CANDOVER Investments will spin off its private equity management arm to a group of its directors as part of its wider plan to wind down the firm. It will offload Candover Partners Limited (CPL) to new entity Arle Capital Partners, an investment advisory firm set up by the group of its executives, for a nominal sum and sell 29 per cent of its investment portfolio to an entity backed by Arle and private equity group Pantheon.The value of the sale is expected to come in at around £60m – a heavy discount to the carrying value of the assets. The funds will be returned to its investors as the firm seeks to claw back losses incurred during the financial crisis.Candover also announced long-standing chairman Gerry Grimstone plans to step down after the sale closes, adding “the search for a successor has begun”.Malcolm Fallen, Candover’s chief executive, said: “This is the last significant step in implementing our plans to return cash to shareholders over time.“The sale of CPL to its executives will create an independent, motivated and incentivised manager focused on maximising and realising the value in the portfolio.”Candover’s move to sell its portfolio of companies and return cash to investors follows a failed attempt to sell the business in August.The firm was undone by a series of ill-judged acquisitions at the height of the boom. But when the market went sour, Candover saw the net value of its assets fall by half and was forced to allow investors a chance to cancel outstanding commitments to the fund.The Candover Partners sale comes after an announcement in September that it had agreed the sale of its Equity Trust unit to private equity rival Doughty Hanson, in a deal valuing the business at £297m.It also said in October a deal to sell its Ontex nappy-making business to US buyout firm TPG and the private equity unit of Goldman Sachs had gained EU regulatory approval.The sale of the remainder of Candover’s assets could still take years to complete, with the firm insisting there will be no fire-sale.GERRY GRIMSTONECANDOVERCHARISMATIC chairman Gerry Grimstone will soon sever his relationship with Candover that has lasted over a decade. The 60-year-old announced yesterday he will step down when the sale of Candover Partners Limited to a group of its executives closes next year. His time at the firm has been tumultuous – for many years Candover was a roaring success story, wielding a Midas touch that was the envy of the private equity industry.But Grimstone experienced the flip side of the coin when the financial crisis hit and the value of its portfolio plummeted. He received criticism for a number of acquisitions at the firm that were deemed ill-judged.Grimstone, though, is no stranger to criticism. He came under fire from the left for his role in the privatisation drive of the early 1980s.As assistant secretary at the Treasury from 1982 to 1986, he was a key adviser to Margaret Thatcher during her landmark £5.4bn asset sales. He oversaw 20 major sell-offs including offloading the water companies and privatising BT. While the sales were lauded in the City, it was famously described as “selling off the family silver” by Harold Macmillan. He later went on to advise the Labour government as it attempted to claw back funds during the financial crisis by selling off state assets.While he made his name as a civil servant, he made his fortune as an investment banker. He joined Schroders in 1986, where he rose to vice chairman of worldwide investment banking, splitting his time between London, Hong Kong and New York.He maintains an interest in the civil service, holding the position of chairman of the Nominations Committee and member of the Remuneration Committee. He was overlooked for the chairmanship of the court of directors at the Bank of England.The physically imposing Grimstone has a reputation for being both intelligent and combative.The divorcee with three children has also been a member of the Standard Life board since 2003. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition KCS-content whatsapp Tags: NULL Candover to sell CPL to its management More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Show Comments ▼ Monday 6 December 2010 9:00 pm Share whatsapp
recently, Taobao two charges rose 5 times to 15 times, because of dissatisfaction with a substantial increase in the threshold of the Taobao mall plan, Taobao mall yesterday, thousands of small sellers together, focus on the malicious attacks on some big sellers of Taobao mall, the shops discontinued operations. Taobao subsequently issued a tough statement that will not give up because of threats and intimidation. Alibaba CEO Ma said: "micro-blog will persist in wilfully and arbitrarily because we believe in ourselves, we decided to do the best thing to do." So in the choice of online investment, investors should pay attention to what?
