YOU HAVE A TEA SHOP IN NEW YORK: ARE YOU THINKING OF BRANCHING OUT TO THE UK? DEVIKA BHAT, BY EMAIL When Kelly (my ex-girlfriend) and I opened teany we had no idea what we were doing. Now we're three years into it and we only barely have an idea what we're doing, although it has been successful. We'd love to open a teany in the UK, but we'd need a partner who knows how to open a restaurant. He entered the mainstream British consciousness in 1991 with the track "Go" His influence helped take techno music into the mainstream. Nearly 40, he has dabbled with dance, rock, ambient and heavy metal sounds. His Christian beliefs, veganism and environmental activism are well documented. Morgan Stanley and Credit Suisse First Boston have reportedly taken the lion's share, having played major roles in nearly every Russian float in London this year.
Both stuck it out in Russian after the country's 1998 financial crisis and are now reaping impressive dividends. Whether those investors who have piled into London's Russia floats also profit, only time will tell.. Moby - Richard Melville Hall - is an electronic musician born in New York. A spokesman for Rambler was unable to say exactly who is behind these trusts.In the case of Novatek yesterday, the major beneficiary of the £600m fund raising is SWGI Fund, a Cyprus-registered company linked to Leonid Mikhelson, the gas group's 49-year-old chief executive. After the float, SWGI retained a 20 per cent stake.The phenomenon of Russian companies listing in London is a hugely profitable business for those investment banks, lawyers and public relations firms charged with the task of facilitating the process City firms have made about £60m. I fear it is an accident waiting to happen," he said.Rambler Media is an example of a company with an registration and ownership structure heavily reliant on offshore entities.
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"The LSE is devaluing the London listing by relaxing standards for emerging country floats and not doing enough due diligence on the companies in question."He is most concerned about the level of disclosure with regard to the ownership of some Russian companies, adding that those that have come to London are generally incorporated in obscure offshore domiciles and that it is often difficult to know who are the beneficial owners of these companies. The Russian media and internet group, which raised £27m in an AIM float last month, is registered in Jersey and most of its shares are owned by offshore trusts registered in the British Virgin Islands and Bermuda. "When you have a company sometimes owned by a cascade of offshore registered vehicles it is very difficult to known who owns it and who investors can sue if something goes wrong. He said UK listing rules have become too lax as the LSE chases a quick buck from foreign floats. It points out that its international order book, where the likes of Novatek will see its stock traded solely among professional investors, sees average volumes of about £5bn each month. Meanwhile, a London listing also provides Russian companies with prestige and a higher profile than that offered by a quote in Moscow.But analysts are keen to stress that the corporate governance and disclosure regime in London is more genteel than in New York.Eric Kraus, the chief strategist at the Moscow brokerage Sovlink, said the six London floats might have struggled across the Atlantic, given the stricter regulatory environment. The question of where this process will end and in what state it will leave Russia is far from clear, but one thing is for sure - the fate of Western fund managers and local oligarchs is likely to be low down Mr Putin's list of priorities.As for the question of why Russians choose London and not New York or Frankfurt, the London Stock Exchange argues that its market has greater liquidity compared with the alternatives when it comes to foreign companies seeking a listing.
