Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit
Investing in the Exotic and Speciality Metals Sector
18 March 2010
by Adam Darling, Barclays Capital
Ascot Capital Group is an independent asset manager and financial services company that provides wealth management, corporate finance, mergers and acquisitions advisory, and fiduciary services through offices around the world. The company aims to differentiate itself through a proactive approach based on solid expertise and advice. It prides itself on its human assets and knowledge base, and seeks to provide superior risk-adjusted returns and a client-centric approach with an emphasis on long-term relationships.
Private Equity 101: Anatomy of an Investmentpegccouncil
This document provides an overview of private equity, summarizing that it is a long-term investment approach used to purchase stakes in non-public companies in order to build them into stronger, more competitive businesses through strategic interventions. Private equity benefits investors through high returns, companies through value creation, and the broader economy by fueling innovation and job growth.
This document summarizes a study on private equity approaches in sub-Saharan Africa. It conducted interviews with 43 stakeholders in the African private equity industry. It finds that while interest in investing in Africa is rising, challenges remain around fundraising, deal flow, and talent. Private equity firms are addressing these challenges through innovative strategies. They are specializing in industry niches, finding new sources of patient capital beyond traditional investors, and providing value-add to deals beyond just capital through networks and expertise. Overall, the private equity industry in Africa is becoming more sophisticated but deal making remains challenging compared to more developed markets.
Executing value creation plans to maximize returnsEY
This slide deck was designed to accompany a video webcast that included an interactive discussion by a moderator and three panelists. To view that webcast, please go to: http://bit.ly/Xj4EIA
Executing value creation plans to maximize returns
Hosted by Ernst & Young LLP Transaction Advisory Services
Publication date: Tuesday, 2 April 2013
Leading private equity firms are maximizing investment returns by developing value creation insights before making a purchase, and executing a value creation plan from the beginning of the holding period through to exit.
Companies that faithfully execute their value creation plans throughout the investment lifecycle can enhance returns and outperform their peer group when they sell.
A panel of Ernst & Young LLP professionals and special guests discussed:
Value creation drivers
Possible steps for maximizing returns at exit
You are welcome to join the on-demand version of this interactive discussion by going to: http://bit.ly/Xj4EIA
This webcast is part an ongoing series. Register for any webcast and you will be asked if you want to receive invitations to future webcasts.
Altium Capital is a leading European corporate finance firm with offices across Europe and North America. It provides a full range of investment banking services including mergers and acquisitions, corporate finance advisory, equity and debt capital markets, and valuations. The Athens office focuses on transactions in Greece and emerging markets in Central and Eastern Europe and North Africa.
Hagshama is an Israeli investment fund founded in 2009 that has nearly 400 million NIS in equity and 65 successful investments. The fund is owned by leading Israeli businessmen and presents investors with high-return, low-risk investment opportunities through its diverse portfolio that includes technology, industry, real estate, and internet companies. Hagshama examines investment opportunities rigorously to ensure they meet standards of success, management competence, business plans, and expected returns.
CFA is an experienced investment banking firm that has been serving lower middle-market companies for 50 years. It has over 40 offices globally and extensive relationships with financial institutions and private equity groups. For any transaction, a client will work directly with a senior principal from start to finish to receive unbiased guidance. CFA aims to maximize value for its customers through managing complex transactions and building long-term relationships.
Raising Business Angel Investment Insights for EntrepreneursESBANBusinessAngels
This document provides insights for entrepreneurs on raising business angel investment. It discusses the equity raising process, highlighting that building relationships with investors is important. The top three criteria investors assess are the management team, exit opportunity, and revenue potential. The document outlines the typical investment process and provides tips for entrepreneurs, such as understanding what investors find attractive and addressing the top criteria in all investor interactions. It emphasizes that investors ultimately want an attractive return on their investment through a realized exit.
Ascot Capital Group is an independent asset manager and financial services company that provides wealth management, corporate finance, mergers and acquisitions advisory, and fiduciary services through offices around the world. The company aims to differentiate itself through a proactive approach based on solid expertise and advice. It prides itself on its human assets and knowledge base, and seeks to provide superior risk-adjusted returns and a client-centric approach with an emphasis on long-term relationships.
Private Equity 101: Anatomy of an Investmentpegccouncil
This document provides an overview of private equity, summarizing that it is a long-term investment approach used to purchase stakes in non-public companies in order to build them into stronger, more competitive businesses through strategic interventions. Private equity benefits investors through high returns, companies through value creation, and the broader economy by fueling innovation and job growth.
