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Aurora Russia has posted a circular convening a Requisitioned Extraordinary General Meeting (EGM) at 2.00pm on 24 August 2011 at the request of Timothy Slesinger.
Slesinger has proposed the removal of the Chairman, Dan Collinson Koch, and three other independent Directors, namely, Grant Cameron, John Richard Whittle and Alexandr Dumnov.
Slesinger has also proposed the appointment of Peregrine Moncreiffe and himself as new Directors.
These resolutions would result in the removal of four independent Directors and the appointment of two individuals who represent significant shareholders.
Slesinger holds in excess of 10 per cent of the capital of the Company while
Buried in the recent consultation paper on the Alternative Investment Fund Managers Directive (AIFMD) are stringent rules on pay that will have far reaching consequences for the asset management industry, say experts at PwC.
The rules, from the European Securities and Markets Authority, will affect alternative investment firms which escaped the FSA’s regulations on bank pay, including many private equity houses and hedge funds. They will also mean more onerous restrictions for those investment firms already caught by the FSA requirements, and could even hit some firms outside Europe.
The rules are in line with those introduced to other
Global private equity firm TA Associates has completed an investment in DNCA Finance SA, a French asset management firm with EUR5.8 billion in funds under management. Terms of the investment have not been disclosed.
TA Associates purchased its stake in DNCA from majority shareholder Gruppo Banca Leonardo, the pan-European, Milan-based investment bank. Following the transaction, the shareholder base is now comprised of TA Associates, who will become the largest shareholder, the incumbent management team and Gruppo Banca Leonardo. The management team, which will continue to be led by executive chairman Joseph Chatel and CEO and CIO Jean-Charles Mériaux, will increase
Vringo, a provider of software platforms for mobile social and video applications, has closed a private placement of convertible notes in the aggregate amount of USD2.5 million primarily to leading venture capital firms Benchmark Capital and DAG Ventures.
The convertible notes bear interest at the rate of 1.25% per annum and mature on January 1, 2012. Upon the closing of a subsequent financing by the company, the convertible notes will automatically convert into the same securities as the subsequent financing except that the conversion price for the convertible notes will be equal to the lower of: (i) today’s closing price
The Africa Health Fund, which is managed by private equity fund management company Aureos Capital, has invested USD4.5 million in Ghanaian hospital C&J Medicare.
The Africa Healthcare Fund was established in June 2009 by the International Finance Corporation (IFC), the Bill & Melinda Gates Foundation, the African Development Bank, and DEG , who jointly invested USD57 million. Other investors include a range of institutions such as a major European retail bank.
The fund’s objective is to help low income Africans to gain access to affordable, high quality health services through targeted investment in the provision of private healthcare. Its
Carried interest, as the profit share paid to fund managers, aligns the interests of the fund promoter and investors. Typically, managers cannot take their profit share until the end of the fund’s lifecycle, and the amount of carried interest is significant only if the fund clears a high performance hurdle. The taxation of carried interest has been a key issue in the UK and the US in the past few years, with some debate as to whether it should be taxed as income or as a capital gain.
In the UK, carried interest is currently taxed as a capital gain
Stone Point Capital has formed Access Point Financial, Inc, a newly-created specialty finance company focused on the hospitality industry. Access Point is a full-service lending and advisory platform that will provide financing to qualified franchisees of major hotel brands throughout the United States. The company expects to originate over USD1 billion of loans over the course of its first three years of operations.
Trident V, LP, a private equity fund managed by Stone Point Capital, is partnering with Jon S Wright and other members of the Access Point senior management team to form the company. Wright, who will serve as
TribeHR Corp, a leading social human resources platform for small and medium business, announced today that it has secured a USD1 million round of seed financing from Matrix Partners. The company will use the funds to drive product development and expand sales and marketing programs.
TribeHR offers a unique web-based human resource (HR) platform that is open, social and designed exclusively for small and medium business (SMB). The SaaS-based solution engages employees and managers in the HR process with tools that simplify and automate their ability to track employee development, vacation and sick time, job postings, goal setting and much
O2 Investment Partners has appointed Luke Plumpton to its Investment team. Plumpton will be responsible for evaluating, structuring, negotiating and financing transactions, as well as monitoring O2’s portfolio companies.
Prior to joining O2, Plumpton was the Director of Strategic Planning for Hanford Pharmaceuticals, a contract manufacturer and global supplier of aseptically processed antibiotics. His primary responsibilities included new business development and managing turnaround and cost cutting initiatives for the company. Prior to Hanford, Plumpton was instrumental in the buildup of Square 1 Bank, a venture debt bank serving high growth life sciences and technology companies. Prior to Square 1, he
By Simon Gray – A debate is underway in Luxembourg about whether this civil law country, already a major European hub for private equity acquisition and transaction vehicles, should wholeheartedly embrace the Anglo-Saxon common law concept of the limited partnership in order to seize a larger share of the global market for fund vehicles.
At the centre of the discussions is the Société en Commandite Simple (Secs), a pass-through vehicle, with the objective to create a limited partnership on the model of the UK partnership. An industry working group is examining whether this structure could be adapted to create a
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