DOCSLIB.ORG

Regulatory Story Go to Market News Section

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Regulatory Story Go to Market News Section Acquisition of wealth management business in RoI - RNS - London Stoc... https://www.londonstockexchange.com/exchange/news/market-news/ma... Regulatory Story Go to market news section Brewin Dolphin Holdings PLC - BRW Acquisition of wealth management business in RoI Released 07:01 10-May-2019 RNS Number : 5894Y Brewin Dolphin Holdings PLC 10 May 2019 THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLIC RELEASE, PUBLICATION, OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (AS DEFINED HEREIN), AUSTRALIA, CANADA, JAPAN, HONG KONG, SINGAPORE, SOUTH AFRICA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT. THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (REGULATION 596/2014/EU) ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE PLACING AND OTHER MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY MAR. UPON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. THEREFORE, UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THOSE PERSONS WHO RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF INSIDE INFORMATION RELATING TO THE COMPANY AND ITS SECURITIES. 10 May 2019 Brewin Dolphin Holdings PLC ("Brewin Dolphin", the "Group" or the "Company") Acquisition of wealth management business in the Republic of Ireland Further to its announcement of 15 April 2019, Brewin Dolphin is pleased to announce that its wholly owned subsidiary, Brewin Dolphin Wealth Management Limited ("Brewin Dolphin (Ireland)"), has entered into a binding agreement to acquire the wealth management business of Investec Group in the Republic of Ireland (the "Business"), (together, the "Transaction"). The net consideration after adjustments for surplus capital is expected to be c.€44m. The Transaction is subject to certain regulatory approvals and completion is expected to take place in the second half of 2019. 1 of 7 5/10/2019, 7:21 AM Acquisition of wealth management business in RoI - RNS - London Stoc... https://www.londonstockexchange.com/exchange/news/market-news/ma... Summary · Acquisition of a growing business in one of Europe's fastest growing economies, with attractive demographics; consistent with Brewin Dolphin's strategy of growth in assets under management. · Builds on Brewin Dolphin's existing business in the Republic of Ireland ("RoI"), to create a top 3 wealth management business[1] in RoI with assets under management and advice ("AuMA") in excess of €4.6bn[2]. · Brings, together with the Group's existing RoI investment team, a culturally aligned, high-quality investment team of 33, covering c.5,000 client relationships. · The investment team will be joined by only the necessary support staff required to support the expanded business on an ongoing and combined basis. · The Group will leverage its existing efficient RoI platform and acquire the Business with the investment team and only the necessary support staff as explained above, thereby delivering cost synergy benefits from completion and minimising integration risk. · Consideration at completion will comprise €37.15m of goodwill plus a payment equal to the value of the tangible net assets in the Business on that date. The value of the tangible net assets at completion is expected to be c.€15m, substantially above the current expected standalone regulatory capital requirement of the Business of c.€7m. The net consideration is therefore expected to be c.€44m, after adjusting for surplus capital. · The acquired Business would be expected to generate a pre-tax profit contribution of c.€4.5m[3] in the year to 31 March 2019. · The Business has seen growth in total AuMA of c.€0.8bn since 2015, representing an annual growth rate of c.8% and has grown its revenues over the last two years at c.20% annually. · Based on the adjusted net consideration, the Transaction expected to be enhancing to adjusted earnings per share on a pro forma basis from completion[4]. [5] · Group's total funds as at 31 March 2019 expected to increase to £44.8bn on a pro forma basis. David Nicol, Chief Executive, commented: "This acquisition, which is consistent with our strategy of growth in assets under management, provides us with an exciting opportunity to strengthen substantially our existing presence in the Republic of Ireland, one of Europe's fastest growing economies. We will also be in a stronger position to benefit from the country's growing demand for discretionary and advice-led services, supported by favourable demographics, with the country having the youngest population in Europe. Our businesses are highly compatible in terms of culture, values, investment philosophy and client centric approach, which combined with our established platform, will enable us to meet more