HM Treasury Sukuk
In June 2014, Her Majesty’s Treasury (“HM Treasury“) issued the first sovereign Sukuk outside of the Islamic World. It was designed to mimic a five year government gilt and offered a profit rate of 2.036%.
The Sukuk is listed on the London Stock Exchange and subject to the Disclosure and Transparency Rules (DTRs). It is genuinely unusual and, as far as we are aware, presented unique issues for the interpretation of the DTRs. It is not technically debt, it is issued by a non-government body, but ultimately owned and backed by the Treasury.
In order to ensure compliance with the rules, HM Treasury turned to Elemental. We were able to agree a pragmatic and compliant approach with the FCA and put in place processes and procedures to ensure that the Sukuk operates as desired.
London Luton Airport
London Luton Airport (LLA) is operated and developed by a consortium of which the majority shareholder is AENA, the world’s largest airport operator, and Ardian, a major European investor. LLA is currently investing over £100 million to transform the Airport and increase capacity from 12 million to 18million passengers per year by 2026.
Elemental has been working with LLA since Ardian and AENA came on board in January 2014 and has helped guide the board through this period of growth and development.
MGM Advantage has £1.4 billion of funds under management and can trace its history back to 1852 and the oldest company still recorded at Companies House (number 00000006).
TDR Capital (a private equity house) had acquired the new business of MGM Advantage, which involved a separation of the operational and funds of the MGM business, with an entirely new governance and organisational structure. The business therefore required a new and effective governance structure, that met the requirements of the PRA and FCA, as well as delivering the effective governance that the new owners demanded.
Elemental came in and supported the new management through the transition period and designed and put in place a governance structure for the future. MGM are now able to resource their governance function internally; knowing that Elemental are on hand if the need arises in the future.
Fund Raising and Administration
Investex is a successful investment broker based in the heart of St Paul’s. They came to us looking for support with an investment they wanted to offer certain select clients, in an oil well in the US.
Elemental were able to offer a comprehensive solution from structuring to ongoing administration, which provided Investex with a turnkey offering. We advised on tax, corporate law, financial regulation and structuring, as well as providing ongoing financial and administrative support.
This comprehensive solution meant that Investex could focus their time on their clients, which is just as it should be.
Microskin is an Australian company that produces a revolutionary simulated second skin that is individually formulated to color correct a range of skin conditions such as eczema, vitiligo, psoriasis and dermatitis. Microskin were looking to list on the GXG exchange in Europe with an initial market capitalisation of €16 million.
Elemental’s governance and legal experts provided a comprehensive services on the UK aspects in preparation for such listing, as well as the initial admission. Elemental now provide Microskin with an effective and efficient outsourced company secretarial function as part of their ongoing trading.