96-725: FIH Group plc (stylized as FIH group ) or FIH (formerly Falkland Islands Holdings ) is a British conglomerate which operates in the Falkland Islands through the Falkland Islands Company . Its other main businesses are the Portsmouth Harbour Ferry Company, which operates the Gosport Ferry in the south of England, and a London-based art storage and transport company called Momart . In 1997, Anglo United, which had an unsustainable amount of debt, underwent
192-548: A British overseas territory , the Falklands have internal self-governance , but the United Kingdom takes responsibility for their defence and foreign affairs. The capital and largest settlement is Stanley on East Falkland. The islands are believed to have been uninhabited prior to European discovery in the 17th century . Controversy exists over the Falklands' discovery and subsequent colonisation by Europeans. At various times,
288-445: A self-governing British Overseas Territory . Under the 2009 Constitution , the islands have full internal self-government; the UK is responsible for foreign affairs, retaining the power "to protect UK interests and to ensure the overall good governance of the territory". The Monarch of the United Kingdom is the head of state, and executive authority is exercised on the monarch's behalf by
384-646: A UK expeditionary force retook the territories in June. After the war the UK expanded its military presence, building RAF Mount Pleasant and increasing the size of its garrison. The war also left some 117 minefields containing nearly 20,000 mines of various types, including anti-vehicle and anti-personnel mines. Due to the large number of deminer casualties, initial attempts to clear the mines ceased in 1983. Demining operations recommenced in 2009 and were completed in October 2020. Based on Lord Shackleton 's recommendations,
480-479: A UK overseas territory. The territory's sovereignty status is part of an ongoing dispute between Argentina and the UK . The population (3,662 inhabitants in 2021) is primarily native-born Falkland Islanders , the majority of British descent. Other ethnicities include French, Gibraltarians , and Scandinavians. Immigration from the United Kingdom, the South Atlantic island of Saint Helena , and Chile has reversed
576-545: A US stock exchange even prior to passage of the Sarbanes–Oxley Act). By December 2005, over 270 foreign companies had been admitted to AIM. The FTSE Group maintains three indices for measuring AIM, which are the FTSE AIM UK 50 Index , FTSE AIM 100 Index , and FTSE AIM All-Share Index . AIM is an exchange regulated venue featuring an array of principles-based rules for publicly held companies. AIM's regulatory model
672-729: A capital reconstruction and distributed shares in Falkland Islands Holdings plc to its shareholders. Anglo United shareholders received 1 share in FIH for every 300 shares of AU. in January 1998 FIH was first listed on the London Stock Exchange , with £2m of debt the issue price of 100p. The company was capitalised at £6 million. In January 2003 FIH share listing moved to the AIM market . In February 2004 Falkland Gold and Minerals Limited (FGML)
768-802: A dispute related to fishing and hunting rights led to a raid by the American warship USS Lexington in 1831, when United States Navy commander Silas Duncan declared the dissolution of the island's government. Buenos Aires attempted to gain influence over the settlement by installing a garrison in October 1832, which mutinied within a month and was followed the next year by the arrival of British forces, who reasserted Britain's rule . The Argentine Confederation (headed by Buenos Aires Governor Juan Manuel de Rosas ) protested against Britain's actions, and Argentine governments have continued since then to register official protests against Britain. The British troops departed after completing their mission, leaving
864-547: A farm-in deal with BHP Billiton to fund drilling programme in South Atlantic. In March 2008 FIH acquired 100% of Momart, a UK market leader in the handling and storage of fine art and antiquities, for £10.27m. In November 2009 FIH sold 3 million shares in FOGL after the placing earlier in the month generating proceeds of £3.6 million and a profit of £3.0 million at a price of 119 pence per share. This reduced FIH's holding to 12.0 million shares (8.2%). In January 2012 FIH participated in
960-515: A joint venture between the Tokyo Stock Exchange and LSE . Tokyo AIM will replicate AIM's system of oversight by NOMADs, with 'J-Nomads' being "selected and approved by TOKYO AIM ... to assess companies' suitability for the market". In July 2012, TOKYO AIM changed its name to TOKYO PRO Market , and since then Tokyo Stock Exchange, Inc. has continued to operate TOKYO AIM based on the original market concept. As of 1 October 2018, just under
