Letus Capital SA is a corporate finance advisory firm that provides services such as mergers and acquisitions advisory, capital raising, IPOs, and valuations. Some of their notable clients and projects include advising Integer.pl SA on their IPO and acquisition deals, advising PKN Orlen on a $500 million investment project, and advising Graal SA on their IPO and acquisition deals. Letus Capital has over 100 completed projects and experience advising companies across various industries. They transformed into a public company in 2008 when they debuted on NewConnect.
This document provides an overview of venture capital initiatives to promote innovation in OECD countries. It defines venture capital and outlines its important role in supporting high-risk investments in small, technology-based startups. The document summarizes trends in venture capital markets in major OECD countries and compares the more established US market to younger European markets. It finds that while returns have varied, venture capital has generally provided returns above traditional investments. The document concludes by identifying actions governments can take to foster venture capital markets, such as creating favorable tax and legal environments, reducing investment risks, increasing liquidity in startup markets, and facilitating entrepreneurship.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
Learn more about the asset management in Eastern Europe and the investment opportunities in Emerging Europe. Karoll Capital Management is one of the leading asset management companies in the region.
This document discusses factors that are important for successful buying and selling of distressed businesses. It notes that while the number of mid-market distressed sales in Europe has remained consistent, the average deal value has increased due to more buyers seeking distressed opportunities. However, the current M&A market remains challenging due to Brexit uncertainty, consumer spending concerns, and other issues. The document outlines eight key factors for successful distressed transactions: clear cash management and turnaround plans, robust business models and management teams, appropriate financing and structuring, and addressing employee and off-balance sheet asset issues. Experience with these factors is important for extracting value from distressed processes.
The Vigo Venture Accelerators program provides funding and support to high-potential Finnish startups through independent accelerator companies. The program aims to increase the number of successful growing companies in Finland and develop the innovation ecosystem. Selected startups work closely with experienced entrepreneurs at accelerator companies for 18-24 months, receiving funding, business expertise, and access to investors and customers to help them grow rapidly. Over 100 companies have participated in the program so far, raising over 350 million euros in total funding and resulting in some acquisition exits. The program is a public-private partnership managed by government organizations and accelerators invest both money and time into startups to take an ownership stake and help them achieve fast growth.
The Jeremie Fund is a £125 million fund financed by the European Investment Bank, Regional Development Fund and ONE North East to improve access to finance for SMEs in northeast England. It comprises six individual funds that provide financing from £20k to £1.25m for technology, growth and seed-stage companies. The document describes the investment criteria and focus of each individual fund.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
In this portfolio you can find detailed information about Karoll Capital Management history, key facts, investment strategy and key statistics for the investment processes and assets under management.
This document provides an overview of venture capital initiatives to promote innovation in OECD countries. It defines venture capital and outlines its important role in supporting high-risk investments in small, technology-based startups. The document summarizes trends in venture capital markets in major OECD countries and compares the more established US market to younger European markets. It finds that while returns have varied, venture capital has generally provided returns above traditional investments. The document concludes by identifying actions governments can take to foster venture capital markets, such as creating favorable tax and legal environments, reducing investment risks, increasing liquidity in startup markets, and facilitating entrepreneurship.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
Learn more about the asset management in Eastern Europe and the investment opportunities in Emerging Europe. Karoll Capital Management is one of the leading asset management companies in the region.
This document discusses factors that are important for successful buying and selling of distressed businesses. It notes that while the number of mid-market distressed sales in Europe has remained consistent, the average deal value has increased due to more buyers seeking distressed opportunities. However, the current M&A market remains challenging due to Brexit uncertainty, consumer spending concerns, and other issues. The document outlines eight key factors for successful distressed transactions: clear cash management and turnaround plans, robust business models and management teams, appropriate financing and structuring, and addressing employee and off-balance sheet asset issues. Experience with these factors is important for extracting value from distressed processes.
The Vigo Venture Accelerators program provides funding and support to high-potential Finnish startups through independent accelerator companies. The program aims to increase the number of successful growing companies in Finland and develop the innovation ecosystem. Selected startups work closely with experienced entrepreneurs at accelerator companies for 18-24 months, receiving funding, business expertise, and access to investors and customers to help them grow rapidly. Over 100 companies have participated in the program so far, raising over 350 million euros in total funding and resulting in some acquisition exits. The program is a public-private partnership managed by government organizations and accelerators invest both money and time into startups to take an ownership stake and help them achieve fast growth.
The Jeremie Fund is a £125 million fund financed by the European Investment Bank, Regional Development Fund and ONE North East to improve access to finance for SMEs in northeast England. It comprises six individual funds that provide financing from £20k to £1.25m for technology, growth and seed-stage companies. The document describes the investment criteria and focus of each individual fund.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
In this portfolio you can find detailed information about Karoll Capital Management history, key facts, investment strategy and key statistics for the investment processes and assets under management.
Bursa Malaysia have a word related to marketplace aggregate investors & traders in a comprehensive destination Malaysia. Stock investors aggregated investments blogs & news, databases & Quotes has stocks signals providers provide a free channel to grant you access the klse market. Market watch of bursa Malaysia stock exchange - Financial news, real time quotes, financial reports, company announcements has condition of market watch have a views on companies that are listed in bursa Malaysia share market. Also in mobile market watch we Multi management and future solutions bring real-time market data and quotes, business news and analysis and also terminology of breaking markets.
ISDX is generally regarded as most suitable for companies looking to raise up to £5m. There are no formal restrictions on the type of business, industry sector or size of companies that can join the ISDX Growth Market. Our new guide has been published to as an essential source for progressing down this route. To know more visit http://www.hbcg.co.uk
1) The document discusses several Finnish programs that help startups become investor ready, including PreSeed Finance, LIKSA, and DIILI.
2) PreSeed Finance provides €40,000 grants and assistance to develop high quality business plans. LIKSA focuses on acquiring market information, while DIILI connects startups with experienced professionals to speed up the investment process.
3) These programs help startups progress from business angels to venture capital by improving their concepts, teams, and results to meet new criteria for VC financing rounds.
De Micco & Friends is an investment, consulting, and transactions firm that focuses on practical deals rather than just analysis. As investors, they finance their own projects and co-invest in capital market transactions. Their consulting focuses on developing and implementing specific transactions for clients. They offer opportunities for institutional and private investors to co-invest in their vetted late-stage projects and capital market deals.
Scope of services of Shanda Consult regarding cross-border industrial investment consulting, localisation services, market surveys, intercultural communication, mainly during the pre-decision phase of planned investments. With a strong focus on Ukraine, Lebanon, Iran, India and Cyprus.
Services include Joint-Venture partner search and Joint-Venture partnership facilitation.
