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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dhir India | LSE:DHIR | London | Ordinary Share | IM00B1YC5V43 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 42.50 | GBX |
Dhir India (DHIR) Share Charts1 Year Dhir India Chart |
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1 Month Dhir India Chart |
Intraday Dhir India Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/7/2014 | 19:33 | Dhir India | 718 |
| 01/9/2011 | 14:03 | DHIR. NAV OVER Ј1.20 CURRENT MID SP ONLY 42p!!! Bargain!!! | 37 |
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Posted at 09/7/2014 17:06 by rj allen Anyone else received a derisory 10p per share tender offer from Acorn? |
Posted at 29/6/2012 14:35 by wexboy A major sale can be another catalyst:Let's illustrate with a look at some (current/historical) examples, including Dhir India: |
Posted at 13/1/2012 16:48 by wexboy Thanks guys, I think I can safely assume some of the readers/contributors here helped to make Dhir my top blog post in 2011:The endgame for Dhir (well, this time 'round!) was pretty much over yesterday with Acorn confirming a 93.1% acceptance rate of its GBP 42p Cash Offer, which is now declared unconditional in all respects. Needless to say, I was one of the acceptees. Settlement of the Offer consideration will occur on Jan 25th. At this point, I think it's safe to say this investment will return a gross +162.5% since my recommendation in November. Acorn continues to repeat that they intend to maintain Dhir's AIM listing. Surely Alok Dhir's not arrogant enough to think he can return to the market for funds in due course?! When you consider Dhir India's investments, and some of the other companies Alok Dhir deals with professionally, I think it's more likely he hopes to reverse an Indian business into the Dhir listing in the next couple of years. Eyeballing the average annual listing costs, I think this commitment is probably a sensible enough investment for him. OK, time to move on - but it will be interesting to keep an eye out to see if the listing does survive, and how the share price/volume will develop from here. |
Posted at 06/1/2012 11:26 by moreforus Dhir reader...By Alistair Blair, 05 January 2012 A reader suggested I have a look at the "sad tale of Dhir Indian Investments". The reader thinks he's being ripped off, and he is right. I think the real issue is, Is he entitled to feel sour about it? Dhir arrived on these shores in the final few weeks of the old era. It was a venture to buy up bankrupt industrial assets in India. Apparently India contains an unusually significant stock of rusting old factories and other busted ventures because it has bad insolvency laws which make it hard for anyone to take control of a faltering company. Instead, banks and others creditors face endless and expensive arguments in court which take years and no doubt a few bungs to resolve. Enter stage left Mr Alok Dhir, qualified accountant, qualified lawyer, boss of the Delhi lawyers Dhir & Dhir Associates, founder of Dhir & Dhir Asset Recovery Company and clearly a whizz at sorting out Indian insolvencies as he and his colleagues had advised on "50 completed transactions" in just the last 12 months according to Dhir's July 2007 prospectus. Moreover, they had invested $11m of their own money in four of these situations, earning for instance a princely 67 per cent a year from restructuring a caustic soda business in Rajasthan. Naturally, Mr Dhir had a queue of further investments but of a scale calling for some outside money. Accompanied by his prospective chairman Charlie Hambro - a man who "led a distinguished career as a merchant banker in London and New York" - he carted around the London fund managers, enthusiastically putting up slides of a recently closed edible oil plant in Gujarat, a run-out-of-money hotel development in Goa and an abandoned stainless steel plant in Delhi. All these and more were ready to invest. Moreover, they should now become a lot easier to resolve because Indian had new insolvency legislation which would entitle certified practitioners such as Dhir & Dhir Asset Recovery Company to "enforce security without the need to obtain court approval". Dhir India reckoned it would be able to exit from most of its investments within 15 months of its initial investment. Mr Dhir was clearly a whizz at presenting. He booked £7.5m from Jabre Capital Partners, £3m from the legendary Peter Cundill and £2m each from Fidelity, SG and UBS. All told, he took £23m back to Delhi and within months he had invested virtually the whole lot, thereby securing an advisory fee approaching £500,000 a year, which probably goes a long way in Delhi. But 18 months later, instead of announcing triumphal exits from its earliest investments, Dhir Indian Investments found itself explaining that India was not immune to the global financial crisis and it was going to take longer than planned to make a success of its investments. A lot longer. The shares retreated 60 per cent. Although prospects seemed to recover in 2010, 12 months ago deterioration set in again and this time there was no respite. Next to nothing has been realised from Dhir's six investments and it is not just cooler Indian investment markets that are the problem. Despite the promise of the new legislation, which would enable Dhir to "enforce security without court approval", the process has not in fact escaped the grip of the courts. Indeed, even in the few instances where Dhir has sold assets for