SalusInvest earns 4.3 times its original investment from the sale of its shareholding in Hallmarq


SalusInvest has earned 4.3 times its orginal investments in the sale of one of its portfolio companies ,Hallmarq Veterinary Imaging Ltd,  to August Equity.
Over the 14 year period this equivalent to an annual ROI of circa 12% p.a.

The original investment was made in 2004 and increasingly larger follow- on investments were made , normally on an annual basis , until 2011. During the 14 year period of the investment  , Larry Sargent , a SalusInvest Associate , acted as Finance Director and Kevin D'Silva became an NED at the first stage of the investment in Hallmarq  ; was appointed Chairman in 2006; stood down as Chairman when Iain Ferguson was appointed Chairman in 2015 and finally resigned as an NED from the board on 13 December, 2018.



(Incorporated in England and Wales with registered no. 04061791)


Sent 14 December, 2018

Sale of the entire issued share capital of Hallmarq Veterinary Imaging Limited (the “Company”) to Copenhagen Bidco Limited, an August Equity company, (company number: 11685936) (the “Transaction”)

I refer to the recent correspondence dated 27 November,2018 sent to you in relation to the Transaction. I am very pleased to confirm that the Transaction successfully completed on Thursday 13th December 2018. The Management of Hallmarq would like to thank all our shareholders for their support over the years in helping the company reach this stage in its growth. We are excited about our new relationship with August Equity who have in-depth knowledge of our industry and an excellent track record of veterinary-related investments.

Larry Sargent and Kevin D’Silva are leaving after their many years of service and we thank them sincerely for their service in helping to build a great business with an exciting future ahead of it. Douglas Hutchison and I are joining the ‘new’ Hallmarq as NED and Chairman respectively

At completion the EV represents a value of £19.35 per share. With the monies put into escrow for various matters (including tax) capped at £500,000 for 3 years, the retention of £300,000 pending finalising completion accounts within 45 business days and all costs relating to the transaction which are to be paid by the shareholders, the Sale Proceeds available for distribution on completion is £18.76 per share.

Kevin D’Silva, an former Chairman of Hallmarq and until this transaction an NED, has agreed to act as the Sellers’ Representative to finalise the completion accounts and the escrow related matters.

The solicitors that acted for the Company in relation to the Transaction, Shoosmiths LLP (“Shoosmiths”), are currently holding the proceeds due to you in respect of the sale of your shares in the Company (“Proceeds”). Shoosmiths have been provided with your bank account details in the power of attorney relating to the Transaction that you executed and returned to them. However, Shoosmiths’ internal fraud prevention policy means that they will need to speak to you to verify your bank account details by telephone before they can make any transfer of the Proceeds to your account. Please could you therefore provide Shoosmiths with your telephone number as soon as possible by emailing by return. Shoosmiths will then telephone you to verify your bank account details and the transfer of your Sale Proceeds can then take place. Please note that, to avoid fraud, Shoosmiths will not ask for your bank details when they call but will read back the bank details which have been provided to them so you might confirm those are correct.

If you do not provide your telephone number to Shoosmiths at the email addresses stated above by 8 January 2019 or Shoosmiths are unable to reach you after attempting to call you on three occasions at the telephone number provided by you, your Proceeds will be returned to the Company to hold on your behalf. You will then need to contact the Company.

Please do not hesitate to contact me or Kevin D’Silva ( ) should you have any queries.

Iain Ferguson CBE




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