Emerging Markets Horizon, its sponsor, EM Horizon Investments, and members of the SPAC’s management and board of directors announced they have taken actions in response to the recent sanctions imposed by the United States and other jurisdictions relating to Russia, including blocking sanctions against VTB Bank PJSC and certain of its subsidiaries, as well as entities that are owned 50 percent or more, directly or indirectly, by VTB.
The actions include:
- Riccardo Orcel, the CEO and a member of the board of directors of the company, resigned from his position as non-executive vice chairman of VTB Capital.
- Bernard Abdelmalak, the CFO and a member of the board, as well as an employee of VTB, resigned from his positions at the SPAC, effective March 23.
- Jonathan Neill, chairman and CIO of FPP Asset Management, an affiliate of the SPAC’s sponsor, was appointed as CFO and a member of the board of directors.
- Nevsky Properties, a member of and 25% interest holder in the SPAC’s sponsor, and indirect subsidiary of VTB, relinquished its interest “to the fullest extent permitted by law,” according to the news release. While Nevksy currently remains on the sponsor’s register of members pending the transfer of its interest to Riccardo Orcel as soon as permissible, the interest was blocked by the sponsor and will not under any circumstances confer any economic or voting rights upon Nevsky.
Effective March 23, the SPAC and its sponsor will no longer employ or have on its board of directors any employees or representatives of VTB. In addition, Emerging Markets Horizon will no longer pursue a business combination, or otherwise engage in any negotiations with any company, entity or business that is based either in the Russian Federation or the Republic of Belarus or is affiliated with VTB.
Emerging Markets Horizon now intends to focus on identifying high growth technology and consumer-exposed businesses with an enterprise value of at least $700 million in Western Europe, Central & Eastern Europe, the Commonwealth of Independent States (excluding Russia and Belarus) or Latin America. Read more.