This document summarizes a study on private equity approaches in sub-Saharan Africa. It conducted interviews with 43 stakeholders in the African private equity industry. It finds that while interest in investing in Africa is rising, challenges remain around fundraising, deal flow, and talent. Private equity firms are addressing these challenges through innovative strategies. They are specializing in industry niches, finding new sources of patient capital beyond traditional investors, and providing value-add to deals beyond just capital through networks and expertise. Overall, the private equity industry in Africa is becoming more sophisticated but deal making remains challenging compared to more developed markets.
Executing value creation plans to maximize returnsEY
This slide deck was designed to accompany a video webcast that included an interactive discussion by a moderator and three panelists. To view that webcast, please go to: http://bit.ly/Xj4EIA
Executing value creation plans to maximize returns
Hosted by Ernst & Young LLP Transaction Advisory Services
Publication date: Tuesday, 2 April 2013
Leading private equity firms are maximizing investment returns by developing value creation insights before making a purchase, and executing a value creation plan from the beginning of the holding period through to exit.
Companies that faithfully execute their value creation plans throughout the investment lifecycle can enhance returns and outperform their peer group when they sell.
A panel of Ernst & Young LLP professionals and special guests discussed:
Value creation drivers
Possible steps for maximizing returns at exit
You are welcome to join the on-demand version of this interactive discussion by going to: http://bit.ly/Xj4EIA
This webcast is part an ongoing series. Register for any webcast and you will be asked if you want to receive invitations to future webcasts.
Altium Capital is a leading European corporate finance firm with offices across Europe and North America. It provides a full range of investment banking services including mergers and acquisitions, corporate finance advisory, equity and debt capital markets, and valuations. The Athens office focuses on transactions in Greece and emerging markets in Central and Eastern Europe and North Africa.
Hagshama is an Israeli investment fund founded in 2009 that has nearly 400 million NIS in equity and 65 successful investments. The fund is owned by leading Israeli businessmen and presents investors with high-return, low-risk investment opportunities through its diverse portfolio that includes technology, industry, real estate, and internet companies. Hagshama examines investment opportunities rigorously to ensure they meet standards of success, management competence, business plans, and expected returns.
CFA is an experienced investment banking firm that has been serving lower middle-market companies for 50 years. It has over 40 offices globally and extensive relationships with financial institutions and private equity groups. For any transaction, a client will work directly with a senior principal from start to finish to receive unbiased guidance. CFA aims to maximize value for its customers through managing complex transactions and building long-term relationships.
Raising Business Angel Investment Insights for EntrepreneursESBANBusinessAngels
This document provides insights for entrepreneurs on raising business angel investment. It discusses the equity raising process, highlighting that building relationships with investors is important. The top three criteria investors assess are the management team, exit opportunity, and revenue potential. The document outlines the typical investment process and provides tips for entrepreneurs, such as understanding what investors find attractive and addressing the top criteria in all investor interactions. It emphasizes that investors ultimately want an attractive return on their investment through a realized exit.
This document provides insights for entrepreneurs on raising business angel investment. It discusses the equity raising process for startups, highlighting key tips such as building relationships with investors early, addressing the top investment criteria of management, exit potential and revenue potential, and creating a compelling executive summary and business plan. The document emphasizes that entrepreneurs should understand valuation and deal terms, have "skin in the game" through their own investment, and realize that raising external equity can accelerate company growth in a win-win scenario if investors receive an attractive return.
An introduction to Private Equity, the private equity investment model, private equity strategy, private equity structure, private equity performance and how it is achieved
Matar Capital Advisors Corporate BrochureMichel Habib
This document provides an overview of Matar Capital Advisors Ltd., a diversified investment firm headquartered in Tel Aviv, Israel. It discusses the company's mission, philosophy, services, management team, and partnerships. Matar Capital Advisors specializes in corporate finance, strategic advisory, equity partnering and alternative asset management solutions. It has a global presence and extensive relationships that allow it to help clients achieve their financial and strategic goals internationally.
Pointe Capital Advisors provides investment banking and corporate finance advisory services. They have completed 5 transactions totaling $29.8 million with an accumulated value over $225 million. Their current clients include a NASCAR team seeking capital for expansion, an energy candy company pursuing strategic initiatives, and an innovative data company launching its business plan. Pointe Capital specializes in reverse mergers, which can provide private companies advantages of being public at a lower cost and faster process than an IPO. Their services include identifying suitable public shell companies and guiding clients through the regulatory process.
Ajay Khaitan established Emerisque brands in 2004 as a small-scale investor in established Western brands and in the time that has elapsed since its inception, the brand has grown into an important player in the global fashion industry with operations that have moved towards majority acquisitions and development management.
The company has the expertise and skills necessary to bring about rejuvenation projects for the renowned brands it controls, as well as strengthening their positions in existing distribution markets, but where Ajay Khaitan and Emerisque truly shine is in their corporate commitment to fully exploring the possibilities of emerging markets expansion. Ajay Khaitan is focused on providing sustainable, long-term growth in these spaces as opposed to the largely opportunistic model currently employed by medium sized companies.
