History
Actis was created in 2004 as a spinout from CDC Group and a 60% stake was sold to CDC managers and staff for a total consideration of £373,000. The new company was given a five-year 'umbrella' guarantee that it would continue to manage all CDC's existing overseas investments totalling $900 million in CDC funds. According to the UK's Department for International Development, the price was agreed after a valuation by financial advisers KPMG. Under the 2004 deal that created Actis, if the company was to be sold on the open market within 10 years, 80% of the profits and proceeds would go back to the government.
In 2007, UK prime minister Gordon Brown came under attack over the sell-off of Actis after it became apparent that the formerly government-owned business had made millions of pounds for its former employees.
On 1 May 2012 the Secretary of State for International Development, Andrew Mitchell, announced that the state's remaining 40% stake had been sold to the Actis management for an initial £8m. The deal also included a share of future profits that could be worth over £62m to the UK Government.
Read more about this topic: Actis Capital
Famous quotes containing the word history:
“There has never been in history another such culture as the Western civilization M a culture which has practiced the belief that the physical and social environment of man is subject to rational manipulation and that history is subject to the will and action of man; whereas central to the traditional cultures of the rivals of Western civilization, those of Africa and Asia, is a belief that it is environment that dominates man.”
—Ishmael Reed (b. 1938)
“We aspire to be something more than stupid and timid chattels, pretending to read history and our Bibles, but desecrating every house and every day we breathe in.”
—Henry David Thoreau (1817–1862)
“It may be well to remember that the highest level of moral aspiration recorded in history was reached by a few ancient Jews—Micah, Isaiah, and the rest—who took no count whatever of what might not happen to them after death. It is not obvious to me why the same point should not by and by be reached by the Gentiles.”
—Thomas Henry Huxley (1825–95)