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Michael joined Coopers & Lybrand from St Andrews University in 1995. He qualified as a Chartered Accountant in the insurance and investment management division within the Audit and Business Advisory practice. He specialised in the general insurance sector, working with many of Europe's largest insurers involved in the Lloyds and London Markets.
Subsequently, Michael joined PwC's Valuation & Strategy division, an area within Corporate Finance which provides valuations of unlisted companies, financial instruments, options, brands and other intangible assets etc.
In recent years he has concentrated on valuing shares and options that are issued under employee benefit schemes, an area that has recently experienced significant taxation and accounting changes and is growing significantly. One of three former Gravitas Partners brought in to lead American Appraisal's Financial Valuation Group in London, Michael leads the share and option valuation practice in London, specialising in providing valuations of a variety of instruments both for tax purposes and for FRS 20 / IFRS 2. He regularly lectures on the subject of share and option valuation techniques. His valuation experience includes:
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Valued securities issued to management as part of the purchase by a private equity firm of a global printing business for £450 million. |
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Partner on a project for a leading global investment bank which issues over 200 million shares each year to its managing directors across the world. He provided valuation advice on the likely restricted and unrestricted market value and suggested the strategy which would be most efficient for both the bank and its employees. |
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Led a valuation of 20 businesses that were being transferred out of a financial services company that was being purchased by a competitor for around £150 million. His valuation set the price for the transaction and was reviewed and discussed by the lawyers, accountants and investment banks on both sides of the transaction. |
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Provided valuation calculations and advice to a number of large investment management companies during the design of their employee share schemes and agreeing the value of the shares and options with the Inland Revenue. |
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Was partner in charge of the valuation of restricted employee shares in a defence group, half of which was being purchased by a third party from a private equity house for over £150 million. |
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Led a purchase price allocation for a large multinational that sold a non-core area of its business for $2 billion, setting the sale proceeds for the seller and the base cost for the buyer in over 50 tax jurisdictions. |
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Managing the valuation of shares issued to employees in a number of private equity vehicles that had been formed to purchase several public companies. |
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Managing the valuation of shares issued by a large investment bank in three separate years under an annual employee benefit scheme. |
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Performing the valuations of over 100 internet companies and sites which were being restructured by a large media group. |
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Managing the valuations of Life and General Insurance companies. |
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