effectively the growing demand for wealth management services in both the UK and the Republic of Ireland." Overview of the Transaction Brewin Dolphin Holdings PLC is pleased to announce that its wholly owned subsidiary in RoI, Brewin Dolphin Wealth Management Limited, has agreed to acquire the wealth management business of the Investec Group in RoI through the acquisition of Investec Capital & Investments (Ireland) Limited ("ICIIL", or the "Acquired Company"). This Transaction is subject to certain regulatory approvals and completion is expected to take place in the second half of 2019. The consideration will be payable in cash and comprise of a payment on completion for goodwill 2 of 7 5/10/2019, 7:21 AM Acquisition of wealth management business in RoI - RNS - London Stoc... https://www.londonstockexchange.com/exchange/news/market-news/ma... of €37.15m as well as a payment to reflect the value of net tangible assets in the Business at that date. Net tangible assets at completion are expected to be c.€15m, and comprised almost entirely of cash. In the event that the tangible net assets are higher than this, the payment is capped at €17m. The current standalone regulatory capital requirement of the Business is c.€7m. The longer term incremental capital requirement of the combined business in RoI as a consequence of the acquisition is expected to be below this figure, with the result that the majority of the cash acquired is expected to be released over time. The Business, which manages and administers €2.9bn in client funds, represents a rare opportunity for Brewin Dolphin to increase its scale in RoI, one of Europe's fastest growing economies. RoI represents a particularly attractive market given the favourable demographics, with the youngest population in Europe. Following completion of the Transaction, Brewin Dolphin (Ireland) will manage and administer funds in excess of €4.6bn in RoI. The Business is a well-established and high quality wealth management business, headquartered in Dublin, with an additional office in Cork, and has grown its total funds from €2.1bn in March 2015 to €2.9bn as at 31 March 2019. During this period, the proportion of assets managed on a discretionary basis has increased steadily from c.21% to c.36%, and this trend is expected to continue. The Transaction is being structured whereby Brewin Dolphin (Ireland) will acquire the Business with the investment team and only the necessary support staff required on an ongoing and combined basis to manage the expanded business. This will enable the Group's business in RoI to leverage its efficient existing platform to deliver cost synergy benefits from completion and substantially reduce integration risk. Based on the management accounts for the year ended 31 March 2019, the revenues of the Business in the year to 31 March 2019 were c.€17.0m, which would represent an annualised growth rate of c.20% over the last two years. The costs within the Business, together with incremental costs to be incurred by the Group to run the Business, are expected to amount to c.€12.5m. The pre-tax profit contribution related to the Business is therefore expected to be c.€4.5m. The Transaction is expected to be enhancing to adjusted earnings per share on a pro forma basis from completion. Further information in respect of the Transaction and Acquired Company The Acquired Company is an Irish incorporated, CBI authorised and regulated MiFID entity. With the exception of two individuals, the staff currently supporting the Business are employed by a separate subsidiary of the Investec Group, with personnel costs recharged to the Acquired Company. As part of the Transaction, it is envisaged that 31 investment staff and 19 support staff will transfer to the Acquired Company at completion so that, along with the two individuals mentioned above, the Business will be supported by 52 individuals. Following the Transaction, by leveraging its existing efficient RoI platform, support services costs and recharges historically impacting the Acquired Company will not be incurred or are expected to be provided by Brewin Dolphin at a lower incremental cost. The Acquired Company also made a substantial non- recurring gain during the year ended 31 March 2018. As a result of these factors, the last reported statutory financial statements of the Acquired Company, being for the year ended 31 March 2018 as well as the years prior to this, do not reflect the costs and profits of the Business being acquired. The Acquired Company had gross assets of €45.1m at 31 March 2018, the level of which was substantially impacted by the proceeds relating to the non-recurring gain referred to above. Clients of the Business are contracted with the Acquired Company and therefore client consent will not be required to bring into effect the overall Transaction.
