Corporate finance
We prepare the transaction, clarify its terms and stay with you throughout the negotiation, from the point of view of your decision: what is proposed, what it commits you to, what remains to be obtained.
The questions
The questions that arise.
- 1.1
How much do we need, for what, and should it be debt or equity?
- 1.2
What is the company, or the shareholding, worth, and on what assumptions?
- 1.3
An offer to buy has arrived: what does it really say, beyond the price?
- 1.4
How should the company be prepared for a sale, and on what timetable?
- 1.5
Are our maturities, our security and our undertakings to lenders still appropriate?
The moment
When clients call on us.
- Before opening up the capital or seeking significant financing.
- When an offer to buy arrives, or a sale begins to take shape.
- To assess the value of a company or a shareholding: a partner joining or leaving, a succession, a division of assets.
- When the debt, its maturities or its security need to be reviewed.
The scope
What the work covers.
- Fundraising: the financing need, the choice between debt and equity, the presentation materials, the review of the proposals received.
- Acquisitions and disposals: analysing the target or preparing the company for sale, the timetable, the points to negotiate.
- Valuation: methods, assumptions and value ranges, explained so that they can be discussed.
- Financing structure: the balance between equity and debt, maturities, security, undertakings given to lenders.
The engagement
One engagement, four stages.
Before we start, an engagement letter sets out in writing the question asked, the scope, the timetable, the fees and confidentiality.
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Frame the question
What has to be decided, and why now.
We clarify what the transaction must make possible — financing a project, bringing in or buying out a partner, acquiring, selling — and what you are not prepared to accept.
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Establish the facts
Figures, contracts, constraints: what is settled and what is not.
We start from the accounts prepared by your accountant and from existing contracts and undertakings, and we separate what is established from what is assumed, including in the valuation assumptions.
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Compare the options
What each one commits, what it closes off, what it leaves open.
The possible routes — debt or equity, timetables, counterparties, proposed terms — are compared in a written analysis, with their consequences, their risks and our reasoned opinion.
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Decide, then follow through
The decision is yours; we follow its implementation with you.
You decide, and you are the one who signs. If you wish, we stay with you through the negotiation and in the exchanges with your lawyers, your notary and your banks.
What you receive
What you receive.
- A written analysis of the possible routes, with their consequences, their risks and our reasoned opinion.
- Depending on the transaction: the presentation materials, a review of the proposals received, value ranges explained with their methods and assumptions.
- If you wish, support throughout the negotiation.
The exact scope is set out in writing in the engagement letter, before any work begins.
Your other advisers
With your other advisers.
A transaction brings several professions together. The lawyer drafts and negotiates the documents, the notary acts where the law requires it, the accountant prepares the accounts, the bank provides the financing. We hold the thread from the point of view of your decision: what is proposed, what it commits you to, what remains to be obtained.
The limits
What we do not do.
Our role is that of an adviser. We do not receive funds, do not manage portfolios and do not recommend any financial instrument.
Status of the firm
Blackpine Capital Advisory advises its clients on their strategy, on the structure of their business interests and their wealth, and on their financial decisions. The firm does not manage portfolios, does not receive its clients’ funds, and provides neither regulated investment advice nor recommendations on financial instruments.
Guides
To go further.
General reference points on the questions in this area, dated and sourced.
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Preparing to raise capital or to sell a company in Morocco
The stages of opening up the capital or selling a company, and the points of Moroccan law to check early: competition, exchange control, registration duties.
Other areas
The other areas.
Contact
A first conversation.
Tell us in a few lines what is on your mind. We will come back to you to arrange a conversation; if we are not the right people to help, we will say so.