The Barclays transaction was Amanda Staveleys ticket to a £30 million fee and a place among the Middle Easts elite
A filing posted to the UK authorities on July 8 2009 states in relation to a notification regarding a block of Barclays shares: The option has been granted to KAQ, which is wholly owned by HE Khadem Al Qubaisi. The option is to acquire, at any time, the entire share capital (and not a portion only) of Kadin Holdings Ltd. (Kadin). Kadin wholly owns PCP Gulf Invest 3 Limited, which, in turn, owns warrants exercisable into 758,437,618 ordinary shares in Barclays PLC at an exercise price of 197.775p. The expiration date of the warrants is 31 October 2013. Staveley also claimed that she had arranged protection for Mansour against a further deterioration in Barclays position, and the potential for further capital raisings in that event in effect, a well-paid free bet.
A letter to Mansour from PCP, dated January 21 2009 and seemingly sent by Staveley, reveals: When I negotiated the terms for your investment in Barclays last October, I anticipated that there might be instability in the price of the shares of Barclays and the other banks during the next few months, before the markets finally stabilised. I therefore required Barclays to give you a seven-month protection period for your £2 billion of ordinary shares, ending on 30 June 2009. During this period, any further issue of shares by Barclays, whether in the market or to the UK Government, at a lower price than the price we agreed last October for your shares (153p), will reduce the price you pay for each of those ordinary shares to that lower figure and thus increase the number of shares you receive for your original investment.
An aide to former Thai prime minister Thaksin Shinawatra (pictured here with Mansour adviser Khaldoon Al Mubarak) was among third parties sent details of the Mansour investment before its announcement
This issue appeared to be addressed in a draft letter seen by Euromoney, seemingly on behalf of KAQ Holdings the personal holding company of Khadem Al Qubaisi. In it, KAQ offers Staveley and Eadie an aggregate fee of £5 million in connection with your involvement in the investments to be made by PCP Gulf Invest... in Barclays as part of its capital raising exercise.As part of the agreement, Staveley, Eadie and the company would promise not to describe, or allow others to describe, yourselves or PCP or any entity in which you have any interests as agents of representatives of... the PCP entities. These included KAQ Holding, Ipic and Sheikh Mansour. Nor could Staveley and Eadie hold out... to have had any authority in relation to the PCP entities. Finally, and in perhaps a prescient paragraph relating to Staveleys cultivated media presence, the documents prevent her from making any announcement whatsoever or enter into any discussions with any person, or give any interview, in any media form, to any person in relation to the transaction.
Khadem AI Qubaisis personal investment company, KAQ Holdings, ended up holding Mansours Barclays securities
The figure they had in mind? £20.7 million. Staveley, in the end, received considerably more than that.