Member Info for Aphrodite

With the trading subsidiaries gone, it can only be a matter of going through formalities and the possible prospect of Kohn being appointed to the board of the PLC shell, the remainder of whom will have their bags packed. If appointed, what he gets up to then is what's left.

Blackrock is one of those, investing in associations to "provide our clients with access to inherently stable long-term cash flows and seeks to achieve their ESG earnings objectives."
It also has 4.5% of Castleton.

respectively.
She said: “The UK is experiencing a housing shortage and there is an opportunity to make use of private, long-term capital to create affordable housing that meets the needs of communities across the UK in a socially sustainable way.
“I and the rest of the committee look forward to advising Shamez and the investment team as they progress with what we believe will be a successful example of public-private partnership and demonstrate the benefits of impact investing.”
The new fund’s interest in UK affordable housing was first reported by Bloomberg in January.
Mr Ellis added: “We are committed to helping our clients achieve positive financial and social outcomes with their capital and believe that affordable housing is an ideal strategy for this purpose.
“Shamez brings considerable expertise and prior experience of investing in affordable housing projects, and we are delighted that he has joined Man GPM. Our private markets business is a key diversifier for Man Group and we believe affordable housing is an attractive asset class for long-term investors.”
Update: at 8.33 on 26.2.19 This story was updated to correct the figure for Man Group’s assets under management.

Social Housing an attractive investment asset class - and a strong market for Castleton and other management tech providers.

Hedge fund giant to launch registered provider of social housing
NEWS
25/02/194:15 PM

BY LUKE BARRATT
The world’s largest publicly traded hedge fund company intends to launch its own registered provider of social housing, Inside Housing understands.
It is understood Man Group will focus on lease-based transactions with councils and housing associations but also hopes to enter into long-term management contracts with social landlords.
The firm, which manages $114.1bn worth of funds, said in a public release that it will seek to deliver homes for social and affordable rent, shared ownership, Rent to Buy and market rent and sale.
It added that it will launch a new ‘community housing’ team, to be overseen by its newly hired head of community housing and portfolio manager, Shamez Alibhai.
Mr Alibhai was until recently portfolio manager of the Cheyne Social Property Impact Fund, which he set up. Here, he was involved in lease deals with housing associations and local authorities.
He said: “I am delighted to join Man GPM to develop a UK-focused community housing strategy as part of Man Group’s growing responsible investment platform.
“The scale of the housing shortfall across the UK requires innovative solutions to enable all types of households to help meet their housing aspirations and needs. Man Group’s resources and commitment to socially responsible investing provide a strong foundation for pursuing our goal of alleviating this problem.”
Man Group, best known for sponsoring the literary Man Booker Prize, is the latest in a series of private investors to enter the social housing sector, following the private equity giant Blackstone and the institutional investor Legal & General.
The billionaire family Pears Group has also made an entrance into the sector in recent months and a flurry of private house builders have registered as providers of affordable housing.
Also operating in this space are a number of hedge funds and publicly listed real estate investment trusts which buy up properties to be leased out as supported housing. The housing associations which deal with these funds have come under increasing scrutiny from the Regulator of Social Housing in recent months.
 
Luke Ellis, chief executive of Man Group, said that its private markets business is “a key diversifier” and that the company believes affordable housing “is an attractive asset class for long-term investors”.
It has established an advisory committee, which it said will guide Mr Alibhai on how to deliver an investment strategy that provides “both financial and social returns”.
Dame Katharine Barker, who authored an influential review of housing supply in 2004, will sit on the committee alongside David Hutchison, the chief executive of not-for-profit Social Finance, David Sheridan and David Gannicott, formerly of Keepmoat and Hyde respec

He was Hoskinged - others may have been Tinklered.

There is a vote on removing a director and appointing a director. They are following legal niceties including the requirements of their particular articles of association.

Decision time for Hosking and clients cash.

I was to some extent ambivalent. But now the sale is complete I cannot see anything in this for anybody - other than 1p. Hosking possibly wants to be seen to be doing something - he has a client base to consider, and has put Kohn up. I leave aside shareholders desire for some form of compensation on some basis or other.

Typo. Kohn 22nd. March.

Today and onwards, there is no Flybe business. The subsidiary sale is done. We are now onto the scheme - dealing with the shell of Flybe PLC. That timetable sees cancellation of listing between 11th. And 25th. March. Kohn if appointed as director, would come in on 25th. March. As one of the directors, he may, albeit belatedly and in the event of a no vote, have some influence as to what happens with the shell. And there is a long stop date. I presume those referring to a plan by Kohn are referring to a new business starting afresh from the Flybe shell.

I understand you would expect an RNS during sale process saying something like ' It's all come on top. Card acquirers have crippled us. No cash to carry on. Going into admin, unless somebody buys us.That sort of thing.

14th. November
"Management have outlined actions to increase unrestricted cash but the timing and outcome of these actions are uncertain as is the assessment as to whether card acquirers will require additional cash collateral. These conditions indicate the existence of a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern"

it seems as though nobody much picked up on it's implications, asset manager Hosking included, when the listing transfer circular was posted with the intended effects of listing transfer 'benefits' within 2 weeks of the company for sale notice, both by RNS. It does seem rather unsavoury
But bottom line is, assets or not, they got into a terrible cash flow situation.

And work in Hargreaves Lansdown and that lot along the way.

It's either a) a criminal conspiracy between ' bad guys ' at Flybe and Evercore to give the company away to 'bad guys' of Connect with dubious histories.
b) The consortium ' having over ' the inept Flybe board and the Evercore advisors.
c )The best the board could do with it, under extreme pressure, taking into account the detail of any proposals put forward, and satisfy credit cards/banks, to keep Flybe in the air as a better sales prospect and avoid administration.

My point is it's a legally binding agreement between Flybe and the other individual signatories, which, if broken and prejudicing Flybe could result in Flybe creating a fuss, and doing whatever they were legally entitled to do. They appear not to have done so. I have made no claims as to who knew what when. Flybe, as party to the NDA, accepted the consortium offer. They did not have to. The consortium and Flybe agree. As regards the deal, end of that of particular aspect in agreeing one. So a red herring.

It's summed up quite simply in a RNS.
"It is currently expected that any party interested in participating in the formal sale process will, at the appropriate time, enter into a non-disclosure agreement with Flybe on terms satisfactory to the Board of Flybe. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals to Evercore. Further announcements regarding timings for the formal sale process will be made as appropriate."

I get that. It is dated 8th. November when Flybe say they were in conversation with other parties, to whom they presumably provided similar information under NDA. Regardless, on the basis of parties coming together to make a subsequent joint offer, and the only formal bid, it seems to me the NDA is probably a red herring in this. The probability is there was never the likelihood of competing bids, and the board were aware of Consortium existence and intentions. But I accept, only the board and the Connect parties know the whole facts. And I expect the legality etc of what has occurred to be scrupulously documented by the various parties.

On what basis is it suggested the signing of a non disclosure agreement between Flybe and individuals prevents the formation of a consortium who then discuss their respective interests and make a joint offer?

Nothing I think. Procedurally, it's only ever been about removing Laffin as a director, who also operates as chairman, and appointing Kohn as a director.