1056-416: A leased floating production, storage and offloading unit". A final investment decision had been targeted for early 2024, though it was somewhat delayed. A public consultation on the project took place in the summer of 2024 and was reported to have garnered widespread support from Falkland Islanders. Since Britain's newly elected Labour Government banned similar oil projects in the United Kingdom, this created
SECTION 10
#17328557718471152-535: A low population density . According to the 2012 census, the average daily population of the Falklands was 2,932, excluding military personnel serving in the archipelago and their dependents. A 2012 report counted 1,300 uniformed personnel and 50 British Ministry of Defence civil servants present in the Falklands. Stanley (with 2,121 residents) is the most-populous location on the archipelago, followed by Mount Pleasant (369 residents, primarily air-base contractors) and Camp (351 residents). The islands' age distribution
1248-688: A military base aiding control of the South Atlantic. In the First World War Battle of the Falkland Islands in December 1914, a Royal Navy fleet defeated an Imperial German squadron. In the Second World War , following the December 1939 Battle of the River Plate , the battle-damaged HMS Exeter steamed to the Falklands for repairs. In 1942, a battalion en route to India was redeployed to
1344-423: A negative reputation due to cargo-shipping losses; only in emergencies would ships rounding Cape Horn stop at the port. Nevertheless, the Falklands' geographic location proved ideal for ship repairs and the "Wrecking Trade", the business of selling and buying shipwrecks and their cargoes. Aside from this trade, commercial interest in the archipelago was minimal due to the low-value hides of the feral cattle roaming
1440-485: A population decline. The predominant (and official) language is English. Under the British Nationality (Falkland Islands) Act 1983 , Falkland Islanders are British citizens . The islands lie at the boundary of the subantarctic oceanic and tundra climate zones, and both major islands have mountain ranges reaching 2,300 ft (700 m). They are home to large bird populations, although many no longer breed on
1536-473: A practical matter, vary widely. However, the regulatory requirements are more onerous than for private companies and AIM listed plcs are required to prepare audited annual accounts under IFRS . Another important element of AIM's model is the composition of its investor base. Although AIM-listed companies are not start-ups , most are small and potentially more risky than a FTSE listing. This may prove to be hazardous for unsophisticated investors who lack both
1632-680: A profit of £0.7 million and reducing its holding to 5.0 million shares (0.9%). In May 2015, the last 5 million shares in Falkland Oil & Gas ("FOGL") were sold for £1.4 million, generating a profit of £0.4 million for the Group.With the sale of these 5 million shares, FIH completed the realisation of its investment in FOGL. Over the last 10 years since FOGL's flotation, FIH has generated over £8 million in cash proceeds and £5 million in profits from its highly successful investment in FOGL In January 2016
1728-732: A small British town with a variety of clubs and organisations covering many aspects of community life". Despite its small size, the Falkland Islands compete in the Commonwealth Games and Island Games . The Falkland Islands national cricket team is a member of the International Cricket Council . Lat. and Long. 51°42′S 57°51′W / 51.700°S 57.850°W / -51.700; -57.850 (Stanley) 51°44′S 59°13′W / 51.73°S 59.22°W / -51.73; -59.22 Alternative Investment Market AIM (formerly
1824-562: A very social place, and stopping for a chat is a way of life". The islands have one weekly newspaper, The Penguin News , and television and radio broadcasts generally feature programming from the United Kingdom. Wagstaff describes the local cuisine as "very British in character with much use made of the home-grown vegetables, local lamb, mutton, beef, and fish". Common between meals are "homemade cakes and biscuits with tea or coffee". Social activities are, according to Wagstaff, "typical of that of
1920-496: Is pegged to the British pound sterling . Economic development was advanced by ship resupplying and sheep farming for high-quality wool. The main sheep breeds in the Falkland Islands are Polwarth and Corriedale . During the 1980s, although ranch under-investment and the use of synthetic fibres damaged the sheep-farming sector, the government secured a major revenue stream by the establishment of an exclusive economic zone and
