Berkeley Research Group
UK
Andrew Caldwell is one of the U.K.’s most experienced valuation specialists, with more than 30 years of involvement in the valuation of companies, shares and intellectual property.
These include fairness opinions, fiscal and statutory valuations and those required for financial reporting and regulatory purposes; particularly Level 2 and Level 3 assets; and acting for FTSE 100 companies
He has been instructed as an expert witness in a large number of cases, both in respect of valuation and the quantum of damages or loss of profits arising from breach of warranty or contract claims, post - acquisition and cross-border disputes, and the infringement of intellectual property rights.
These have included litigation in the UK, US, Canadian and Singaporean Courts, as well as international arbitration in the UK, Geneva, Zürich and Stockholm. He has been instructed by both sides in respect of claims made against Countries under Bilateral Investment Treaties, or other arbitral processes. Andrew has given testimony and been cross-examined in various Courts and before arbitral tribunals.
Whilst Andrew has widespread experience in all business sectors, he has significant experience in the banking and financial services sector. He has acted for parties on both sides in connection with banks that have been nationalised by Governments. In 2008, he was appointed by HM Treasury as the Independent Valuer for the Northern Rock Compensation Scheme.
Andrew has acted in numerous matters arising from joint ventures and shareholder disputes, particularly with those involving Russian companies and clients.
He is Chairman of the Society of Share and Business Valuers, a Fellow of the Royal Institution of Chartered Surveyors and a founding member of the Expert Witness Institute,. He is also an accredited mediator.
Berkeley Research Group (UK) Ltd - October 2013 to present: Managing Director.
Andrew Caldwell was the Head of Valuations with BDO LLP. Since 1983 he has been exclusively involved in the valuation of private companies, and shares therein, intellectual property, unincorporated businesses and associated assets and liabilities. These have been for commercial, fiscal, statutory, and “fair value” purposes, both within the UK and internationally.
He started valuation work in the Shares Valuation Division of the Inland Revenue, before leaving in 1989 to become a consultant in a specialist valuation company.
In 1993, with a colleague, he formed a specialist valuation consultancy, with a particular expertise in the valuation of intellectual property and intangibles.
In September of 1999, he moved to become Head of Valuations in BDO LLP.
He has prepared valuation reports for public bodies, including several for the National Audit Office, one of which reached the Public Account Committee and helped set the benchmark valuation procedures for Government privatisations.
In his full time occupation as a valuer of shares and companies, he has led numerous assignments. More substantial and recent assignments include:-
· Appointed by HM Treasury to act as the Independent Valuer to the Northern Rock compensation scheme. Northern Rock was one of the first casualties of the recent financial crisis and had been nationalised by the British Government. There was a requirement to compensate 200,000 shareholders at a fair value. Mr Caldwell’s original determination was upheld after unsuccessful appeals through the UK Courts
· Acting as an expert witness for Dutch pension fund, Pensioenfonds Vervoer, and related parties, in a professional negligence claim against Goldman Sachs Asset Management International for damages in the region of €250 million.
· Acting for a Central European government in connection with a claim made under a bilateral investment treaty, and involving the calculation of damages and valuation of a banking group.
· Production of Expert Witness Reports in connection with a shareholder dispute in a Cypriot holding company, with a Russian investment bank subsidiary and a Russian retail bank subsidiary as its primary assets.
· Production of an Expert Witness Report and giving evidence before an arbitral tribunal in respect of a cross-border acquisition dispute, involving a Cypriot shipping group, the primary asset of which was a Russian oil shipping company.
· Production of an Expert Witness Report and giving evidence in the Singapore High Court, in respect of a claim for damages arising from alleged conspiracy and shareholder oppression with regard to a luxury branded tea group.
· Acting for a FTSE 100 company in one of a series of disputes arising in connection with the acquisition of a joint venture partner’s interest in a substantial listed company, including claims for breach of warranty.
· Acting for a Central Asian National Central Bank in connection with the valuation of shares acquired upon nationalisation.