In a little over a decade and under Ajay Khaitan’s leadership, Emerisque Group has grown to become one of Italy’s most significant fashion groups, boasting a distribution network that spans continents and nations and a strong, established presence in the BRIC space.
The document provides an overview of the history and structure of the investment management industry, noting that while it experienced volatility during the 2008 financial crisis and its aftermath, it remains an important part of the global financial system. It also discusses ongoing regulatory changes in both Europe and the United States that have reshaped the industry landscape in the wake of the crisis. Major debt issues in countries like Greece, Portugal, Italy and the United States continue to create uncertainty in financial markets.
Host Hotels & Resorts is a real estate investment trust that owns high-quality hotels in major markets. It focuses on maximizing cash flows from its assets by relying on masterful third-party management companies to operate its 110 hotels totaling over 50,000 rooms. Host owns luxury and upper-upscale hotels under 18 brands. It has a market capitalization of $16 billion, significantly larger than its main competitors. Host was formed in 1993 and has grown through acquisitions, joint ventures, and capital expenditures. It is led by an experienced management team and board and expects continued growth in operating profit and net income through 2014 and beyond.
D2 Capital Partners: Capital Markets InternshipIan Nguyen
The document summarizes the D2C Capital Markets Internship Program. The 12-week intensive program provides extensive in-class training on technical skills and hands-on experience completing real assignments on complex capital market transactions. The goal is to immerse candidates in international capital markets and provide a foundation for success in capital markets careers.
Company X is seeking funding to commercialize and market a patented widget process that increases effectiveness by 60% and decreases costs by 40% compared to existing solutions. The technology platform utilizes a patented process that drives faster, better, and cheaper products and services while being backward compatible with legacy systems. An analysis of the target market identified approximately 120 potential customer companies with annual widget purchases between $1-12 million per company, representing a billion dollar market opportunity for growth.
The document discusses investment preferences of 83 family offices in Asia from 2012. The key points are:
- Total assets under management of the 83 family offices was over $50 billion. Most family offices managed between $100 million to $500 million.
- Among traditional asset classes, family offices expressed the most interest in equity, fixed income, and bond products. They also prioritized currency management, portfolio performance, and risk management.
- Within alternatives, private equity, hedge funds, and real estate were the most popular. Emerging markets funds and other niche strategies like distressed investments and ETFs were also of interest.
- Geographically, family offices sought opportunities in their home regions of Asia as well
Lionel Aeschlimann has overseen Mirabaud Asset Management's expansion in the UK through high-profile hires of fund managers from large firms. Mirabaud is able to attract top talent by operating as a private company, which allows for a longer-term investment horizon without quarterly reporting pressures. While still relatively unknown in the UK, Mirabaud aims to establish itself as a specialist active manager focused on high-conviction strategies. Aeschlimann believes performance is more important than brand recognition for winning clients and growing assets.
Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
This document discusses investing during bear markets and periods of volatility. It provides two hypothetical examples where investing $1 million halfway through a market decline and recovery resulted in better returns than trying to time the market bottom. Waiting until the market clearly rebounded also resulted in lower returns. The document advocates for long-term investing through downturns rather than trying to predict short-term market movements. History shows that while bear markets are painful, positive market years have outweighed negative years. A diversified "core and satellite" approach is presented as a prudent strategy for investors.
The UK Angel Movement - Kit Hunter Gordon Seraphim Capital Stanford May1809Burton Lee
The document provides background on Kit Hunter Gordon, chairman of Seraphim Capital, a £30 million angel-led early stage fund in the UK. It summarizes Gordon's experience founding Seraphim Capital and The Summit Group. It then provides details on Seraphim Capital's structure and investment strategy, focusing on its network of partners and portfolio of seven companies invested in to date. Finally, it analyzes trends in the UK angel market, including increasing syndication and co-investment alongside VCs.
Venture capital and private equity are forms of equity funding for startups. Venture capitalists invest in high-growth companies and can provide competence, access to networks, and support for global expansion. However, VCs primarily seek significant return on investment potential, a clear path to profitability, and identifiable exit opportunities. Founders need to understand the priorities and perspective of VCs to effectively prepare their business case and negotiate terms.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
This document provides an overview and guide to various sources of finance available to entrepreneurs and small-medium enterprises (SMEs). It begins with introductions and disclaimers, then defines equity and debt finance. The bulk of the document categorizes and briefly describes traditional sources of both equity (e.g. angel investors, venture capital) and debt (e.g. bank loans, sales ledger finance) in table format, listing relevant organizations. It aims to help businesses identify potential funding options at different stages.
