“Create shareholder value through driving optimal net cash flows, sourcing appropriate funding and treasury services, and being ready for due diligence.’”
Today cash and funding is a scarce and expensive commodity for the great majority of businesses. Only the best “assets” can secure funding at a reasonable price. From cheapest to most expensive, sources of cash are the cash already in the business tied up in working capital and cash floats, then debt finance, finally equity finance. Treasury must make the cash available work as efficiently as possible, minimise transaction costs and manage and hedge as appropriate the treasury exposures of the business. The finance function has a key role to play in speaking the different language of debt and equity financiers and being able to explain the business to them in that language.
I have gained a large amount of exposure to corporate funding. Significant projects have included:
- Re-negotiating banking covenants within 3 months of joining one group, providing adequate headroom for the business development plan investment and implementation
- Delivering refinancing and complex legal restructuring of the business allowing shareholders to extract their initial investment after 3 years
- Implementing a c.EUR 350 million acquisition refinancing of the group carried out in conjunction with the shareholder exit
- Successfully increasing access to precious metals financing by 10% per annum from already high multi-billion USD amount, dealing with some 25 separate banks and metal lending institutions
- Conceiving a new “security concept” offered to metal lenders to provide additional comfort taking into account complex legal co-mingled title issues in multiple jurisdictions
- Raising a group’s first ever “club” financing to fund 80% of the acquisition price of a material acquisition.
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