 |
|
South Africa
Pharmaceutical Products Manufacturer
EA is providing capital raising and financial structuring advice to restructure and re-capitalize a pharmaceutical products manufacturer. The transaction includes raising of R2 Million in equity and debt and the introduction of strategic Black Empowerment investors.
The company manufactures sterile, intravenous and renal solutions for sale and distribution to the medical industry in South Africa. The solutions are produced in a patented manufacturing process at a plant in the Johannesburg area. Once derived, the solutions are packaged into typical IV bags or plastic bottle containers of various sizes\volumes. The majority of sales are to public hospitals under the terms of contracts awarded by the State Tender Board. Other customers include private hospitals and contract manufacturing for a competitor. The company was recently awarded a one-year contract valued at R10 Million to produce a bottled sterile wash solution and an intravenous solution in 200 ml bags. This contract follows-on a previous State Tender Board contract for similar products sold to Government hospitals, but with a 40% price increase.
|
| |
|
South Africa
Food Company - Management MBO Fund Raising Assignment
Placement agent services to the management team for a $2.0 million MBO of the snacks division of an SA conglomerate. Placement agent services include 1) preparation of a private placement memorandum representing managements MBO to interested lenders and/or investors; 2) actively sourcing and raising $2.0 million from prospective third parties; 3) creating a competitive bid process between lenders and/or investors for the transaction; 4) negotiating the terms and conditions of the debt and/or equity; and 5) reviewing legal documentation and negotiating terms of relevant legal clauses on behalf of management.
|
| |
|
South Africa
Paper Company - Expansion Capital Fund Raising Assignment
Placement agent services for a R5 million secured working capital facility and term loan for a rapidly expanding paper company operating in the Western Cape, targeting the widest section of the population in SA. The proposed funding assists the company to acquire additional equipment to complete the installation of a tissue production plant. The production plant allows the paper company to substantially reduce its monthly production cost of paper per ton, double its current monthly production, enabling the paper company to capture additional market share and reducing competition from entering its market.
|
| |
|
South Africa
Financial Services Company - Fund Raising Assignments
Placement agent services for a $20 million guarantee for a fast growing SA financial services company providing credit and related products to the widest section of the population in SA. The guarantee provides 50% protection to lenders and allows the financial services company to access $40 million in funding for one of its fastest growing subsidiaries that provides bridging loan finance to the emerging construction industry on a national basis. The guarantee allows the subsidiary to triple the size of the business in the next 1.5 years, lower its funding cost, gradually improve its credit rating, move subsidiary toward stand-alone financing in the future and achieve nationwide support for emerging contractors.
|
| |
|
|
|
South Africa
Transportation Company - Acquisition Advisory Assignment
Financial advisor services to a transportation company making a $3.5 million acquisition of an existing bus transportation company sold under a competitive bid. The acquisition of the bus transportation company expands its existing business twice over through the vertical integration of the current operation. EA advisor services includes advice on the valuation, recommended purchase price, payment terms and conditions, and legal agreements to assist management with the successful bid and completion of the proposed acquisition.
|
| |
|
South Africa
Food Company - Management MBO Assignment
Financial advisor services to the management team for a $2.0 million buyout of the snacks division of an SA conglomerate. The SA conglomerate embarked on an aggressive growth strategy through acquisition. The strategy compromised the over-payment of targeted assets, which resulted in poor operating results. EA advisor services include advice and assistance to management with the proposed MBO by: 1) representing management in discussions and negotiations with the seller for the purchase of the division; 2) determining an appropriate valuation for the business; 3) determining an appropriate capital structure for the business; and 4) guiding management on lenders and investor issues regarding management ownership rights and appropriate incentives.
|
| |
|
|
|
Botswana
Evaluation of Botswana Private Enterprise Development Program (BPED)
Eccles Associates performed an independent evaluation of the Botswana Enterprise Development project, examining the projects design, implementation, and management in relation to outputs.