The INFLUENCE OF FINANCIAL MARKETS ON INVESTMENT IN VENTURE CAPITALBABACAR SECK
This paper examines the influence of financial markets on the investment in venture capital. It highlights the evolution of the number of exit of U.S. venture capital companies in financial markets as well as the European one. Moreover it sheds the light the simultaneous evolutions of fund raising of venture capital and stock indexes in the U.S and Europe. The study focuses on a range of data on US and European venture capital firms covering the period of 1984 to the first quarter of 2012. It relies on the VentureXpert private equity and venture capital performance database, maintained by Thomson Financial data for American Venture Capital markets, and Chausson finance indicator for French venture capital market. It also considers developments in the venture capital markets in Europe and the United States. Indeed our analysis shows that favourable anticipations of Initial public offerings, synonyms for significant capital gains for venture capitalists, are key incentives for the venture capital market. However, when considering the recent investment behavior of European venture capitalists, the relationship between financial markets and venture capital activity is much less clear: the invested amounts seem to be significantly and permanently disconnected from the
Performance and character of swedish funds dahlquistbfmresearch
This document analyzes the performance and characteristics of Swedish mutual funds from 1993 to 1997. It finds that small equity funds and funds with lower fees tended to perform better, while large equity funds may have been too large to trade aggressively. Actively managed equity funds outperformed passively managed funds. Money market funds showed some persistence in performance, but other fund categories did not. The study uses various statistical methods to establish robust relationships between estimated fund performance and attributes like size, fees, trading activity, and past returns.
UKTI can help innovative UK projects pitching to sovereign wealth and pension funds by providing tailored pitchbooks and introductions to institutional investors. The UK is seen as a global leader in innovation but needs to improve commercialization. UKTI's Innovation Gateway aims to attract larger investments from these funds by matching them with investment-ready science and technology projects seeking £20M or more. Projects should have commercial viability, address global markets, and offer financial returns to investors.
ProFormance Capital is a boutique investment bank dedicated to providing its clients the required services necessary to raise capital, develop and execute their business plan, achieve professional objectives and determine the optimal exit strategy.
Launched in 2002, ProFormance has successfully built a team composed of driven, team oriented, and relationship-based professionals with a cumulative background that covers a breadth of industries and specialties.
The ProFormance Team was specifically designed to offer comprehensive consulting that offers results for both the investment seeking client, and just as importantly, the investor. This effort has enabled ProFormance to secure relationships with Middle East and Asian private/institutional investors flush with U.S. dollars.
Navigating the issues of trust, culture, language, and global logistics, ProFormance now has multiple sources of capital in the Middle East, Asia, and Europe that are mandating capital reserves to deploy into companies and projects, within the United States.
Prices were targeted on Malaysia either low, average & high. As, prices were Up, down or hold we “Multi management and future solutions” pick the stock and do regular analysis and by the selected or targeted price we can select the package. We provides a free and independent portal for investors of stocks by selecting through “Bursa Malaysia trading signals” a investment blogs and news, stock database & quotes hold the session for the investors to get profitable stock signals and get a benefited recommendations for a Bursa KLSE. Always hopeful create a danger end but get into hope and fulfill our dreams for our investors investment is our first priority. “Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”
Gobaleye Investment helps both public and private companies raise capital through capital markets and provides advisory services for mergers, acquisitions, and other financial transactions. It advises companies on raising funds through private placements or capital markets, and participates in activities like underwriting new stock issues, providing financial advice and research to investors and corporations, and advising on mergers and acquisitions. A key role of Gobaleye Investment is to counsel organizations on raising funds through private arrangements or capital markets.
This document provides an overview of the BA4 - Basic Finance course. It defines basic finance as the management of assets and money with the primary goals of increasing profit and minimizing risks. The document discusses different sources of capital for businesses, including owners' savings and loans from banks or creditors. It also outlines key goals of business finance such as maximizing profit, profitability, and present net worth while maintaining adequate cash flow and balancing risks and returns. Net present value is defined as the value now of all future cash flows from an investment discounted at a given interest rate.
1) Now is a good time for Indian companies with strong balance sheets to pursue acquisitions as valuations are low and opportunities exist to strengthen core businesses and expand into new markets.
2) Acquisitions should not be made solely based on low valuations; strategic fit in terms of technology, skills, and market penetration is important.
3) Recessions provide opportunities to acquire businesses at reasonable valuations and integrate them while their owners are open to pragmatic exits based on performance rather than high pricing multiples.
Oil and gas accounting course outline 2021PROF MBAWUNI
This document outlines the course details for ACC 621 Oil and Gas Accounting taught at the Faculty of Business Education. The course aims to provide accounting students, managers, and investors with an understanding of oil and gas industry accounting standards and financial reporting. Over the semester, topics will include the different accounting methods for exploration, development and production costs, revenue recognition, depreciation methods, and accounting for joint ventures and production sharing contracts. Students will be assessed through two quizzes, class participation, and a final exam.
Stock exchanges play multiple roles in the economy, including helping businesses raise capital through public offerings, mobilizing savings for investment, and creating opportunities for small investors. They also help governments raise funds. To be listed and traded, companies must meet the requirements of their chosen exchange, which can include the New York, London, or Bombay exchanges. The trading process involves selecting a broker, opening a demat account, placing and executing orders, and settling trades.
This document provides an overview of KSL India, a financial services group with over 7 decades of experience. It operates in various business segments including institutional broking, private wealth management, and investment banking. It offers a range of services including equity trading, portfolio management, and mergers & acquisitions advisory. The company aims to provide value-based and long-term investment strategies to meet its clients' objectives.
This slide deck takes a look at the reasons behind why you would float a company on the stock exchange, the different methods of flotation, the initial steps to flotation and then a further look in more detail at the AIM Stock Market. To learn more or book a free consultation visit our website http://www.hbcg.co.uk
The presentation shows how urban gardens that contain flowering perennial plants provide food, habitat, and sanctuary for native bees and other beneficial insects.
This document discusses the EU Commission's request for EFSA to provide a scientific opinion and guidance on risk assessment of plant protection products (pesticides) on bees. It outlines the composition of the working group, terms of reference, and proposed chapters to cover introduction, protection goals, exposure assessment, chronic toxicity from low doses, test methods, cumulative/synergistic effects, and risk assessment methodology for honeybees, bumblebees and solitary bees. It provides details on the key sections including identifying the most exposed bee categories and life stages, major exposure routes, and proposing a new method to assess cumulative toxicity from long-term low exposures.
Bursa Malaysia have a word related to marketplace aggregate investors & traders in a comprehensive destination Malaysia. Stock investors aggregated investments blogs & news, databases & Quotes has stocks signals providers provide a free channel to grant you access the klse market. Market watch of bursa Malaysia stock exchange - Financial news, real time quotes, financial reports, company announcements has condition of market watch have a views on companies that are listed in bursa Malaysia share market. Also in mobile market watch we Multi management and future solutions bring real-time market data and quotes, business news and analysis and also terminology of breaking markets.