Load more

Recommended publications
  • Brewin Dolphin Select Managers Fund
    MI Brewin Dolphin Select Managers Fund Annual Report 28 February 2019 MI Brewin Dolphin Select Managers Fund Contents Page Directory* . 1 Statement of the Authorised Corporate Director’s Responsibilities . 2 Certification of the Annual Report by the Authorised Corporate Director . 2 Statement of the Depositary’s Responsibilities . 3 Independent Auditor’s Report to the Shareholders . 4 MI Select Managers Bond Fund Investment Objective and Policy* . 6 Investment Adviser's Report* . 6 Portfolio Statement* . 8 Comparative Table* . 24 Statement of Total Return . 26 Statement of Change in Net Assets Attributable to Shareholders . 26 Balance Sheet . 27 Notes to the Financial Statements . 28 Distribution Table . 40 MI Select Managers North American Equity Fund Investment Objective and Policy* . 41 Investment Adviser's Report* . 41 Portfolio Statement* . 43 Comparative Tables* . 49 Statement of Total Return . 51 Statement of Change in Net Assets Attributable to Shareholders . 51 Balance Sheet . 52 Notes to the Financial Statements . 53 Distribution Tables . 60 MI Select Managers UK Equity Fund Investment Objective and Policy* . 61 Investment Adviser's Report* . 61 Portfolio Statement* . 63 Comparative Tables* . 72 Statement of Total Return . 74 Statement of Change in Net Assets Attributable to Shareholders . 74 Balance Sheet . 75 Notes to the Financial Statements . 76 Distribution Tables . 83 MI Select Managers UK Equity Income Fund Investment Objective and Policy* . 84 Investment Adviser's Report* . 84 Portfolio Statement* . 86 Comparative Tables* . 92 Statement of Total Return . 94 Statement of Change in Net Assets Attributable to Shareholders . 94 Balance Sheet . 95 Notes to the Financial Statements . 96 Distribution Tables . 103 General Information* . 104 *These collectively comprise the Authorised Corporate Director’s Report.
    [Show full text]
  • Annual Reports and Accounts 2011
    AnnuA l RepoR ts A nd Accounts 2011 • Elgin • Inverness Aberdeen • Aberdeen Dorchester Hereford Marlborough Stoke-on-Trent Blenheim House Hamilton House 35 Bridge Street Woodstock Court Highpoint Fountainhall Road 6 Nantillo Street Hereford Blenheim Road Festival Park Aberdeen, AB15 4DT Poundbury, Dorchester HR4 9DG Marlborough Stoke-on-Trent Dundee • T 01224 267900 Dorset, DT1 3WN T 01432 364 300 Wiltshire, SN8 4AN ST1 5BG T 01305 215770 T 01672 519600 T 01782 210250 Belfast Inverness Waterfront Plaza Dublin Lyle House Newcastle Swansea 8 Laganbank Road Tilman Brewin Dolphin Fairways Business Park Time Central Axis 6 • Edinburgh Belfast 3 Richview Office Park Inverness 30-34 Gallowgate Axis Court Glasgow • BT1 3LY Clonskeagh IV2 6AA Newcastle upon Tyne Mallard Way T 028 9044 6000 Dublin 14 T 01463 225 888 NE1 4SR Swansea Vale T +353 (0) 1 260 0080 T 0191 279 7300 Swansea SA7 0AJ Birmingham W www.tam.ie Jersey T 01792 763960 9 Colmore Row Kingsgate House Norwich Birmingham Dumfries 55 The Esplanade Jacquard House Taunton B3 2BJ 43 Buccleuch Street St Helier Old Bank of England Court Ashford Court Dumfries • T 0121 710 3500 Dumfries, DG1 2AB Jersey, JE2 3QB Queen Street Blackbrook Business Park • Newcastle T 01387 252361 T 01534 703 000 Norwich, NR2 4SX Blackbrook Park Avenue Bradford T 01603 767776 Taunton • Penrith Auburn House Dundee Leeds Somerset Belfast • 8 Upper Piccadilly 31-32 City Quay 34 Lisbon Street Nottingham TA1 2PX • Teesside Bradford Camperdown Street Leeds Waterfront House T 01823 445750 BD1 3NU Dundee, DD1 3JA LS1 4LX Waterfront Plaza T 01274 728 866 T 01382 317200 T 0113 245 9341 Nottingham, NG2 3DQ Teesside T 0115 852 5580 Progress House • York Brighton Edinburgh Leicester Fudan Way • Leeds Invicta House PO Box No.
