Date: 19th March 2012
On behalf of: B.P. Marsh & Partners Plc ("BP Marsh")
For immediate release
B.P. Marsh & Partners Plc
Partial disposal of shares
Besso Insurance Group Ltd ("Besso")
B P Marsh & Partners PLC, a niche venture capital provider to early stage financial services businesses, is pleased to announce the completion of the exercise of the Call Option that formed part of a transaction with Besso announced on 1st April 2011.
Under the terms of the transaction announced on 1st April 2011, BP Marsh's wholly owned subsidiary, B.P. Marsh & Company Limited, acquired an 11% stake in Besso (then known as Besso Holdings Ltd), increasing BP Marsh Group's combined holding to 34%. It was also agreed that B.P. Marsh & Company Limited would enter into a Call Option with Besso, allowing Besso the option to buy-back the equivalent of 4% of these shares at any point during the following 24 months.
The Call Option was accordingly exercised by Besso on 16th March 2012 in respect of the full 4%. Besso will cancel these shares upon buy-back and issue equivalent shares up to the same number to an employee incentive scheme. As a result of the Call Option being exercised, and a subsequent issue of the same amount of shares to management, BP Marsh's overall holding in Besso will stand at 30%.
The exercise price of the Call Option reflects the last published valuation of BP Marsh's holding in Besso at 31st July 2011 of £4.18m for 34%.
B.P Marsh & Company Limited has also agreed to provide Besso with a further £578,698 of loan funding in order to facilitate the exercise of the Call Option. This transaction therefore has no cash impact for BP Marsh.
BP Marsh supports Besso's aims of aligning senior management with shareholders by the exercise of the Option and believes that this will enable Besso to optimise opportunities for strategic growth and development.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Paul Lumbis / Fred Walsh +44 (0)20 7459 3600
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains nine companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.
Over the past 20 years, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for at least four years.
Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services businesses, particularly in the insurance sector.
Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 14 years' experience in the financial services industry. Jonathan advises investee companies through three non-executive board appointments and evaluates new investment opportunities.
Daniel Topping is a Member of the Chartered Institute of Securities and Investment (MCSI) and an Associate Member of the Institute of Chartered Secretaries and Administrators (ACIS) having joined the Company in 2007. Dan was appointed director in 2011 and currently holds four non-executive board appointments through which he advises investee companies and he also evaluates new investment opportunities.
Camilla Kenyon was appointed as Head of Investor Relations at B. P. Marsh in February 2009, having four years prior experience with the Company. She holds two non-executive appointments and is Chair of the New Business Committee. She is a Member of the Investor Relations Society.