· An Institutional Development Specialist reviewed the implementing entities in terms of their contributions to the project objectives and in terms of institutional capability, development, and sustainability.
· An Evaluation Specialist addressed the issues of project design and management and assessed the implementation and management effectiveness of contractor and monitoring tools.
· A Private Sector Development Specialist examined the effectiveness and progress of training and evaluated the enabling environment for increased private enterprise investment and enterprise growth in various economic sectors and sub-sectors.
|
| |
|
South Africa
Equity Access Systems
Eccles Associates currently provides historically-disadvantaged SMEs with investment advisory services. Eccles Associates and its local consortium partners provide those qualified client businesses with transaction-specific assistance in investment banking and/or venture capital-type activities. The assistance provided under the contract is designed to: (i) bring SMEs to the bankable stage by making them attractive candidates for venture capital investment and/or loan financing; and (ii) assist the SMEs in sustainable development after the financial transactions have been completed by providing marketing, managerial and technical support.
|
| |
|
South Africa
Commercialization of Indigenous Goats
For the Agricultural Research Council, Eccles Associates completed a feasibility study for commercialization of indigenous goats in South Africa. A team of agricultural economists and market research specialists compiled and analyzed market information, reported on the institutional structure of the market, and assessed the consumer market potential for goat products.
|
| |
|
The Gambia
The Central Bank of the Gambia; Implementation of Supervisory Methodologies
Eccles Associates provided technical assistance to the Central Bank of The Gambia in implementing supervisory methodologies as part of a program to improve banking supervision. The bank regulatory expert reviewed legislative reforms for the development of banking supervision by the Central Bank and more clearly defining the roles and powers of the Central Bank -- The Financial Institutions Act, 1992 and The Central Bank of The Gambia Act, 1992. Also reviewed the regulatory reporting requirements and assessed the effectiveness of the new banking oversight methods.
• Recommended, earned approval by the Central Bank, and implemented a new supervisory approach. The concept is known as on-going supervision and integrates on-site and off-site activities, the extent of supervision provided to each bank is based upon the risks perceived in the institution.
• Trained staff in the methodology and incorporated methodology into a manual -- Handbook for Banking Supervision. Outlined future training requirements.
• Recommended action plan for institutionalizing banking supervisory practices.
|
| |
|
|
|
Guinea Bissau
Economic Formulation of Customary Commercial & Business Laws
Eccles Associates provided economic and legal reform consulting services to complete an analysis of customary laws and their impact on commercial transactions and economic issues. EA mobilized a team consisting of a legal expert and anthropologists to complete an analysis of the relationships between customary and modern commercial laws and legal systems and recommended how best to relate the two practices. The team also evaluated commercial laws, taking account of potential cultural impacts.
|
| |
|
Mozambique
Conversion of Bilateral Debt
Under a World Bank sponsored project, Eccles Associates undertook a review of Mozambique's bilateral debt and suggested a strategy for viable debt reduction.
|
| |
|
Niger
Niger Economic Policy Reform Program
Eccles Associates mobilized advisors to gather critical information on the impact of certain economic policy reforms. Assisted the Government of Niger to disseminate information that aims to encourage agro-pastoral exports -- reviewed plans for publicity campaigns, advised USAID on options for local contracting for the implementation, and prepared documentation for audio and visual presentations. Completed economic impact surveys for farmers, cooperatives, and agriculture traders. Advised USAID on the implementation of a workshop for onion producers. Analyzed a study of the Transportation Sector, assessing if regulations and procedures were adequately established, and the level of regulatory support from the Government of Niger.
|
| |
|
|
|
Ghana
Stock Exchange Feasibility Study
The project team examined the potential supply and demand for securities in the context of the need for establishment of a stock exchange. In its study, the team commented on legal, tax, accounting and other regulatory changes needed to permit effective functioning of an exchange and presented recommendations regarding the institutional framework.
