Sanne: Proposed Acquisition of International Financial Services Limited and IFS Trustees

Sanne, the specialist provider of outsourced corporate, fund and private client administration, reporting and fiduciary services, is pleased to announce that it has entered into an agreement to acquire International Financial Services Limited and IFS Trustees (the "IFS Group") for a total consideration of approximately $127.3 million (£101.9 million).

The consideration for the Acquisition will be satisfied through a payment of approximately US$91.1 million (£72.9 million) in cash, which will be financed through the net proceeds of the Capital Raising, and the issue of approximately 5.8 million Consideration Shares, representing approximately 4.1 per cent. of the Company's Enlarged Share Capital following completion of the Capital Raising and Completion.

The Company proposes to use the net proceeds of the Capital Raising of £90.1 million to fund the cash consideration payable under the Acquisition Agreement and associated transaction fees, as well as to reduce the Group's net debt.

The Acquisition is of sufficient size relative to the Group to constitute a Class 1 transaction under the Listing Rules and is therefore conditional on, among other things, the approval of the Group's shareholders at a General Meeting to be held at 11.30 a.m. on 16 December 2016. 

Highlights

• The IFS Group is a highly profitable and cash generative business, reporting operating profit of USD18.4m in 2015 at an operating profit margin of c.65%, operating cash conversion of c.100%, and assets under administration in excess of $82 billion
• The IFS Group will form the core of a new standalone division operating as Sanne's new emerging markets-focused platform
• A visible capability in Mauritius, which is of scale, is important in allowing Sanne to take advantage of the significant growth opportunity in Asia and Africa
• The Acquisition consideration and associated transaction fees are to be funded through the net proceeds of the Capital Raising (c.£90.1 million) and the issue of c.5.8 million Consideration Shares to the Vendors
• The Acquisition is expected to be immediately earnings enhancing
• The Acquisition is conditional upon, among other things, Sanne shareholder approval, receipt of proceeds from the Capital Raising and regulatory clearance, and is expected to complete in Q1 2017
• The Board is very confident that results for the full 2016 financial year will be in line its expectations following continued strong performance in the second half

Dean Godwin, Chief Executive Officer of Sanne, commented:

"This acquisition enables Sanne to further realise its ambition of building a leading, global business. The IFS Group is highly profitable, with a service offering and client base extremely complementary to Sanne's. Mauritius is one of the leading international financial centres for foreign investment into Africa and India and this transaction provides us with a significant platform to both support clients in these attractive regions and grow our emerging markets presence. I am delighted to welcome the IFS Group team to the Group and we are excited about the opportunities to come."

Couldiplall Basanta Lala, a founding Director of the IFS Group, commented:

"We are extremely proud of the business that we have established over the past 20 years and, whilst Sanne is a large organisation with global reach, they share many similarities with our business, in particular the value they place on client service. We look forward to being an integral part of the next phase of growth."


Proposed Acquisition and Capital Raising - RNS - London Stock Exchange

Mauritius: Global Legal Advisory Service Licence – Are We Ready For It!

Following the announcement made in the Budget Speech 2016, the Finance (Miscellaneous Provisions) Act 2016 was enacted. This Act amends the Financial Services Act to empower the Financial Services Commission, Mauritius (the 'FSC') to grant licences in the field of Global Legal Advisory Services. The way the amendments in the Finance (Miscellaneous Provisions) Act 2016 have introduced the concept of 'Global Legal Advisory Services' is at best confusing and raises a number of challenging issues. It would appear that the FSC would not be issuing new regulations to regulate the Global Legal Advisory Services.

Global Legal Advisory Service Licence – Are We Ready For It!

Mauritius Has So Much More To Offer Than Just Treaty-Shopping

Sharona Rambocus spoke to MIFC Newsroom on how Mauritius IFC is the 'go-to country' to do business in Africa.

