COMPANIES 3i’s new chief executive admitted on Friday that the private equity group’s £800m share buy-back in 2007 was “one step too far” as it asked for most of that money back via a £732m rights issue.
Michael Queen, who replaced Philip Yea in January, promised to embrace a more conservative financing strategy for the UK’s oldest private equity group as he scrapped the group’s 30-40 per cent gearing target.
