Cockleshell aims to invest in either one or more businesses. Its investment targets will include established businesses with good management teams, solid growth prospects and the potential for capital value appreciation over the medium term. These businesses may have been set up by entrepreneurs who have good strategic plans and need further financial backing to develop their business. It is expected that Cockleshell would be an active investor in any business or businesses it acquires. Cockleshell will focus its search for either privately or publicly owned investment targets in the business and consumer sectors, with a focus in particular on the support services sector including business process outsourcing, facilities services and property services, although the Directors are likely to be presented with opportunities in other sectors. Cockleshell will use its own management resources and outside advisers and services to identify and assess potential targets.
Cockleshell will focus its search for investment targets in predominantly English speaking countries, including, but not limited to, Europe and North America. In such geographical areas and business sectors, the Directors, together with their advisers, have the financial, legal and technical appropriate expertise and experience to evaluate a potential target and actively conduct a suitable level of due diligence into possible acquisitions. The Directors have significant prior experience of successfully executing transactions as directors of an investing company admitted to trading in AIM. Further details of the Directors’ experience are set out in paragraph 3 below.
The Directors anticipate that they will identify an appropriate investment target within approximately the next twelve months. No such investment has been identified yet. If an appropriate investment target is not found within 5 years of the date of Admission, Cockleshell will return any remaining funds to Cockleshell Shareholders.
The Company intends to invest its cash resources in a target business or businesses but may also issue further Cockleshell Shares either in exchange for an ownership position in the investee business or to raise additional funds for an acquisition.
The Directors will review the Company’s investment strategy on an annual basis and, subject to their review and in the absence of unforeseen circumstances, the Company intends to adhere to the above investments policies. As required by the AIM Rules for Companies and until the Company is substantially invested, the Company will seek shareholder approval annually for its investment strategy. Should the Company make an investment that is not in accordance with investment strategy, such an investment would be conditional on shareholder approval. Shareholders should note that, owing to his controlling interest in Cockleshell Shares, Lord Ashcroft could determine the outcome of any such process.
Changes to the investment policies may be prompted, inter alia, by changes in government policies or economic conditions which alter or introduce additional investment opportunities.
While it is the intention of the Company to invest its funds as far as practicable in accordance with the investment strategy, objectives and policies outlined in this page, due to market and other investment considerations, it may take some time before the cash resources of the Company are invested. Initially the funds will be deposited with the Belize Bank International Limited, a related party.
An acquisition by Cockleshell may constitute a reverse takeover under the AIM Rules. This would require the approval of the shareholders of Cockleshell. Shareholders should note that, owing to his controlling interest in Cockleshell shares, Lord Ashcroft could determine the outcome of any such process.
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