Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 106

Posts Tagged ‘platinum’

Brookstone Partners Prepares Recapitalization Strategy to Rescue Platinum Power’s Projects

Posted by fidest press agency su venerdì, 29 marzo 2019

Brookstone Partners, Platinum Power’s reference shareholder, learned through the press that during Platinum Power’s Extraordinary General Meeting (“EGM”) on February 5, 2019, decisions other than those on the agenda were taken. These decisions would concern the appointment of new directors of the company and the retention of Omar Belmamoun as Chairman and Chief Executive Officer.Brookstone Partners contends that, “if such information is correct, this decision would be contrary to the company’s legal and statutory provisions. As a reminder, the EGM does not and cannot be competent to appoint the Company’s Board of Directors. Any change to the agenda of the meeting must be done by unanimity.” In light of these factors, Brookstone Partners will seek the annulment of all decisions of this EGM other than those related to the continued operation of Platinum Power, which Brookstone Partners approves.Brookstone Partners believes that the announcement does not reflect Platinum Power’s current situation, and the new Board of Directors thus constituted would be invalid.
Brookstone claims that “reappointing Mr. Belmamoun as CEO is a wrong-headed decision, which we oppose as a matter of principle.” Although surrounded by a dedicated and very high-quality team, there is mounting evidence that he has committed too many egregious management errors, which have led the company to the current situation. Brookstone Partners also disapproves that this EGM did not address recapitalization solutions.As a majority investor, Brookstone Partners hopes to work with all shareholders, including minority shareholders, who have always demonstrated a strong willingness and determination to address the difficult situations that Platinum Power has faced to date, in order to find a viable, serious, and credible solution to move forward.This intention to work for the development of Platinum Power and its projects is not new to Brookstone Partners. As the largest investor in terms of equity with 43.67% of Platinum Power and in terms of shareholder current accounts with nearly 80% of shareholder debt, Brookstone Partners has consistently supported Platinum Power since the company’s inception, and more specifically from August 2016 to May 2018, by helping to finance all the company’s expenses over this period. This support only ceased when Mr. Belmamoun decided to refuse the recapitalization plan. Brookstone Partners reaffirms its willingness to implement a recapitalization plan, conditional on the removal of Mr. Omar Belmamoun from the company’s management.Brookstone Partners believes his obstinacy to remain CEO, while refusing the recapitalization plan, creates a prejudicial situation for the company, solely for the purpose of serving Mr. Belmamoun’s personal interests.

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Platinum Equity to Acquire Spanish Seafood Provider Iberconsa From Portobello Capital

Posted by fidest press agency su domenica, 10 marzo 2019

LOS ANGELES, (GLOBE NEWSWIRE) Platinum Equity today announced the signing of a definitive agreement to acquire a majority stake in Grupo Ibérica de Congelados, S.A. (“Iberconsa”) from Portobello Capital and affiliates of the company’s founding families. The sellers and members of the Iberconsa management team will be minority investors alongside Platinum Equity. Financial terms were not disclosed. The transaction is expected to close in Q2 2019.Headquartered in Vigo, Spain, Iberconsa is a global provider of frozen seafood products, including hake, Argentine red shrimp and squid. The company is vertically integrated across the full value chain, including wild catch, processing, commercialization and distribution.Iberconsa maintains an owned fleet of 45 vessels, five processing plants and four cold storage distribution facilities. Iberconsa’s fleet operates primarily in Argentina, Namibia and South Africa, and the company’s products are sold in more than 60 countries.Iberconsa CEO Alberto Freire will continue to lead the business following the transfer of ownership.Platinum Equity’s proposed acquisition of Iberconsa is the latest example of the firm’s increasing momentum in Europe. Last year Platinum Equity completed the $2.1 billion acquisition of Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson. The firm also acquired Wyndham’s European vacation rental business for $1.3 billion.Platinum Equity sold Exterion Media to British media and entertainment group Global in November 2018, and sold Paris-based Worldwide Flight Services to Cerberus Capital Management, L.P. in October 2018 in a transaction valued at approximately €1.2 billion.Lazard and Deloitte are serving as financial advisors to Platinum Equity on the acquisition of Iberconsa. Latham & Watkins is serving as Platinum Equity’s legal advisor on the transaction.Nomura and Ernst & Young (“E&Y”) are serving as financial advisors to the sellers. E&Y is also serving as the sellers’ legal advisor on the transaction.

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