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FIH Group

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This is an old revision of this page, as edited by 194.74.2.72 (talk) at 14:10, 15 August 2007 (fact gold has been located, politics and the fact troops are in the middle east prevent any official anouncement to LSE). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Falkland Islands Holdings plc (FIH) is a company which plays a key role in the economy of the Falkland Islands. It is a British registered company, with its head office in the town of Bishop's Stortford in England, and an operational office in Stanley, the capital of the Falklands. It is a public company which is traded on the Alternative Investment Market (AIM) in London.

History

The company's key subsidiary, the Falkland Islands Company (FIC), was incorporated in 1851 and received its Royal Charter on 10 January 1852. Established with an authorised capital of £100,000 its purpose was to engage in agricultural and general trading activities. It established shops and a shipping line, and by 1945 it owned 1.2 million acres (4,900 km²) in the Falklands and a flock of 300,000 sheep. It first listed on the London Stock Exchange in 1962. In 1972 it was acquired by The Dundee Perth and London Shipping Company, and two further changes of ownership occurred before it became independent again as Falkland Islands Holdings in 1997. Meanwhile the agricultural holdings had been sold to the Falkland Islands Government in 1991. In 2004 FIH diversified by acquiring stakes in Falkland Gold and Minerals Limited (FGML) and Falkland Oil and Gas Limited (FOGL), which were both established to exploit potential mineral developments in the Falklands, and full ownership of the Portsmouth Harbour Ferry Company (PHFC) which operates the passenger ferry across the mouth of Portsmouth Harbour in England.

Current activities

Falkland Islands Company Limited (100% owned by FIH) FIC's operations are small by the standards of a large country, but in the Falkland Islands, which have a population of around 3,000, they are crucial.

  • Retail & Distribution: several outlets in Stanley and Mount Pleasant including a supermarket (featuring supplies from Waitrose), a gift shop, a home entertainment shop, a homecare centre, an office supplier, a building supplies company and a clothes shop. There is also a restaurant.
  • Upland Goose Hotel: an 18 bedroom hotel which dates from the mid 19th century and was originally called the Eagle Inn.
  • Darwin Shipping: the main shipping link between the Falkland Islands and the United Kingdom. FIC can also arrange coastal shipping and shipping to Chile, which is the nearest country to the Falklands excluding Argentina.
  • Port services: cargo handling, warehousing, refuelling and maintenance.
  • Automotive agency: a Land Rover dealership, a Caterpillar agency, and boat maintenance.
  • Property: FIC owns residential property for let, as well as commercial units and development land.
  • Insurance: a general insurance agency and a Lloyd's agency.

Falkland Gold and Minerals Limited (14.4% owned by FIH)
This company was established in 2004 and raised £10 million to prospect for gold and other minerals in the Falklands. It has the only mineral exploration licence on the islands, with rights to prospect almost all of the landmass. It was announced on 15th January 2007 that it had sold all it's 11,250,000 shares in FGML to RAB Capital PLC for a sum of £673,000 generating a profit of £473,000 for FIH.

Although large economic quantities have been discovered in excess of $11 Billion, the problem lies not with mining but the precarious polital situation, and the distance from mainland UK. Mining and transportation of the gold is expected to start July 2009, although this date is reliant on many factors.

Falkland Oil and Gas Limited (18.3% owned by FIH)
For many years there has been speculation that the waters around the islands may contain large reserves of oil and gas. Falkland Oil and Gas is carrying out seismic surveys across thousands of square miles of seabed, mainly to the south and east of the islands, and as of 2005 it hopes to start drilling in 2007. Falkland Oil and Gas is itself an AIM listed company.

Portsmouth Harbour Ferry Company plc (100% owned by FIH)
This company operates a ferry service between Portsmouth and Gosport, two large towns on the south coast of England which lie on adjacent peninsulas.

For the year ended 31 March 2006 Falkland Islands Holdings plc's turnover was £15.736 million. Profits were £3.088 million before tax and £2.714 million after tax.

See also

Falklands Gold & Minerals:

After confirmation of the finding of economic viable gold, further implications have arisen with keeping the estimated raw value below $1000m due to delicate political standings. It is believed a lesser insurance policy is to be taken out for $250m to avoid unnecessary political fall out.

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