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
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)
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Directors: Bryan Pryce and Jonathan Lee, Employees: 130
- Planit Holdings Limited (01731539)
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Directors: Jonathan Lee and Bryan Pryce, Employees: 30
- Velocity Acquisitions Limited (05943914)
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Directors: Ian Grant, Richard Green, Richard Moon, Jonathan Lee and Bryan Pryce
- Velocity Investco Limited (05943898)
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Directors: Ian Grant, Richard Green, Richard Moon, Jonathan Lee and Bryan Pryce
- Velocity Holdings Limited (05943865)
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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)
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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)
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Type: Limited Partnership, Previous name: August Equity Partners IV
No other membership information disclosed - August Equity Co-Investment Fund 1 (LP012301)
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Type: Limited Partnership, Registered: July 2007
No other membership information disclosed - August Equity LLP (OC313101)
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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…
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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