June 3, 2010 3:00 am

Davis on bench

Tory backbencher David Davis has suffered a setback to his nascent FTSE 100 board career with the decision by Ferrous Metals not to go ahead with the proposed £3bn-plus flotation.

Mr Davis was nominated as a non-executive director of Ferrous ahead of its admission to the London Stock Exchange, when it would have made it into the FTSE 100 ranks based on its mooted valuation.

The business background of the former Conservative party chairman, and now Future of Banking Commission chairman, is mainly as a senior executive of 14 years at Tate & Lyle.

The sugar and ingredients group has one key thing in common with Ferrous Metals: the Harbinger hedge fund run by Philip Falcone is a big investor in both.

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