According to its documentation Arrowgrass specialises in high
risk investments including investing in companies facing administration,
bankruptcy and liquidation. – more later
Arrowgrass Master Fund is registered in the Cayman Islands
tax haven and does not pay UK Taxes. According to a document published in
September 2015 Arrowgrass Master Fund is owned by Arrowgrass Capital Partners LLP which is based
in London. Arrowgrass Capital Partners
LLP is owned by Nicholas Graham Niell. Mr Neill is Arrowgrass’ Chief Investment Officer and owns greater than 50% of Arrowgrass UK.
Mr Neil appears to be
the same the Nicholas Graham Neill who
was until July 2010 a director of a company called Lifescan Limited. Also a
Director of Lifescan Lts at the same time as Mr Neill was Mr John Peter Anthony
Adams who is also currently a director of Sands Heritage Limited along wth Mr
Nick Connington.
The link between a director of Sands Heritage and a director
Arrowgrass
Capital Partners LLP, which is lending Sands £600,000, may be co-incidental,
or perhaps its a case of business pals helping each
other out. But whatever the relationship might be Mr Connington and Mr Adams of Sands Heritage should make an immediate statement about whether or
not they have any financial interests in Arrowgrass Master Fund Ltd or any other related
company as it would be highly improper to be investing a in company which is
rescuing your own struggling company.
Most reasonable people would agree that making a profit by investing in a company which has come to your financial rescuer is not ethical I think they call it a conflict of interest.
Most reasonable people would agree that making a profit by investing in a company which has come to your financial rescuer is not ethical I think they call it a conflict of interest.
The people of Thanet, who have invested at least £7million in
Dreamland, have a right to know if the Dreamland operator, Sands Heritage, is
behaving ethically in its business dealings. A declaration about financial links with Arrowgrass would I am sure put this matter to rest?
UPDATE my colleagues Ed Targett & Louise Oldfield have have advised my that me Nick Connington worked as fund manager for Arrowgrass!
We therefore have a situation whereby the 2 directors of Sands Heritage have very strong connections with the company who's Cayman Island based investment fund in lending them £600,000 to pay off their debts. This is a very unusual situation which much be examined extremely carefully.
UPDATE my colleagues Ed Targett & Louise Oldfield have have advised my that me Nick Connington worked as fund manager for Arrowgrass!
We therefore have a situation whereby the 2 directors of Sands Heritage have very strong connections with the company who's Cayman Island based investment fund in lending them £600,000 to pay off their debts. This is a very unusual situation which much be examined extremely carefully.
more dodgy dealings, well unearthed Ian
ReplyDeleteThe £2.9M debt seems to be wrong. That was the amount they owed at the time they entered the CVA. My understating is under the CVA they run up another £2M of debt and of course they have the £600,000 they owe the Cayman Island company and I would say it is probably they have run up more debt during the administration
ReplyDeleteIt appears they have found no one willing to take on Dreamland which really only leaves the option of liquidating the company. The winners in this appear to be Arrow Grass. Why the administrators approved this deal I do not know. It would be something for the creditors to ask. So the only real asset of Sands goes to the Cayman Island company whilst everyone else will be lucky to get anything with the debts that would appear to be £5.6M
In my view the Dreamland Trust do not come out of this well neither. They seemed to be quick to walk away from the mess once Dreamland collapsed. Quite what the real roll of the Dreamland Trust is now is far from clear. Well give it is now certain to close does it have a role at all. Its Web site is pretty much not updated and almost nothing is heard from them
ReplyDeleteThis whole sorry mess is a prime example of how not to go about a project. In my view they had no proper project plan or time scales or budget and no clue as to what Dreamland was to deliver. No proper market research appeared to have been carried out. Nor did they have any real idea of the target customer. A few ~Roller coaster fans was not going to deliver a viable project. Millions have been wasted because of this. Millions Margate could ill afford to lose