The season to bury bad news
SEVERAL candidates have been put forward for the Jo Moore Prize for releasing bad news at a time when it is least likely to be noticed. Trickling out such news when the markets are closed or comatose is a long-standing City practice.
Moore's infamous Department of Transport memo - advising the release of unfavourable news in the wake of the 11 September attacks on the US - confirmed that the custom is as well known in politics as it is in the City.
Both politicians and companies tried the trick once again this Christmas. The Government slipped out the latest costs of its Millennium Dome fiasco by placing them in the House of Commons library. They contained the controversial £292,000 payment to New Millennium Experience Company chairman David James - previously thought to be working for nothing. Chief executive Bob Hewes got £440,000, more than his predecessor was paid when the Dome was open.
You have to give New Labour credit for adjusting to the market economy's rewards, though not to its performance criteria.
TV group Granada disgorged its annual report on the Friday before Christmas. Former chairman Gerry Robinson walked away from its demerger with a £6m share package and his successor Charles Allen got a £1.26m bonus. Shares in both of the demerged companies - Compass and Granada - have fallen.
Engineer Tomkins agreed a £6.9m Christmas present for ousted chief executive Greg Hutchings. This angered big investors after earlier criticisms of Hutchings' performance, lifestyle and use of the company jet.
All of these qualify for a Jo Moore Prize. On a more modest level, fund manager Aberdeen deserves a mention for releasing its High Income fund's results just before Christmas. Assets slumped 77% from 95p to 22p a share.
All in all, the seasonal dungheap is mounting well - and the New Year is still some way off.