    [Show full text]
  • Annual Report and Accounts 2013 Annual Report and Accounts 2013
    Annual Report and Accounts 2013 Annual Report and Accounts 2013 Brewin Dolphin Holdings PLC, 12 Smithfield Street, London EC1A 9BD T 020 7246 1000 F 020 3201 3001 W brewin.co.uk E [email protected] Brewin Dolphin provides a range of investment management, financial advice and execution only services in the UK and Eire. “Our priorities are clear. They are to reinforce our high standard of service to clients and ensure an improved return to shareholders. Discretionary Investment Management is currently the core of our business model and our mission is to provide a compelling and consistent offering, relevant to all our clients. Over the past decade we have evolved from a stockbroker into a private client investment manager. Our evolution must continue as we strive to become the leading provider of personal Discretionary Wealth Management in the UK.” David Nicol, Chief Executive Investment proposition • Strong client relationships with a long-term track record of personalised service • Growth market with good long-term prospects • New management team with clear goals and a strategy to achieve them • Our strategy will generate value for all stakeholders We are already creating value in 2013 • Total income grew by 9% to £283.7m • Adjusted profit before tax grew by 22% to £52.3m • Adjusted profit margin increased from 16.5% to 18.5% • Discretionary funds under management (FUM) grew by 17% to £21.3bn • Adjusted earnings per share (EPS) grew by 19.2% to 14.9p (2012: 12.5p) • Full year dividend increased by 20% to 8.6p • Total Shareholder Return was 63% Contents Business review Section 1 Business review Financial Highlights 02 Business Highlights 03 Chairman’s Statement 04 Overview of the Business and Strategy 06 Strategic Report 08 A.
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Corporate Banking at Investec
    Corporate Banking at Investec A unique Corporate At Investec, our clients share an appetite for our people remain invested in our clients’ growth and the need for the right banking long-term success. Banking offering partner to support them on their journey. We pride ourselves on our agility, speed, Founded in 1974, Investec has grown exceptional service and refreshingly human successfully through its client-focused approach. We offer deep expertise across approach and its ability to serve diverse lending, advisory and treasury risk and evolving financial needs. management, which means our clients benefit from our unique breadth of services We believe that not all businesses are the across corporate and investment banking. same and as such their journeys are different. So, wherever our clients are on their journey, That’s why we tailor solutions to our clients’ we believe that we have solutions to help needs, taking the time to fully understand their them achieve their ambitions. requirements and challenges while ensuring A comprehensive range of services that support client growth Working capital – invoice Treasury risk solutions – foreign Asset and vehicle finance discounting, asset-based exchange, interest rates and lending and supplier finance commodity price hedging Lending – growth capital, Advice and ideas – Cash products – a range of acquisition and leverage finance, mergers & acquisitions call, notice and fixed deposits integrated asset-based & cash and equity advisory flow lending and structured lending Solutions. Capital. Empowered people. Our clients Our business in numbers • SMEs and corporates • Private equity • Intermediaries and introducers £3.9 bn c.150,000 assets financed* asset finance deals* c.61,000 £530m SMEs supported* receivables purchased** *From 1 April 2014 to 31 March 2019.
    [Show full text]
  • Investec/Lowes 8:8 Plan 3
    Structured Products Investec/Lowes 8:8 Plan 3 Potential for maturity every 6 months from the end of year 2 onwards, with a fixed payment equal to 7.5% per annum (not compounded). If the Plan runs until the Final Maturity Date and the FTSE 100 finishes lower than 60% of its starting level, you will lose some or all of your initial investment. Limited offer ends: 18 June 2018. oducts & Pr D d er re iv u a t t c iv u e r t s S A e w p a o EIGHT TIMES r r d u s E 2 0 h t 1 5 8 1 SRP AWARDS Award 2010 -2017 Best Distributor, UK & Ireland Investec Investec/Lowes 8:8 Plan 3 This Plan has been jointly developed by Investec Bank plc and Lowes Financial Management Ltd. Investec Bank plc is the Plan Manager and Product Manufacturer of this Plan. About Investec This brochure has been prepared by Investec Structured Products which is a trading name of Investec Bank plc, which is part of the Investec group of companies. Investec (comprising Investec Limited and Investec plc) is an international specialist bank and asset manager that provides a diverse range of financial products and services to a niche client base in three principal markets, the UK and Europe, South Africa and Asia/Australia as well as certain other countries. The group was established in 1974 and currently has approximately 9,900 employees. Investec focuses on delivering distinctive profitable solutions for its clients in three core areas of activity namely, Asset Management, Wealth & Investment and Specialist Banking.