The document introduces Prestige Brokers, a company that facilitates property investments and partnerships between investors and developers. It discusses opportunities in the Spanish property market following the 2008 downturn. Prestige Brokers is able to acquire properties at significant discounts from banks looking to convert non-performing assets into performing loans. This allows the company to structure investments with high returns and minimal initial capital requirements. Specific investment opportunities mentioned include apartments available from €65,000 with 110% financing and properties at the Condado de Alhama golf resort.
1) The document discusses investment strategies for advisors in today's challenging market landscape characterized by a secular stock bear market, inflation threats, and low bond returns.
2) It introduces Emerald's alternative asset allocation approaches across three strategies - Hybrid, Concentrated Equity, and Global Cycle - that aim to preserve capital, provide growth, and avoid style-box thinking.
3) The strategies utilize various mutual funds and investment styles, including hedged funds, theme-based funds, and short positions, to capture upside while limiting downside in different market environments over timeframes of 3+ years.
The document provides an introduction to private equity, including how it can help growing companies, the investment process, and tips for a successful relationship between a company and its private equity investor. Private equity involves medium-to-long term financing in exchange for an equity stake in high-growth companies. It can benefit companies by providing funding, management expertise, and access to networks to help with growth. The business plan is key to attracting investors, and professional advisors can help navigate the legal and financial aspects of the process.
Mark Brown, Head of Barclays Natural Resource Investments, discusses the criteria miners must meet to attract investment. Key criteria include having a strong, proven management team with experience and a clear business plan who are aligned with investors and have "skin in the game." Management must also have a competitive advantage and exit strategy. While Barclays has backed more oil and gas teams, they want to back more mining management teams that meet these investment criteria.
This presentation will provide you an overview of the various strategies you must consider before investing for the long term and will help you understand & evaluate the various investment options available. Learn how you can use the power of knowledge to safeguard and grow your investments manifold!
This document provides insights for entrepreneurs on raising business angel investment. It discusses the equity raising process for startups, highlighting key tips such as building relationships with investors early, addressing the top investment criteria of management, exit potential and revenue potential, and creating a compelling executive summary and business plan. The document emphasizes that entrepreneurs should understand valuation and deal terms, have "skin in the game" through their own investment, and realize that raising external equity can accelerate company growth in a win-win scenario if investors receive an attractive return.
An introduction to Private Equity, the private equity investment model, private equity strategy, private equity structure, private equity performance and how it is achieved
Matar Capital Advisors Corporate BrochureMichel Habib
This document provides an overview of Matar Capital Advisors Ltd., a diversified investment firm headquartered in Tel Aviv, Israel. It discusses the company's mission, philosophy, services, management team, and partnerships. Matar Capital Advisors specializes in corporate finance, strategic advisory, equity partnering and alternative asset management solutions. It has a global presence and extensive relationships that allow it to help clients achieve their financial and strategic goals internationally.
Pointe Capital Advisors provides investment banking and corporate finance advisory services. They have completed 5 transactions totaling $29.8 million with an accumulated value over $225 million. Their current clients include a NASCAR team seeking capital for expansion, an energy candy company pursuing strategic initiatives, and an innovative data company launching its business plan. Pointe Capital specializes in reverse mergers, which can provide private companies advantages of being public at a lower cost and faster process than an IPO. Their services include identifying suitable public shell companies and guiding clients through the regulatory process.
Ajay Khaitan established Emerisque brands in 2004 as a small-scale investor in established Western brands and in the time that has elapsed since its inception, the brand has grown into an important player in the global fashion industry with operations that have moved towards majority acquisitions and development management.
The company has the expertise and skills necessary to bring about rejuvenation projects for the renowned brands it controls, as well as strengthening their positions in existing distribution markets, but where Ajay Khaitan and Emerisque truly shine is in their corporate commitment to fully exploring the possibilities of emerging markets expansion. Ajay Khaitan is focused on providing sustainable, long-term growth in these spaces as opposed to the largely opportunistic model currently employed by medium sized companies.
In a little over a decade and under Ajay Khaitan’s leadership, Emerisque Group has grown to become one of Italy’s most significant fashion groups, boasting a distribution network that spans continents and nations and a strong, established presence in the BRIC space.
The document provides an overview of the history and structure of the investment management industry, noting that while it experienced volatility during the 2008 financial crisis and its aftermath, it remains an important part of the global financial system. It also discusses ongoing regulatory changes in both Europe and the United States that have reshaped the industry landscape in the wake of the crisis. Major debt issues in countries like Greece, Portugal, Italy and the United States continue to create uncertainty in financial markets.
Host Hotels & Resorts is a real estate investment trust that owns high-quality hotels in major markets. It focuses on maximizing cash flows from its assets by relying on masterful third-party management companies to operate its 110 hotels totaling over 50,000 rooms. Host owns luxury and upper-upscale hotels under 18 brands. It has a market capitalization of $16 billion, significantly larger than its main competitors. Host was formed in 1993 and has grown through acquisitions, joint ventures, and capital expenditures. It is led by an experienced management team and board and expects continued growth in operating profit and net income through 2014 and beyond.