cash, that cash remains under the control of the courts. As for the only quoted investment - which happens to be in a certain caustic soda business in Rajasthan - the company is losing money, its electricity supply has been turned off and the shares are "at present thinly traded". The four non-executive directors sacked Alok Dhir as their investment manager in May 2011 (to take effect in May 2012), although he continues to be a director of Dhir Indian Investments. Early last month, the shares stood at 16p compared with a cleaned up asset value of 75p and an original issue price of 150p. The next step is oh so predictable. Enter stage right Alok Dhir with a cash offer of 42p. I regret, dear reader, I have to ask: What do you expect? Do you think he should offer you 75p? Do you expect him to rescind his management fee? Do you expect him to offer to share any recoveries over 42p with you? Do you expect Charlie Hambro to pay back his director's fee? Perhaps they should all just fall on their swords? Yes you are being ripped off. No, it's not fair. But little is, in life or business. |
Posted at 09/12/2011 16:29 by greedfear I admit I didn't do that much research on DHIR, maybe that's why there is something I do not understand or that I may have misread.Key person is mr. DHIR. He's in the DHIR board, and with everything that the company does mr. Dhir is further involved. Legal work? Deal with a mr. Dhir company. Construction work? Again deal with a mr. Dhir company. As far as I know Shiva consultants (the investment manager) is yet an another mr. Dhir company (or he's involved in it). What surprises me is that DHIR Investments breaks up the relationship with Shiva. What's the rationelle here? I don't get it. |
Posted at 07/12/2011 10:32 by hugepants Tilton I reckon you are probably correct as regards Cygnet has not completed. However I'm a bit disappointd there has been no RNS, especially since the share price has totally collapsed! I mean what are the management thinking.I think they should just try and sell the whole company to a private company that specialises in this field. The time scales are long and Dhir isn't suited to being a plc imo. There must be larger vehicles in this field that would regard Dhir as a tasty snack. |
Posted at 02/12/2011 07:05 by moreforus lol now this is what we needAthol Gold & Value Statement re Share Price Movement RNS Number : 2215T Athol Gold and Value Limited 02 December 2011 02 December 2011 ATHOL GOLD AND VALUE LIMITED ("Athol" or the "Company") Statement Re Share Price Movement The Board of Athol notes the recent decline in its share price. It is unaware of any reason for the share price movement and notes that the shares trade at a steep discount to Net Asset Value. The Directors are in negotiations to conclude two transactions which will materially increase funds under management and which, if concluded, will be executed at a price materially in excess of the current share price. The Directors will keep investors informed of developments. For further information contact: |
Posted at 01/9/2011 14:06 by daytraders envirovision - hope you dont mind but i just added a bit of that to my UPS post.-------------------- Bit late in the week i know for a UPS but news only just come out, so will add next week as well. UPS DHIR 39p ( 38p / 40p ) NAV 125p £5.1 M in cash and interests in five projects, share price was over 90p earlier in year, the Board has decided to seek to accelerate the process of returning value to shareholders, assuming 80% of assets realised cash would be 33p + 73p = £1.06p(but see no reason why we would not get the 100%), so it seems share price is at almost cash and we have with 5 projects in for free, no brainer. |
Posted at 27/7/2011 12:30 by lufc5 Half year results to 30 September 2010Dhir India (AIM: DHIR), the first UK quoted company established to invest in the US$50 billion Indian non-performing assets sector, announces half year results for the six months ended 30 September 2010. Comparative figures are taken from the unaudited accounts for the six months ended 30 September 2009 and the audited accounts for the year ended 31 March 2010. Highlights: Strong balance sheet with cash and cash equivalents of £5.7million (£6.3 million at 31 March 2010) Headline net asset value per share, including deferred tax provisions, for Dhir India at the period end was 122p (130p at 31 March 2010) Progress made on exit strategy: At least one major realisation expected in the next six months Charlie Hambro, Chairman of Dhir India, commented: "Despite encountering further delays in our realisation strategy as a result of market conditions and the inherent delays in the realisation of distressed assets, at least one major realisation is expected in the next six months and the board continues to examine new investments as a result of the significant opportunities available in the Indian non performing asset market." Alok Dhir, Non-Executive Director of Dhir India, added: "We remain focused on the exit of a number of our investments and anticipate reporting significant progress in the near future. Strict control of our operating costs has been maintained and we look forward to the continued above average growth of the Indian economy into 2011." Dhir India Investments plc (the "Company") Update re Investment Manager Dhir India Investments plc announces that its Board is reviewing the form and terms of the provision of investment management services to the Company as part of the Board's strategy to seek to accelerate the process of realising the Company's investments with a view to maximising returns to shareholders. Under the terms of the Management Agreement dated 6 July 2007 between the Company and its Investment Manager, Shiva Consultants Private Limited ("Shiva"), the Company is entitled to terminate the Management Agreement by serving 12 months' notice. With effect from 20 May 2011, the Board has served 12 months' notice of termination to Shiva, who will remain the Company's Investment Manager until 19 May 2012. Shiva will continue to have the full support of the Board in implementing their strategy throughout this period. A further update regarding future strategy and investment management arrangements will be provided in due course. 