    [Show full text]
  • An Introduction to Our Wealth & Investment Services
    An introduction to our Wealth & Investment services Welcome I am delighted to have the opportunity to introduce Investec Wealth & Investment to you. We would like to give you a snapshot of our business so that you have a better feel for who we are and what we do. I hope that, as you read through these pages, two features will become very apparent. Namely, that our business is fundamentally about people and service. Our job is to offer you, as a client or a potential client, a service of the highest possible standard delivered by high calibre people with expertise and integrity. It is as simple as that. At the back of the brochure you will find various contact details if you would like further information. Please do not hesitate to get in touch. Eddie Clarke Head of Investec Wealth & Investment Ireland 3 A snapshot of our business “Our wide-ranging We look after clients’ savings, expertise, and combination pensions and other financial assets, by using our expertise of local presence and and knowledge to invest global resources are their money wisely to build at your service.” and preserve their wealth. What we do at the same time, offering more resource, Bobby Hassett depth of expertise and robust systems compared Investment Management Investec Wealth & Investment provides Investment with other firms. Management services and Financial Planning advice to private clients, pensions, corporates, Our approach allows us the freedom to build charities, family offices and credit unions. investment portfolios appropriate for the needs of each individual client, without any inbuilt bias. Who we are Experience counts Investec Wealth & Investment in Ireland arose from the acquisition of NCB Wealth Management Investec Wealth & Investment is ideally positioned in 2012, which had been advising Irish clients for to help our clients meet their long-term investment 30 years.
    [Show full text]
  • Finn-Ancial Times Finncap Financials & Insurance Quarterly Sector Note
    finn-ancial Times finnCap Financials & Insurance quarterly sector note Q3 2020 | Issue 9 Highlights this quarter: Elevated uncertainty and volatility have been hallmarks of the last 18 months, with Brexit, the UK General Election and more recently COVID-19 all contributing to the challenges that face investors wishing to carve out solid and stable returns amid these ‘unprecedented’ times. With this is mind, and simulating finnCap’s proven Slide Rule methodology, we found the highest quality and lowest value stocks across the financials space, assessing how the make-up of these lists changed over the period January 2019 to July 2020, tracking indexed share price performance over the period as well as movements in P/E and EV/EBIT valuations. The top quartile list of Quality companies outperformed both the Value list and the FTSE All Share by rising +2.5% over the period versus -5.4% for the All Share and -14.3% for Value stocks. Furthermore, the Quality list had protection on the downside in the market crash between February and March 2020, and accelerated faster amid the market rally between late March and July 2020. From high to low (January to March), Quality moved -36.3% against the Value list at -45.5%, while a move off the lows to July was +37.4% for Quality and +34.0% for Value. There was some crossover between the Quality and Value lists, with 7 companies of the top quartile (16 companies in total) appearing in both the Quality and Value lists. This meant that a) investors could capture what we call ‘Quality at Value’ (i.e.
    [Show full text]
  • FTSE Factsheet
    FTSE COMPANY REPORT Share price analysis relative to sector and index performance Arbuthnot Banking Group ARBB Banks — GBP 10.025 at close 18 June 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 18-Jun-2021 18-Jun-2021 18-Jun-2021 12 120 130 1D WTD MTD YTD Absolute 0.2 5.0 -4.1 28.9 11 110 120 Rel.Sector 3.1 8.1 2.0 10.9 Rel.Market 2.0 6.7 -3.7 18.4 10 100 110 VALUATION 9 90 100 Trailing Relative Price Relative Price Relative 8 80 90 PE -ve Absolute Price (local (local currency) AbsolutePrice EV/EBITDA - 7 70 80 PB 0.8 PCF -ve 6 60 70 Div Yield 0.0 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Price/Sales 1.7 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 1.5 100 100 100 Div Payout 0.0 90 90 90 ROE -ve 80 80 80 70 70 Index) Share 70 Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 The Company is a banking and financial services 40 40 40 RSI RSI (Absolute) group. It operates through two divisions, personal 30 30 30 financial services and private and merchant banking.