|
| |
|
Kenya
Banking Seminar
As part of the Rural Private Enterprise Project, Eccles Associates conducted a two-day seminar on term lending for approximately 40 Kenyan bankers, stock brokers and private sector representatives. Eccles Associates made presentations on the experience of term lending in other developing countries and discussed sources of term funds for lending, i.e., commercial paper and rediscounting facility.
|
| |
|
Madagascar
Financial Market Development
Eccles Associates provided technical assistance and training to the Central Bank of Madagascar to support design and implementation of a non-inflationary market-based monetary policy. In addition, EA provided financial and management advisory services to the Caisse d'Epargne de Madagascar (a national savings bank) to support expansion and improvement of its operations in providing low-income households with safe, reliable, convenient and remunerative forms of financial savings.
The Central Bank component focused on the establishment of a Research Department and human resource development. The Caisse d'Epargne (CEM) component consisted of revitalizing the bank's operations through automating management systems and expanding the banks business and products, while proposing means of restructuring the banks organization, and preparing management and staff for the institutions privatization. Through discussions at the government and senior bank management levels and follow-up in-depth reports, EA financial experts:
· Developed a marketing plan for CEM and prepared the bank for new product introductions
· Developed a training plan for CEM
· Negotiated with bank regulators the steps for bank privatization
· Created an Action Plan in anticipation of privatization
· Analyzed and reported on the potential for creating a secondary market of Treasury Bills.
|
| |
|
Malawi
Indefund Participation in Capital Markets
Eccles Associates conducted a review for USAID of the financial and capital markets in Malawi with a view to determine the extent to which an existing, local financial institution could begin to fund itself in the local market and successfully lend to small and medium sized businesses (SMEs). The advisory team suggested market based sources of local funding which had previously been ignored by the financial institution because of the availability of donor funding and recommended a three year strategy for the local institution to achieve its desired objective, including utilizing a venture capital vehicle in the absence of donor funding.
|
| |
|
South Africa
Equity Access Systems
Eccles Associates currently provides historically-disadvantaged SMEs with investment advisory services. Eccles Associates and its local consortium partners provide those qualified client businesses with transaction-specific assistance in investment banking and/or venture capital-type activities. The assistance provided under the contract is designed to: (i) bring SMEs to the bankable stage by making them attractive candidates for venture capital investment and/or loan financing; and (ii) assist the SMEs in sustainable development after the financial transactions have been completed by providing marketing, managerial and technical support.
|
| |
|
Southern Africa Region
SADC Regionalization of Equity Markets
Eccles Associates provided the services of an expert in stock market clearing and settlement procedures. EA's advisor analyzed the current status of stock exchanges in South Africa, Zimbabwe, and Zambia. The expert analysis concentrated on clearing and settlement issues including trading rules and systems; exchange rules; the role of physical securities versus book entry; central depository; role of registrars and transfer agents; compliance of G-30 recommendations; and further development plans for the exchanges.
|
| |
|
The Gambia
The Central Bank of the Gambia; Implementation of Supervisory Methodologies
Eccles Associates provided technical assistance to the Central Bank of The Gambia in implementing supervisory methodologies as part of a program to improve banking supervision. The bank regulatory expert reviewed legislative reforms for the development of banking supervision by the Central Bank and more clearly defining the roles and powers of the Central Bank -- The Financial Institutions Act, 1992 and The Central Bank of The Gambia Act, 1992. Also reviewed the regulatory reporting requirements and assessed the effectiveness of the new banking oversight methods.
· Recommended, earned approval by the Central Bank, and implemented a new supervisory approach. The concept is known as on-going supervision and integrates on-site and off-site activities, the extent of supervision provided to each bank is based upon the risks perceived in the institution.
· Trained staff in the methodology and incorporated methodology into a manual -- Handbook for Banking Supervision. Outlined future training requirements.
