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NEWS Sign up for the Jersey ultra-marathon


AT 6AM on 6 August 2011, you would expect the majority of people on Jersey to still be in a state of slumber, but entrants of Greenlight: Round The Rock, the Channel Islands first ultra marathon, will be heading off on a 48-mile run around the island. Greenlight: Round The Rock is the brainchild of local runners, Eliot Lincoln and Digby Ellis-Brecknell, who having completed the ITEX walk last year, wanted to organise an event specifically aimed at runners capable of completing the same distance within a set time. With a time limit of 12 hours, and a minimum age of 21 for participants, the event is


targeted at all runners who have had some experience of running long distance and who want to face a new challenge on Jerseys natural terrain. The event also aims to raise money for good causes and has named Headway and Jersey Employment Trust as the two charities being supported in this inaugural year. For more information, or to enter, visit: www.roundtherock.co.uk


Portillo set for awards ceremony


MICHAEL PORTILLO will be the guest speaker at this year’s IoD Jersey Director of the Year Awards. The awards, which are sponsored by Appleby and Jersey Telecom, will be presented at a black tie Gala Dinner on Friday 10 June at the Hotel de France, St Helier, and hosted by Channel Television’s Jess Dunsdon. The winners will automatically be


entered into the Institute of Directors’ flagship event, The Director of the Year Awards UK Final, in London later this year. This event will bring together the winners of the regional awards and will name the UK’s Directors of the Year. Tickets for the Jersey event are £75 and


available to both IoD members and non- members. To book, call 01534 610799 or email jedirector@localdial.com


Acquisition news


KLEINWORT BENSON has agreed a deal to acquire Close Brothers Offshore Group (COG) for a cash consideration of £29.1 million, subject to adjustments by reference to the net asset position of the business at the time of completion. The acquisition comprises COG’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man. The purchase increases the size of Kleinwort Benson’s private wealth assets under management to approximately £7bn. Meanwhile, Société Générale Private Banking Hambros (SGPB Hambros) has


signed an agreement to acquire the private client investment management business of Baring Asset Management Limited based in the UK and Guernsey. The agreement is expected to become effective in May 2011.


10 businesslife.co April/May 2011


Ogier advises refinancing deal


A CROSS-JURISDICTIONAL Ogier team recently acted for Credit Suisse AG, Singapore Branch, in relation to a $1.3bn credit facility refinancing. This was required in connection with the acquisition by Vallar plc (a Jersey-incorporated company listed on the London Stock Exchange) of holdings in PT Bumi Resources Tbk and PT Berau Coal Energy Tbk, two Indonesian mining companies. The acquisition will be treated as a reverse takeover and is intended to create a diversified international mining company.





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