Monday, March 09, 2009

Jayne McGiven in talks for new development venture?

Jayne McGivern, who this week stepped down as chief executive of AIM‑listed leisure developer Newfound, is understood to be teaming up with Mikola Wilson to launch an opportunity fund.

McGivern, who was formerly head of Multiplex UK, relinquished her £500,000 pa role as chief executive of Newfound after plans to take the company private collapsed. She said: “Despite us getting shareholder approval for the privatisation, which would have helped us to raise cash, the move was scuppered at the last minute by our debt provider, [French hedge fund] Agilo, which demanded new lending terms that we find onerous.”

Sources said that McGivern was now in talks with Wilson, who runs niche investment firm Seven Dials Fund Management, to launch a new venture. It is expected to target high-yielding, income-producing assets with latent development potential. The new business is also being mooted to take over the day-to-day management of Newfound.

McGivern refused to comment on the new business.

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