23 May 2011 So it looks like they will be returning value back to the shareholders. Buy and treble your cash. |
Posted at 14/7/2007 11:13 by spiros ellinigou Dhir India Inv Dealings CommenceRNS Number:1065A Dhir India Investments plc 12 July 2007 Not for release in or into the United States of America, Canada, Australia, the Republic of South Africa or Japan 12 July 2007 Dhir India Investments plc ("Dhir India" or the "Company") Admission to AIM and First Day of Dealings First Indian distressed assets investment company floats on AIM Dhir India Investments plc, the first UK quoted company established to invest in the circa $50 billion* Indian non performing assets sector, announces that dealings will commence on AIM this morning under the symbol 'DHIR'. Evolution Securities is nominated adviser and broker to the Company. The flotation follows a successful Placing during which the Company raised #25 million, before expenses from a number of highly regarded institutions. The key statistics for the Flotation are as follows: Placing Price 150p Number of Placing Shares being placed on behalf of the Company 16,666,665 Number of Ordinary shares in issue immediately following the Placing 16,666,667 Market Capitalisation of the Company at the Placing Price on Admission #25,000,000 Number of Warrants in issue following the Placing 3,333,333 Dhir India, which is an Isle of Man registered, newly incorporated company, intends to provide shareholders with both income and capital growth and will be the first UK quoted vehicle to provide western fund managers with the opportunity to invest in the Indian non performing assets market. The Company has no fixed life and is targeting an annualised return of 25-30 per cent. (gross of management fees), once the net proceeds of the Placing are fully invested. The Company expects to be fully invested within 12 months of Admission, having made about six investments, of which investments relating to any single company will not be in excess of #5 million. The current stock of non performing assets (NPAs) in India was built up primarily as result of the transformation of the Indian economy in the 1990s from a centrally regulated to a more free market economy. During this time, commercial lending rates were as high as 18-20 per cent. per annum, whilst the industrial growth rate remained sluggish at 2-3 per cent. per annum and Indian industries could not cope with the competition from international companies, which did not have such a high cost of capital. This has created an opportunity to invest in NPAs, which are typically over-leveraged capital structures with insufficient liquidity and in default of their obligations to creditors. Often these companies have significant assets and/or solid underlying business fundamentals, which are not being fully utilised in spite of the fact that the rate of growth in the industrial sector has caught up with that of the rest of the economy, being an estimated 9-10 per cent. per annum since 2004-2005. In such circumstances, the Company believes that the resolution of the existing debts, and in some cases a turnaround of the underlying business, can lead to substantial profits on exit from the investments being generated in the short and medium term. (*Source: The Wharton School, February 2007) PriceWaterhouseCoope NPAs from Indian banks in 2007. Most of the NPAs sold by India's banks to date have been bought by a handful of Indian financial institutions and a select few international investment banks and funds (e.g. JP Morgan, Citigroup, Deutsche Bank, Standard Chartered Bank, WL Ross, Spinnaker, Eight Capital, Clearwater Capital, and Kotak Mahindra Bank, etc.). These investors are generally targeting transactions with a value of over US$20 million or the acquisition of large portfolios. On the other hand, Dhir India will focus on small and medium size transactions of about $5-10 million, an area which the larger players in the market have avoided due to regulatory, logistical and operational requirements, including the heavy dependence on a large and sophisticated network of local contacts required for executing deals and specialist knowledge of distressed asset regulation in India, which make it difficult for most investors to access these opportunities. The Company has an experienced board of five non-executive Directors, all of whom are independent of the Manager, except for Alok Dhir. The Board is chaired by Charlie Hambro. The Asset Manager Shiva Consultants Limited ("Shiva" or "the Manager") will act as asset manager and investment advisor to the Company and will be responsible for sourcing, appraising and managing potential investment opportunities. Shiva is controlled by Alok Dhir, the managing partner of Dhir & Dhir Associates ("DDA") and a leading legal practitioner with