by a majority in number of the Aberdeen Shareholders present and voting (in person or by proxy) at the Court Meeting, representing not less than 75 per cent), and the passing of a special resolution at a general meeting of Aberdeen Shareholders.

Contact Details

For any queries related to today’s announcements please call:

Standard Life:

Barry Cameron 0131 245 6165 / 0771 248 6463
Katy Hetherington 07841 344 374
Michelle Clarke 0207 353 4200
(Tulchan Communications)

Aberdeen:

James Thorneley 0207 463 6323
Guy Nicholls 020 7463 5809
Kate O’Neill 020 7379 5151
(Maitland)

Tram Still 1To celebrate their 3rd Year Anniversary of operations, Edinburgh Trams have just released a video titled ‘A Journey to Success’ which has been produced by Edinburgh based production company Heehaw.

The video showcases the success of the trams, highlighting how this public transport operator has gone from strength to strength and is now playing a crucial role at the heart of the city’s transport network.

Heehaw has been working with Transport for Edinburgh for a number of years and in the last 12 months has started working on various projects for Edinburgh Trams. A Journey to Success was filmed over the last 6 months and features a combination of footage, timelapes, motion graphics and interviews with Edinburgh’s transport, education, tourism and business leaders.

Mally Graveson, Heehaw’s Managing Director said:
“Everyone at Edinburgh Trams is brilliant to work with, from the guys at the depot to the Executive and Management teams. Their enthusiasm and dedication to providing a brilliant service is infectious and this, as well as other video projects, is a joy to work on. Edinburgh Trams have gone from strength to strength and it’s been a real privilege to tell their story of success. They are now an integral part of the transport fabric of our city! Happy #tramiversary!”

Lea Harrison, Managing Director of Edinburgh Trams said:
“Working with a talented and local team such as heehaw was the obvious choice in creating a unique way to celebrate the success of the last 3 years. Our staff had great fun getting involved and I’m sure our customers will enjoy watching the short film.”

To view the video you can watch it here: https://www.youtube.com/watch?v=G6E3AUYDezk

For more information about Edinburgh Trams and the 3rd year Anniversary: http://edinburghtrams.com/news/anniversary-film-showcases-tram-success

For more information about Heehaw: www.heehaw.co.uk

DLA Piper in Scotland has launched a Data Protection Officer Training Academy to help businesses avoid hefty fines when a new data protection law comes into force next year.

The law firm is the first in the country to offer an initiative of this type dedicated to training organisations that collect, manage or handle personal data to mitigate identify fraud and reduce opportunistic cyber-attacks.

During a two-day accredited course, taking place in Edinburgh on 5 – 6 June, senior members of DLA Piper’s global Data Protection Privacy and Information Security group, along with renowned industry experts, will educate and up-skill businesses on new EU law, the General Data Protection Regulation (GDPR), effective from May 2018.

GDPR introduces a stringent new regime for the collection, storage and use of personal data, including severe penalties for misuse. It carries some of the very highest sanctions for non-compliance, including revenue based fines of up to 4 per cent of annual worldwide turnover.

Head of DLA Piper’s Intellectual Property and Technology UK practice, John McKinlay, said: “Compliance with GDPR is going to mean all companies will have to alter their data security practices, with many having to make radical changes to ensure their current policy and protocol is extremely stringent.”

“It will become compulsory for businesses to be able to demonstrate how they comply with GDPR by showing that they genuinely take data privacy obligations seriously. Failure to meet these requirements will mean expensive fines.”

“The new law comes into force in one year, which isn’t long for companies that have to adopt an entirely new data security and management system across the whole organisation.”

The Academy, which DLA Piper also successfully delivered in Brussels and London recently, covers topics including how to reduce the risk of data breaches, what to do if a breach takes place, handling complaints and how to respond to regulatory investigations.

Following the course, participants will be armed with the necessary knowledge of relevant legal, technical and operational skills to successfully fulfil the role of a Data Protection Officer. They’ll also receive a comprehensive toolkit comprising supporting guidance notes and template documents to use in the role.

For more information about DLA Piper’s Data Protection Officer Training Academy including how to attend, contact angela.saunders@dlapiper.com

Guy Lougher, partner and Head of Brexit Advisory Team, Pinsent MasonsResearch finds 64% anticipate economic downturn, but 60% confident employers will adapt

UK workers are showing significant resilience in the face of Brexit uncertainty, according to research commissioned by international law firm Pinsent Masons.

