REG - B.P. Marsh &Partners - Final Results <Origin Href="QuoteRef">BPM.L</Origin> - Part 4

B.P. Marsh & PartnersAnnouncement

06/06/2017 07:06

- Part 4: For the preceding part double click  ID:nRSF2003Hc 

company, Property and Liability Underwriting Managers (PTY) Limited ("PLUM"), on 19th April 2017 (as noted below), the
remaining £30,000 of the original £665,000 facility made available to Bulwark was cancelled. 
 
On 6th April 2017 Mr B.P. Marsh, the Chairman and majority shareholder of the Company, transferred 584,000 ordinary shares
in the Company to the Marsh Christian Trust ("the Trust"), a grant-making charitable trust of which Mr B.P. Marsh is also
Trustee and Settlor, for nil consideration, taking the total number of shares held by the Trust in the Company to 1,198,000
at that time.  Pursuant to a Share Sale Plan announced by the Group on 5th April 2017 (which provides for the sale of up to
200,000 shares between 5th April 2017 and 14th September 2018), on 24th April 2017 the Trust sold 44,000 of these shares at
a price of 201p per share.  This sale reduced the Trust's holding down to 1,154,000 ordinary shares (4.0% of the Company)
at the date of this report. 
 
On 19th April 2017 the Group provided £400,000 of loan funding to Property and Liability Underwriting Managers (PTY)
Limited ("PLUM") for working capital purposes.  £129,000 was drawn down immediately and a further £125,000 was drawn down
on 18th May 2017, resulting in a total amount drawn down of £254,000 and a remaining £146,000 undrawn facility at the date
of this report. 
 
On 21st April 2017 the Group sold its entire 29.94% stake (351,000 B ordinary shares, 3,400 preferred shares and 292
ordinary shares) in Trireme Insurance Group Limited ("Trireme") to its fellow shareholder, US Risk Midco, LLC, for cash
consideration of £2,908,350 as well as an additional payment of £51,345 in lieu of a preferred dividend.  The consideration
of £2,908,350 equates to the Group's 31st January 2017 valuation of its investment in Trireme.  The outstanding loan of
£2,155,113 as at 31st January 2017 was also repaid on completion. 
 
27.     ULTIMATE CONTROLLING PARTY 
 
The directors consider Mr B.P. Marsh to be the ultimate controlling party. 
 
This announcement contains inside information, disclosed in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016 and for UK Regulatory purposes the person responsible for making the announcement is Sinead O'Haire. 
 
Notice 
 
The financial information set out above does not constitute B.P. Marsh & Partners Plc's statutory accounts for the year to
31 January 2017 but is derived from those accounts. The statutory accounts for the year to 31 January 2017 have not yet
been delivered to the Registrar of Companies. The auditors have reported on those accounts and have given the following
opinion:- 
 
·      the financial statements give a true and fair view of the state of the Group's and of the Company's affairs as at 31
January 2017 and of the Group's profit for the year then ended; 
 
·      the Group's financial statements have been properly prepared in accordance with IFRSs as adopted by the EU; 
 
·      the Company financial statements have been properly prepared in accordance with IFRSs as adopted by the EU and as
applied in accordance with the provisions of the Companies Act 2006; and 
 
·      the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. 
 
Approval 
 
The financial statements were approved by the Board of Directors on 5 June 2017 for their release on 6 June 2017. 
 
Analyst Briefing 
 
An analyst presentation, hosted by the Executive Directors, will be held on Tuesday 6 June 2017 at 10:00 a.m. at the
offices of B.P. Marsh & Partners Plc, 4 Matthew Parker Street, SW1H 9NP. 
 
Please contact David Ison at Redleaf Communications on 020 7382 4732 or bpmarsh@redleafpr.com if you wish to attend. 
 
- Ends - 
 
For further information: 
 
B.P. Marsh & Partners Plc                                                   www.bpmarsh.co.uk 
 
Brian Marsh OBE / Camilla Kenyon                                          +44 (0)20 7233 3112 
 
Nominated Adviser & Broker 
 
Panmure Gordon 
 
Atholl Tweedie / Charles Leigh-Pemberton / Adam James                   +44 (0)20 7886 2500 
 
Notes to Editors: 
 
About B.P. Marsh & Partners Plc 
 
B.P. Marsh's current portfolio contains thirteen companies. More detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk. 
 
Since formation over 25 years ago, the Company has assembled a management team with considerable experience both in the
financial services sector and in managing private equity investments. Many of the directors have worked with each other in
previous roles, and all have worked with each other for at least five years. 
 
Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as
well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services
businesses, particularly in the insurance sector. 
 
Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she
took over as Executive Assistant to the Chairman, running the Chairman's Office and established herself as a central part
of the management team. 
 
In February 2015 she was appointed as a Director of B.P. Marsh and a member of the Investment Committee. In January 2016
Alice was appointed Managing Director of B.P. Marsh. 
 
In her position as Managing Director, Alice is responsible for the overall performance of the Company and monitoring the
Company's overall progress towards achieving the objectives and goals of the Company, as set by the Board. 
 
Dan Topping is the Chief Investment Officer of B. P. Marsh, having been appointed as a Director in 2011. He joined the
Company in February 2007, following two years at an independent London accountancy practice. Dan is the Senior Executive
with overall responsibility for the portfolio and investment strategy of B.P. Marsh. 
 
Dan graduated from the University of Durham in 2005 and is a member of the Securities and Investment Institute and the
Institute of Chartered Secretaries and Administrators. 
 
Dan is a standing member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director
across the portfolio. 
 
Camilla Kenyon was appointed to the main board in 2011, following her appointment as Head of Investor Relations in 2009.
She has dual responsibilities within the Group, running both Investor Relations and the New Business Department and is
Chair of the New Business Committee evaluating new investment opportunities. She has two nominee directorships across one
investee company and is a member of the Investment Committee. She has over 20 years of experience in the financial services
industry, including Board appointments. She is a Member of the Investor Relations Society. 
 
Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 20 years' experience
in the financial services industry. Jon graduated from the University of Sheffield with an honours degree in Business
Studies and joined the Group in November 1999, following two years at Euler Trade Indemnity and two years at a Chartered
Accountants. Jon is a Member of the Chartered Global Management Accountants, the Chartered Management Accountants and the
Chartered Institute of Securities and Investment. 
 
Jon was appointed a Director of B.P. Marsh & Company Limited in September 2001, and Group Finance Director in December 2003
and was instrumental in the admission of the Group to AIM in February 2006. Jon is a member of the B.P. Marsh Investment
and Valuation Committees and currently serves as a Board Director for Walsingham Motor Insurance Limited, and provides
senior financial support and advice to all companies within the Group's portfolio as well as evaluating new investment
opportunities. 
 
- Ends - 
 
This information is provided by RNS
The company news service from the London Stock Exchange