over 20 years experience in corporate and industrial insolvency law in India. Mr Dhir also controls the Dhir Group of companies which, in addition to DDA also comprises Dhir & Dhir Asset Reconstruction & Securitisation Company Limited and Turnaround Consultants Private Limited, all of which specialise in various aspects of asset reconstruction and turnaround. Mr Dhir along with his associates has successfully invested approximately $14 million of their own money in distressed companies and will be the lead investment advisor to the Company. He has undertaken to co-invest in each of the investments made by the Group an amount equal to 5% of such investment, with a committed maximum aggregate amount of #1.25 million. He along with his associates may however co-invest up to 25% into such investments at his sole discretion. Additionally, Mr Dhir will co invest, with Dhir India, into a subsidiary non banking financial company (NBFC), which will be established or acquired after Admission, and is intended to be utilised for providing financing to investee companies. Mr Dhir will invest 50% of the non-banking finance company, which is to be capitalized to the extent of $0.5 million, with the balance provided by Dhir India. With his investment into transactions and his investment into Dhir NBFC, Mr Dhir's committed co-investment will be #1.5 million. Together, Shiva's senior management have over 60 years' of experience in the Indian distressed assets market, whether from a legal, financing or banking perspective. They have experience in structuring and resolving distressed assets transactions on a professional basis and undertaking the turnaround of distressed assets. The Manager is well connected with the business and financial community in the regions in which it operates. Furthermore, proximity to and an in situ local capability will allow the Company to be flexible when choosing which investments to pursue and will allow it to react rapidly to potential investment opportunities. Investments The Company will consider primarily four types of investment opportunity: * Turnaround of companies * Re-sale of assets or companies * Break-up and sale of assets * Bridge financing The Directors believe that through the Manager's and the Dhir & Dhir Group's network of contacts, the Group will have access to a strong pipeline of potential investments. The Manager is currently appraising a number of potential investment opportunities Commenting, Alok Dhir of Dhir India, said: "Our experience of dealing with underperforming assets in India convinced us that this is a market where there are numerous opportunities to create value and the fact that we have raised #25 million from such a select group of shareholders underpins that belief. We are now looking forward to putting the funds to use in investments where we can deliver shareholder value by identifying opportunities where there are strong assets and/or an underlying business with solid fundamentals." Contact details Dhir India Investments Evolution Securities Tavistock Communications Alok Dhir Tom Price Richard Sunderland Shivi Agarwal Jeremy Ellis Rachel Drysdale Chris Clarke Tel: +91 11 424 10000 Tel: +44 (0)20 7071 4300 Tel: +44 (0) 207 920 3150 NOTES TO EDITORS 1. Investment Strategy The investments will be structured primarily in the following four types of transaction: Turnaround of companies In these transactions, the objective is to acquire an interest in a target company through its secured debt (and a minority equity interest where appropriate). The aim will be, in conjunction with the Manager (who will beneficially or with others hold the majority of the equity) to benefit from the control taken of the target company, its operations and its assets and, if appropriate, to change or motivate existing management and implement a new strategy to turn around the business. Target companies will typically be under-performing due to financial, operational or management constraints and an overhang of debt, but with the potential for achieving a turnaround through restructuring. In such transactions, the Manager may arrange to provide the target company with a range of technical, legal, management and financial inputs, as required. It may also rely on third party business valuations and in-house turnaround business planning expertise. The Directors believe that exits from such an investment will be achieved principally through selling the controlling interest in the target company to a third party or to the target's existing management or via public offering. The Company intends to work to a time frame of 24-36 months from acquisition to exit in such transactions. Re-sale of assets or companies The objective in these transactions is, in conjunction with the Manager, to obtain benefit from a change in control of the target company or its assets through the secured debt. The Group will consider acquiring a minority equity interest in target companies and/or assets, where the balance is obtained by the Manager or the Manager and a third party, but the Company would not acquire a majority of the equity interest. The value in such transactions lies in being able to acquire or settle the debts of the target company at a discount to the market value of the underlying assets of the business as a whole and then to restructure the debts so as to achieve the desired return upon a sale of the target company or its assets. An exit is achieved through the sale of its assets to a third party purchaser and/or the equity when sold with