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Article Date: Nov 15 2000 As predicted here the other day, Guernsey-based financial services group Garrington plans to float on the J P Jenkins share market with a £3 million offer at 125p a share, writes Robert Tyerman. Share trading in Garrington Financial Services is scheduled to start on 30 November, after an offer which will value the company at £26 million, says adviser Caulfield Cavells. Launched in Hong Kong to serve the expatriate community there, Garrington is headed by its founder Andrew Barber, a former specialist at Coutts and Royal Bank of Canada, who branched out on his own five years ago. It has taken the company a year to obtain a licence to trade in the Channel Islands, which Barber intends to be the base for future operations. Growth is now accelerating, it seems. Last year, Garrington's Hong Kong business made a profit of £100,000. Profits for the first ten months of 2000 should come out at either £100,000 or £400,000, depending on how soon a 'big deal' being concluded can be taken into the accounts. Garrington's prospectus will be analysed in OffExchange, the independent voice on Ofex. Robert Tyerman is the editor of OffExchange, our newsletter dedicated to providing much-needed independent comment on Ofex companies. Click here for more details. |
Publication: Business Wire
Date: Tuesday, December 12 1995
CALGARY, Alberta--(BUSINESS WIRE)--Dec. 12, 1995--MULTI-CORP INC. (the "Company") is pleased to announce the appointment of Andrew N. Barber, a resident of Hong Kong, as Ziran Managing Director - Asia, effective December 1, 1995. Barber comes to the Company from Coutts & Co. AG, where he was the Managing Director, Asia. As Managing Director he was responsible for establishing fully licensed banking branches in Hong Kong and Singapore and for the management of the regional marketing and investment services in those branches and Taiwan, Thailand, Philippines, Indonesia, Malaysia, China and Japan. Prior to joining Coutts, Barber was Head of Private Banking, Asia for the Royal Bank of Canada, where he was responsible for regional management of Hong Kong, Taiwan and Singapore. Barber also served as the Marketing Director of the Private Banking department of the Royal Bank of Canada in Hong Kong, and as the Far East Marketing Director for RBC Mannin Financial Services, London. Barber, a former Captain with the British Army, has also provided financial planning consulting services in various capacities. The Company provides leading edge computer based language translation, character language input technology and international telecommunications services. Included among the Company's services are (i) quality, cost effective, international long distance telecommunication services; (ii) fast, cost effective and high quality computer assisted translation of documents from Chinese to English and English to Chinese; (iii) Ziran Input System for character language input to electronic and software products. Multi-Corp and its subsidiaries operate from offices in Miami, Florida; San Francisco, California; Hong Kong; Sao Paulo, Brazil; Barbados and Calgary, Alberta. |
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Article Date: Dec 01 2000 Garrington Group, the 'offshore wealth management' specialist tapping Ofex investors for £1 million at 125p a share, is looking for acquisitions and launching a £35 million hedged bond fund. Robert Tyerman reports. Andrew Barber, the ex-army and Coutts entrepreneur who founded and chairs Garrington, says £2 million of the £3 million the company wants to fund its expansion has already been pledged. Garrington is pitching for the remaining £1 million with its 125p a share Ofex float on Monday. Pre-tax profits for the first ten months of this year could come out at either £100,000 or £400,000, depending on the timing of one deal. For next year, Garrington envisages pre-tax profits of £1.7 million on turnover of £5.8 million, rising to £4.7 million on £14.4 million turnover for 2003. Barber and his colleagues see a growing market in advising and managing funds for expatriates and other rich people around the world, in Britain, Europe and especially Hong Kong and the Middle East. Garrington plans a big expansion of its existing Hong Kong operations, one of the mainstays of the company. The float proceeds should help Garrington in its search for financial service acquisitions in Hong Kong and elsewhere. The company is setting up a hedged bond fund, called Senator, with a projected initial pot of £35 million, to be managed by ING Barings. It could be worth a flutter. |
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