EIP buys GlobalCapital shares from Aberdeen

One of GlobalCapital's shareholders, Aberdeen, has completed a transaction to dispose its entire shareholding to EIP p.l.c.

As a result of this transaction, EIP p.l.c. now holds 8.93% shareholding in GlobalCapital p.l.c.

EIP p.l.c. is owned by Prof. Paolo Catalfamo, who has a long career in asset management and private banking, and is now chairman of GlobalCapital since the resignation of Mauritian owner Dawood Rawat after he was investigated over Ponzi scheme accusations in Mauritius.

Catalfamo was appointed chairman of GlobalCapital p.l.c with new board directorss Joseph del Raso, Luigi LaFerla, Prof. Andrea Gemma, Christopher J. Pace, Joseph Schembri and Reuben Zammit (executive director and serving CEO).

EIP has committed itself to acquire a shareholding in GlobalCapital p.l.c. and to support the company in any capital increases of up to €15 million in time for a bond redemption of €16 million in 2016.

The transaction completed between Aberdeen and EIP p.l.c. fulfils the first objective while the second objective, that of a capital increase for the company, is being addressed by the new board.

Catalfamo expressed his satisfaction that the transaction between EIP p.l.c. and Aberdeen was completed successfully. “This transaction represents the first important step towards implementing our vision for GlobalCapital. The Board of Directors is now focused on our second important step, that of ensuring adequate capital for the Company.

"We are committed to place GlobalCapital on strong and sustainable long-term financial pillars. We are very pleased with the results of the aggressive transformation strategy implemented by the CEO together with the management team and we are equally pleased to note that GlobalCapital has returned to profit territory for the first time in the last seven years. We are very exited about the future of the Company,” added Prof Catalfamo.

MFSA lifts suspension of listing and trading in GlobalCapital securities

In an announcement published on the Malta Stock Exchange on 24 September 2015, the Listing Authority said that it considered the publication of the company’s approved annual financial statements for the year ending 31 December 2014, the interim directors report for the period ended 30 June 2015 and the Company’s announcement updating the market on the position of the shareholding of BAI Co. (Mtius.) Limited in the Company.

Earlier this year, GlobalCapital p.l.c. reported that a positive trend that started for the company in the second half of 2014 had been sustained throughout the first six months of 2015 as thegGroup’s operations remained in positive territory for two consecutive reporting periods covering twelve months.

The company’s interim report for the first six months of 2015 announced a profit before taxation of €1,176,197 compared to a loss of €966,897 for the same period in 2014. The group had also announced a profit after taxation of €222,671 for the financial year ending in 2014, marking the Group’s return to profit territory for the first time in the last seven years.

Profit for the first half of 2015 represents earnings per share of 3c7 compared to a loss per share of 7c8 for the January-June 2014 period. 

The group has credited its encouraging financial turnaround as a result of an aggressive transformation strategy that kicked off in the second six months of 2014 by a new management team led by CEO Reuben Zammit.