D2 Capital Partners: Capital Markets InternshipIan Nguyen
The document summarizes the D2C Capital Markets Internship Program. The 12-week intensive program provides extensive in-class training on technical skills and hands-on experience completing real assignments on complex capital market transactions. The goal is to immerse candidates in international capital markets and provide a foundation for success in capital markets careers.
Company X is seeking funding to commercialize and market a patented widget process that increases effectiveness by 60% and decreases costs by 40% compared to existing solutions. The technology platform utilizes a patented process that drives faster, better, and cheaper products and services while being backward compatible with legacy systems. An analysis of the target market identified approximately 120 potential customer companies with annual widget purchases between $1-12 million per company, representing a billion dollar market opportunity for growth.
The document discusses investment preferences of 83 family offices in Asia from 2012. The key points are:
- Total assets under management of the 83 family offices was over $50 billion. Most family offices managed between $100 million to $500 million.
- Among traditional asset classes, family offices expressed the most interest in equity, fixed income, and bond products. They also prioritized currency management, portfolio performance, and risk management.
- Within alternatives, private equity, hedge funds, and real estate were the most popular. Emerging markets funds and other niche strategies like distressed investments and ETFs were also of interest.
- Geographically, family offices sought opportunities in their home regions of Asia as well
Lionel Aeschlimann has overseen Mirabaud Asset Management's expansion in the UK through high-profile hires of fund managers from large firms. Mirabaud is able to attract top talent by operating as a private company, which allows for a longer-term investment horizon without quarterly reporting pressures. While still relatively unknown in the UK, Mirabaud aims to establish itself as a specialist active manager focused on high-conviction strategies. Aeschlimann believes performance is more important than brand recognition for winning clients and growing assets.
Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
This document discusses investing during bear markets and periods of volatility. It provides two hypothetical examples where investing $1 million halfway through a market decline and recovery resulted in better returns than trying to time the market bottom. Waiting until the market clearly rebounded also resulted in lower returns. The document advocates for long-term investing through downturns rather than trying to predict short-term market movements. History shows that while bear markets are painful, positive market years have outweighed negative years. A diversified "core and satellite" approach is presented as a prudent strategy for investors.
The UK Angel Movement - Kit Hunter Gordon Seraphim Capital Stanford May1809Burton Lee
The document provides background on Kit Hunter Gordon, chairman of Seraphim Capital, a £30 million angel-led early stage fund in the UK. It summarizes Gordon's experience founding Seraphim Capital and The Summit Group. It then provides details on Seraphim Capital's structure and investment strategy, focusing on its network of partners and portfolio of seven companies invested in to date. Finally, it analyzes trends in the UK angel market, including increasing syndication and co-investment alongside VCs.
Venture capital and private equity are forms of equity funding for startups. Venture capitalists invest in high-growth companies and can provide competence, access to networks, and support for global expansion. However, VCs primarily seek significant return on investment potential, a clear path to profitability, and identifiable exit opportunities. Founders need to understand the priorities and perspective of VCs to effectively prepare their business case and negotiate terms.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
This document provides an overview and guide to various sources of finance available to entrepreneurs and small-medium enterprises (SMEs). It begins with introductions and disclaimers, then defines equity and debt finance. The bulk of the document categorizes and briefly describes traditional sources of both equity (e.g. angel investors, venture capital) and debt (e.g. bank loans, sales ledger finance) in table format, listing relevant organizations. It aims to help businesses identify potential funding options at different stages.
The document introduces Prestige Brokers, a company that facilitates property investments and partnerships between investors and developers. It discusses opportunities in the Spanish property market following the 2008 downturn. Prestige Brokers is able to acquire properties at significant discounts from banks looking to convert non-performing assets into performing loans. This allows the company to structure investments with high returns and minimal initial capital requirements. Specific investment opportunities mentioned include apartments available from €65,000 with 110% financing and properties at the Condado de Alhama golf resort.
1) The document discusses investment strategies for advisors in today's challenging market landscape characterized by a secular stock bear market, inflation threats, and low bond returns.
2) It introduces Emerald's alternative asset allocation approaches across three strategies - Hybrid, Concentrated Equity, and Global Cycle - that aim to preserve capital, provide growth, and avoid style-box thinking.
3) The strategies utilize various mutual funds and investment styles, including hedged funds, theme-based funds, and short positions, to capture upside while limiting downside in different market environments over timeframes of 3+ years.
