We are delighted to confirm that on December 7th, 2013 the Guernsey Financial Services Commission approved the deal for MitonOptimal Group to purchase a majority stake in Argyll Investment Services Limited (“Argyll”).  Argyll will take on the brand of the MitonOptimal Group from January 3rd, 2013 and will adopt the new name of MitonOptimal Portfolio Management (CI) Limited (“MitonOptimal CI”).

For further background information please read the previous news article on the MitonOptimal deal.

The directors and shareholders of Argyll Investment Services Limited (“Argyll”) are pleased to announce that an agreement has been reached for MitonOptimal International Limited to acquire a majority stake in Argyll, subject to approval by the Guernsey Financial Services Commission (“GFSC”).

Founded in 2004 and owned by its management and directors, MitonOptimal is an independent global fund manager and asset consultant, with offices in Cape Town, Singapore and Guernsey.  It currently manages total assets of USD450 million through a range of Guernsey- and South African-based collective vehicles plus other mandates, resulting in total assets under management of USD600m for the enlarged group.

 Upon regulatory approval, Argyll will be re-named MitonOptimal Portfolio Management (CI) Limited and will take on the branding of the MitonOptimal group.  This apart, it is very much a case of “business as usual” in every respect, with all of Argyll’s current directors (who remain shareholders), its management and staff remaining with the firm, which will continue to operate from its premises at Weighbridge House in St. Peter Port’s Lower Pollet. 

 MitonOptimal, in particular its managing director and CIO Scott Campbell, have been known to us for many years and we are delighted to be joining forces with a business and individuals with whom we share a number of common values, principles, philosophies and service standards.  We are also excited about the possibilities and potential offered by our expanded investment capability and geographic footprint.

Read the Press Release here MitonOptimal Press Release November 21, 2012 (253.7 kB)

Read the full version of the Quarter 3, 2012 Market Commentary by Shaun McDade Quarter 3, 2012 Market Commentary (1.37 MB)

Montenegro Investments Limited (in Administration) (“MIL” or “the Company”)

Appointment of Administrators

Pursuant to an Order of the Royal Court dated 18 September 2012, the Company was placed in Administration and Jamie Toynton and Alan Roberts of Grant Thornton appointed Joint Administrators.

The purpose of the Administration Order is for the survival of the Company, and the whole or any part of its undertaking, as a going concern.

The Joint Administrators will be contacting shareholders under separate cover.

Argyll Investment Services Ltd (“Argyll”) and Perella Property Advisers Limited (“Perella”) acted as the Company’s manager and Investment Advisor respectively, and this letter from Argyll is to provide details of potential proposals to the Joint Administrators in relation to potential future investment into the Company to achieve the survival objective of the Company.

Potential of survival and future investment

Investors in MIL will be aware of its Board’s efforts to raise additional capital for the Company during the past fifteen months, with the aim of avoiding the need to sell any of its underlying property assets within the prevailing depressed market environment. The sums raised through an Open Offer and a series of Rights Issues have fallen some considerable way short of the amount required to repay the Company’s outstanding debt and to fund its ongoing cash flow requirements.

Efforts to raise funds for the Company from connected party investors have been hampered by both the state of the regional property market and also by regulations relating to Rule 9 of the UK Takeover Code. A number of existing and prospective investors were also unwilling to commit new capital due to the running costs associated with the Company’s present structure, which is dictated to a large degree by regulatory requirements.

Some cash has been realised through the sale of a small number of (non-core) land assets, but the sum raised from these sales is insufficient for the Company’s needs over anything other than the immediate short-term.

With the repayment of two loans, totalling €2.3 million (plus interest of c€0.5m), falling due on 30th September and with very little prospect of further share issue and / or asset sales of sufficient quantum, MIL’s directors have been obliged to conclude that the Company has failed the solvency test under section 527 of the Companies (Guernsey) Law 2008, as it is unable to pay its debts as they fall due. Accordingly, the Board submitted the application to Guernsey’s Royal Court to place the Company into Administration which was so ordered on 18 September 2012.