ISDX is generally regarded as most suitable for companies looking to raise up to £5m. There are no formal restrictions on the type of business, industry sector or size of companies that can join the ISDX Growth Market. Our new guide has been published to as an essential source for progressing down this route. To know more visit http://www.hbcg.co.uk
1) The document discusses several Finnish programs that help startups become investor ready, including PreSeed Finance, LIKSA, and DIILI.
2) PreSeed Finance provides €40,000 grants and assistance to develop high quality business plans. LIKSA focuses on acquiring market information, while DIILI connects startups with experienced professionals to speed up the investment process.
3) These programs help startups progress from business angels to venture capital by improving their concepts, teams, and results to meet new criteria for VC financing rounds.
De Micco & Friends is an investment, consulting, and transactions firm that focuses on practical deals rather than just analysis. As investors, they finance their own projects and co-invest in capital market transactions. Their consulting focuses on developing and implementing specific transactions for clients. They offer opportunities for institutional and private investors to co-invest in their vetted late-stage projects and capital market deals.
Scope of services of Shanda Consult regarding cross-border industrial investment consulting, localisation services, market surveys, intercultural communication, mainly during the pre-decision phase of planned investments. With a strong focus on Ukraine, Lebanon, Iran, India and Cyprus.
Services include Joint-Venture partner search and Joint-Venture partnership facilitation.
The INFLUENCE OF FINANCIAL MARKETS ON INVESTMENT IN VENTURE CAPITALBABACAR SECK
This paper examines the influence of financial markets on the investment in venture capital. It highlights the evolution of the number of exit of U.S. venture capital companies in financial markets as well as the European one. Moreover it sheds the light the simultaneous evolutions of fund raising of venture capital and stock indexes in the U.S and Europe. The study focuses on a range of data on US and European venture capital firms covering the period of 1984 to the first quarter of 2012. It relies on the VentureXpert private equity and venture capital performance database, maintained by Thomson Financial data for American Venture Capital markets, and Chausson finance indicator for French venture capital market. It also considers developments in the venture capital markets in Europe and the United States. Indeed our analysis shows that favourable anticipations of Initial public offerings, synonyms for significant capital gains for venture capitalists, are key incentives for the venture capital market. However, when considering the recent investment behavior of European venture capitalists, the relationship between financial markets and venture capital activity is much less clear: the invested amounts seem to be significantly and permanently disconnected from the
Performance and character of swedish funds dahlquistbfmresearch
This document analyzes the performance and characteristics of Swedish mutual funds from 1993 to 1997. It finds that small equity funds and funds with lower fees tended to perform better, while large equity funds may have been too large to trade aggressively. Actively managed equity funds outperformed passively managed funds. Money market funds showed some persistence in performance, but other fund categories did not. The study uses various statistical methods to establish robust relationships between estimated fund performance and attributes like size, fees, trading activity, and past returns.
UKTI can help innovative UK projects pitching to sovereign wealth and pension funds by providing tailored pitchbooks and introductions to institutional investors. The UK is seen as a global leader in innovation but needs to improve commercialization. UKTI's Innovation Gateway aims to attract larger investments from these funds by matching them with investment-ready science and technology projects seeking £20M or more. Projects should have commercial viability, address global markets, and offer financial returns to investors.
ProFormance Capital is a boutique investment bank dedicated to providing its clients the required services necessary to raise capital, develop and execute their business plan, achieve professional objectives and determine the optimal exit strategy.
Launched in 2002, ProFormance has successfully built a team composed of driven, team oriented, and relationship-based professionals with a cumulative background that covers a breadth of industries and specialties.
The ProFormance Team was specifically designed to offer comprehensive consulting that offers results for both the investment seeking client, and just as importantly, the investor. This effort has enabled ProFormance to secure relationships with Middle East and Asian private/institutional investors flush with U.S. dollars.
Navigating the issues of trust, culture, language, and global logistics, ProFormance now has multiple sources of capital in the Middle East, Asia, and Europe that are mandating capital reserves to deploy into companies and projects, within the United States.
Prices were targeted on Malaysia either low, average & high. As, prices were Up, down or hold we “Multi management and future solutions” pick the stock and do regular analysis and by the selected or targeted price we can select the package. We provides a free and independent portal for investors of stocks by selecting through “Bursa Malaysia trading signals” a investment blogs and news, stock database & quotes hold the session for the investors to get profitable stock signals and get a benefited recommendations for a Bursa KLSE. Always hopeful create a danger end but get into hope and fulfill our dreams for our investors investment is our first priority. “Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”
Gobaleye Investment helps both public and private companies raise capital through capital markets and provides advisory services for mergers, acquisitions, and other financial transactions. It advises companies on raising funds through private placements or capital markets, and participates in activities like underwriting new stock issues, providing financial advice and research to investors and corporations, and advising on mergers and acquisitions. A key role of Gobaleye Investment is to counsel organizations on raising funds through private arrangements or capital markets.
This document provides an overview of the BA4 - Basic Finance course. It defines basic finance as the management of assets and money with the primary goals of increasing profit and minimizing risks. The document discusses different sources of capital for businesses, including owners' savings and loans from banks or creditors. It also outlines key goals of business finance such as maximizing profit, profitability, and present net worth while maintaining adequate cash flow and balancing risks and returns. Net present value is defined as the value now of all future cash flows from an investment discounted at a given interest rate.
1) Now is a good time for Indian companies with strong balance sheets to pursue acquisitions as valuations are low and opportunities exist to strengthen core businesses and expand into new markets.
2) Acquisitions should not be made solely based on low valuations; strategic fit in terms of technology, skills, and market penetration is important.
3) Recessions provide opportunities to acquire businesses at reasonable valuations and integrate them while their owners are open to pragmatic exits based on performance rather than high pricing multiples.
Oil and gas accounting course outline 2021PROF MBAWUNI
This document outlines the course details for ACC 621 Oil and Gas Accounting taught at the Faculty of Business Education. The course aims to provide accounting students, managers, and investors with an understanding of oil and gas industry accounting standards and financial reporting. Over the semester, topics will include the different accounting methods for exploration, development and production costs, revenue recognition, depreciation methods, and accounting for joint ventures and production sharing contracts. Students will be assessed through two quizzes, class participation, and a final exam.
Stock exchanges play multiple roles in the economy, including helping businesses raise capital through public offerings, mobilizing savings for investment, and creating opportunities for small investors. They also help governments raise funds. To be listed and traded, companies must meet the requirements of their chosen exchange, which can include the New York, London, or Bombay exchanges. The trading process involves selecting a broker, opening a demat account, placing and executing orders, and settling trades.
This document provides an overview of KSL India, a financial services group with over 7 decades of experience. It operates in various business segments including institutional broking, private wealth management, and investment banking. It offers a range of services including equity trading, portfolio management, and mergers & acquisitions advisory. The company aims to provide value-based and long-term investment strategies to meet its clients' objectives.
