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Minerva and Meghraj
announce joint venture
INDEPENDENT TRUST, CORPORATE and fund administration services provider
Minerva has entered into a joint venture with Meghraj Group to provide investment
banking services. The joint venture firm, which is known as Meghraj Capital LLP, has
been set up in London.
Meghraj Group, which is connected to Minerva through common family ownership,
has been involved in investment banking since the 1990s. Using this experience and
expertise, Meghraj Capital will offer clients a range of advisory services, including equity
raising, debt raising, mergers and acquisitions and joint ventures.
The business will leverage the collective relationships of Minerva and Meghraj to help
clients raise money, and to buy and sell businesses.
Meghraj Capital will be headed by Murray Robertson, who will join the business as its
Managing Director. Prior to his appointment, Murray was one of the founding partners
of Bowmont Capital Partners. n
PraxisIFM acquires
Cavendish
Administration
THE PRAXISIFM GROUP has
expanded its fund administration
division with the acquisition of Londonbased
closed-ended fund administrator
Cavendish Administration.
The acquisition means that PraxisIFM
will be able to offer administration
services for onshore as well as offshore
investment trusts. It follows a previous
announcement in October of the
Group’s intention to acquire Confiance
and the expansion of its pension
division Trireme Pension Services, with
the acquisition of Confiance Pension
Services.
Cavendish Administration provides
a range of support services, including
administration, secretarial,
management accounting and
compliance work mainly to closed-end
investment trusts listed on the
London Stock Exchange, including
those traded on AIM.
Cavendish has funds under
administration in excess of £700 million,
and its team will all join PraxisIFM.
Cavendish’s offering will be rebranded
under PraxisIFM Fund Services. n
SafeCharge
relocates from
BVI to Guernsey
AIM-LISTED TECHNOLOGY company
SafeCharge International Group has
relocated from the British Virgin Islands
to Guernsey. The company, which was
floated on AIM in April 2014, raising
$125 million, now regularly ranks in the
FTSE AIM 100. At the time of migration it
was capitalised at around
£400 million.
SafeCharge provides
payments services,
technologies and risk
management solutions
in the UK and Europe.
Its decision to move to
Guernsey was motivated by
the island’s reputation as a base for
funds and companies listed on the
London Stock Exchange. The company
also saw Guernsey as well positioned for
a potential move to the Main Market.
SafeCharge’s domicile in Guernsey
will give the company greater exposure
to investors, thereby facilitating liquidity
in its shares. It was advised on the move
by Collas Crill Partner Sean Cheong,
assisted by Senior Associate Gareth
Morgan and Associate Simon Heggs. n
Consortium buys
SandpiperCI
DUKE STREET AND Europa
Capital have sold their investment
in Channel Island retailer SandpiperCI
to a consortium of Channel Islandsbased
investors.
The consortium has been assembled
by Ravenscroft, and includes Bailiwick
Investments, Sealyham and other
private clients of Ravenscroft. The
SandpiperCI management team, led
by CEO Tony O’Neill, will be investing
alongside the consortium and will
continue to lead the business.
At the time of writing, the
transaction is subject to regulatory
approval from CICRA in Jersey. Key
terms for the transaction have not
been disclosed.
This transaction brings to an end
Duke Street and Europa’s investment
in the SandpiperCI Group, which was
acquired in 2007 and has franchises
that include Marks & Spencer, Iceland,
Costa and George.
Commenting on the sale, O’Neill
said: “Business will continue as usual
and our customers are unlikely to
notice any changes.
“Our new Channel Islands-based
investors plan to continue investment in
our retail estate, including extending
the range of our numerous franchise
brands, benefiting our customers in
Jersey, Guernsey and the wider
European mainland.”
The consortium was advised in
relation to the transaction by Carey
Olsen and BDO. Ogier acted for the
vendors, Duke Street and Europa Capital,
through UK law firm DLA Piper. n
www.blglobal.co.uk january/february 2016 9