A group of 1,100 Harlequin investors is proposing to make an offer to the company's chairman, David Ames, to put the troubled overseas property company's assets in a trust while a managed wind down of the business is achieved.
Ames requested an offer from the Harlequin Investor Group (HIG) on 9 June, according to law firm Regulatory Legal, which set up the group and is acting on behalf of investors. An alternative offer has been proposed by boutique investment and advisory firm Eleven Capital but, according to Regulatory Legal, it would require investors to put up £20m in finance pledges in addition to the £400m they have already invested, which investors are unwilling to do. Under the HIG plan, investor interests will be held in an investor trust which 100% owns an operating company. HIG will seek to ap...
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