This slide deck takes a look at the reasons behind why you would float a company on the stock exchange, the different methods of flotation, the initial steps to flotation and then a further look in more detail at the AIM Stock Market. To learn more or book a free consultation visit our website http://www.hbcg.co.uk
The presentation shows how urban gardens that contain flowering perennial plants provide food, habitat, and sanctuary for native bees and other beneficial insects.
This document discusses the EU Commission's request for EFSA to provide a scientific opinion and guidance on risk assessment of plant protection products (pesticides) on bees. It outlines the composition of the working group, terms of reference, and proposed chapters to cover introduction, protection goals, exposure assessment, chronic toxicity from low doses, test methods, cumulative/synergistic effects, and risk assessment methodology for honeybees, bumblebees and solitary bees. It provides details on the key sections including identifying the most exposed bee categories and life stages, major exposure routes, and proposing a new method to assess cumulative toxicity from long-term low exposures.
This document discusses the anatomy, physiology, imaging, and pathologies of the diaphragm. It describes the diaphragm's muscular origins and innervation. Normal chest x-rays show the diaphragm is 2-3 mm thick. Pathologies include diaphragmatic paralysis, ruptures from trauma, and hernias such as Bochdalek and Morgagni hernias. Tumors like leiomyosarcomas can also involve the diaphragm. Imaging plays a key role in evaluating diaphragmatic abnormalities.
The diaphragm develops from four sources in the embryo and matures to become a dome-shaped musculofibrous sheet that separates the thoracic and abdominal cavities. It has a central tendon to which muscular fibers attach and is the primary muscle of respiration. During inspiration, it contracts to flatten and lower, increasing the vertical space in the thorax. It has openings that allow structures like the esophagus, inferior vena cava and aorta to pass between the thorax and abdomen. The phrenic nerves provide motor innervation and allow the diaphragm to contract during breathing.
The diaphragm is a fibromuscular sheet that separates the thoracic cavity from the abdominal cavity. It has three parts - the sternal, costal, and vertebral parts. The diaphragm contracts during inspiration to increase the volume of the thoracic cavity. It receives motor innervation from the phrenic nerves and sensory innervation from intercostal and phrenic nerves. During development, the diaphragm forms from the septum transversum, pleuroperitoneal membranes, mesentery of the esophagus, and body wall mesoderm. Diseases affecting the diaphragm include hernias, paralysis, trauma, and tumors.
Honeybee castes include the queen bee, drones, and worker bees. The queen bee is the only fertile member of the hive and lays all the eggs. Her genetic traits can be passed on to offspring. Drones exist solely to mate with the queen in a sometimes fatal act. Worker bees perform all the activities to maintain the hive, such as building comb, foraging, and caring for the queen and larvae. A honeybee's diet determines whether it develops into a queen or worker, as queen larvae are fed exclusively royal jelly.
Design for Change: Empathy as our Guide: Amy Cueva Keynote at Partners Center...Amy Cueva
This presentation was a part of the "Design for Change" track at the October 29, 2015 Partners Center for Connected Health Symposium. The presentation discusses how Empathy can be our guide as we seek to improve health experiences.
Honey bees are crucial pollinators for many fruits and vegetables. They pollinate about 30% of the food consumed in the US. However, honey bee populations have declined by 30-50% over the last 20 years due to various factors like pesticides, malnutrition, mites, and viruses. If honey bee populations continue to decline, it could significantly impact food prices and availability. There are steps people can take to help honey bees, such as planting bee-friendly gardens and donating to research on solving colony collapse disorder.
Letus Capital SA is a corporate finance advisory firm that provides services such as mergers and acquisitions advisory, capital raising, IPOs, and valuations. Some of their notable clients and projects include advising Integer.pl SA on their IPO and acquisition deals, advising PKN Orlen on a $500 million investment project, and advising Graal SA on their IPO and acquisition deals. Letus Capital has over 100 completed projects and experience advising companies across various industries. They transformed into a public company in 2008 when they debuted on NewConnect.
Luxembourg Private Equity and Venture Capital Association (LPEA) is celebrating its 5th anniversary this February amid a community that keeps growing steadily in a market rich with potential.
On the back of a small group of actors in 2010, our industry was able to build a reputable representative body which is now heard in the country’s highest instances.
Capital V is a window on Luxembourg’s private equity and venture capital industry. The four previous editions illustrated part of the common story we have been building over the past 5 years.
We will never thank enough our members for their contribution to the current issue, as well as to all those that keep supporting LPEA’s work on a regular basis, making Luxembourg Europe’s leading private equity hub.
Enjoy the reading.
This document provides an introduction to IMC International, an investment and management consulting firm. It discusses IMC's history starting in 1998 and expanding globally to over 60 countries by 2016. IMC offers services including M&A/corporate finance, restructuring, expansion support, and private equity investing. The document outlines IMC's areas of industry focus, investment strategies, and process for evaluating potential deals. It also introduces some of the key members of IMC's corporate finance task force team.
ICOM Capital is an investment company in Ukraine that provides investment banking, financial consulting, and M&A services. It was created through the merger of several professional firms to offer clients services from facilitating exchanges on the Warsaw Stock Exchange to private equity and pre-IPO financing. ICOM Capital works primarily with successful Ukrainian businesses focused on development and open to partnering with foreign investors. Its goal is to help clients implement long-term growth strategies and transform into industry leaders with international reach.
Aurelius Group is a pan-European asset manager that has expanded from local turnaround investing to international multi-asset management across sectors and capital structures over the last ten years. Aurelius Growth Capital is part of Aurelius Group and focuses on small and medium-sized succession solutions and transfers of business assets from larger medium-sized companies. It provides capital and operational support to acquired companies. Recent transactions include acquisitions of scaffolding companies B+P and BSB to expand geographically in Germany.
- The Firm in a Glance is a leading independent law firm based in The Hague, Netherlands that has been in operation since 1898. It has approximately 100 employees providing corporate, tax, M&A, capital markets, finance, and real estate legal services.
- The firm has a client base of multinational and medium-sized companies, institutions, and investment funds. It is recommended in various legal directories for its corporate, commercial, intellectual property and tax practices.
- In addition to legal services, the firm also provides expatriate services through its Exterus label, including payrolling, visa, and tax compliance services.
PKF is one of the largest auditing and consulting companies in Poland. 20 years of experience on the market, 7 branches. We have only 1 goal – it's Your success.
This document discusses scaling up an enterprise through growth, finance, and governance. It notes that once a prototype is launched, key priorities are achieving product/market fit, growing human resources and decision-making capacity, and securing finance. The presentation provides a roadmap for scaling up, including practical tools and methods for different aspects of scaling, and outlines common pitfalls. It also introduces the speaker, Philip Ammerman, and his background working with startups, private equity, and innovative firms.
