Oceania

Admiralty International and its principals have completed the following assignments in the Pacific Region

Australia: Film Financing

Admiralty has structured, originated and negotiated the financing of films for Limelight Entertainment of Brisbane, and continues to do so on a regular basis.

Cook Islands : Cook Islands Development Bank Institutional-Strengthening

Strengthened capability of the Cook Islands Development Bank (CIDB) to provide business advisory services and to identify areas where the ABD could increase its lending. Also providing general advice to the Managing Director and business advice to and training to displaced public servants wishing to start private businesses. An Asian Development Bank project.

Fiji: Survey of Financing Needs

Admiralty conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Structured an investment fund, to be funded by the IFC, the National Provident Fund and other investors. An International Finance Corporation funded project.

Fiji: Tourism Project

Evaluated the market and financial viability of a yacht charter business in Fiji. An Admiralty International project.

Kiribati: Management Review of the Development Bank of Kiribati

There were two elements to this project: The first phase was a review of the bank in terms of its lending portfolio, lending procedures, human resources development, computer systems, amount and type of lending to women and people in outer islands, and the need for a development bank in Kiribati. In the second phase of this project our development banking specialist provided management support, training and recommended operational and organizational changes to improve the efficiency of the bank.

Kiribati: South Tarawa Integrated Urban Plans and Program Study

Provided economic and financial analysis for study. This required consultation with a wide variety of Kiribati organizations, preparation of a commentary on the relative performance of the Kiribati economy in a South Pacific context and current economic trends, an evaluation of Kiribati government agencies' capacity to finance urban development and water /waste-water privatization opportunities, development of proposals to strengthen the institutional capability of the Public Utilities Board, preparation of a budget for a recommended "Urban Development Program", economic and financial analysis of the program budget including a review of ability to pay and willingness to pay issues and preparation of a project financing plan. An Asian Development Bank project.

Kiribati: Survey of Financing Needs

Admiralty conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. An International Finance Corporation funded project.

Marshall Islands: Survey of Financing Needs

Admiralty conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Structured an investment fund, to be funded by the IFC, the National Provident Fund and other investors. An International Finance Corporation funded project.

Micronesia: Survey of Financing Needs

Admiralty conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. An International Finance Corporation funded project.

New Zealand: Airways Modernization Project

Admiralty structured, organized, negotiated and closed a unique and sophisticated NZ$65 million triple dip leveraged lease, followed by a low cost fixed rate NZ$35 million bond financing. This funding package produced the lowest cost of capital for any corporation in New Zealand. In the process, Admiralty evaluated financing proposals associated with modernizing the Airways Corporation of New Zealand (a newly created State Owned Enterprise). Admiralty reviewed the twenty financing proposals that were presented, with the technical proposals by each of the tendering contractors. In addition we performed a comparative analysis of the financial aspects of each tenderer's submission, advised on treasury products available to hedge foreign exchange and interest rate risks, and negotiated final terms with contractors and bankers. Funded by the Airways Corporation of New Zealand.

New Zealand: Film Finance

Admiralty acted as Manager for Film Finance and Development (NZ) Limited, a specialty lending operation funding New Zealand film investors. Almost one dozen feature films were financed in New Zealand using modern corporate finance structures.

New Zealand: Initial Public Offering of Crown Assets

Admiralty acted as advisors to the Minister of State Owned Enterprises, the Minister of Finance and the Crown Coordinating and Monitoring Agency on the Initial Public Offering of real property assets owned by Government Property Services. This entailed a full due diligence on the IPO process, including a review of structuring options, price setting mechanisms, as well as legal, accounting, and marketing issues. Admiralty was engaged by the Crown Coordinating and Monitoring Agency.

New Zealand: Navigational System Replacement Project

Admiralty assisted the Airways Corporation finance the replacement of New Zealand's air navigation aids. We performed a cost benefit analysis of several engineering solutions, structured a private placement of $21 million in debt, documented, and closed the transaction. In the process, we evaluated financial submissions of tenderers, structured optimum financial packages suited to each tenderer, developed cash flow projections and sensitivity analyses to established borrowing levels, structured, organized, documented and executed private placement bonds, including arranging investors, determining the size, tenor, terms and conditions, issuing margins, and price setting mechanism of the issue, and established the Reserve Bank of New Zealand as registrar to the issue.