· Recommended action plan for institutionalizing banking supervisory practices.
|
| |
|
|
|
Gabon
Feasibility Study and Implementation of Privatization Program
Eccles Associates contracted with the World Bank to study the feasibility of the Government of Gabons strategy to divest the Governments 10% ownership in over 80 companies. Eccles Associates team of advisors assessed various privatization alternatives, considering the objectives to (i) broaden the ownership base with the maximum participation of the general population in the privatization process and (ii) implement a divestiture program that contributes to the future development of the financial market.
|
| |
|
Gabon
Feasibility Study and Implementation of Privatization Program
Eccles Associates contracted with the World Bank to study the feasibility of the Government of Gabons strategy to divest the Governments 10% ownership in over 80 companies. Eccles Associates team of advisors assessed various privatization alternatives, considering the objectives to (i) broaden the ownership base with the maximum participation of the general population in the privatization process and (ii) implement a divestiture program that contributes to the future development of the financial market.
|
| |
|
Zambia
Zambian Privatization Support Project
Eccles Associates was a key part of the consortium supporting the Zambia Privatization Agency by providing technical assistance and in-country training support for the Government of the Republic of Zambias initiative to plan and implement the privatization (divesture) of state-owned enterprises. An Eccles Associates finance specialist provided technical advice to the ZPA on mode of sale; valuation methodologies; privatization, flotation, and negotiation strategies; and setting privatization timetables for designated companies.
|
| |
|
Zambia
Zambian Privatization Interim Advisors
An Eccles Associates' corporate finance specialist served as technical advisor to the Zambian Privatization Agency's company negotiation team and was responsible for assisting to define negotiation strategy, to ensure that privatization guidelines were effectively communicated, understood, and implemented and for facilitating the privatization process so that set goals were accomplished. The specialist successfully developed negotiating strategies, established value ranges for parastatal companies to be privatized, derived starting price and floor price for negotiations with minority shareholders, calculated starting price per share and floor price per share, presented negotiation strategy alternatives to the ZPA negotiation team, devised employee discount per share pricing schemes to promote employee participation, and assured broadest public ownership through application of public floatation strategies.
|
| |
|
|
|
Tanzania
Regional Telephone Operations
Eccles Associates performed an assessment of the legal, regulatory, and economic framework of the Tanzanian Telecommunications Sector to determine the basic market and competitive requirements for the Tanzania Telecommunications Commission to expand telecommunications services.
· Analyzed the legal framework and the regulatory and economic environment relative to the promotion of private telecommunications ventures.
· Completed a commercial viability assessment which served as the basis for advising USAID to develop an alternate strategy to increase private enterprise participation in the sector. Advised the Government on approach and concept for rapid expansion of quality telephone service in Tanzania.
· Designed a new project concept for USAID, detailing the approach and benchmarks for program implementation. Produced a draft RFP document for use in a telecommunication service and license tender.
|
| |
|
Zambia
Regional Telecommunications Restructuring Program, Zambia Component
Tendering/Negotiations/Licensing Cellular Operations
Eccles Associates provided technical consultancy services in support of a transparent, fair, and open cellular tender and subsequent licensing system. The project involved the evaluation of the tender package and facilitation of the Government of the Republic of Zambia's (GRZ) responses to bidder questions during the tender period; establishment of a fair evaluation system; and facilitation of negotiations between the GRZ's Communications Authority and potential operators to support rapid licensing. In addition, EA's team of technical specialists advised the Communications Authority on the establishment of timing and fees for licensing, and determination of appropriate monitoring mechanisms for licensee performance.
|
| |
|
Zambia
Zambia Telecomm. Policy Study
Eccles Associates assisted the Government of the Republic of Zambia to develop a telecommunications sector policy, and to provide advice to the Ministry of Communications. The assignment involved analyzing the current structure and performance of the telecommunications sector and reviewing proposed regulations as they relate to such areas as: competition, investment, private and public participation, service quality, provision of rural services, equipment standards and local manufacturing.
|
| |
|
|
|
Art by: Dumisani Sibisi |