Capital V #2 Akuo Investment Management a holistic view on businessLuis Galveias
Proprietary magazine of the Luxembourg Private Equity & Venture Capital Association
www.lpea.lu
Index
5. Editorial
Welcome to capitalV
6. Regulatory
AI FMD remuneration: Exceptions make the rule
8. Personal Story
A stable base for investing in a frantic world
10. Cover story
Akuo Investment Management [AI M],
A holistic view on business
14. Deal Story
SecureIT : How Luxembourg got on the data centre map
16. Interview
EI F Social Impact Accelerator Fund
18. Building Bright Futures Together
Setting the stage for niche-based biomedicine
20. Regulatory
Bringing Substance to Luxembourg
22. Life In Luxembourg
The expat education conundrum
24. Event Calendar
What, When, Where
Traditionally, and in the layman’s view of the word, venture is defined as high risk/high reward, early-stage investment. The model comes from Silicon Valley where the maturity of the eco-system makes early-stage a reasonably predictable activity. In Europe however, this part of the market is now left to business angels, government-subsidised funds, and a handful of the larger VCs which can afford to subsidise this largely money-losing activity to feed their larger later-stage funds. VCs have largely deserted early-stage and are now focusing their attention on expansion capital.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
This document provides information on a market feedback and valuation report prepared by Raghav Bhatter for Arvind Remedies Limited as part of an internship project at Lohia Securities Limited. It includes an introduction, company analysis of Lohia Securities, tabulations of financial projections and valuation of Arvind Remedies, and calculations of cost of equity and weighted average cost of capital. The purpose is to estimate the value of Arvind Remedies and identify suitable investors as the company plans to raise Rs. 150 crores. Tables provide projected financials, balance sheet, cost of equity using CAPM, and calculation of cost of debt and WACC.
This document provides an introduction and overview of Maxloyal AB, a professional services firm that delivers opportunities for small entrepreneurs and investors. It discusses Maxloyal's services in corporate expansion, SME investment, and technology startup investment. It also summarizes Maxloyal's observations of the Swedish startup market, noting the many support institutions but fragmented funding. Finally, it outlines risks and success drivers as well as Sweden's leadership in innovation and startups.
ey-capital-insights-issue-9-emeia-print-pdfjwala P
This issue of Capital Insights magazine focuses on how companies can use a blend of traditional and innovative approaches to shape their futures. It interviews A.P. Moller–Maersk CFO Trond Westlie about balancing the conglomerate's businesses. Other articles examine using big data to a company's advantage, the importance of negotiation skills in M&A, and whether real estate confidence can persist despite economic challenges.
Slides from the Equity for SMEs event held on 22nd October 2014 at Francis Clark offices, Truro. Joint event with Francis Clark, Stephens Scown and Get Set for Growth.
This document discusses various topics related to accessing financing for small and medium enterprises, including intellectual property valuation, investment readiness, sources of startup capital, and government programs to support innovation and business growth. It provides an overview of investment readiness programs, grants for research and development, loan funds, and the types of initiatives governments and economic development organizations implement to improve SME access to financing on both the demand and supply sides. Case studies of financing approaches in the Rhone-Alpes region of France and Wales, UK are also presented.
2013 cambridge case study of bedaya centre for entrepreneurship & sm es deve...How2Innovation
Bedaya Centre for Entrepreneurship & SMEs Development was established in 2010 to support small and medium enterprises in Egypt. It provides business development services like business clinics and consultations. It also works to improve access to finance through referrals to banks and a private equity fund. Bedaya aims to promote entrepreneurship and formalize informal businesses. It faces challenges like lack of sustainability of services and scattered entrepreneurship support. Key policy priorities include a national SME strategy and incentives to commercialize research and development.
Case study of bedaya centre for entrepreneurship & sm es development,mahi al ...aredwan
Bedaya Centre for Entrepreneurship & SMEs Development was established in 2010 to support small and medium enterprises in Egypt. It provides business development services like business clinics and consultations. It also works to improve access to finance through referrals to banks and a private equity fund. Bedaya aims to promote entrepreneurship and formalize informal businesses. It faces challenges like a lack of unified SME definition and weak competitive environment for SMEs. Key policy priorities include a national SME strategy, improved links between business services and financing, and incentives for commercializing research and development.
This has been prepared a business coach who gives finance training to corporate. This is for a more informal set up/ audience as it includes more colors, themes, images and less of text.
Private equity and venture capital firms play an important role in the companies they invest in by providing active support and guidance to help create shareholder value. They have historically created value through financial engineering and leverage, but more recently focus on operational improvements, growth strategies, and helping portfolio companies professionalize their governance and management. Gimv, the private equity firm discussed in the document, takes a collaborative approach focused on long-term value creation through its specialized investment platforms and networks.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
5. LETUS CAPITAL is a company providing corporate finance advisory oriented especially on capital raising by finance and strategic
investors in mergers and acquisitions (M&A), MBO/LBO transactions, sales of companies as well as raising capital through the Stock
Exchange (IPO), NewConnect (private placement) and coordination of bonds financing. We also prepare prospectuses, business plans,
information memorandums, conduct companies valuations and due diligence researches.
On the beginning of LETUS CAPITAL`s business activity in 1990 (at that time TAG), the company was preparing to fulfill advisory
functions in finance and business strategy (corporate finance) through intensive staff training. Initially TAG was a small company,
which gained its position on the market of advisory services. Intensive development has resulted in winning and implementing large
projects for companies, such as Integer.pl SA, Graal SA and PKN Orlen SA.
European Medal
• In 2002 LETUS CAPITAL was awarded the European Medal by Business Centre Club - prestigious club of entrepreneurs and the largest
organization of individual employers in Poland - for the high quality of its corporate finance advisory.
Warsaw Stock Exchange Partner
• LETUS CAPITAL, among the independent consulting firms for small and medium-sized enterprises, has a very rich experience and is
one of few consulting companies awarded by the Stock Exchange in Warsaw - in 2005 we became a partner in the program
„Partnership in Going Public”. We are WSE IPO Partner for SMEs. In 2007 we were invited by the Warsaw Stock Exchange to work
together to develop the Alternative Trading System (NewConnect).
Public Company
• In 2008 we transformed into joint-stock company. On 20th May, 2009 our company debuted on NewConnect. Since then LETUS
CAPITAL has become a public company quoted on alternative market of Warsaw Stock Exchange.
Introduction
5
Description of the activity
6. Top M&A Financial Adviser
• According to ISI Emerging Market DealWatch, LETUS CAPITAL was in the lead of most successful consulting companies in Poland
(report for the period Jan 2008 - Mar 2009). In terms of the number of completed transactions of capital acquiring, LETUS CAPITAL
was placed on 9th position.
Polish Leader of Development
• In December 2010 LETUS CAPITAL won 1st place in the competition for Polish Leaders of Innovation and Development, under the
patronage of Ministry of Economy, National Bank of Poland, WSE and Polish Agency for Enterprise Development.
