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Hamilton Securities ("HamSec") was established to provide investors with exposure to distressed debt and equity securities, and other illiquid securities whose value might be expected to improve over time.
In particular, the directors believe that significant opportunities exist for the company to acquire unlisted securities and interests in managed investment schemes by offering to exchange HamSec shares for those securities and interests. This would afford the holders of those interests the opportunity to exchange an unlisted investment for a listed one.
HamSec plans to limit its portfolio to not more than 10 securities, although initially the portfolio may be made up of a single security if a suitable security can be identified.
The company will target securities where it believes the mix of skills and experience of the directors (click here for director biographies) will enable it to add significant value for all stakeholders, including HamSec shareholders. The securities are likely to be complex, and the companies to which they relate distressed.
Each director will be responsible for identifying investment opportunities, and this will be facilitated through their roles in stockbroking and investment management.
Much of the quantitative analysis will be undertaken by Fred Woollard, capitalizing on his experience managing investment funds, particularly those invested in complex securities. The approach, particularly in terms of forming views of value and deal structuring, will use the mergers and acquisition, corporate finance and accounting experience of Steven Pritchard and Giles Craig. Gordon Elkington will bring strong legal capacity and a history of enhancing value for shareholders.
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