Mauritius Has So Much More To Offer Than Just Treaty-Shopping

DTAA: Mauritius being accorded 'Most Favoured Nation' status by India

Mauritius being accorded ‘Most Favoured Nation’ status under the Double Taxation Avoidance Agreement (DTAA) with India

Milan Meetarbhan: “Investors vote with their feet when governments act with total disregard for what is right and wrong”

* ‘A future government will need a lot of time to rebuild our institutions. But it will need to have the individuals in positions of leadership who have the competence, the commitment and the integrity to do so’

* Chagos: ‘A negotiated solution remains the preferred option’

Milan Meetarbhan, constitutional lawyer, who has had wide experience at the level of the Prime Minister’s Office, in the financial sector as head of the FSC and then as UN Ambassador for Mauritius, when he defended the Chagos dossier. In light of an apparent conflict of interest between the Executive and the President, he gives his views about the functions of the President according to our Constitution, arguing in favour of a needed constitutional reform that would take into consideration the changed circumstances in the polity. He also comments on the Chagos issue following the statement issued by the FCO.

Mauritius Times

Dawood A. Rawat - Global Memoirs: Bringing Out The Worst In People. Why? And How?

Why do political events bring out the worst in people? The polls everywhere where there are elections seem to get it wrong. Billions of dollars are spent every year on selling products and services which clearly indicate that people can be influenced when looking for goods and services. Why then does it not work when political events are scheduled? What is therefore the difference between on one hand the willingness to follow advertising guidance whereas the same does not work when choosing leaders of our destiny? The answer lies in the natural genes of animals and humans.

The Huffington Post

Mauritius: PMO Communiqué - Chagos Archipelago, 17 November 2016

The Government of Mauritius has taken note of the statement made to the UK Parliament on 16 November 2016 by the UK Government concerning decisions it has purportedly taken to the effect that:

(a) the Chagossian community will not be allowed to resettle in the Chagos Archipelago;

(b) a £40 million package will be funded over the next 10 years by the UK Government to support improvements to the livelihoods of the Chagossians; and

(c) the US presence in the Chagos Archipelago under current arrangements with the UK will continue until 2036.

The Government of Mauritius reaffirms that the Chagos Archipelago has always formed and continues to form an integral part of the territory of Mauritius and that it does not recognise the so-called “British Indian Ocean Territory”.

The Government of Mauritius wishes to reiterate that it does not also recognise the legality of the actions that the UK has purported, or is purporting, to take in respect of the Chagos Archipelago as they are in breach of international law. This includes, but is not limited to, the unilateral decisions purportedly taken by the UK Government with regard to resettlement in the Chagos Archipelago and the continuation of the UK-US agreement in respect of the Chagos Archipelago until 2036.

The Government of Mauritius considers that the UK has acted in blatant breach of the letter and spirit of the Award delivered on 18 March 2015 in the case brought by Mauritius against the UK under the UN Convention on the Law of the Sea, inasmuch as the UK has failed to fully involve Mauritius, as required by the Award, in the renewed use, until 2036, of the Chagos Archipelago for the purposes for which it is currently being used.

The Government of Mauritius notes with concern that the fact that the statement is completely silent both on the discussions that were intended to take place between Mauritius and the UK on the completion of the process of decolonisation and on sovereignty, as agreed in New York last September and the clear obligations of the UK under the UNCLOS Award is very revealing of the UK Government’s approach to the rights of Mauritius and the plight of Mauritians of Chagossian origin.

The Government of Mauritius protests strongly against the unilateral decision of the UK Government aimed at denying Mauritian citizens of Chagossian origin their legitimate right of return to the Chagos Archipelago.

The Government of Mauritius also reiterates that the denial of the right of Mauritians in general, and those of Chagossian origin in particular, to settle in the Chagos Archipelago is a manifest breach of international law and outrageously flouts their human rights.

While any financial assistance could provide some relief to Mauritians of Chagossian origin, no amount of money and no public apology by the UK Government can make lawful what is unlawful, or dilute the rights of Mauritius under international law and as reflected in the various resolutions of the United Nations. The Government of Mauritius remains fully sensitive to the plight of Mauritians of Chagossian origin and supports their relentless struggle to remove all obstacles to the full enjoyment of their human rights.