those held by the Manager. The Manager will seek to identify such transactions in sectors where there is demand for consolidation and capacity addition. The Company intends to work to a time frame of 9-12 months from acquisition to exit in such transactions. Break-up and sale of assets The objective of these transactions is, in conjunction with the Manager to obtain benefit from a change in control of the target company or its assets by taking a secured debt position with a view to realising latent value through the sale of individual assets or parts of the business to different buyers. The Group will consider acquiring a minority equity interest in target companies and / or assets, where the balance is obtained by the Manager or the Manager and a third party, but the Company would not acquire a majority of the equity interest. This process will entail the negotiation and restructuring of debts with creditors and lenders, the consolidation of security and the sale of assets to third party buyers. The Directors consider that this type of transaction is particularly attractive where there are high value assets in the target company, and the Company expects that the debt can be settled at a discount to market value. The Company intends to work to a time frame of 12-15 months from acquisition to exit in such transactions. Bridge financing In these transactions the objective is to provide short term bridge financing to target companies that are in need of immediate funds to complete one time settlements with secured creditors and which have cash flows to support the repayment of the financing (together with the Company's desired return) to the Group over a period of 6-9 months. 2. Investment Restrictions The Company will only invest in Indian companies and assets. The Company will not have a predetermined preference of allocation in the type of transactions outlined above, but will aim to build a diversified portfolio by: * investing no more than #5 Million in one single entity; * investing no more than 50 per cent. of the Net Asset Value of its portfolio in one single transaction type; and * not investing in transactions where the intrinsic value of the assets is believed to be less than the amount of the investment required. These investment restrictions will apply at the time of the initial investment in a particular opportunity and subsequent transactions which affect these ratios will not lead to a requirement to divest any investment to rebalance the portfolio. There are no obligations on the Company or the Manager to make any investments or to return monies to Shareholders within a minimum period of time. 3. Dhir India directors Charlie Hambro, aged 47 - Non-executive Chairman Mr Hambro led a distinguished career as a merchant banker working in London and New York for Hambros Bank, managing an international debt portfolio that included advisory roles in major debt restructuring and rescheduling projects as well as tax based structured finance. He was also Chairman of Hambros Offshore Private Banks involved in Private Wealth Management. After the sale of Hambros Bank to Societe Generale in 1997, Mr Hambro became the Managing Director of Nordea Securities in London before leaving to found Firecrest Hambro, a boutique Advisory and Trust firm that provides independent financial advice and services to substantial clients, their families and family companies. John Bourbon, aged 51 - Non-executive Director Mr Bourbon runs his own compliance and regulatory consultancy business based in the Isle of Man. He provides services to both regulated entities in the Isle of Man and to international regulatory bodies. In addition he acts as a director for a number of international collective investment funds and he is the Chairman of the AIM quoted, Value Catalyst Fund Limited. He is the author of a handbook for directors of collective investment vehicles focusing on corporate governance, risk assessment modeling and compliance monitoring, and is the Chairman of the Compliance Institute. Mr Bourbon previously held the position of Managing Director of the Cayman Islands Monetary Authority. Prior to his arrival in the Cayman Islands, John was Head of Supervision at the Isle of Man Financial Supervision Commission. Before this he worked for nearly 24 years within the financial services arm of the Barclays Bank Group, including Barclays Unicorn (the bank's unit trust group) before becoming Compliance Officer for Barclays Bank Trust Company Limited. John is licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider (Category 2) and a Trust Service Provider (Category 2). Alok Dhir, aged 46 - Non-executive Director Mr Dhir qualified as a Chartered Accountant in 1983, qualified as a lawyer in 1985 and has practised insolvency law since 1987. He established Dhir & Dhir Associates in 1993. In addition, Mr Dhir is founding Director of DDARC. Over 20 years of experience in the sector has enabled Mr Dhir to build up an extensive network of relationships as well as an in-depth understanding of both lenders' risk sensitivities and borrowers' requirements. Mr Dhir is also a successful private investor in Indian distressed assets. Dr Mohmmad Yousuf Khan, aged 62- Non-executive Director Dr Khan was formerly Chairman of J&K Bank, which he helped transform from a marginal state bank into a large national private bank in India. Prior to this, Dr Khan led a distinguished industrial and commercial career. He is currently Chairman of the Banking and Advisory Council of Yes Bank Ltd in India. He