LETUS CAPITAL provides professional, effective and efficient implementation of the activities. The high quality of our services is given
by many years of experience and modern methods of achieving success. Thanks to having substantial experience and operating in the
field of private business we are prepared to realise our tasks in the best way. We are entrepreneurs, which have highly-qualified
professionals. Thanks to us companies can raise capital necessary to their development and increase value.
Until now LETUS CAPITAL has realised over 100 projects within 10 wide branches, what gives the company a substantial experience
and a good knowledge of possible value drivers in potential investments. Cumulative value of transactions in which we participated is
almost EUR 800 million.
Introduction
6
Description of the activity
8. I. Mergers and acquisitions
As s result of an progressive integration of Poland with EU markets, foreign companies place Poland in the field of their own activity.
An increased interest of investors towards local companies and production factories is easy to notice. Since we are an advisory
company, we prepare structures of takeovers, we plan and implement strategies for purchasers and entities for takeovers.
• Sourcing targets for a takeover
• Analysis of the targets and due diligence research
• Valuation of the targets
• Negotiations and finalizing the transaction
II. MBO/LBO transactions
Leverage and managers buyouts are these kind of transactions in which a group of purchasers consists of managers who take a capital
control over a company with an active role of financial investors. The idea of the transaction is that the group of purchasers
(managers) engages a small amount of capital comparing to the size of the transaction.
• Sale conditions establishing
• Investment profitability analysis
• Valuation and preparation of business plan
• Negotiations and final agreement
Offer
8
Core business
9. III. Raising capital
Financing is one of the most complicated issues in the field of a company management. An appropriate use of financing by debt allows
reducing the cost of equity as well as to increase the effectiveness of other resources owned by a company management. The equity is
the most valuable resource of a company.
III.1 IPO
One of the way to raise capital is initial public offering (IPO). It is attractive form of capital raising especially for companies with wide
range of activity and high potential for development.
We are one of few companies singled out by Warsaw Stock Exchange by becoming partner in the program for capital raising for SMEs.
In 2005 we became a partner in the program of capital raising for SMEs. Purposes of the program are to support companies which seek
capital on capital market and to facilitate them establishing contacts with consulting enterprises dealing with introducing companies
to this market. In the group of partner companies there are experienced entities, which cooperate with small and middle enterprises
in the field of primary market.
• Conversion into join stock company (optional)
• Increasing the capital (pre-IPO, optional)
• Strategic advisory with respect to capital market requirements
• Preparation of IPO: choice of brokerage house, statutory auditors, PR agency
Offer
9
Additional activity
10. III.2 Venture Capital/Private Equity
Venture capital is a specific way of enterprises` financing. A company increases capital by issuing shares for determined investor. In
this way a company raises capital and investor becomes shareholder. Term of this investment is determined before the beginning of
whole process and can last up to several years. At the end of investment venture capital fund finalizes it by selling shares. This type of
financing covers companies which are not quoted on stock exchange - main purpose of venture capital fund is to develop company,
introduce it to stock exchange and then sell.
IV. Restructuring
Restructuring processes advisory includes actions which aim towards enhancing financial and market position of a company. The target
of a Restructuring Program is to improve economic and financial position of a company. The effect of the program is often visible in
the form of a profitability recovering and a financial liquidity improvement.
• Analysis of the reasons of a company poor standing
• Restructuring plan preparation
• Detailed plans preparation
• Presentation of a conception
• Implementation and control
V. Documents & elaborations
We prepare also prospectuses, business plans, information memorandums, conducts companies valuations and due diligence
researches. All documents are preparing with the highest professional care.
Offer
10
Additional activity
12. References
12
Selected projects from over 100 completed
Courier company
BUDGETING, VALUATION
REGULAR ADVISORY
Fish processing
ACQISITION AND MARKET
CONSOLIDATION
Pre-IPO & IPO
Foil producer
SALE OF THE BUSINESS TO THE
STRATEGIC INVESTOR
M.J. MAILLIS S.A. Greece
Publishing industry
CONSOLIDATION OF BOOKS
DISTRIBIUTION MARKET
Fish processing
ACQISITION & MARKET
CONSOLIDATION, CAPITAL
RAISE BY THE STRATEGIC
INVESTOR
ABBA Seafood AB Sweden
Fuel concern
BUSINESS PLAN
Joint-venture PKN/BASEL
Publishing and book market
VALUATION
PROSPECTUS
Direct marketing and post
services
M&A, STRATEGIC ADVISORY
CAPITAL RAISE, IPO
Industrial construction works
SECONDARY PUBLIC OFFER
Foil producer
DUE DILIGENCE RESEARCH
MERGERS & ACQU
Heavy industry
INFORMATION MEMORANDUM
Publishing and book market
ANALYSIS
REGULAR ADVICORY
13. References
13
Selected projects from over 100 completed
Food processing
BUSINESS PLAN
VALUATION
REGULAR ADVISORY, ANALYSIS
Production
VALUATION
Publishing and book market
BUSINESS PLAN, VALUATION
PROSPECTUS
Publishing and book market
DUE DILIGENCE RESEARCH,
VALUATION
Cartography publisher
DEBT RESTRUCTURING
PROSPECTUS PREPARATION
Heavy industry
CAPITAL RAISE ADVISORY
Services
FUND RAISING, DOCUMENTS
NEWCONNECT
Manufacturing
ANALYSIS
PERMANENT ADVISORY
Publisher
BUSINESS PLAN, VALUATION
FUND RAISING, BUDGETING
3D Technology
FUND RAISING, DOCUMENTS
NEWCONNECT
Services
FUND RAISING
VENTURE CAPITAL INVESTMENT
Fuel and metallurgical industry
FUND RAISING, DOCUMENTS
NEWCONNECT
15. WSE Main Market
Indexes: WIG, sWIG80
ISIN: PLINTEG00011
www.integer.pl
Integer.pl deals with distribution of advertising materials (mainly advertising newspapers for supermarkets) and provides postal
services by InPost. InPost is one of the principal Poczta Polska (the biggest postal operator on the market) competitors.
Integer.pl SA has more than 100 regional offices and the central warehouse in Piotrków Trybunalski. Integer.pl couriers deliver
shipments in several hundred cities in Poland. The company distributes nearly 100 million pieces of printed advertisements and
leaflets monthly. Integer.pl cooperates with the largest retail chains in Poland, such as Auchan, Elea, E.Leclerc, Lidl and Real. It
employs more than 7 000 people.
