Freesteel Blog » How long is a piece of corporate ownership?

How long is a piece of corporate ownership?

Friday, October 7th, 2011 at 11:10 am Written by:

Corporations are people, my friend Mitt Romney

In January 2006 the ownership of Edgecam and its 3-axis kernel passed to Planit with its acquisition of Pathtrace Limited (02485210). (Pathtrace is now a “dormant company”, according to its listings at Companies House [the accounts]).

Here is its extraordinary chain of ownership, worthy of Enron or Tony Blair, pieced together from around 20 documents purchased from Companies House.

Planit Software Limited (02093062)
Directors: Bryan Pryce and Jonathan Lee, Employees: 130
Planit Holdings Limited (01731539)
Directors: Jonathan Lee and Bryan Pryce, Employees: 30
Velocity Acquisitions Limited (05943914)
Directors: Ian Grant, Richard Green, Richard Moon, Jonathan Lee and Bryan Pryce
Velocity Investco Limited (05943898)
Directors: Ian Grant, Richard Green, Richard Moon, Jonathan Lee and Bryan Pryce
Velocity Holdings Limited (05943865)
Directors: Ian Grant, Richard Green, Richard Moon, Jonathan Lee and Bryan Pryce

It also says that August Equity Partners 1 GP Limited holds 1,825,000 ‘A’ Ordinary shares which leaves 400,000 shares unaccounted for after subtracting the 250,000 directly held by 3 of the directors — until correct this by doing the calculations in the Annual Return
August Equity Partners 1 GP Limited (04141155)
Directors: T J Clarke and R J Green

But there’s more:

That is to say this company is simultaneously a member of the following two partnerships:
August Equity Partners 1 (LP007896)
Type: Limited Partnership, Previous name: August Equity Partners IV
No other membership information disclosed
August Equity Co-Investment Fund 1 (LP012301)
Type: Limited Partnership, Registered: July 2007
No other membership information disclosed
August Equity LLP (OC313101)
Members: R J Green, T J Clarke, I D Grant, P M Rattle, A Hassan, August Equity Management Limited

One of those partners isn’t a human being…
August Equity Management Limited (4261261)
Directors: T J Clarke and August Equity LLP

So, August Equity Management Limited is owned by, is directed by and is a partner in August Equity LLP.

Is this normal?

No wonder these financial management types don’t have any time to get to know anything about the stuff which they actually own!

1 Comment

  • 1. Mark replies at 9th October 2011, 1:09 am :

    Julian,
    I don’t know if this is normal but I would be interesting in knowing why it happens when you find out. One clue might be in the phrase ‘collective investment scheme’ (see your first extract); one reason for the formation of one of these levels is so that an additional investor or group of investors can be brought in to introduce investment into a lower level.

    Mark

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