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CIC Insurance Group (CIC.ke) listed on the Nairobi Securities Exchange under the Insurance sector has released it’s 2014 abridged results.For more information about CIC Insurance Group (CIC.ke) reports, abridged reports, interim earnings results and earnings presentations, visit the CIC Insurance Group (CIC.ke) company page on AfricanFinancials.Document: CIC Insurance Group (CIC.ke) 2014 abridged results.Company ProfileCIC Insurance Group is a leading insurance company offering products and services for general and life insurance through operations in Kenya, Sudan and Uganda. The company also provides solutions for fund and asset management and private equity investment. Its product offering covers needs relating to motor, marine, agriculture, personal accident, school products, customised products, travel, domestic package, property, theft, fire and consequential loss and sports injury insurance. Its life assurance division covers areas ranging from group life and keyman plans to family protection, loan guard insurance, pension, board member and universal endowment plans. CIC Insurance Group has expertise in corporate, family, health and asset management as well as equity, balanced, fixed income and money market fun management. The company invests in equity and government securities, properties and loans and serves retail and corporate entities. Founded in 1968 and formerly known as The Co-Operative Insurance Company of Kenya, the company changed its name to CIC Insurance Group in 2010. Its head office is in Nairobi, Kenya. CIC Insurance Group is listed on the Nairobi Securities Exchange
TAGS: Highlight What’s inside Rugby World’s autumn Tests specialThe autumn Tests are upon us and the December 2018 edition of Rugby World is the perfect off-field accompaniment to the world-class on-field action. We’ve even produced FOUR covers to celebrate the upcoming Internationals.It is packed with big-name interviews and expert analysis of the game’s major talking points. Here are 15 reasons to pick up Rugby World’s December 2018 edition…1. New Zealand’s Brodie RetallickWith the All Blacks touring Europe, former England fly-half Stuart Barnes explains why he thinks Brodie Retallick is the best player in the world and how he has redefined the second-row role.2. England’s Jonny MayHe’s not the biggest wing at Eddie Jones’s disposal but Jonny May is England’s most attacking threat. The Leicester Tiger discusses size and why he thinks players’ careers will become shorter.Danger man: Jonny May on the attack for England (Getty Images)3. South Africa Does South Africa hold the key to rugby’s future? The country’s ability to be part of both northern and southern hemisphere competitions could alleviate concerns over the sport’s financial sustainability.4. Team GB SevensWith this season’s World Sevens Series acting as a qualifier for the 2020 Olympics, Stephen Jones says the home unions need to put a proper Team GB structure in place for sevens to succeed in Britain.5. Ireland’s Rob Kearney The full-back is Irish rugby’s most decorated player and he has plenty of off-field business interests too. He covers both topics in this interview.Keeping busy: Ireland full-back Rob Kearney at his Ballsbridge pub (Inpho)6. Japan 2019Rich Freeman reports from Japan on the inspiring story of Kamaishi and assesses how the host nation is shaping up for the World Cup on and off the field.7. Repechage lowdownThe final qualifier for the 2019 World Cup will be decided in Marseille in November – and we have all the info you need. Plus, Brett Beukeboom talks about Canada’s last shot at reaching Japan.DOWNLOAD RUGBY WORLD’S DIGITAL EDITION HERE8. Scotland’s Greig Laidlaw The December 2018 edition of Rugby World magazine is packed with big-name interviews and expert analysis – find out more here Hot topic: All Blacks perform the haka in Yokohama (Getty Images)PLUS, THERE’S ALL THIS…Inside the Mind of… Harry WilliamsWhat it’s like to… Go viral at the Olympics, by Brazil’s Izzy CerulloGlasgow and Scotland fly-half Adam HastingsThe new TMO trial explainedClub Hero – Ulster centre Darren CaveRising Stars Dan Davis and Caelan DorisLeigh Halfpenny’s goalkicking tipsGrass-roots club news in Club FocusSouth Africa Sevens star Chris DryJasmine Joyce on an exciting autumn series for Wales WomenFollow Rugby World on Facebook, Twitter and Instagram. Centre point: Jonathan Davies has been in decent form for the Scarlets (Huw Evans Agency)12. Georgia’s Merab Sharikadze“We won’t grow if we don’t get opportunities.” The centre explains why Georgia’s progress could stall without better fixture.13. Ben Ryan’s World Cup squadThe gold medal-winning coach turns selector and picks his 31-man England squad for next year’s World Cup – be prepared for bombshells!14. Cory HillThe Dragons and Wales lock talks Liverpool, lineouts and leading men.15. Should the haka be banned from rugby?Former Ireland coach Eddie O’Sullivan and ex-All Blacks prop Ben Franks present different sides of the argument. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS “I don’t mind being written off. I enjoy it actually.” The Scotland scrum-half talks about competition, Clermont and the World Cup.Highlight: Greig Laidlaw celebrates beating England earlier this year (Inpho)9. Argentina’s Bautista Delguy“Super Rugby fits my game. I like it fast and open.” The Pumas wing gives us an insight into his background and assesses his breakthrough season.10. Australia AnalysedSean ‘The Analyst’ Holley looks at the three areas the Wallabies are vulnerable – and offers solutions to their game’s deficiencies.11. Wales’ Jonathan DaviesThe centre is back from a long-term injury lay-off and in our ‘Downtime’ Q&A covers guilty pleasures, dinner guests and Ryan Giggs.