2016-651: Is an archipelago in the South Atlantic Ocean on the Patagonian Shelf . The principal islands are about 300 mi (480 km) east of South America's southern Patagonian coast and about 752 mi (1,210 km) from Cape Dubouzet at the northern tip of the Antarctic Peninsula , at a latitude of about 52°S. The archipelago, with an area of 4,700 sq mi (12,000 km ), comprises East Falkland , West Falkland , and 776 smaller islands. As
SECTION 20
#17328557718472112-457: Is based on a comply-or-explain option that lets companies that are floated on AIM either comply with AIM's relatively few rules, or explain why it has decided not to comply with them. Aside from granting leeway in regard to regulatory compliance, the Exchange also mandates continuous oversight and advice by the issuer's underwriter , referred to as a Nominated Adviser (Nomad). The role of Nomads
2208-510: Is central to AIM's regulatory model, as these entities play the role of gatekeepers, advisers and regulators of AIM companies. In advising each firm as to which rules should be complied with and the manner in which existing requirements should be met, Nomads provide the essential service of allowing firms to abide by tailor-made regulation, reducing regulatory costs in the process. Theoretically, Nomads are liable for damages from tolerating misdemeanors on behalf of their supervised companies, including
2304-507: Is debated by historians. In 1766, France surrendered its claim on the Falklands to Spain , which renamed the French colony Puerto Soledad the following year. Problems began when Spain detected and captured Port Egmont in 1770. War was narrowly avoided by its restitution to Britain in 1771. The British and Spanish settlements coexisted in the archipelago until 1774, when Britain's new economic and strategic considerations led it to withdraw
2400-454: Is granted, firms must comply with ongoing obligations which are comparatively lower to the ones that govern the operation of larger exchanges; and certain corporate governance provisions are not mandatory for AIM companies. Therefore, AIM-listed companies are often subject to manipulation by institutional investors. AIM-listed companies usually are only required to adhere to the corporate governance requirements of their home jurisdiction, which, as
2496-511: Is latitude 51°40′ – 53°00′ S and longitude 57°40′ – 62°00′ W . The archipelago's two main islands are separated by the Falkland Sound , and its deep coastal indentations form natural harbours . East Falkland houses Stanley (the capital and largest settlement), the UK military base at RAF Mount Pleasant, and the archipelago's highest point: Mount Usborne , at 2,313 ft (705 m). Outside of these significant settlements
2592-655: Is skewed towards working age (20–60) . Males outnumber females (53 to 47 per cent), and this discrepancy is most prominent in the 20–60 age group. In the 2012 census, most islanders identified themselves as Christian (66 per cent), followed by those with no religious affiliation (32 per cent). The remaining 2 per cent identified as adherents of other religions, including the Baháʼí Faith , Buddhism , and Islam . The main Christian denominations are Anglicanism and other Protestantism , and Roman Catholicism . Education in
2688-979: Is the area colloquially known as "Camp", which is derived from the Spanish term for countryside ( Campo ). The climate of the islands is cold, windy, and humid maritime . Variability of daily weather is typical throughout the archipelago. Rainfall is common over half of the year, averaging 610 mm (24 in) in Stanley, and sporadic light snowfall occurs nearly all year. The temperature has historically stayed between 21.1 and −11.1 °C (70.0 and 12.0 °F) in Stanley, with mean monthly temperatures varying from 9 °C (48 °F) in January and February (summer) to −1 °C (30 °F) in July (winter). Strong westerly winds and cloudy skies are common. Although numerous storms are recorded each month, conditions are normally calm. The Falkland Islands are biogeographically part of
2784-670: The Alternative Investment Market (AIM) in London since 13 January 2003. In July 2010, FIH's market value was around £36m. It made a pretax profit of £5.669m in the year ended 31 March 2010 on revenue of £29.224m. £3.3m came from the sale of shares in Falkland Oil and Gas in November 2009. Falkland Islands The Falkland Islands ( / ˈ f ɔː ( l ) k l ə n d , ˈ f ɒ l k -/ FAW(L)K -lənd, FOLK - ; Spanish: Islas Malvinas [ˈislas malˈβinas] )