According to the survey of workers in large businesses, conducted by Yugo on behalf of the firm:

• Almost two thirds of workers (64%) believe there is a realistic prospect of an economic downturn within the next three years as a result of Brexit.
• Around 1 in 3 workers (36%) felt it likely they could lose their job as a result, while 2 in 3 (65%) thought it likely people they knew could lose their jobs.
• While 37% thought it likely their employer will increase pay to offset inflationary impact over the next 12 months, the majority (57%) expected their real pay to fall this year even though economic growth is tipped to accelerate.
• Despite that, almost 60% of workers surveyed were confident that their employer is well-placed to react to economic difficulties arising from Brexit, compared to just 14% who did not feel confident.
Scottish workers surveyed were more pessimistic compared to their UK counterparts the survey revealed.

North of the Border 76% believe an economic downturn as a result of Brexit is likely or very likely, while 60% of Scots workers think it unlikely they will receive a pay rise within the next 12 months to offset the impact of inflation.

Scottish based workers shared the same view as Londoners in thinking there was a realistic possibility of losing their jobs if there was an economic downturn (41%) but those in the Midlands were more upbeat with only 30% taking that view.

Regardless of economic factors, the survey revealed UK workers seem determined to tough it out, with 92% of workers saying they were unlikely to leave the UK in the next 12 months as a result of Brexit.
EU citizens (15%) were less assured and appeared to be twice as likely relocate abroad as UK nationals (8%).

However, the likelihood of workers leaving the UK after 2-3 years was somewhat higher – suggesting that some workers may await the outcome of Brexit negotiations before making a final decision about relocation.

Guy Lougher, Head of the Brexit Advisory Team at Pinsent Masons, said: “On the whole the UK workforce is demonstrating resilience, anticipating a downturn but retaining a level of confidence in their employers.

“What is particularly interesting is that, those workers who felt their businesses were not open about the impact of Brexit on the business were more likely to be fearful about the prospects for the future. Of those who described employer communications around the referendum as poor, 1 in 10 said they would be likely to leave the UK within the next twelve months.

“Conversely, those who rated the communications of their business highly were notably more confident about the ability of the business to react to the challenges and opportunities afforded by Brexit.
“There is a clear message to UK Plc that they need to plan ahead for the business, despite the attendant difficulties in doing so, and communicate openly about those plans with their people to engage and retain talent.”

Since the Brexit referendum last June Pinsent Masons has worked with a former military intelligence analyst to help several blue-chip companies anticipate and plan for different scenarios during and after Brexit negotiations. The firm has also launched a corporate ‘crowd funded’ advisory platform called BASe, developed an AI-enabled contracts review system and launched a Public Policy unit to support businesses in engaging with government on Brexit issues.

Muthu - Newton Hotel, NairnGlobal chain MGM Muthu Hotels, which already has a strong foothold in the UK, has moved into the Scottish market, with the acquisition of five prominent hotels, in a deal facilitated by property firm Colliers International.

The largest deal sees Ian Cleaver’s Highland Heritage Limited sold, from the asking price of offers in excess of £4.5m, to Singapore-headquartered MGM Muthu Group. A former merchant seaman and well-known North West businessman, Mr Cleaver started Highland Heritage in the mid-1970s, and built it into a £8m turnover company, which uses its own fleet of 16 liveried coaches to shuttle tourists to the hotels in Tyndrum, Dalmally and Oban.

The deal, in which Colliers International acted for the seller, comes shortly after the commercial property firm successfully sold another iconic Highland hotel to The MGM Muthu Group, the 63-bedroom Newton Hotel in Nairn. The Newton was once popular with Charlie Chaplin, who took numerous holidays there with his family. It was sold by Colliers on behalf of a London-based corporate owner which was seeking to rationalise its portfolio, and carried an asking price of around £4.0m plus VAT.

Alistair Letham, the Scottish Director in the UK Hotels Agency team at Colliers International, said: “These two sales to a rapidly expanding international operator are a great outcome for everyone involved. Muthu is an ambitious luxury chain which will be well positioned to further develop the potential of these excellent properties in a way that will be welcomed by the local economy. We are pleased to have used our market expertise and international connections to bring about these deals, which see businesses that have invested and grown in the Highlands reap their rewards, and properties move on to the next stage of their history and growth.”

The Highland Heritage Limited sale includes the Volvo coaches and four hotels: the 96-room Royal Hotel, which is a magnet for wildlife, with a masterful touch of stunning views, and the 132-room purpose-built Ben Doran Hotel, nestled in its own sheltered seven-acre garden in the mountain village, on the northern edge of the Loch Lomond National Park, both in Tyndrum. The Dalmally Hotel is a true haven with 99 rooms, commanding breath-taking views in the heart of Strathorchy, perfectly situated to make the most of the historical, cultural and natural delights of Argyll and Bute. The 66-bedroom Alexandra Hotel in Oban, with 26 more rooms in planning, offers gorgeous views across the Oban Bay.