The document provides an introduction to private equity, including how it can help growing companies, the investment process, and tips for a successful relationship between a company and its private equity investor. Private equity involves medium-to-long term financing in exchange for an equity stake in high-growth companies. It can benefit companies by providing funding, management expertise, and access to networks to help with growth. The business plan is key to attracting investors, and professional advisors can help navigate the legal and financial aspects of the process.
Mark Brown, Head of Barclays Natural Resource Investments, discusses the criteria miners must meet to attract investment. Key criteria include having a strong, proven management team with experience and a clear business plan who are aligned with investors and have "skin in the game." Management must also have a competitive advantage and exit strategy. While Barclays has backed more oil and gas teams, they want to back more mining management teams that meet these investment criteria.
This presentation will provide you an overview of the various strategies you must consider before investing for the long term and will help you understand & evaluate the various investment options available. Learn how you can use the power of knowledge to safeguard and grow your investments manifold!
Vicat is a leading cement producer in Europe and emerging markets. The presentation discussed Vicat's business overview, investment programs, valuation, and risks. Key points include that Vicat has a quality management team, is increasing capacity in emerging markets, and trades at a discount to peers despite having stronger earnings power. While the industry faces risks from recession and overcapacity, Vicat is well-positioned due to its diverse markets and focus on efficiency gains.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
This investor presentation discusses Safeguard Scientifics' strategy and portfolio of partner companies. It notes that Safeguard has significant cash reserves, owns stakes in 16 growing companies, and has realized $632 million in exits since 2006. However, the full value of Safeguard's holdings has yet to be realized. The presentation outlines Safeguard's goals to continue building value in current companies, make additional valuable exits, replenish holdings, and expand its platform.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
The document discusses private equity, providing an overview of key concepts like the private equity landscape, funds, deal origination and execution, and portfolio management. It also examines factors that contribute to successful private equity deals such as investing in market leaders, having a strong management team, establishing a fair entry price, implementing clear exit strategies, and leveraging industry growth opportunities.
The document provides an overview of key topics related to initial public offerings (IPOs) and investment banking. It discusses the IPO process, including selecting an investment banker, filing with the SEC, determining pricing, and conducting a roadshow. It also covers costs of IPOs, long-term returns, and alternatives to public offerings like private placements, rights offerings, and going private transactions.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
The document provides an overview of the typical divisions within a multi-divisional global banking group, including investment banking, private banking, and asset management. It discusses the key services each division provides, such as mergers and acquisitions advisory, capital raising, sales and trading, wealth management, and portfolio management across asset classes. The investment banking division in particular focuses on maintaining client relationships and providing capital raising and advisory services.
Nicolas Berg_Swiss Early-stage Trends_Redalpine_SECA_sep2013Nicolas Berg
The document summarizes key points from a presentation given by Nicolas Berg on the Swiss early-stage startup ecosystem. Some of the main points covered in the presentation include:
- Conditions necessary to develop a successful high-tech startup cluster including successful founders, investors, universities, talent recruitment and a supportive ecosystem.
- Startups have a significant impact on job creation compared to established companies, with US startups creating 3 million jobs per year on average.
- Some of the top exits of Swiss ICT and life science startups that have helped establish successful role models and track records.
- Overview of some of the top early-stage investors in Switzerland for both ICT and life science sectors.
This document provides an analysis of the Canadian asset management industry. It finds that the industry has matured but remains very profitable, with expected annual growth of around 8% driven by market performance of 6% and net sales of 2%. While industry consolidation has increased competition, the top 10 managers still control around 80% of retail assets under management. Banks have gained the most market share this decade. The document also examines trends like growth in balanced funds and segregated products, reflecting a reduced appetite for risk among retail investors. It provides ratings and price targets for several asset managers.
Bain & Company is the leading advisor to the private equity industry. While it is separate from Bain Capital, it maintains a global network of over 400 professionals serving PE clients. Bain & Company advises on half of all large buyout transactions globally and works with PE firms on the full range of their activities from deal generation and due diligence to value creation and exits. The PE market saw strong initial activity in 2011 but then slowed significantly in the summer due to economic concerns in Europe and the US, leading to a difficult year overall with dealmaking, exits, fundraising, and returns all facing challenges.
1. The document discusses trends in the asset management industry towards "cheap beta" index funds and the "hunt for alpha" in specialized boutique investment managers.
2. It introduces MET Collective Investments' partners which are boutique investment managers that have undergone rigorous research and offer unique investment strategies.
3. MET Collective Investments supports boutiques by providing infrastructure, visibility, and distribution to help them focus on investment management while leveraging Momentum's resources.