2880-415: The Alternative Investment Market ) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market (USM) that had been in operation since 1980. It allows companies that are smaller, less-developed, or want/need a more flexible approach to governance to float shares with a more flexible regulatory system than is applicable on
2976-457: The Antarctic zone , with strong connections to the flora and fauna of Patagonia in mainland South America. Land birds make up most of the Falklands' avifauna . The only endemic bird species on the Falkland Islands are the flightless Falkland steamer duck and Cobb's wren . 63 species breed on the islands, including 14 endemic subspecies . There is also abundant arthropod diversity on
FIH Group - Misplaced Pages Continue
3072-616: The Financial Services Authority in 2007. AIM is an unregulated market segment, therefore it escapes most of the mandatory provisions contained in European Union directives – as implemented in the UK – and other rules applicable to companies listed in the LSE. AIM believes self-regulation is pivotal to AIM's low regulatory burden: companies seeking an AIM listing are not subject to significant admission requirements; after admission
3168-700: The Foreign and Commonwealth Office , is largely based on English law , and the constitution binds the territory to the principles of the European Convention on Human Rights . Residents have the right of appeal to the European Court of Human Rights and the Privy Council . Law enforcement is the responsibility of the Royal Falkland Islands Police (RFIP). Defence of the islands is provided by
3264-641: The United Nations General Assembly , the Fourth Committee determined that, in all languages other than Spanish, all UN documentation would designate the territory as Falkland Islands (Malvinas) . In Spanish, the territory was designated as Islas Malvinas (Falkland Islands) . The nomenclature used by the United Nations for statistical processing purposes is Falkland Islands (Malvinas) . Although Fuegians from Patagonia may have visited
3360-550: The governor , who appoints the islands' chief executive on the advice of members of the Legislative Assembly . Both the governor and the chief executive serve as the head of government . Governor Alison Blake was appointed in July 2022 and Chief Executive Andy Keeling was appointed in April 2021. The UK minister responsible for the Falkland Islands since 2024, Stephen Doughty , administers British foreign policy regarding
3456-403: The 221st largest out of 229 in the world by GDP ( PPP ), but ranks 10th worldwide by GDP (PPP) per capita . The unemployment rate was 1% in 2016, and inflation was calculated at 1.4% in 2014. Based on 2010 data, the islands have a high Human Development Index of 0.874 and a moderate Gini coefficient for income inequality of 34.17. The local currency is the Falkland Islands pound , which
3552-657: The AIM rules. In March 2007 The Daily Telegraph noticed a tendency to use listing vehicles incorporated in offshore financial centres prior to floating on AIM. Some 35% of the companies floated on AIM during 2006 were from OFCs, of which the majority came from the Channel Islands or the British Virgin Islands . On 29 January 2009 it was announced that AIM is to form the basis of an Asian-orientated growth or incubator market called 'Tokyo AIM', which will be run as
3648-602: The Anglo-Saxon term "folkland" (land held by folk-right ). The name "Falklands" was not applied to the islands until 1765, when British captain John Byron of the Royal Navy claimed them for King George III as "Falkland's Islands". The term "Falklands" is a standard abbreviation used to refer to the islands. The common Spanish name for the archipelago, Islas Malvinas , derives from the French Îles Malouines —the name given to
3744-585: The EEZ of Argentina. The UK and Argentina both assert sovereignty over the Falkland Islands. The UK bases its position on its continuous administration of the islands since 1833 and the islanders' "right to self-determination as set out in the UN Charter ". Argentina claims that, when it achieved independence in 1816, it acquired the Falklands from Spain. The incident of 1833 is particularly contentious; Argentina considers it proof of "Britain's usurpation" whereas
3840-554: The Environmental Impact Statement required "further discussion" and that any development and production program would need to be considered separately by the Executive Council. Development projects in education and sports have been funded by the Falklands government, without aid from the United Kingdom. The primary sector of the economy accounts for most of the Falkland Islands' gross domestic product, with