The Government of Mauritius will relentlessly pursue its initiatives in conformity with international law to complete the decolonisation of Mauritius, thereby enabling Mauritius to effectively exercise its sovereignty over the Chagos Archipelago.

In light of the above, and in view of the purported unilateral actions of the UK, Mauritius would be fully justified in taking forward the completion of the process of decolonisation, which is now on the agenda of the current session of the UN General Assembly, with a view to putting the matter before the International Court of Justice for an advisory opinion.

Prime Minister’s Office

17 November 2016

New World Wealth: Mauritius Investment Review

New World Wealth: Mauritius Investment Review

Frances McCaw: «If there is a lack of good corporate governance in a market, capital will leave that market…»

N’y a-t-il rien de troublant en matière de bonne gouvernance lorsque le Premier ministre, Sir Anerood Jugnauth, dit ne pas être au courant de ce qui se passe à Air Mauritius? Alors que la compagnie nationale d’aviation tombe sous la tutelle du bureau du Premier ministre? Frances McCaw, Fellow of the Institute of Chartered Secretaries and Administrators, a un avis intéressant sur la question. Elle l’a fait ressortir dans Business Magazine publié ce mercredi 9 novembre.

Pour Frances McCaw, il est «incompréhensible» que le PMO n’ait pas été mis au courant de la révocation du CEO Megh Pillay. «…so it has either failed to brief the Prime Minister or it didn’t understand the seriousness of the situation. Both are worrying symptoms», soutient-elle en élaborant, plus loin, sur l’importance de la bonne gouvernance au sommet d’un pays et l’impact dans le monde des affaires. «In this arena, good corporate governance practices matter. If there is a lack of good corporate governance in a market, capital will leave that market with the click of a mouse»

Lisez l’intégralité de son analyse:  Why good governance matters?

Mauritius Times: Are Our Cats Fat and Cozy?

When top-brass of the civil service bend over more than prudently to assuage short-term political demands and desires, while propping up their own career, lifestyle and juicy perks on a variety of public sector Boards, it is more than proper administration or even management that is at stake. It concerns the country's soul, its oxygen, its credibility and respectability in the eyes of international watchdogs, investment drivers and the population at large. Our fat cats cannot cozy up to the politics without due regard for the risks and dangers inherent in such abandon.

Mauritius Times

Mauritius Times: Sacking the CEO of MK - Perception of a Pathetic Saga

The Prime Minister whose office is responsible for determining the general policy of the national airline, to the extent that the enterprise is considered to be a strategic instrument in defining the geo-spatial positioning of the country, is specifically given a right of veto as regards the appointment of the Chief Executive Officer of the company. In a distinct Ponce Pilate style, he has washed his hands with respect to the events that have rocked the company since that fastidious board meeting and is now haranguing those who are responsible for the mess.

Mauritius Times

Mauritius Times: Mauritius deserves better

The latest in a series of replacements of the company’s CEOs will expose clearly the heavy price public companies are made to pay. It is not only a company like Air Mauritius which suffers when such overturning unexplained decisions, which sully the reputation of the company, are taken. It is the general image of the country which takes a beating. The time has come perhaps to concentrate on the actual job to be done to improve the working of several public sector enterprises.

Mauritius Times

Statement from the MIoD on the situation involving Air Mauritius

The Mauritius Institute of Directors (MIoD) has been set up by an act of Parliament and the first object of the MIoD according to the FRC Act, section 70, is to promote the highest standards of Corporate Governance and of business and ethical conduct of Directors serving on boards of companies and public interest entities.

Based on the information available in the press, the MIoD considers that in the case of Air Mauritius, there has been a serious departure from corporate governance best practice:

• The principles of good governance dictate that directors should receive adequate notice for a board meeting, unless there is an urgent matter. In the case of Air Mauritius, the board meeting was called at very short notice. The board of directors should be able to meet at very short notice only if there is an emergency that could have a serious impact on the company. However, there are no elements to show whether this was the case here.
• Good governance principles also require that arrangements are made to facilitate the participation of all directors to board meetings. This requirement is even more crucial when it comes to urgent matters as in such circumstances, it is recommended to have the participation of the maximum number of members. Were there any arrangements made for attendance through a teleconference or a videoconference? Did the secretary try to establish the most appropriate time for the meeting, which would have therefore enabled the participation of a maximum number of members?
• Furthermore, no agenda was circulated. Good governance principles require that an agenda be circulated to all board directors.