Stages of cooperation
• LETUS CAPITAL (at that time TAG) was a member of consortium preparing Integer.pl SA to debut on the Warsaw Stock Exchange and
IPO
• LETUS CAPITAL was a strategic adviser for Integer.pl in the process of implementation new services and entering a postal market
• Our company advised on merger between Integer.pl with advertising agency Fibra-Hallo - the main competitor in branch of
distribution an advertising materials
• Negotiations concerning acquisitions on direct marketing market
• In 2006 LETUS CAPITAL raised capital for Integer.pl by issuing bonds
• Our company prepared the documents: financial part in the prospectus, business plans, valuations, information memorandums,
budgets
Case study
15
Integer.pl
16. WSE Main Market
Indexes: WIG, sWIG80
ISIN: PLINTEG00011
www.integer.pl
Effects of cooperation
• The shares attracted so much interest that it was necessary to make a 80% reduction in the allocation of Integer.pl shares
• Integer.pl SA is currently sole postal group quoted on the Warsaw Stock Exchange
• The capitalization of company amounted circa PLN 2 billion
Since its debut in October 2007, the company`s share price has risen by 20 times. Integer.pl was chosen as best investment of 2008
and in 2010 was chosen as one of most valuable companies listed on the Warsaw Stock Exchange. Current capitalization of the
company is over PLN 800 million. (2012/9/13)
Case study
16
Integer.pl
17. WSE Main Market
Indexes: WIG, mWIG40
ISIN: PLMSTSD00019
www.polimex-mostostal.pl
Energomontaż-Północ was established in 1953 as a state-owned enterprise. The scope of company`s activity includes complex
execution of the construction/erection works, commissioning of objects, warranty and non-warranty service, shop manufacture and
prefabrication of piping and steel components.
The shares of the Company made its debut at the WSE on 15 April 1998. In 1999, the Company was awarded with the „Brown Bull”
award for one of the best companies on the basic market. During 10 years the shareholders, the shares` value, as well as the equity
capital have undergone to changes. The strategic shareholder of Energomontaż-Północ became Polimex-Mostostal, one of the biggest
Polish construction groups.
Stages of cooperation
• LETUS CAPITAL (at that time TAG) prepared the due diligence of subsidiary companies
• LETUS CAPITAL was the leader of the team organized an issue of restructuring shares after debt conversion. LETUS CAPITAL was
responsible for preparing a part of prospectus as well as coordinating all actions connected with preparing the whole document. All
works were carried out in 2004.
Effects of cooperation
• The company acquired two foreign investors, a debt relief was carried out and also a share price growth was over 200% over three
years
Case study
17
Energomontaż-Północ
18. WSE Main Market
Indexes: WIG, WIG20
ISIN: PLPKN0000018
www.orlen.pl
Polski Koncern Naftowy ORLEN SA is the largest Polish and one of Central Europe`s largest refiners of crude oil with market value over
PLN 18,3 billion. PKN Orlen specializes in processing crude oil into world-class unleaded petrol, diesel, heating oil, and aviation fuel as
well as plastics and other petroleum related products.
Stages of cooperation
• In cooperation with international firms: Snamprogetti and ABB Lummus Global Gmbh, LETUS CAPITAL (at that time TAG) prepared
the financial part of business plan, evaluated PKN Orlen`s contribution in kind and prepared profitability analysis of investment
• LETUS CAPITAL created, on the basis of a technological and economical data, detailed financial model of the project (ca. 1600
verses of assumptions)
• We prepared financial projections for 15 years and evaluated contribution in kind (installations owned by PKN Orlen)
• LETUS CAPITAL estimated profitability of a project for PKN Orlen SA (IRR, NPV) and prepared analysis of sensitivity based on
Palisade software
Effects of cooperation
• The value of investment amounted USD 500 million
Case study
18
PKN Orlen
19. WSE Main Market
Index: WIG
ISIN: PLGRAAL00022
www.graal.pl
Graal has been on the market since 1989. The Company is the leader of canned fish market production and distribution in Poland. For
the time being, the Graal Capital Group is the biggest enterprise of fish processing industry as far as a size, income, turnover and
assortment variety are concerned. The portfolio of the Graal Capital Group contains such brands as Graal, SuperFish, Black Rose,
Koral, Kordex, Gaster, Tess, Meg and EraRyb.
Stages of cooperation
• Preparing conception of strategic activities, corporate profile, information memorandum, business plan and valuation
• Acquisitions advisory - we conducted negotiations with POLINORD and SYRENA and prepared due diligence of these companies IPO
advisory
• LETUS CAPITAL (at that time TAG) was the leader of the team, which objective was to introduce the company to the Warsaw Stock
Exchange
• LETUS CAPITAL was responsibility for preparing a part of prospectus as well as coordinating all actions connected with preparing
the whole document. All works were carried out in 2004 and IPO took place in January 2005.
Effects of cooperation
• A share price growth was over 200% over two years
• The value of raised capital in IPO amounted to PLN 21.9 million
Case study
19
Graal
20. WSE Main Market
Index: WIG
ISIN: PLGRAAL00022
www.superfish.pl
LETUS CAPITAL (at that time TAG) played the significant role in the process of consolidation of several fish market entities around the
leader in fish preservation industry – „Superfish” from Kukinia, which was our Mandator. Currently, Superfish belongs to Graal SA.
Stages of cooperation
• In the first stage of cooperation we made financial and economic analysis of Superfish, further more we introduced a new
accounting plan, system of financial analysis and costs analysis (monthly and annual), controlling, new effective organization
structure as well as new document circulation
• Next stage was to select an optimal financing method of the company and acquiring a financial investor
• In 1999 some financial investor proposed to make an investment in the company
• Further on we carried out a consolidation of companies without any external investment
• LETUS CAPITAL sought companies wanted to join the Capital Group and conducted their analyses together with valuations
Effects of cooperation
• LETUS CAPITAL represented founders of the company and the goal of the activities consisted of the maximization of the value of
the Company
• The industry investor acquired the company with the valuation 2.5 times higher than the previous offers
Case study
20
Superfish
21. Limited company
www.maillis.pl
In April 1999, LETUS CAPITAL (at that time TAG) became an economic and financial advisor of Marflex - the company with significant
position in domestic market of plastic packaging.
Stages of cooperation
• We conducted and implemented systems: financial analysis and planning, management reporting, created a system of working
capital control
• Investment planning - LETUS CAPITAL has developed an investment plan of the company, assuming increasing a domestic
production capacity through reorganizing the production process and investments in new technological lines
• The strategic plan for next 5 years, including a market situation analysis, SWOT analysis, mission, strategic goals, determine how to
obtain a strategic advantage over competitors, financial plans and sensitivity analysis to deviations from the assumed size of the
plans and also search for sources to investment financing
Effects of cooperation
• LETUS CAPITAL led to conversations with a financial investor who was willing to invest in Marflex - LETUS CAPITAL`s specialists
began negotiations with a professional investor who accepted the higher company`s valuation
• In result of our collaboration is over 6 times increase of annual value of the company
Case study
21
Marflex
March 1999 October 2000
PLN X million PLN 6,25X million
22. NewConnect Market (ATS)
Index: NCIndex
ISIN: PLONLIN00013
www.analizy.pl
Analizy Online SA is specialized, independent analytical center, which continuously monitors and analyzes the situation in the
particular capital market segments.