New Zealand: New Zealand Development Trust Fund

Admiralty acted as financial advisors to the New Zealand Development Trust Fund and to the Trust's managers, the New Zealand Enterprise Board. This trust was established to provide capital to assist business growth and regional projects throughout New Zealand. Admiralty was engaged to ensure that the offering prospectus met the investment requirements of domestic and international investors, and supervised legal work to ensure that the fund complied with the securities laws of the country.

New Zealand: Privatization of Prisons

Admiralty acted as financial advisors to the NZ Ministry of Justice to evaluate the possibility of contracting to private providers of prison services for a turnkey build, own and operate (BOO) contact for the Mt. Eden Remand Prison in Auckland. We evaluated financial offers submitted by tenderers and advised the Ministry on each.

New Zealand: Real Estate Development Projects

Admiralty represents several US investors in New Zealand real estate to swap these properties for others located in the US and elsewhere. An Admiralty International funded project.

New Zealand: Structuring Capital Asset Financings using Cross Boarder Leases.

Admiralty performed a comprehensive review of capital assets financing options available to the New Zealand Defence Force in the light of budgetary constraints. Evaluated the use of cross border leases and structured an optimum lease mechanism. Performed a detailed review of legislation and other regulations pertaining to the Defence Force with a particular emphasis on the options available to finance capital assets. A thorough financial analysis of the New Zealand Defence Force, as well as a detailed review of international tax regimes, enabled us to recommend an efficient structure. We eventually identified suitable ships for purchase or lease, and negotiated provisional terms for each.

New Zealand: Survey of Debt Restructuring Alternatives

Admiralty was engaged by the Wellington Area Health Board to survey the financing alternatives available to it after the Board lost the support of a Government guarantee on its borrowings, as a result of New Zealand's economic reforms. We surveyed the Board’s existing debt and its projected requirements for new financing, reviewed new legislation regarding the financing powers of area health boards, examined the various financing proposals the Board had been presented, and built detailed computer models to simulate the various alternative possible financial structures. In addition, we performed a comparative analysis of the financial aspects of each tenderer's submission, advised on treasury products available to hedge foreign exchange and interest rate risks, and negotiated terms with contractors and bankers.

Papua New Guinea: Survey of Public Service Benefits

Admiralty surveyed compensation and benefits of PNG's expatriate and local civil service, and compared with those of PNG private and NGO sector and with public servant's benefits in other nations. Recommended a range of compensation and benefits to enhance the government’s ability to recruit and retain staff. A World Bank Project.

Papua New Guinea: Survey of Financing Needs

Admiralty conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Structured an investment fund, to be funded by the IFC, the National Provident Fund and other investors. Recommended structures for facilitating capital formation at SME level. An International Finance Corporation funded project.

Papua New Guinea: Feasibility Study of Banking System

Determined the feasibility of establishing a country-wide commercial branch banking system and assisted PNG national government in privatizing the banking industry. Involved identifying and evaluating the assets, loan portfolio, staff, management and branch offices of one of the existing bank systems as a target acquisition. Developed a strategy for negotiating the first foreign banking license to be given to other than an Australian group after the country's independence. Funded by Bank of America.

Papua New Guinea: Ok Tedi Mining Ltd.

Involved in arranging and placing US$100 million in Government guaranteed debt as part of the total multi-layer financing of large open cast copper and gold mine. Responsibilities included structuring, arranging and private placement of medium term debt securities guaranteed by the Overseas Private Insurance Corporation of the United States.

Papua New Guinea: Public Service Restructuring Project

Developed a comprehensive program for restructuring the public service of PNG together with the Department of Finance and Planing. Project involved analysis and evaluation of existing organizational structure, procedures and practices and developing a practical plan to create increased efficiency and productivity. A World Bank project.