Dawood A. Rawat - Memoirs of A Global Life: Who Conquers, and Why?

Will the world change from the fundamentals of civilization as we have learned from history to something entirely different? History has shown how mankind behaved at different stages of human evolution, but is there a new danger that, through condemnable behavior, we are de-evolutionizing?

The Huffington Post

Reimagine Holiday Joy With The Festive Collection From Nespresso

As the year-end celebrations approach, Nespresso is inviting coffee aficionados to reimagine holiday joy this festive season. Nespresso is launching three Limited Edition OriginalLine Variations and three Limited Edition VertuoLine Variations, which are inspired by rich Viennese coffee houses and traditional American holiday desserts respectively. 

Every holiday season, Nespresso creates eagerly anticipated holiday-inspired Limited Edition coffees to continually surprise and delight as well as deliver new sensory pleasures to some of the world's most discerning coffee lovers. Only the top one to two percent of the world's coffee supply meets the rigorous quality standards to become Nespresso Grands Crus. All Nespresso Grands Crus feature silky and generous crema – the sign of world-class coffee and unprecedented quality.

FESTIVE ORIGINALLINE LIMITED EDITION VARIATIONS

Over the centuries, Vienna has established a coffeehouse tradition like no other city in the world. Its grand marble tables, iconic Thonet chairs and tradition of serving coffee on an elegant silver platter alongside a glass of water have served as inspiration for the Nespresso OriginalLine Variations. Nespresso coffee experts have combined the splendor of Vienna with the taste of some of its most famous pastries to create three delicious OriginalLine Grands Crus using the permanent Livanto Grand Cru, a well-balanced espresso with roasted caramelized notes, as the ideal base. All three OriginalLine Variations have an intensity level of six on Nespresso's intensity scale of one to twelve.

Variations Sachertorte

Inspired by the popular Austrian Sachertorte, a glazed chocolate cake with a thin layer of sweet apricot jam, and best enjoyed as an Espresso, Variations Sachertorte combines the balance and roundness of Livanto with soft chocolate and apricot notes.

Variations Apfelstrudel

Variations Apfelstrudel is inspired by the classic layered puff pastry dessert, which contains a sweet apple filling delicately spiced with cinnamon. In this tempting Espresso, Livanto's balance and roundness is complemented with the rich aromas of pastry, baked apples and a hint of cinnamon.

Variations Linzer Torte

With this Grand Cru, Nespresso pays homage to the popular Austrian Linzer Torte: a tasty red fruit tart topped with a recognizable lattice design. This Espresso is a delightful marriage of Livanto's balance and roundness with the taste of red fruits and spiced dough notes.

FESTIVE VERTUOLINE LIMITED EDITION VARIATIONS

Inspired by traditional American-style desserts and the roaming fireplaces, bright lights, and tempting smells of the holidays, Nespresso is introducing three Limited Edition VertuoLine Grands Crus which will transport the senses to the cozy and indulgent season. Each VertuoLine Variation is a smooth Arabica blend from Ethiopia, Central America, and South America and has an intensity level of five on Nespresso's intensity scale of one to twelve.

Variations Banana Bread

Delicate vanilla notes and sweet banana flavors unfold in this smooth blend for a delicacy inspired by banana bread. Adding milk to this large-cup coffee enhances the sweet banana notes and brings forward a caramel aroma.

Variations Pumpkin Spice Cake

A wide range of spice notes, including cloves, cinnamon, and cardamom combine with a sweet pumpkin flavor to create this Grand Cru inspired by pumpkin spice cake. With milk, the spice notes in this large-cup coffee soften for a sweeter, smoother coffee.

Variations Gingerbread

Spicy ginger notes are coupled with a cereal flavor for a gourmet blend inspired by gingerbread. With the addition of milk, the ginger flavors are even more magnified for a lovely large-cup coffee.