    [Show full text]
  • Brewin Dolphin Holdings PLC Annual Report and Accounts 2015 Accounts and Report Annual
    Brewin Dolphin Holdings PLC Holdings Dolphin Brewin Annual Report and Accounts 2015 Brewin Dolphin Holdings PLC Annual Report and Accounts 2015 Contents Overview 34 Corporate Responsibility 82 Directors’ Responsibilities 96 Consolidated Cash 02 Highlights 40 Resources and Relationships 83 Independent Auditor’s Report Flow Statement 04 Chairman’s Statement 97 Company Cash Flow Statement Governance Financial Statements 98 Notes to the Financial Strategic Report 44 Chairman’s Introduction 90 Consolidated Income Statement Statements 08 Business Overview to Governance 91 Consolidated Statement of 10 Business Model 46 Directors and their Biographies Comprehensive Income Additional Information 12 Market Environment 48 Corporate Governance Report 92 Consolidated Balance Sheet 148 Five Year Record Continuing 14 Our Strategy 53 Board Risk Committee Report 93 Consolidated Statement of Operations (unaudited) 16 Chief Executive’s Statement 56 Audit Committee Report Changes in Equity 149 Appendix – Calculation of KPIs 20 Measuring Our Performance 62 Nomination Committee Report 94 Company Balance Sheet 150 Glossary 23 Results 64 Directors’ Remuneration Report 95 Company Statement of Changes 151 Shareholder Information 30 Principal Risks and Uncertainties 80 Other Statutory Information in Equity 152 Branch Address List Brewin Dolphin Holdings PLC Annual Report and Accounts 2015 Overview Brewin Dolphin provides a range of investment management and financial advice services in the Strategic Report United Kingdom, Channel Islands and the Republic of Ireland.
    [Show full text]
  • Cineworld Group
    CINEWORLD GROUP plc Interim Results for the period ended 30 June 2020 Cineworld Group plc (“the Group”) presents its interim results for the 6 month period ended 30 June 2020. These results are presented in US Dollars. Summary The COVID-19 global pandemic has adversely affected the Group’s results for the period, with all sites across the Group closed between mid-March to late June/August 2020 561 out of 778 sites are re-opened as at the date of this report, with 200 theatres in the US (mostly in CA and NY), 6 in the UK and 11 in Israel still closed Group revenue of $712.4m (2019: $2,151.2m) and Group Adjusted EBITDA $53.0m (2019: $758.6m) for the period was severely impacted by these cinema closures Management’s main priorities have been the safety of customers and employees, cash preservation and cost reduction $360.8m additional liquidity raised during the period At the date of reporting negotiations with the banks remain ongoing in order to obtain covenant waivers in respect of December 2020 and June 2021. This has resulted in a disclaimer conclusion being issued by the auditor. Termination of Cineplex transaction in June 2020 Outlook Steady performance of re-opened sites in ROW territories and initial admission build-up in the UK and US driven by the release of “Tenet” and local movies There can be no certainty as to the future impact of COVID-19 on the Group. If Governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity.
    [Show full text]
  • Portfolio of Investments
    PORTFOLIO OF INVESTMENTS CTIVP® – Lazard International Equity Advantage Fund, September 30, 2020 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 97.6% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Australia 6.9% Finland 1.0% AGL Energy Ltd. 437,255 4,269,500 Metso OYJ 153,708 2,078,669 ASX Ltd. 80,181 4,687,834 UPM-Kymmene OYJ 36,364 1,106,808 BHP Group Ltd. 349,229 9,021,842 Valmet OYJ 469,080 11,570,861 Breville Group Ltd. 153,867 2,792,438 Total 14,756,338 Charter Hall Group 424,482 3,808,865 France 9.5% CSL Ltd. 21,611 4,464,114 Air Liquide SA 47,014 7,452,175 Data#3 Ltd. 392,648 1,866,463 Capgemini SE 88,945 11,411,232 Fortescue Metals Group Ltd. 2,622,808 30,812,817 Cie de Saint-Gobain(a) 595,105 24,927,266 IGO Ltd. 596,008 1,796,212 Cie Generale des Etablissements Michelin CSA 24,191 2,596,845 Ingenia Communities Group 665,283 2,191,435 Electricite de France SA 417,761 4,413,001 Kogan.com Ltd. 138,444 2,021,176 Elis SA(a) 76,713 968,415 Netwealth Group Ltd. 477,201 5,254,788 Legrand SA 22,398 1,783,985 Omni Bridgeway Ltd. 435,744 1,234,193 L’Oreal SA 119,452 38,873,153 REA Group Ltd. 23,810 1,895,961 Orange SA 298,281 3,106,763 Regis Resources Ltd.
    [Show full text]