3936-517: The Falkland Islanders as a partner in negotiations. However, in May, 2024, newly elected Argentine president Javier Milei , expressed general acceptance and tolerance for British rule, for the time being, noting it could take decades for Argentina to gain control of the islands. Though asserting “We [will not] relinquish our sovereignty" over the islands, Milei said they would not "seek conflict with
FIH Group - Misplaced Pages Continue
4032-698: The Falkland Islands , which follows England's system , is free and compulsory for residents aged between 5 and 16 years. Primary education is available at Stanley, RAF Mount Pleasant (for children of service personnel) and a number of rural settlements. Secondary education is only available in Stanley, which offers boarding facilities and 12 subjects to General Certificate of Secondary Education (GCSE) level. Students aged 16 or older may study at colleges in England for their GCE Advanced Level or vocational qualifications. The Falkland Islands government pays for older students to attend institutions of higher education, usually in
4128-580: The Falkland Islands are independent ; no political parties exist on the islands. Since the 2013 general election , members of the Legislative Assembly have received a salary and are expected to work full-time and give up all previously held jobs or business interests. As a territory of the United Kingdom, the Falklands were part of the overseas countries and territories of the European Union until 2020 . The islands' judicial system, overseen by
4224-495: The Falkland Islands in prehistoric times, the islands were uninhabited when Europeans first explored them. European claims of discovery date back to the 16th century, but no consensus exists on whether early explorers sighted the Falklands or other islands in the South Atlantic. The first undisputed landing on the islands is attributed to English captain John Strong, who, en route to Peru and Chile 's littoral in 1690, explored
4320-618: The Falkland Sound and noted the islands' water and game. The Falklands remained uninhabited until the 1764 establishment of Port Louis on East Falkland by French captain Louis Antoine de Bougainville and the 1765 foundation of Port Egmont on Saunders Island by Captain John Byron ; the latter settlement being expanded by British captain John MacBride a year later. Whether or not the settlements were aware of each other's existence
4416-488: The Falklands Islands Company ("FIC"), remains a core part of the Group. In February 2017 Staunton Holdings made a takeover offer of £3 per share with a total value of £37.3 Million. In March, Dolphin fund owned by billionaire Eduardo Elsztain requested information about the company in order to make its own takeover bid. In response Staunton reduced the requirement of 90% of the share capital to be purchased from
4512-445: The Falklands as a garrison amid fears of a Japanese seizure of the archipelago. After the war ended, the Falklands economy was affected by declining wool prices and the political uncertainty resulting from the revived sovereignty dispute between the United Kingdom and Argentina. Simmering tensions between the UK and Argentina increased during the second half of the century, when Argentine President Juan Perón asserted sovereignty over
4608-492: The Falklands basin. Landmine clearance work restarted in 2009, in accordance with the UK's obligations under the Ottawa Treaty , and Sapper Hill Corral was cleared of mines in 2012, allowing access to an important historical landmark for the first time in 30 years. Argentina and the UK re-established diplomatic relations in 1990, but neither has agreed on the terms of future sovereignty discussions. The Falkland Islands are
4704-440: The Falklands became a Crown colony and Scottish settlers subsequently established an official pastoral community. Four years later, nearly everyone relocated to Port Jackson, considered a better location for the government, and merchant Samuel Lafone began a venture to encourage British colonisation. Stanley , as Port Jackson was soon renamed, officially became the seat of government in 1845. Early in its history, Stanley had
4800-409: The Falklands diversified from a sheep-based monoculture into an economy of tourism and, with the establishment of the Falklands exclusive economic zone , fisheries. The road network was also made more extensive, and the construction of RAF Mount Pleasant allowed access to long haul flights. Oil exploration also began in the 2010s, with indications of possible commercially exploitable deposits in