· Providing an expert report on behalf of a Claimant in connection with the calculation of damages arising from an arbitration resulting from a claim against an African government, and involving NGL production.
· Production of an Expert Witness Report in respect of the valuation of a Russian telecoms company for the ICC Courts of Arbitration in Zurich and Geneva.
· Production of an Expert Witness Report in respect of the valuation of a world leading small arms manufacturer.
· Production of an Expert Witness Report and giving evidence in connection with the valuation of shares in a Russian gold mining company for the ICC Court of Arbitration.
· Production of an Expert Witness Report in connection with the valuation of shares in one of Russia’s largest integrated steel manufacturing companies.
· Production of an Expert Witness Report in connection with a breach of warranty claim arising from a Private Equity house’s acquisition of a US military defence product manufacturer.
· Production of an Expert Witness Report on the royalty payable in respect of a medical patent.
· Production of an Expert Witness Report and giving evidence in the ICC Court of Arbitration in respect of a cross-border contractual dispute.
· Production of an Expert Witness Report in connection with the disputed valuation of an Angolan company arising from alleged breaches and misrepresentation.
· Acting for a Central Asian National Central Bank in connection with the valuation of shares acquired upon nationalisation.
· Appointed by the Stockholm Chamber of Commerce to independently value shares in a Swedish company with a turnover of c. £750m, for loan security pledge purposes.
· Court appointed Single Joint Expert in connection with the valuation of shares in a UK manufacturing and distribution Company with a market leading international subsidiary.
· Valuation of the equity in a substantial exhibition centre, for the purposes of a settlement and refinancing between bondholders and shareholders.
· Acting as an arbitrator between the joint owners of a diamond broking company.
· Placing a consolidated value upon the disparate international air traffic control businesses of a large quoted plc to assist in their bid for a national air traffic control service.
· The valuation of various venture companies invested in by a large international consultancy company, for the purposes of determining a share structure to incentivise employees.
· Valuation of infrastructure related assets being acquired by a Fund owned by a quoted entity.
· The valuation of a hotel company.
· The valuation of intangible assets acquired in connection with a substantial acquisition in the automobile industry.
· Valuation of intellectual property rights in connection with a car component manufacturer for the purposes of a royalty agreement dispute.
· The determination of the valuation of a 49% shareholding in a fund management company with numerous venture capital investments.
· Numerous valuations of Private Equity investments, funds and carried interests
· Valuation of a start-up cigarette filter cellulose manufacturing company for the purposes of acquisition.
· Valuation of a substantial Russian owned nickel commodities trading company.
· Valuation of a German Television technology company.
· Valuation of the UK subsidiaries of a US quoted computer hardware manufacturer
· Valuation of certain foreign subsidiaries of a large international engineering Group
· Independent determination of the value of an interest in a PFI related prison management joint venture company owned by US and UK quoted entities.
· Independent determination of the value of shares in the UK’s largest independent roof tile manufacturer.
· Valuation of shares in a large Insurance company for Employee related market.
· Valuation of the equity in a leading phone software company.
· Valuation of the portfolio of assets owned by a large US Structured Investment Vehicle
· Valuations of various interests in the oil industry, including exploration and development, production and refining and downstream sales.
· The provision of several valuation reports under the provisions of International Accounting Standards for purchase price apportionment purposes; to include goodwill and intangible assets; and share based payments. These include fully listed companies involved in:
· Research
· The Automobile Industry
· Online Gambling
· The Music Industry
· Mobile Telephone Content
· Food Retailing and Production
· Fast Food
· Construction
· Retail Clothing
· The Power Industry
· Natural Resources & Renewable Energy
· Valuation of numerous corporate entities related to an $11.4bn leveraged public to private transaction.
· The issue and supervision of reports under the provisions of sections 593 and 596 Companies Act 2006 in respect of the issue of shares in companies in return for non-cash consideration which include, inter alia, substantial listed companies.
