Guinness Asset Management launches Guinness EIS 6 to invest in UK Sustainable Energy companies

Transcription

1 PRESS RELEASE Guinness Asset Management launches Guinness EIS 6 to invest in UK Sustainable Energy companies 7 October Guinness Asset Management announces that Guinness EIS 6 is now open for investment. This is a discretionary managed service that will invest in UK Sustainable Energy companies through the tax-efficient EIS structure. Sustainable Energy Guinness EIS 6 is targeting attractive risk-weighted returns by making investments in UK Sustainable Energy companies which have predictable revenues, low technology risk and low correlation with other asset classes. We have already identified investment opportunities in two hydro companies which have these investment characteristics. Investment opportunities include hydro electric, reserve power, anaerobic digestion and waste heat recovery projects. We aim to deliver returns in excess of 1.50 to investors (including 0.30 EIS Income Tax Relief) net of all fees per 1.00 invested. Strong team Guinness EIS 6 will be managed by the existing team of Shane Gallwey, Edward Guinness, Dr Malcolm King and Hugo Vaux who bring extensive private equity and renewable energy experience and have raised and invested Guinness existing EIS offerings. They are supported by an Investment Committee that complements the team with the experience of Tim Guinness, Andrew Martin Smith, Tom Hill-Norton and Lord Flight, Chairman of the EIS Association. Exciting pipeline Shane Gallwey, Fund Manager commented on Guinness EIS 6: We continue to see good investment opportunities in the small-scale renewables sector. Our pipeline is underpinned by two excellent hydro projects of 1MW and 2MW that are ready for construction. 1

2 Diversification and low correlation with equity markets Edward Guinness, Fund Manager said: - Ends - We are seeing many investors making EIS investments as a means of diversifying their portfolios, generating returns with low correlations to the equity markets and making investments that have attractive returns and tax benefits. For further information please contact: Shane Gallwey / Edward Guinness Tel: shane.gallwey@guinnessfunds.com Guinness Asset Management 2

3 Notes to Editors Background Enterprise Investment Scheme ( EIS ) The EIS benefits for investors are well documented, and include:- 30% Income Tax Relief No Capital Gains Tax CGT Deferral Relief No Inheritance Tax Loss relief Structure Target Fund Size: 10 million Minimum Individual Investment: 10,000 Closing Dates: first close on 31 December 2014; second close on 3 April 2015; final close on 30 June 2015 Expected Life of Fund: 4 to 5 years Biographies Shane Gallwey CFA Shane Gallwey has launched, advised, invested in and sold a large number of EIS businesses as both principal and financial adviser. He spent six years at HSBC Investment Bank, where he worked in both Specialised Finance and Corporate Finance, with a focus on advising growth companies. Following that he worked with Trafalgar Financial Futures before becoming a director at Northland Capital Partners, where his key focus was advising growth companies on capital structuring, with an emphasis on tax-efficient funding through EIS and VCT for a range of small to mid size technology and alternative energy companies. Shane holds an MA (Hons) from the University of Edinburgh, and is a CFA Charterholder. 3

4 Edward Guinness Edward Guinness is co-manager of the Guinness Alternative Energy Fund, having joined Guinness in January Prior to joining Guinness Asset Management, Edward worked from 2003 as a merger arbitrage analyst for the Arbitrage Associates Fund at the Tiedemann Investment Group in New York. In 1998 he joined HSBC Investment Bank, where he worked in the Corporate Finance Department in the Energy & Utilities Team and in the Telecoms & Technology Team. Edward Graduated from Cambridge University with a Master's degree in Engineering and Management Studies. Tim Guinness As founder and Chief Investment Officer of Guinness Atkinson Funds in the US and of Guinness Asset Management in the UK, Tim Guinness is a logic-based value investor with nearly 35 years of experience. From 1999 to November 2002, he was Joint Chairman of Guinness Flight Global Asset Management Ltd. (which merged with Investec in 1998), and was the CEO from 1997 to Tim graduated from Cambridge University with a degree in engineering. He then completed a Master's Degree in Management Science at the Sloan School M.I.T. in the United States. Tom Hill-Norton Tom Hill-Norton is the CFO of Belltown Power Limited, a UK renewable energy power company. Tom has been a private equity investor in renewable energy projects since 2006, involved in solar, wind, hydroelectric and landfill gas projects in the UK and in emerging markets. Tom assisted in launching the Guinness EIS business and helped make the first three investments in solar project companies. Tom is on the Guinness EIS Investment Committee and sits on the boards of Redan Power, Spire Energy and Electric Avenue. Tom has an MBA from INSEAD and an MA (Hons) from the University of Edinburgh. Andrew Martin Smith Andrew Martin Smith began his career at Hambros Bank in 1975 as a graduate from Oxford University. He has over 30 years experience in the financial services industry and currently 4

5 works on private equity related matters with Guinness Asset Management. He is Chairman of Parmenion Capital Management and a Director of other investment related companies including Church House Trust PLC, Runciman Investments, and Atlantis Japan Growth and M&G High Income investment trusts. Andrew has spent the last 15 years specifically involved in the fund management industry firstly as Chief Executive of Hambros Fund Management. He joined Berkshire Capital Securities after Hambros' successor fund management interests were acquired by Investec. Lord Flight Lord Flight was the co-founder of Guinness Flight, a highly successful Fund manager which merged with Investec in From 1997 to 2005 he served as a member of parliament and as a member of the Conservative opposition shadow treasury team. He is currently the director of businesses with over 10bn of funds under management. Lord Flight is Chairman of the EIS Association and a director of Flight and Partners, which manages the Flight & Partners Recovery Fund. Guinness Asset Management Limited Guinness Asset Management Limited is a London-based specialist fund management company that is recognised as being a leader in energy investing. Together with its US sister company, Guinness Atkinson Asset Management Inc, the firm currently manages US$1 billion. Guinness Asset Management manages EIS portfolios for a large number of clients invested across renewable energy companies. The firm also runs seven quoted funds focusing on global long only equity investing. The Guinness range of quoted funds includes The Guinness Global Energy Fund, the Guinness Alternative Energy Fund, the Guinness Global Equity Income Fund and the Guinness Global Money Managers Fund. Tim Guinness founded the company in 2003 following the acquisition of previous business, Guinness Flight Global Asset Management, by Investec Asset Management. Guinness Asset Management Limited and Guinness Atkinson Asset Management Limited are authorised and regulated by the Financial Conduct Authority. Guinness Atkinson Asset Management Inc is regulated by the SEC. 5