The principal purpose of the administration process is to serve and safeguard the interests of the Company’s creditors. However, the administrators are also able to consider those of other stakeholders, including its shareholders. The process affords a degree of flexibility (within the broad confines of the Law) and may facilitate a managed “work out”. Importantly, it offers the possibility to preserve the present land portfolio’s prime assets and for the Company to emerge from the administration process as a going concern to pursue its long-term strategy of delivering value to shareholders.

Argyll and its property adviser, Perella, are preparing proposals that will enable the Company to pay its debts and continue the long-term investment strategy of value creation.

Accordingly, with Perella’s assistance, a “Peripheral Portfolio” has been identified (comprising all land, excluding those prime coastal assets that are of sufficient size and have appropriate planning status to make them marketable as medium-to-large scale development projects on a three- to five-year timescale) for bulk sale. Any shareholders who might be interested in the details of this portfolio with a view to submitting a bid for those assets are requested to contact Argyll in the first instance. One of the strategies under active consideration by the Joint Administrators is to seek the sale of the Peripheral Portfolio and settle the company’s debts prior to or alongside seeking further investment to enable the Administration Order to be discharged and the Company or a successor entity to be returned to management duly appointed by the investors.

The registered shareholders will receive communications from the Joint Administrators in due course. The Joint Administrators have consented to Argyll and Perella brokering potential further investment with investors which will be at no cost to the Company.

To download this article click here: Montenegro Investments Limited - Update 30 September, 2012 (603.72 kB)

Performance

“On a 12-month view (Fig.1), the Fund has outperformed its main peer group the FE Offshore Flexible Universe and also the FE Offshore Balanced Universe, the latter of which is used by Argyll for internal performance monitoring purposes. Much of the relative out-performance has come from our preference to “index agnostic”, stock picking managers and especially those who focus on yielding equities. Meanwhile, an underweight towards government bonds has proved to be a drag on performance in relative terms, as investors have fled to so-called “safe havens” – more on this later.

In the wake of the 2008 / 2009 global financial crisis, the fund has seen significant repositioning in terms of its asset allocation. The main changes (as shown in Fig.2) have been an increase to the equity allocation at the expense of alternative strategies. While this move has resulted in a modest increase in volatility levels, we believe that the medium-term opportunity set for investors in the Fund has now improved, given the type of managers and companies to which we have gained exposure…”

Download to read the complete performance update document:   Clarion Funds Performance Update (2.02 MB)

The latest financial statements for the World Shariah Funds.

If you have any queries regarding this financial statment please do not hesitate to contact us.

Read the full version of the Quarter 2, 2012 Market Commentary by Shaun McDade Qtr 2, 2012 Market Commentary (680.71 kB)

The research from Halifax found men were making better provision for retirement than women with 49% of men currently saving adequately compared with 42% of women.

Adequate provision is defined as somebody saving at least 12% of current income in a defined contribution scheme or expecting a defined benefit scheme to provide their main retirement income.

Halifax said the gender gap for DC savers had widened over the past year with the average ratio of savings to earnings for men increasing from 9.7% to 10.2%, whereas for women it dropped from 8.8% to 7.5%.

The bank said male pensioners were currently 15% better off than women on average. Single male pensioners had an average net income after housing costs of £240 per week in 2009-10 compared with £208 for single female pensioners.

Halifax economist Martin Ellis said: “While the economic and financial differences between men and women have narrowed in recent years, significant variations persist.

“Women are more cautious regarding equity-related investments and are making less provision for retirement.”

[Source: Professional Pensions | 29 Jun 2012 | 12:43 |  By Jack Jones]

“A favourable combination of improved economic data, more large-scale ECB lending, the Fed’s promise of low interest rates until 2014 and a successful Greek debt restructuring put investors onto the front foot throughout much of the period under review. This renewed appetite for risk gave equity markets their best start to a year since 1998, sent core government bond yields into retreat and the Dollar lower.”

Read the full version of the Quarter 1, 2012 Market Commentary by Shaun McDade Q1, 2012 Market Commentary (1.34 MB)

Read the full version of the Quarter 4, 2011 Market Commentary by Shaun McDade Quarter 4, 2011 Market Commentary (790.66 kB)