is also on the board of Steel Authority of India Ltd, Bharat Hotels Ltd and Zee Entertainment Enterprises Ltd, which are all leading businesses in India in their respective sectors. Arun Singh OBE, aged 50 - Non-executive Director Mr Singh is a senior consultant on strategy and international business at GMRLaw, focusing on international investment, AIM listings, mergers and acquisitions, insolvencies and corporate governance in emerging and developed markets. He was formerly a partner and Head of the International Commercial Law Group for KPMG Legal International and Head of the India Business Group for KPMG Europe from 1999 to 2003. Prior to KPMG he was a corporate finance partner at Pinsent Masons where he founded their India Business Group in 1988 and advised an extensive number of multinational corporations and SMEs investing into India and internationally. Mr Singh was awarded an OBE in 1999 for services to international investment. He has been special advisor to the UK's House of Commons Trade and Industry Select Committee and a non-executive director of the UK Government's Trade and Investment Board. Mr Singh is a regular speaker at public seminars on international legal and management matters and was also a founding board member of the Indo British Partnership. In addition, the Directors are considering the appointment of a consultant to the Board to assist with certain financial and other matters. 4. Directors of Shiva In addition to Alok Dhir and members of his family, the directors of the Manager are: Bhagwan Dass Narang, aged 62 - Director Bhagwan Dass Narang has had a distinguished career as a commercial banker and was most recently (between 2000 and his retirement in 2005) Chairman and Managing Director of Oriental Bank of Commerce (New Delhi), one of the largest commercial banks of India. Prior to that, he was a General Manager of Union Bank of India (Lucknow) between 1994 and 1996 and an Executive Director of Punjab & Sind Bank (New Delhi) between 1996 and 2000. Mr Narang is presently Managing Director of Shri Veni Madhav Portfolio Private Limited, a business consultancy and investment company. He is a member of the Finance & Banking Committee of the Associated Chambers of Commerce. Tarun Pal, aged 42 - Director Tarun Pal qualified as a chartered accountant in the UK in 1994. He is the Chief Executive Officer of TCPL, a company focused on the resolution of distressed assets in India. Prior to joining TCPL, Mr Pal held the position of Financial Controller for a number of large companies based in London and the United Arab Emirates and had also worked in India. Shivi Agarwal, aged 29 - Director Shivi Agarwal is a partner with DDA. She joined DDA in 2002 and has been responsible for building up its corporate advisory practice, with particular focus on transactions relating to financially distressed companies. She has advised eminent Indian corporate houses on transactions including takeovers, mergers and acquisitions and corporate and debt restructurings. She has advised leading industrial companies in India on the acquisition and resolution of distressed assets. She is also a director of TCPL. 5. The Dhir & Dhir Group The Manager expects to draw upon the personnel and expertise of, and potential deal flow from, the Dhir & Dhir Group, which comprises DDA, DDARC and TCPL and which provides a range of insolvency and NPA related services in India. Dhir & Dhir Associates ("DDA") DDA is recognised as a leading law firm in India in insolvency law. DDA has a leading position in, and handles a significant percentage of, the cases referred to the statutory authority for corporate and industrial insolvency in India, that is the BIFR and its appellate authority known as the Appellate Authority for Industrial and Financial Reconstruction. DDA has advised many eminent Indian institutions on the acquisition, restructuring and revival of distressed assets. Dhir & Dhir Asset Reconstruction & Securitisation Company Limited ("DDARC") DDARC was incorporated as an ARC in 2002 and received its COR pursuant to the SARFAESI Act in March 2007. The RBI has granted it a COR for commencement of business. Alok Dhir is a director of, and along with his associates, 49 per cent. shareholder in, DDARC. DDARC is one of three ARCs in the private sector that have been granted licences by the RBI in India, there being only six licensed ARCs in total.ARCs are special distressed asset resolution and reconstruction entities licensed under the SARFAESI Act and can enforce security in accordance with the SARFAESI Act without the need to obtain court approval, thereby enabling them to resolve NPAs. Turnaround Consultants Private Limited ("TCPL") Incorporated in 2005, TCPL operates as a resolution agency dealing with distressed assets and assists banks, asset reconstruction companies and other stakeholders in distressed assets as their asset resolution agent. This includes assisting them in the acquisition of financial assets, enforcement of security (including acquiring the physical assets underlying the security) and negotiation with other creditors for aggregation or resolution of the financial asset. Alok Dhir, along with his associates, is the beneficial owner of 100 per cent. of TCPL. Any services provided by members of the Dhir & Dhir Group to the Group will be on an arm's length basis. Each of the above Dhir & Dhir Group entities will be independent of the Group and will also have transactions with, and provide services to, clients other than the Group. Similarly, the Group may