Copy of Resources Conference Presentation delivered in September 2012 by Nick Assef covering various issues including Joint Ventures, Royalties, Approaches to Valuation and deal Activity in the Australian economy
Similar to Objective Capital Rare Earth and Minor Metals Investment Summit: An Investors Perspective On Exotic & Specialty Metals - Adam Darling (20)
Soléo Organics and McArthur Skincare are introducing a new 100% natural sunscreen with no chemical UV absorbers, preservatives, or fragrances. It offers SPF 30+ protection along with water resistance and anti-aging benefits. The formula uses only zinc oxide and organic ingredients and has a 2-year shelf life without preservatives. It is suitable for sensitive skin and the whole family. McArthur Skincare produces therapeutic creams with high concentrations of pawpaw extract to treat conditions like psoriasis, eczema, and joint pain. Customer testimonials praise the products for their skin healing and anti-aging effects.
Organto Foods aims to become a leading organic brand by vertically integrating organic vegetable and fruit farming, processing, and distribution. It currently operates in Canada, Guatemala, Argentina, the US, and the Netherlands. While facing uncertainties, management believes organic food demand will grow significantly and Organto is well-positioned to expand its land, facilities, and product lines to capitalize on this opportunity.
The document discusses GoviEx Uranium Inc., a uranium mining company with projects in Niger. It summarizes GoviEx's milestones since 2007 including exploration programs, resource estimates, development plans, and strategic partnerships. It highlights the opportunity in Niger's uranium industry given the country's role as a top uranium producer. It also notes GoviEx's local investment and community initiatives in Niger. Charts show GoviEx's Madaouela project resources and development plan economics compare favorably to peers given its large resource base and low costs.
This presentation by KBL Mining Limited provides an overview of the company's mining operations and growth strategy. KBL operates the producing Mineral Hill mine in Australia and owns the large undeveloped Sorby Hills project. The presentation outlines a three phase strategy to first improve cash flow at Mineral Hill, then expand margins, and finally diversify revenue through developing Sorby Hills and expanding production at Mineral Hill through exploration. Near term plans at Mineral Hill involve open pit mining the high grade Pearse gold deposit and expanding processing capacity through adding gold and zinc circuits. Sorby Hills is a large undeveloped silver-lead-zinc project that could provide a multi-decade mine life.
$11.00
$3.00
$4.00
$5.00
$2.00
$37.80
Total Operating Cost
$62.80
Capital Cost (Note 2)
$Million
Mine Equipment
Crushing & Screening Plant
Rail Infrastructure
Rail Yard
General Infrastructure
Contingency
$15.0
$15.0
$30.0
$10.0
$15.0
$11.6
Total Capital Cost
$96.6
Century Iron Mines Corporation
1) Century Iron Mines Corporation presented information on its iron ore projects and financial
Canoel International Energy is an oil and gas company traded on the TSX Venture Exchange. It has producing assets in Argentina and Italy, with over 1.6 million barrels of proved reserves according to an independent evaluation. Management is focused on growing production and reserves through development and exploration of its existing assets. It also aims to acquire additional producing assets in emerging markets. Recent developments include negotiations to acquire shut-in production of 7,000-12,000 barrels of oil per day in Libya.
Century Iron Mines Corporation is one of the largest iron ore resource developers in Canada, with over 20 billion tonnes of resources under management across multiple projects. The company is pursuing a strategy of progressively developing these resources, starting with the near-term Joyce Lake direct shipping ore (DSO) deposit. A preliminary economic assessment estimates the Joyce Lake project could have a pre-tax net present value of $95 million and produce 2 million tonnes per year of high-grade DSO at a cash cost of $62.80 per tonne. Century Iron is also exploring additional DSO targets along trend from Joyce Lake to support future expansion.
Century Iron Mines Corporation | Corporate Presentation | November 2012
Speaker: Sandy Chim, C.A., Director, President and Chief Executive Officer
Company Information:
as of Nov 2012
TSX Venture: FER
52-Week high/low: C$0.92-C$2.50
Market Cap: C$97.0m
Recent Price: C$1.02
Shares: 94.9 million
Fully Diluted: 103.8 million
Website: www.centuryiron.com
Century Iron is Canada’s largest holder of iron ore land claims in a public company, with interests in several properties in the Provinces of Quebec and Newfoundland & Labrador. Century’s vision is to exploit its large property asset base to become one of the country’s largest iron ore producers.
Century has structured a unique strategic formula to pave the way to achieving its vision: It has attracted
WISCO and MinMetals, two of the largest Chinese state-owned enterprises, as equity investors and strategic partners (25% and 5% respectively). WISCO is a further 40% JV investor in individual projects, and these partners have committed to 60‑70% off-take agreements for future product. They will also procure to provide up to 70% of production capex on positive feasibility, in the form of nondilutive debt financing for the Canadian company.
