23 Jun

Caban UK Activities: UPDATE

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The objective of our most recent trip to the UK was to advance the listing of our holding company which will result in fully capitalising our South African and United Kingdom operations and, furthermore, to create a platform to fully capitalise our individual portfolio companies. The activity below is ongoing.

 

Guernsey Fund

 

We have acquired a fully registered Investment Fund in Guernsey which will be renamed the “Caban Fund”. The purpose of this fund is to raise £20 million for the benefit of the companies in the Caban Entrepreneurship Programme in South Africa and the UK as well as clients of the Global Institute for Advancing Innovation.

 

Red Ribbon Asset Management PLC (RRAM)

 

A meeting was held with the board RRAM. One of their subsidiaries, Modulex Plc, is a client of TBL Capital UK. Modulex offers full fit out steel modular buildings to all sectors of the Indian market in particular permanent bespoke buildings for the hotel, hospital, student accommodation, education, commercial and residential sectors. They are in the process of building a factory in India that will be the world’s largest steel modular steel manufacturing facility with an annual capacity of 200 000 sqm. 

 

They have two other subsidiaries namely Armaec Energy Group Plc and Eco Hotels UK Plc. Armaec Energy Group is a developer of wind farms in India – a market that is currently experiencing a power deficit of approximately 100 000 MW. With strong economic growth in India and a favourable regulatory environment coupled with a partnership with Wind Prospect Group UK (who have already secured planning permission for 1GW and have 5GW in development across four continents) the company is set to explode into the Indian market.

 

Eco Hotels is the world’s first carbon neutral hotel brand and are rolling out 10 000 rooms by 2023 with an investment of £400 million. Their aim is to become India’s largest budget hotel group. The first hotel is in Kochi. The hotels are being built using the Modulex technology – a great tie in!

 

RRAM have agreed for TBL Capital to start a new structure which will incorporate their interests. 5% of the new structure will be placed into the Caban Fund in Guernsey. This is quite a big corporate finance transaction and will bring substantial revenue to the group. Due to all three businesses being based in India, we are exploring options with them to roll out our business model as a franchise into India to be called Caban Investments India Limited. India is ranked as the third largest economy based on purchasing power parity and represents 2% of the world’s GDP. 

 

Growth Innovators Group (GIG)

 

We have been building capacity in the UK without increasing our operational costs. This activity has been very effectively being spearheaded by Ben Botes, our UK CEO. We now have enough service providers to be able to start assisting business in the UK. 

 

A MOU is being drafted where GIG will be our marketing and sales arm for the UK operations. GIG has a pool of over 350 associates across a multitude of sectors and a team of 12 active agents canvassing for business in the UK. Discussions also took place for GIG to become part of Caban Investments UK Limited.

 

Innvotec

 

One of the oldest Venture Capital Companies in the UK, Innvotec have agreed to manage the Caban Fund and to start raising capital on our behalf once the Guernsey regulator have agreed to the name change and our strategy.  We also have an option to acquire 25% of Innvotec which will give us access to funding for projects.

 

Nigel Tobin

 

We have been steadily increasing capacity in the UK. Nigel has been assisting us with the various negotiations as well as operationally with Caban UK. 

 

Nigel Tobin is a portfolio non-executive, interim director and senior executive, with expertise in corporate strategy, strategic business change and organizational transitions, drawing on particularly broad business, operational and IT experience. He is currently the Chief Operations Officer of Growth Innovators Group Ltd, a Director of N & M Enterprises Ltd and is a Non-executive Director at Omnii Solutions Ltd. Previously he has served as Chief Executive Officer of Global Home Loans Group Limited and UKValuation Limited.

 

Nigel was also Executive Vice President at Countrywide Financial Corporation's International Division for five years and has held various Divisional Director roles within Barclays Plc, as well as working for Woolwich Plc as Head of Strategy Implementation, amongst other roles, and for HSBC Group, Midland Bank Plc and Lloyds Bank Plc. Nigel is an Associate of the Chartered Institute of Bankers, an Associate of the Compliance Institute and Member of the Institute of Directors. Nigel's previous FSA Authorisations were for the Control Functions of CF01, CF03, CF08 (Director/Chief Executive/Apportionment & Oversight).

 

He was also Chairman of the Third Party Mortgage Processors & Administrators Forum, a UK Industry Representative body liaising with the FSA, at director level, on mortgage regulation.

 

Nigel has been a great help to both myself and Ben and we welcome him to the team.

 

Listing onto the Channel Islands Securities Exchange (CISE)

 

As advised by our Nomads, Strand Hanson, we have approached CISE for a listing. We met with the CEO and compliance officer during my trip to Guernsey. We have appointed Hatstone as our lawyers and sponsors and the listing proceedings have commenced. 

 

The Channel Islands Securities Exchange, based in St Peter Port, Guernsey, provides a listing facility and a market for companies to raise capital from international investors based on a bespoke trading platform. The CISE is a leading international stock exchange in the European time zone serving the interests both of Channel Islands' business and of issuers of specialist debt, investment funds and other equity securities from around the world.

 

Their market lists a wide range of security types. They concentrate on the following core products:

 

  • specialist securities, including, Eurobonds, Structured Debt, Warrants, Structured Funds and SPVs, including specialist debt issues for professional investors.
  • investment funds;
  • primary and secondary listings of securities and shares issued by Channel Island and overseas companies;

 

Closing

 

All the above has been an accumulation of months of work. Ben has been instrumental in opening these doors for us and I am very grateful for all his hard work and dedication.  The above will have a significant impact to the listing price of the company. 

 

Your fellow Cabanite,

 

 

Dave Romero

Group CEO

 

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