Geo Genesis Group has more than doubled its stake in Open Cap Brazil, the advisory and investment company announced Monday.
Geo Genesis has raised its share from 20% to 51% by acquiring the shares held by Chilly Hill Investments, an entity owned by Philippe Allain who is a former director of the company.
Shares of the company's portfolio were transferred at a total aggregate value not exceeding £50,000.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
The firm has also issued 5.3m new ordinary shares at 1p each in lieu of fees owned by the company for services rendered.
Non-Executive Chairman Marc S. Koplik will receive one million shares increasing his holdings to 3.36m, which represent 4.45% of the issued share capital.
Finance Director Philip Connor III will increase his holdings to 10m with the issue of two million, representing 13.31% of the issued share capital.
Chief Executive Officer Roger Bendelac will raise his stake to 9.3m, 12.4% of the issued share capital, through the acquisition of two million shares.
Managing Director of the Executive Committee, Jan Pannemann, will increase his shares 300,000 to 2.6m, 3.45% of the issued share capital.
The board said the company has 75,50m ordinary shares in issue carrying voting rights, in accordance with the FSA's Disclosure and Transparency Rules.
The shares will be settled on January 2nd 2013 following the annual general meeting.
The company has also appointed Gabriel Fysh as Senior Adviser to the company's advisory board.
Fysh started his career managing two five-star hotels in New York City before joining boutique M&A firm, Startbank, specialising in mortgage and retail banks.
He was also Chief Executive Officer of Octant Capital Africa, a subsidiary of Octant Holdings, overseeing transactions in Africa and the Middle East in industries including energy, infrastructure, agriculture, shipping and green energy.
Geo Genesis CEO Roger Bendelac, said: "I am delighted to be working with Gabriel, who has extensive experience in the financial sector having overseen numerous successful transactions both in the USA, as well emerging markets such as Africa and the Middle East."
December 2023 NS&I Premium Bond winners - check now to see what you’ve won
If you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
By Vaishali Varu Published
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
By Dr Matthew Partridge Published