Julian Troup, Head of UK Hotels Agency at Colliers International, commented: “Considerable interest was expressed for the business and assets, which follows a pattern of increasing demand for U.K. provincial hotels. We are seeing an emerging trend of increased demand for quality provincial hotel opportunities from a diverse buyer set, including international investors, who have been attracted by weaker sterling and improving trading prospects; private buyers attracted to the benefits of a lifestyle opportunity to corporate investors attracted to favourable returns and real estate alternatives. Since the beginning of 2016, over 15 per cent of U.K. hotel sales completed by Colliers were to international buyers.”

The MGM Muthu Hotels Group is known for its selection of carefully handpicked spectacular hotels, reflecting the unique character of their destinations, varying from Spain, Portugal, France, Cuba, Canary Islands, Madeira and the UK. MGM Muthu Hotels currently has 27 hotels in their flourishing portfolio, promising excellent service and a touch of home, with a holiday ambience.

Monicca Maran, Corporate Director of MGM Muthu Group and K.Ranjan, CEO of Highgate Asset Management Ltd, who assisted with the acquisitions, said “We are extremely thrilled about the five properties that spell a surreal scenery magically enveloped in the enchanting views of Scotland! Our premium service, excellent standards and charismatic hospitality entwined with the deep appreciation of the historical and cultural landscapes of the hotels will embellish our need to diversify our portfolio, to extend to the community and provide the best holiday experience to all travellers.”

The Highland Heritage sale did not include Kilchurn Castle, the 15th century redoubt of the Clan Cambell on the banks of Loch Awe, which is owned by Mr Cleaver and had been offered for sale alongside his hospitality business. It is currently managed by Historic Scotland.

Carolyn BellCommercial law firm Maclay Murray & Spens LLP has strengthened its financial services capabilities with the appointment of Carolyn Bell, as director of its financial services group in Edinburgh.

The former in-house managing legal counsel with Lloyds Banking Group and Aberdeen Asset Management joins the firm’s financial services group, comprising over 20 lawyers, including six partners, operating across the UK-wide practice.

Carolyn Bell has over ten years’ experience in the UK and overseas investment funds sector, including the merging of asset management businesses and providing advice on regulated and unregulated investment structures. Her main areas of practice are collective investment schemes, pooled investments and financial services regulatory work. She handles onshore schemes, including authorised and unauthorised unit trusts and limited partnerships and offshore schemes, such as trusts, open-ended companies and closed-ended funds. Carolyn also has broad experience of operational matters and outsourcing arrangements in the asset management industry.

Carolyn also undertakes general financial services work, including regulatory advice, structuring and marketing investment schemes.

Guy Norfolk, partner and head of MMS’ Financial Services Group, said: “Carolyn is a highly regarded investment funds lawyer and her appointment is in line with our strategy to further strengthen our financial services offering, at a time when we are advising on a number of major transactions in the asset management space. Her significant and broad experience covering the UK and overseas asset management sectors, coupled with her specialist expertise across insurance, pensions, private equity and wealth, will be a valuable addition to the our corporate division as a whole.”

Carolyn Bell added: “I am very excited by this opportunity to join the firm’s financial services group, which has established an impressive track record in the asset management and financial services sector.”

A member of the Law Society of England & Wales, Carolyn has 16 years of experience working within the highly regulated financial and asset management services sector in both private practice and in-house counsel roles. This includes ten years in London working in mergers and acquisitions with city law firm Hammonds, before moving to Scotland in 2008, eventually going in-house, first with Lloyds Banking Group and latterly as managing legal counsel with Aberdeen Asset Management.

Carolyn Bell is a non-executive director of Queen Margaret University, Edinburgh.

Earlier this week it was reported that a Google malware attack was hitting inboxes. This very sophisticated phishing scam involves emails which suggest some one has shared a Google Document with you. You are then invited to edit the document.

The genuine looking phising email is sent to your inbox. It will have a subject title which suggests a Google document has been shared with you. If you click on the link “Open in Docs” it will take you to a Google sign in screen which looks very genuine. However by clicking on the “continue in Google Docs” link you are unwittingly giving permission to the cyber criminals to potentially access your emails and contacts, via a third party app.

The phishing email looks fairly genuine and often from a convincing sender address. However, the scam give away is often in the ‘to’ address, which may look something like ‘hhhhhhhhhhhhhhhhhh’.
Google encourages users not to click on any links or open emails which are suspicious. If you receive an email such as the above we recommend you delete it immediately.

