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Senior executives have bought minority shareholdings in subsidiaries engaged in the stockbroking and corporate adviser activities (20.3%) and the private client investment management business (27.1%), providing incentive and alignment with external shareholders in the group.In the years prior to 2015 the minority share of post-tax profits fluctuated significantly but averaged 22% in the eight years to 2014.Subsequently, a restructuring fully demerged Puma Brandenburg (now unlisted) from a new holding company, which was listed on AIM in 2010, and this is the existing listed entity.
Shore Capital is appointed as broker/joint broker to over 64 companies and, within this number, as Nomad (nominated adviser for AIM-listed companies) to 25 companies.
Selected transactions and appointments since the beginning of 2015 are presented in Exhibit 4, giving a flavour of the variety of mandates that have been won and the breadth of the Capital Markets network.
The group’s own entrepreneurial approach is illustrated by its involvement with and investment in a range of businesses including technology, hotel and property companies.
This has included the establishment and subsequent acquisition of Puma Brandenburg to allow it to realise the potential of its investments.
Like a successful merchant bank, opportunistic investments have periodically provided supernormal profits, while asset management provides a growing stream of recurring earnings.
Balance-sheet strength dampens near-term returns on equity, but increases resilience and provides the means to seize further opportunities.There are different drivers for each division and this provides a measure of diversification that is helpful in periods of market volatility.Since its formation in 1985, Shore Capital has had an entrepreneurial approach, which is evident in the range of on-balance sheet investments that have significantly enhanced NAV total returns for shareholders.The acquisition of Puma Brandenburg led to a one-off profit of £63.1m arising from the fair valuation of the assets acquired.This made a substantial contribution to a compound growth in the group’s net assets per share plus dividends of 28% between 1 January 2000 and 31 December 2015 (this calculation includes the end September 2015 NAV of the holding in Puma Brandenburg, demerged in 2010).In 2015 the minority share rose to 28%, reflecting the profit realised on the sale of radio spectrum licences (see below).Traded on AIM from 2000 and admitted to the Official List in 2001, the group rejoined AIM in 2009 at the time it acquired Puma Brandenburg, a residential and commercial property business investing in Germany.Details of board members, including the non-executive directors James Rosenwald III and Dr Zvi Marom, are given on page 13.This business has three components: market making, research-led broking and corporate finance.Shore Capital Group is an independent investment group with three main areas of business: Capital Markets, Asset Management and Principal Finance (on-balance sheet investments).It has offices in Guernsey, London, Liverpool, Edinburgh and Berlin and has c 130 staff serving over 60 corporate broking clients.