Stages of cooperation
• LETUS CAPITAL prepared a due diligence, valuation of the company, memorandum and an information document
• On 5th October, 2010 the company successfully debuted on NewConnect
• The rights to shares (PDA) at the opening increased by 44.6%, while quotation was closed by 73.5% increase
Effects of cooperation
• Investors acquired the company`s shares worth PLN 1.3 million in just 4 days, while over-subscription amounted 71%
• The company intended to spend the raised capital to increase the development and growth dynamics through the implementation
of several new projects, concerning providing services in the field of asset management and development the portal about
investment funds
Case study
22
Analizy Online
24. The investment activity of LETUS CAPITAL is realized in the form of a investment boutique. We are looking for medium- and long-term
investments and purchases shares of companies, which are usually not listed on public market. The aim of these kind of investments is
especially to increase the companies` capital. LETUS CAPITAL gets more than 10% of the share capital (preferably 20-50%).
Entrepreneurs gain the capital needed for dynamic development and start collaboration with financial partner who has an extensive
business experience.
LETUS CAPITAL during the investment often collaborates with venture capital/private equity and business angels, whose participation
in the project positively affects the risk and stabilization of the investment. The last stage of investment is company`s debut on
a public market or a private exit from transaction.
Alumast SA
www.alumast.eu
The company is innovative, dynamically developing enterprise, which produces flag poles, lighting columns, flags, with the use of
advanced technology. Alumast is the main producer on Polish market, significant exporter to European markets with favorable
prospects of becoming leader in Europe. LETUS CAPITAL provided services for Alumast SA during the private placement, and in January
2008 introduced the company into NewConnect, after that being its Authorised Adviser for over 2 years. LETUS CAPITAL SA in
December 2010 invested an amount of PLN 0.9 million by purchasing 300,000 shares of Alumast. Currently LETUS CAPITAL SA
holds 9.8% of the share capital of Alumast.
Portfolio
24
Current investments
25. ASSG SA
www.assg.pl
The company`s activity focuses on sale outsourcing services (call center) and sales support activities, mainly for telecommunication
companies, media, finance and insurance industry. In November 2010 LETUS CAPITAL signed an investment contract with the ASSG
sp. z o.o. - LETUS CAPITAL SA with co-investor funded ASSG sp. z o.o. with amount of PLN 2 million. LETUS CAPITAL purchased shares
that represent 37.5% of the share capital. ASSG`s turnover in 2010 was PLN 3.5 million. ASSG sp. z o.o. has been operating as ASSG SA
since 16 Dec 2011.
Portfolio
25
Current investments
26. PTWP
www.ptwp.pl
Polskie Towarzystwo Wspierania Przedsiębiorczości (EN: Polish Association for Supporting Entrepreneurships) works in the publishing
and training industry since 1995. The activity also includes organizing multination economic congresses and managing several
specialized economic web portals. In 2000 LETUS CAPITAL SA (then: TAG) acquired a package of 207,400 shares of PTWP for the
amount of PLN 195,000. The purchased package represented 12.9% of the entire share capital of PTWP. In the first quarter of 2010
LETUS CAPITAL finalized the investment. The package of shares was sold for PLN 1.0 million and the profit amounted to PLN 805.0
thous. The simple rate of return was 413% and IRR 18%.
Positive Advisory SA
www.positiveadvisory.pl
Positive Advisory is a IT consultancy, headquartered in Poland with office in Austria and a presence in Singapore. It delivers credit,
operational and financial risk monitoring and performance management solutions primarily for the banking & financial services sector
in response to comprehensive economic and regulatory risk assessment and compliance needs of our international clients. LETUS
CAPITAL finalized the investment in August 2010. The 1,840,000 shares, representing 25.41% of the share capital of Positive Advisory,
has been sold for a total amount of PLN 736,000. Profit on sale amounted to PLN 348,500 (90% of simple rate of return).
Portfolio
26
Exited investments
27. Nicolas Games SA
www.nicolasgames.pl
Nicolas Games SA was a dynamically developing firm operating in the sector of electronic leisure, producing and selling computer
games with the market presence since 2004. In 2007, LETUS CAPITAL invested own funds in the extension of the offer of Nicolas
Games. In 2008, the Company was the largest distributor and a pioneer of the sales of games in Poland for the Macintosh platform. On
April 2, 2008, the Company debuted at the NewConnect previously acquiring PLN 4 million. The entire work related to the capital
acquisition and the introduction to NewConnect was carried out by LETUS CAPITAL SA.
During the 2009 crisis on the retail market, LETUS CAPITAL carried out the restructuring of the company and accelerated the change
of its business profile. Nicolas Games has been the producer of computer games only for all the global markets since 2010. The
premiere of the first own computer game „Afterfall: InSanity” on a global scale took place in November 2011.
Due to the complexity of the project and its visible scheduling in stages, the investment in Nicolas Games SA can be divided into two
stages: (i) venture capital and the restructuring, and (ii) start-up and expansion.
Summing up:
• Investment made in 2007 - 2011
• PLN 3.2 million of the invested capital
• PLN 2.6 million of the gross profit on the investment
• 68% - average IRR
• 159% - simple rate of return
Portfolio
27
Exited investments
28. Telemedycyna Polska SA
www.telemedycynapolska.pl
The main area of activity of Telemedycyna Polska (EN: Telemedicine Poland) is to supply the medical services with a distant customer
(by phone, Internet and radio) located anywhere, for example at home, on holidays or at work. LETUS CAPITAL purchased 20,0% of the
share capital at a total price of PLN 200,000.
In August 2010, the company debuted on the NewConnect. A month later LETUS CAPITAL sold 300,000 shares of Telemedycyna Polska
SA to Private Equity Fund (own by the biggest Polish insurance group PZU) at a price 10 times higher than the cost. The profit from
transaction amounted PLN 675,000 and the simple rate of return on investment was 900%, while IRR - 97%. In 2011, the remaining 40%
of the stock of the company was sold.
Summing up:
• The entire package of 500 thousand of shares sold for PLN 1.25 million in total
• The sale of the entire package brought PLN 1.05 million of gross profit to the company
• LETUS CAPITAL SA realized the simple return rate of 525%
Consorg SA
www.consorg.pl
The company specializes in building and implementation of innovative solutions for budgeting, controlling and supporting the
management, paying special attention to the consolidation of financial statements. The company offers IT solutions, consulting and
training services. The flag product of Consorg is a Business Intelligence software. In July 2009 LETUS CAPITAL took over 450 shares in
DGiZI Consorg sp. z o.o. The shares represent 15.12% of share capital and entitle to 450 votes at the General Meeting of Shareholders.
In August 2011 Consorg was transformed info plc company. Letus Capital exited the company in 2013.
Portfolio
28
Exited investments
29. Contact29
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