If you think you have been a victim of such a phishing email and you have clicked on the link granting permission, don’t panic. Go to your Google settings and remove permission for the app to be connected to your account.

If you are worried you have fallen victim to a malware attack or similar phishing scam contact SortmyPC on enquiries@sortmypc.co.uk or 0131 477 2644. We can also offer advice and assistance on device & data security to help protect your business.

Further info:

https://www.theguardian.com/technology/2017/may/03/google-docs-phishing-attack-malware

http://gizmodo.com/a-huge-and-dangerously-convincing-google-docs-phishin-1794888973

Barclays Jamie Grant - Head of Corporate Banking for Barclays Scotland & Northern Ireland. Neil Hanna Photography www.neilhannaphotography.co.uk 07702 246823Barclays has supported leading bar and club operator Attraction Inns Limited with a £1.05m funding package. The deal will consolidate the company’s position in the marketplace and provide capital expenditure to support acquisitions and future growth.

Attraction Inns owns some of the best known bars and clubs in east and central Scotland, including Movement, Opium, Pilgrim and Silk in Edinburgh and Dusk in Stirling, many of which it has operated for more than 20 years. Run by husband and wife team Robert and Michelle Orr, the company employs 150 staff across five venues.

The deal team at Barclays was led by Corporate Development Directors Malcolm Crawford supported by Lesley Barnwell and Relationship Director Gillian Lambert.

Robert Orr, Managing Director of Attraction Inns, commented: “The hospitality and leisure industry has undergone a dramatic change in the past decade but there are lots of opportunities for forward looking businesses and the banks willing to support them. We were aware of Barclays’ proactiveness in the sector and attracted by their positive approach.

“I’ve been in the business for 27 years and what has been key to this long term success is evolving with our consumers. We are moving away from the more traditional night club format to chameleon venues – those which work just as well as an eatery during the day then an after work drinks spot and a pre-club bar. Barclays shared our progressive vision.”

Jamie Grant, Head of Corporate Banking for Barclays in Scotland, said: “We have an appetite to lend to the hospitality and leisure industry which is evidenced by our strong track record of funding deals in recent years. The sector is operating in a challenging market at the moment but Scotland has a diverse H&L landscape and a burgeoning tourism industry helping drive long term success.

“Attraction Inns is a well-established business and the management team has a clear plan for continued growth which we were keen to support. We took time to understand their individual needs so that we could provide a flexible solution that worked for them and their ambitions.”

Barclays’ Scottish SME fund was launched in June 2016 to address gaps in the supply of finance for businesses in Scotland. It provides access to funding for companies across all sectors with turnover up to £25m.

SONY DSC

A Glasgow man has won a five-star holiday to Dubai after entering a ScotRail competition earlier this year as part of its launch of the Smartcard Benefits scheme.

University of Strathclyde employee, Aidan Johnston (38) from Giffnock, was among the thousands of ScotRail Smartcard holders who entered the prize draw.

He will be jetting off with a friend from Glasgow to Dubai, where they’ll spend seven nights in a five-star hotel this June, courtesy of the ScotRail Alliance.

Aidan, a ScotRail Smartcard season ticket holder, said: “I’ve never been to Dubai but can see why so many people love the place – it seems to have everything. I’m really looking forward to soaking up the sun and just relaxing for seven days.

“I hate using paper tickets for anything and don’t like queuing so a Smartcard is perfect for me. It’s really easy to use and every month I just log in online to renew my Season Ticket.”

Cathy Craig, the ScotRail Alliance’s commercial director, said: “We launched the Smartcard Benefits scheme and this prize draw as we wanted to reward our most loyal customers, our season ticket holders, and raise awareness of the advantages of using a ScotRail Smartcard.

“Thanks to Barrhead Travel, who are a key partner in our Smartcard Benefits scheme, we’re able to send one lucky winner on the holiday of a lifetime.

“We hope Aidan has a tremendous time on this wonderful holiday and enjoys every minute of it.”

Smart ticketing technology is available across the ScotRail Alliance’s network with every route enabled for Single, Return and Season Tickets. Other products coming soon include the popular Flexipass.

Tickets for other travel providers – such as Glasgow Subway – can also be uploaded onto Smartcards, with bus companies and ferry operators scheduled to start providing integrated travel options soon.

With the support of leading brand partners, Smartcard holders who have registered through their MyScotRail account, can claim rewards from discounts on coffee and travel, to car hire and clothing.

Pictured above: ScotRail Alliance commercial director Cathy Craig and competition winner Aidan Johnston (both centre) in Glasgow Queen Street station, with ScotRail Alliance representatives.