John Henwood, who became a director when the company launched in 2008, has stepped down to join the board of Channel Islands Media Group Ltd, one of Bailiwick’s investee companies, and Kevin Keen has joined the board alongside chairman Sir Geoffrey Rowland and director Susie Farnon.
The changes come as the net asset value for the fund, which offers shareholders the opportunity to invest in Channel-Island-based businesses, reached an all-time high of £1.4758 per share at 30 June 2021, a 24% increase since June 2020.
‘The fund continues to go from strength to strength, delivering long-term capital growth by investing in highly regarded local businesses. We continue to see demand from investors who want to invest locally and it is fantastic that we have announced a record high value, particularly as we see a change on the board,’ said Sir Geoffrey.
In anticipation of Mr Henwood’s retirement, Mr Keen joined the board in April. A chartered certified accountant, he has held a wide range of senior roles in Jersey over a long career including finance director of Le Riche Group, managing director of Jersey Dairy, chief executive of Jersey Post and chairman of Jersey Water. He is currently chairman of the Association of Jersey Charities and sits on a number of Jersey-based companies.
‘The first few months of being on the board have been extremely interesting, particularly as the Channel Islands move out of Covid-19 restrictions and the businesses within the portfolio move forward with their plans for growth. I hope my commercial experience from roles in some of Jersey’s leading companies will benefit the companies within the fund and deliver returns to our investors. In time I would love to see an expanded footprint of investee companies in Jersey and an increase in Jersey shareholders too,’ he said.
Jon Ravenscroft, group chief executive of Ravenscroft, which acts as investment manager to Bailiwick Investments Ltd, said: ‘We will be sad to see John leave the board after so many years but we greatly appreciate his decision to take up a directorship role at CIMG. We look forward to seeing what the future brings for the development of this exciting and new enterprise.’