Head of Special Assets

Role and responsibilities

Portfolio review and development of the exit strategy:

• Assess/validate the criteria used to identify the distressed assets on a holistic basis, taking into account partner/ shareholder capability, effectiveness of the board /. Governance process and other.
• Develop an ‘exit’ strategy for each project that will maximise the value of the exit to the company. The strategy will include:
  • A clearly articulated summary of the status of the project, status against previous Investment Committee approvals and status against current business plans, shareholder agreements and loan agreements.
  • Identify whether the project can be turned around or should be exited.
  • Impact on the company’s income statement and balance sheet.
  • Should include a timeline, a budget and identify key advisors that may be required, i.e. legal advisors, insolvency advisor or corporate finance/ financial advisor.
  • Highlight key risks that may delay or derail an exit process and possible mitigants.
  • Provide a clear recommendation on how project teams should proceed.
  • The per-project strategy will be presented to the Investment Committee (IC) for approval.

Execution of the Exit strategy

• Once the per project Exit strategy is approved to proceed with recommended actions and appoint the required advisors for company to exit the project as expeditiously as possible; balancing both time and exit value.
• To lead the team (advisors, project manager and possible distressed asset resource) and negotiate with the project partners to implement the strategy, the Head of Asset Management and CIPDO will be supporting these negotiations.
• Communicate with the Communications team on the course of action so that the company can ensure that our funders are informed, as required, and the media can be monitored. The damage to PIDG’s reputation as a development funder should be considered at all points.
• On a quarterly basis provide an update to the ExCo on progress against the various milestones.
• Present to IC the progress at the twice-yearly Portfolio review meeting.
• Present the final negotiated exit proposal to the IC for approval before concluding the process.
• Follow up on various conditions precedent and enforce repayments, as per the exit plan.
• You may be appointed to the board of the projects to ensure that governance and process are followed correctly at board and shareholder level.

Experience and education requirements

• M&A, corporate finance, legal or general business background with extensive experience of exiting small ticket investments in emerging markets.
• Experience of working with and being sensitive to different cultures as the role will encompass both Africa and Asia.
• Private equity/ corporate restructuring background /experience of leading teams of advisors efficiently i.e. controlling advisor costs preferred.
• Expert negotiator with a solution-based focus and ensuing obstacles are successfully mitigated.
• Familiar with financial models, valuations, shareholder agreements, loan agreements and structuring various exit agreements including share purchase agreements.
• Experience of managing insolvency processes will be advantageous.
• Experience of managing and minimising tax liabilities will be advantageous.
• Degree in finance, legal or business strongly preferred.

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