- Created: Wednesday, 31 January 2018 05:23
- Written by Nasdaq GlobeNewswire
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NEW YORK, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Milost Global Inc. (“Milost”) announced today that its Board has appointed Mr. Kim Freeman as the new leader and Chief Executive Officer effective from February 1, 2018. Kim will be based in New York and he will report to the Board of Directors of Milost Global Inc. Kim is taking over from the founding partner and current CEO, MJ Gwadiso. Mr Gwadiso has stepped down from the position as CEO of Milost in December 2017 and will also be stepping down as a member of the Board at the end of March.
Mr. Freeman is currently Partner & Managing Director of Mining at Milost Global Inc, where he is responsible for the global mining portfolio of Milost. In connection with Mr. Freeman's appointment as Chief Executive Officer, the Firm and Mr. Freeman entered into an Employment Agreement dated as of December 12, 2017 (the "Employment Agreement"). The Employment Agreement includes the following material terms:
An initial term of months, followed by automatic renewals for successive 12-month periods unless 60 days' prior written notice of non-renewal is provided.
Compensation: Mr. Freeman's total annual compensation will be $50, 150, 000. 00 and Solly Asibey, the incoming Chief Investment Officer’s total annual compensation is $30, 120, 000.00
Milestone Bonuses: For each of the fiscal years ending March 31, 2019, 2020, 2021 and 2022, the milestone bonus earned is based on the operating margin achieved by the Company in that fiscal year compared to the relevant target operating margin set forth below. For these purposes, operating margin is defined as operating income before income taxes divided by interest and fee income on finance receivables, adjusted in the sole discretion of the Compensation Committee, including without limitation for the following items: 1) changes resulting from a FASB Accounting Pronouncement, 2) dividends, 3) gain on sale and 4) provision for credit losses if less than charge-offs. The target operating margins are as follows:
|Fiscal year ending March 31, 2019||7.50 %|
|Fiscal year ending March 31, 2020||12.50 %|
|Fiscal year ending March 31, 2021||20.00 %|
|Fiscal year ending March 31, 2022||30.00 %|
- Created: Tuesday, 30 January 2018 06:11
- Written by Nasdaq GlobeNewswire
- Hits: 149
Mr. Asibey is currently Senior Partner & President of Milost Global Africa operations. Milost is currently searching for his replacement, someone that will fill his current position as President of Africa operations at Milost.
Commenting on the CIO changes, Mandla J. Gwadiso said: “The fact that we are able to fill this role from within demonstrates the high quality of talent here at Milost. Jim has been a valuable asset to me and while we will certainly miss his astute advice and wish him all the best in his well-deserved endeavours, we are pleased that Solly is willing and able to step into the CIO role. We are confident that with his extensive experience Solly will transition smoothly into the role and provide strategic investment insight and guidance to our Leadership Team.”
Egerton Forster, Senior Partner & Chairman of the Milost Board of Directors, also stated, “I am confident that Solly will make a good CIO. Not only is he equipped with practical knowledge, but with wisdom as well. A substantial concern lacking synergy has already been avoided with Solly being a current member of Milost management team. All and all, he will hit the ground running and will be very productive.”
- Created: Tuesday, 19 December 2017 11:51
- Written by Super User
- Hits: 201
VICTORIA ISLAND, Nigeria, Dec. 19, 2017 -- Femab Properties Limited, a Nigerian based Real Estate development & Investment company, announced today that the Company has received the proceeds of the initial drawdown to a total tune of $10 million, the same is the result of the financing agreement that Femab signed with Milost Global Inc under the MESA Fund 1 for a facility of $500 million. The transaction was advised by Palewater Advisory Group Inc and Mayo BV.
Abiodun Aguda, CEO of Femab, stated, “This initial draw down is a confirmation of the Milost Global Inc. commitment to investment in Nigeria being the largest and most vibrant economy in Africa and reposed belief in the vision of Femab Properties. The funds will immediately be deployed to the completion of the ongoing projects and also to set up IT sophisticated infrastructure in order to drive our real estate solution which we have decided to take to the academic environment by delivering comfortable accommodation to students in tertiary institutions with a view to growing shareholder value. Our profound and sincere appreciation goes to our Financial Advisor, Mr Femi Bello, the CEO of MAYO BV and Palewater Advisory Group Inc Johannesburg Office for this epoch making and historical transaction.”
CFO of Femab, Adeyemi Gafar, stated, “With this drawdown, Femab Properties will set the pace in African real estate and infrastructural sector, we are poised to redefine the industry. With the support of Milost Global, our long vision of being a household name and a dominant force in the real estate industry has surely been solidified. The contribution of real estate sector to the economic growth of Nigeria and Africa in general would improve significantly. The fund would help significantly in fast-tracking some of the ongoing developments and bring superlative earnings to all stakeholders."
- Created: Thursday, 14 December 2017 20:47
- Written by Nasdaq GlobeNewswire
- Hits: 300
VICTORIA ISLAND, Nigeria, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Primewaterview Limited (www.primewaterviewng.com), a Nigerian based Real Estate development & holding company, announced today that the Company has received a portion of the first drawdown of $1.2 million from the $2-billion financing facility previously committed by Milost Global Inc., a U.S. private equity firm, and expects to receive additional funds from Milost Global Inc. The transaction was advised by Palewater Advisory Group Inc.
The Company intends to use the proceeds of the first drawdown to fund for short-term working capital and pay transaction related expenses.
Prince Adetunji Ogunwusi, Chairman and CEO of Primewater, stated: “The desire to make a difference and seeing where it actually happens lead us at Primewaterview to ponder and seek for Milost Global. They gave us lots of inspiration and ideas into building for today and what it will be in the future. The inspiration of Milost Global is indeed genuine.”
Solly Asibey, Senior Partner & President of Milost Global Africa, said, “Working hand in glove with Primewaterview and its executives contributed positively towards expediating the process to achieving financial close within record time. This is the first of many drawdowns that we will be honouring for Primewaterview, and we are looking forward to playing our part in the success of Primewaterview moving forward.”