would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc.. 
Home
Jaffna's St.Patrick College Old Boy Alexis Indrajit Lovell is now titled as the worst Deal Maker in the country who bought the worst deal to kill retailer market sentiment in Sri Lanka after post war market boom; bringing large benefits to others where as investment general pubic will have to bear the loss after share dilutes.
Accordingly when Union Bank's share was rising as high as Rs.24 per share Alex Lovell who is also the Chairman of the Bank through his deal making skills bought US based TPG Capital owned TPG Asia VI's Cayman Island registered investment arm Culture Financial Holdings Ltd to buy a 75% stake of Union Bank just at Rs.15.30 per share whilst Sri Lanka's Regulator just halted the share trading of the bank few minutes before the announcement came when share was trading exorbitantly high as Rs.23 and Rs.24 per share levels.
Further Culture Holdings will thus receive 742.156,249 shares at Rs.15.30 via private placement and through special approval from Central Bank of Sri Lanka to keep the investment of 75% for next fifteen years and cut it back to 15% by after some time.Further Culture Holdings also receive 30 cents per valued Warrants of Union Bank amounting to 218,281,250 Warrants that has to be exercised and converted to normal shares of bank at Rs.16 per share after six years time from 2014 August.
The controversial question remains whilst public holding of the bank is 63.79% to date (as at date of announcement on 14th August 2014) now the many investing Genera Public will lose money who bought the share at Rs.23-24 levels recent times and even people who bought the share at Rs.42 to Rs.44 levels on the first day when Union Bank started trading on Colombo Stock Exchange (CSE) for next 15 years.
It is because since though 68% is bought via private placement at Rs.15 though TPG lead Cultutre Financial Holdings offer a Mandatory Offer to exceed their stake to 75% of Union Bank they will not buy the share at Rs.18-Rs.24 levels since they have got many shares at Rs.15 that would last for next 15 years and by this way TPG Capital and Alex Lovell consortium will shed Union Bank shares to Sri Lankan General Public at Rs.23-25 levels for next fifteen years at a profit.
Some say Alex Lovell is also a major shareholder of Culture Financial Holdings along with TPG Asia VI and he benefits largely from the deal.
Accordingly when Union Bank's share was rising as high as Rs.24 per share Alex Lovell who is also the Chairman of the Bank through his deal making skills bought US based TPG Capital owned TPG Asia VI's Cayman Island registered investment arm Culture Financial Holdings Ltd to buy a 75% stake of Union Bank just at Rs.15.30 per share whilst Sri Lanka's Regulator just halted the share trading of the bank few minutes before the announcement came when share was trading exorbitantly high as Rs.23 and Rs.24 per share levels.
Further Culture Holdings will thus receive 742.156,249 shares at Rs.15.30 via private placement and through special approval from Central Bank of Sri Lanka to keep the investment of 75% for next fifteen years and cut it back to 15% by after some time.Further Culture Holdings also receive 30 cents per valued Warrants of Union Bank amounting to 218,281,250 Warrants that has to be exercised and converted to normal shares of bank at Rs.16 per share after six years time from 2014 August.
The controversial question remains whilst public holding of the bank is 63.79% to date (as at date of announcement on 14th August 2014) now the many investing Genera Public will lose money who bought the share at Rs.23-24 levels recent times and even people who bought the share at Rs.42 to Rs.44 levels on the first day when Union Bank started trading on Colombo Stock Exchange (CSE) for next 15 years.
It is because since though 68% is bought via private placement at Rs.15 though TPG lead Cultutre Financial Holdings offer a Mandatory Offer to exceed their stake to 75% of Union Bank they will not buy the share at Rs.18-Rs.24 levels since they have got many shares at Rs.15 that would last for next 15 years and by this way TPG Capital and Alex Lovell consortium will shed Union Bank shares to Sri Lankan General Public at Rs.23-25 levels for next fifteen years at a profit.
Some say Alex Lovell is also a major shareholder of Culture Financial Holdings along with TPG Asia VI and he benefits largely from the deal.