Papua New Guinea: Restructuring of government-owned enterprises

Prepared corporate plan for a government owned Commodity Corporation to take over the existing activities of the Cocoa Board, the Copra Marketing Board and the Cocoa Coconut Research Institute, and to accelerate cocoa and coconut extension activity in Papua New Guinea. Plan included budgets, recommendations on organizational structure based on an assessment of opportunities for privatization, technical assistance requirements and implementation process. Consulted with all affected parties, including smallholders in major cocoa and copra production areas, to ensure proposed strategic direction would be supported by all key interest groups. Funded by the Ministry of Foreign Affairs and Trade, New Zealand.

Papua New Guinea: Feasibility Study for women's credit scheme

Reviewed operations and management of existing women's credit schemes in PNG to determine which were most effective. Identified the policies, structures and procedures which were critical to the success of such schemes. Designed a women's credit scheme taking these matters into account. For Ministry of Foreign Affairs and Trade, New Zealand.

Papua New Guinea: Sale of the local operations of a foreign bank

Managed the sale of the local operations of a foreign bank to an Australian banking group.

Samoa: Survey of Financing Needs

Conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Structured an investment fund, to be funded by the IFC, the National Provident Fund and other investors. An International Finance Corporation funded project.

Samoa: Review of the Western Samoan Small Business Enterprise Center

This mid-term review of the Small Business Enterprise Center included a review of existing lending institutions/programs in the South Pacific. It required consultation with SME operators, bankers, donor agencies, government officials, NGOs, chambers of commerce, accountants and lawyers to identify needs of small business in Samoa, including credit needs. It recommended increased co-ordination between funders to eliminate duplication, innovative methods of rural business assistance provision, greater involvement of local businesspeople and NGOs in SBEC operation, and ways of overcoming regulatory, lending and cultural barriers to SME success in Samoa. For New Zealand Ministry of Foreign Affairs and Trade.

Samoa: Review of banking loan portfolios.

Reviewed the quality of loan portfolios and lending procedures. Analyzed how to lend and ensure security where land is under customary title and cultural issues affect loan repayment.

Samoa: Staff recruitment and selection training

Developed and presented training material for selection skills. A workshop for senior civil servants. For Ministry of Foreign Affairs and Trade, New Zealand.

Samoa: Institutional Strengthening of the National Bank

Admiralty developed a comprehensive Business Plan and Strategic Plan for Samoa’s only locally owned commercial bank. Reviewed lending policies and practices. Developed and implemented improved credit system. Implemented credit training. Reviewed bank’s computer system and developed strategy for optimizing use, including generation of useful management reports.

Solomon Islands: Technical assistance to Ministry of Trade, Commerce and Industry

Managed Business Development, Co-operative Development and the International Trade Divisions of the Ministry of Trade, Commerce and Industry. Advised the Minister and Permanent Secretary on technical issues related to external trade, internal trade and commercial development, and supervised the development of operational plans and monitoring performance against these. Funded by the Government of New Zealand.

Solomon Islands: Feasibility Study for Small Business Center

Reviewed of need for Small Business Center in Solomon Islands, together with planning how it should be established (staffing, office, management systems). A New Zealand Ministry of Foreign Affairs and Trade project.

Solomon Islands: Survey of Financing Needs

Conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Recommended structures for facilitating capital formation at SME level. An International Finance Corporation funded project.

Tonga: Review of the Development Bank of Tonga

Our review team examined the Bank's lending portfolio and operations in light of requests for equity from the New Zealand Government. The team negotiated agreement to a targeted package of assistance to the Bank, which although substantially less than requested, was accepted as generous support in light of the results of the review.

Tonga: Survey of Financing Needs

Conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Recommended structures for facilitating capital formation at SME level. An International Finance Corporation funded project.

Tonga: Tonga Development Bank Institutional-Strengthening

Established a lending, loans monitoring and business advisory service at the Tonga Development Bank. Included providing business advice to a wide range of businesses including hotels and transport operators, monitoring all larger TDB loans, designing systems for, and training staff in, loan appraisal and monitoring. Also involved helping improve the legal action system, and promoting the formation of the Tonga Society of Accountants. For the Ministry of Foreign Affairs and Trade, New Zealand

Vanuatu: Survey of Financing Needs

Conducted a survey of financing needs of small and medium sized enterprises and the financing requirements of commercial banks, finance and leasing companies, and institutional investors. Recommended structures for facilitating capital formation at SME level. An International Finance Corporation funded project.

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