Diamond’s Atlas Mara spent $10m on flotation
Friday 15 August 2014
Bob Diamond’s African financial services venture Atlas Mara spent just over $10m (£6m) raising $325m when the ex-Barclays chief executive made his return to the stock market late last year.
The company, which has already struck but has yet to complete two deals, lost a total of $17.3m between its flotation in November 2013 and last June. Most of the other costs were associated with the planned acquisitions.
The first of these – the takeover of the Botswana based BancABC – is expected to be completed in the next few months at which point Atlas shares, which were suspended in May, will relist. The shares were floated at 10p and were suspended at 11.4p.
The outstanding $306m from the float is almost entirely invested in US government bonds or funds invested in those bonds. That produced investment income of $5,000 but incurred foreign exchange losses of $3,000.
Atlas’ chairman Arnold Ekpe said: “I believe firmly in the company’s strategy of being a “positive disruptive force” in Sub-Saharan African financial services and am excited by the company’s prospects.”
He added that Atlas had “an exciting pipeline of potential additional acquisition opportunities that has been identified.”
Mr Diamond set up Atlas Mara last year with Ashish Thakkar, the 33 year old founder of Mara Group, a $1bn conglomerate with operations in 19 African countries. The pair invested $20m in the venture.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 UK weather: Britain braced for snow as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Bali Nine executions in Indonesia: Death row British grandmother Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...