approach other service providers as it may deem fit. In case of any conflict of interest, the Manager will notify the board of the Company which will take appropriate decision on the matter. Through its relationship with the Dhir & Dhir Group, the Company expects to benefit from referals of potential opportunities by members of the Dhir & Dhir Group where they are permitted to do so, although DDA, DDARC and TCPL have not undertaken (and are not able to undertake) to refer any potential opportunities to the Company. Neither this announcement nor any copy of it may be taken or transmitted in or into the United States of America or its territories or possessions (the "United States"), or distributed, directly or indirectly, in the United States or to any U.S. person as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") , including without limitation U.S. resident corporations, or other entities organised under the laws of the United States or any state thereof or non-U.S. branches or agencies of such corporations or entities. Neither this announcement nor any copy of it (in whole or in part) may be taken or transmitted into or distributed in the United States of America, Canada. Australia, Japan, South Africa, Singapore or the Republic of Ireland, or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with these restrictions may constitute a violation of United States or other national securities laws. This announcement has been issued by Dhir India Investments plc ("the Company") and is the sole responsibility of the Company and has been approved solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Evolution Securities Limited of 100 Wood Street, London EC2V 7AN. Evolution Securities Limited, which is regulated In the United Kingdom by the Financial Services Authority, is acting for the Company and no-one else in connection with this matter and will not be responsible to any other person for providing the protections afforded to clients of Evolution Securities Limited or for providing advice in relation to this matter. The distribution of this announcement in certain jurisdictions may be restricted by law, and persons into whose possession this announcement, or any document referred to herein comes, should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities or other laws of any such jurisdiction. This announcement contains forward-looking information which is based on management's current expectations and is subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in this announcement. Whilst the forward-looking information has been prepared in good faith, by its very nature it relates to facts and circumstances in the future and therefore it should not be relied upon. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any forward-looking information whether as a result of new information, future events or otherwise. This announcement does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed flotation should be made solely on the basis of the information contained in the admission document issued by the Issuer or offeror in connection with such offering. No person is authorised by Evolution Securities Limited or any of its affiliates to give any information or to make any representation not contained in such documentation, and any information or representation which is not so contained must not be relied upon as having been authorised by or on behalf of Evolution Securities Limited or any of its affiliates. The securities to be offered in the proposed placing must not and will not be offered to the public in the United Kingdom (within the meaning of section 102B FSMA), save in circumstances where it is lawful to do so without an approved prospectus (within the meaning of section 85 FSMA) being made available to the public before the offer is made. The securities to be offered in the proposed placing may not be offered or sold in any other jurisdiction other than to a limited number of persons in member states of the European Economic Area and Switzerland who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC). Any securities of the Company referred to in this announcement have not been and will not be registered under the Securities Act, any state securities laws in the United States, or under the applicable securities laws of Australia, Canada, the Republic of Ireland, the Republic of South Africa, or Japan and may not be offered or sold in the United States, Australia, Canada, the Republic of Ireland, the Republic of South Africa or Japan or to a U.S. person (as defined in Regulation S under the Securities Act) or to any national, resident or citizen of Australia, Canada, the Republic of Ireland, the Republic of South Africa or Japan unless they are registered under the Securities Act or an exemption from such registration is available in the relevant jurisdiction. The Company does not intend to register any of its securities in the United States or in any of the other jurisdictions listed above or to conduct a public offering of securities in the United States or in any of the other jurisdictions listed above. Any public offering of securities to be made in the United States would be made by means of a prospectus that may be obtained from the Company or the selling security holder and that will contain detailed information about the Company and its management, as well as financial statements. This information is provided by RNS The company news service from the London Stock Exchange |
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