Objective Capital's Industrial Minerals & Metals Resources Investment Forum 2012
Ironmongers' Hall, City of London
6 November 2012
Speaker: Alan Cruickshank, Gensource
Objective Capital's Industrial Minerals & Metals Resources Investment Forum 2012
Ironmongers' Hall, City of London
6 November 2012
Speaker: Catherine Feore, Adroit Resources
Objective Capital's Global Resources Investment Forum 2012
Ironmongers' Hall, City of London
25 September 2012
Speaker: Richard Williams, Helio Resource
Objective Capital's Global Resources Investment Forum 2012
Ironmongers' Hall, City of London
25 September 2012
Speaker: Gary Billingsley, Great Western Minerals
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
"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.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Bridging the gap: Online job postings, survey data and the assessment of job ...
Objective Capital Rare Earth and Minor Metals Investment Summit: An Investors Perspective On Exotic & Specialty Metals - Adam Darling
1. Investment Conferences
RARE EARTHS, SPECIALITY
& MINOR METALS
INVESTMENT SUMMIT
4.35 – 5.00
Closing Keynote: Investing in the Exotic and
Speciality Metals Sector
Adam Darling – Vice President, Barclays Natural Resource Investments
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 18 MARCH 2010
www.ObjectiveCapitalConferences.com
2. Fund Manager's View
An investor's perspective on the Exotic and Specialty Metals Sector
Adam Darling
Vice President, BNRI
March 2010
3. Fund Manager’s view
“An investor's perspective on the
Exotic and Specialty Metals
Sector”
… OUR view, not MARKET view
3
4. Barclays Natural Resource Investments
Global private equity team, investing in private companies
Exclusive focus on natural resources
18 investment professionals + advisory panel
Invests Barclays money… recently opened to 3rd party capital
$1bn allocated to 10 portfolio companies since 2006
Oil and gas Mining Renewable
Power
(upstream) (upstream) Energies
4
5. Why Natural Resources?
World class commodities franchise
Emerging markets expertise Focus on natural resources private
equity
Relative lack of competition
5
6. How do we invest – what are our key criteria?
Key criterion - PEOPLE
Basis of success: find & fund best-in-class teams – YOU
We are management led
Even “good” assets do not run themselves…
…so what do we look for in a management team?
6
7. What do we look for in a management team?
Proven track record We will do a lot of referencing
Experience, geographical focus,
An angle
commodity insight…
7
8. What else?
Aligned with management from the
Alignment of interest
outset
Skin in the game Meaningful personal financial investment
Clear business plan to make money We ask a lot of questions
8
9. Balancing risk and reward
Realistic assessment of risks and reward
Focus on financial returns
… cash on cash
Ensure management is highly motivated and aligned
Understand key risks
Develop conservative risked base case… with management
Execute business plan with patience
9
10. Bringing it together: What works for us?
Committed management
Alignment
Competitive advantage
Skin in the game Operational enhancement
‘Inside track’
Clear business plan to make money
Sensible risk adjusted returns
Proven track record
Exit strategy within 5-6 years
An angle Opportunities for a nimble private company
10
11. What doesn’t work for us…
Build the new BHP Billiton
Bet on copper being $5/lb for the next 10 years
Management won’t co-invest despite “dead-cert” 4x deal
Build $4bn mines
Own mine for 30 years
Back a team… who have not visited the country they target...
11
12. More of what doesn’t work for us…
Team that just wants a day job
Team that just wants a hobby
Acquire 10 x 5% stakes in public companies
Compete in auctions
No ‘inside track’
Team that ramps up a share price in the public markets
12
13. Sounds demanding?
Would you rather be mining or fund-raising?
Average Fundraising per Issuance: AIM Mining Stocks
45
40
35
30
25
£m
20
15
10
5
0
2004 2005 2006 2007 2008 2009 BNRI
Cheque
Source: Ernst & Young New Equity Issue Follow- on Equity Issue
13
14. We’ve historically found more oil and gas teams with the criteria we look for
11 teams backed to date, but only 2 mining teams (coal, copper)
…despite meeting over 250 mining management teams!
Why….?
Private equity model more proven in oil and gas?
Mining industry reliant on public markets?
…are our criteria too difficult in mining?
14
15. Why are we attracted to Exotic and Specialty Metals as a sector?
Niche investment sector; less competed
Assets in attractive geographies
Projects of manageable scale and cost
Exposure to new and growing industrial applications
Strong public market & strategic interest supports exit routes
15
16. Specific Exotic and Specialty Metals concerns
Competition
…opaque cost curves, concentrated asset ownership
Price
…poor forward curve visibility, limited ability to hedge
Marketing
…buyer relationships – new project risk extends beyond mine gate
Substitutability
…niche uses & industrial customers always looking to save money
Scale
…can we invest enough?
16
17. Can we back a management team in Exotic and Specialty Metals?
We’re choosy about our partners
But we’re always looking
We have capital, time, and patience
Come and see us
17