Singaporean consortium launches "exclusive" hostile takeover bid for Glint

Consortium boss David Fergusson tells AltFi Glint could be acquired by the end of October.

 UPDATE 08-10-2019 - A spokesperson for Glint's Administrators told AltFi: “The information provided by David Fergusson of Intl Ventures Pte Ltd (part of the Nimoi Holdings group) is incorrect and does not reflect the current position in relation to the ongoing administration of the Glint companies." Furthermore, FRP Advisory said that "Glint has repaid the debt it previously owed to the Nimoi group in full" and that they "are working with a consortium of Glint shareholders and investors with a view to implementing a solvent rescue of the Glint companies to enable an exit from administration on a going concern basis.” The Administrators also denied Nimoi's claim of an "exclusivity" arrangement being in place.

An investment business run out of Singapore has launched a bid to take Glint out of administration, with the support of several Glint Pay shareholders, but without the support of the company’s management.

The consortium, called Intl Ventures Pte Ltd, is being led by Nimoi Holdings, the Singapore-based family office of Alexander and David Fergusson.

Nimoi is understood to have entered into an exclusivity agreement with Glint’s administrators at FRP Advisory after Glint’s management was unable to table a rescue bid in time.

The exclusivity agreement is because Nimoi in July acquired the loan first granted to Glint by Brahma Finance Limited in January, the loan which AltFi reported had triggered the company’s administration.

David told AltFi that Nimoi attempted to acquire Glint earlier this year, but were rebuffed by the board and management. 

Acquiring the company’s debt as an alternative was an “odd investment” admits David, but that it “didn’t really have a downside” due to Nimoi being paid if the company succeeded “and if they fail, we’ll be the creditor of a business we could run quite well”, especially given information rights that would give Nimoi insight into how Glint was working.

The administration was triggered by Nimoi after Glint breached some of the covenants included in the loan.

In a statement, David wrote: “I am saddened by the governance failings that caused an administration, and apologize to clients and employees for the inconvenience caused, but the prospect of more capital and better direction should result in measurably greater security and better client services.”

Nimoi last week wrote that it hoped the takeover process would take around three weeks, and that they would work to take Glint out of administration “as soon as possible”.

AltFi has asked FRP Advisory for an update on the administration and what the exclusivity terms of Intl Ventures Pte Ltd’s bid means for Glint.

Read more: Glint administrators confirm customer cash is safe, but accounts remain locked