4896-484: The London Stock Exchange, which controls AIM, pointing out that the number of companies that go into liquidation or administration in a year is actually fewer than 2%. AIM has since issued new rules requiring that listed companies maintain a website. The calibre of participants in the market has also been criticised by fund manager John Hempton of Bronte Capital Management. In 2003 Langbar international
SECTION 50
#17328557718474992-399: The UK and mainland South America. Port Stanley Airport provides internal flights. Despite COVID-19 pandemic restrictions causing suspensions of flights from Santiago and São Paulo and prohibited cruise ship tourism, the economy of the islands remains stable and healthy. The Falkland Islands population is homogeneous, mostly descended from Scottish and Welsh immigrants who settled in
5088-509: The UK discounts it as a mere reassertion of its claim. In 2009, the British prime minister, Gordon Brown , had a meeting with the Argentine president, Cristina Fernández de Kirchner , and said that there would be no further talks over the sovereignty of the Falklands. In March 2013, the Falkland Islands held a referendum on its political status: 99.8% of votes cast favoured remaining a British overseas territory. Argentina does not recognise
5184-404: The United Kingdom" over them, preferring to resolve the dispute "within the framework of peace." The Falkland Islands have a land area of 4,700 sq mi (12,000 km ) and a coastline estimated at 800 mi (1,300 km). The archipelago consists of two main islands, West Falkland and East Falkland, and 776 smaller islands. The islands are predominantly mountainous and hilly, with
5280-477: The United Kingdom. Falklands culture is based on the cultural traditions of its British settlers but has also been influenced by Hispanic South America . Falklanders still use some terms and place names from the former Gaucho inhabitants. The Falklands' predominant and official language is English, with the foremost dialect being British English ; nonetheless, some inhabitants also speak Spanish. According to naturalist Will Wagstaff , "the Falkland Islands are
5376-581: The United Kingdom. A British military garrison is stationed on the islands, and the Falkland Islands government funds an additional platoon to company -sized light infantry Falkland Islands Defence Force . The Falklands claim an exclusive economic zone (EEZ) extending 200 nmi (370 km) from its coastal baselines, based on the United Nations Convention on the Law of the Sea ; this zone overlaps with
5472-600: The archipelago was visited only by fishing ships; its political status was undisputed until 1820, when Colonel David Jewett , an American privateer working for the United Provinces of the Río de la Plata , informed anchored ships about Buenos Aires ' 1816 claim to Spain's territories in the South Atlantic. Since the islands had no permanent inhabitants, in 1823 Buenos Aires granted German-born merchant Luis Vernet permission to conduct fishing activities and exploit feral cattle in
5568-500: The archipelago. The sovereignty dispute intensified during the 1960s, shortly after the United Nations passed a resolution on decolonisation which Argentina interpreted as favourable to its position. In 1965, the UN General Assembly passed Resolution 2065 , calling for both states to conduct bilateral negotiations to reach a peaceful settlement of the dispute. From 1966 until 1968, the UK confidentially discussed with Argentina
5664-400: The archipelago. Vernet settled at the ruins of Puerto Soledad in 1826, and accumulated resources on the islands until the venture was secure enough to bring settlers and form a permanent colony. Buenos Aires named Vernet military and civil commander of the islands in 1829, and he attempted to regulate sealing to stop the activities of foreign whalers and sealers. Vernet's venture lasted until
5760-489: The area without formal government. Vernet's deputy, the Scotsman Matthew Brisbane , returned to the islands that year to restore the business, but his efforts ended after, amid unrest at Port Louis, gaucho Antonio Rivero led a group of dissatisfied individuals to murder Brisbane and the settlement's senior leaders; survivors hid in a cave on a nearby island until the British returned and restored order. In 1840,
5856-801: The company at £32m. In December 2004 FGML raised £10m and shares admitted to AIM, FOGL was granted an exploration licence over a further 50,000 km to the South and East of the islands and FIH acquired Portsmouth Harbour Ferry Company for £7.5m. In June 2005 FOGL raised £10 million through an institutional placing. FIH subscribes £2m increasing its share holding to 18.3%. In February 2006, FIH sold 1.8m shares in (FOGL), realising £2.4m and reducing its holding back to 16.3%. In December 2006, FOGL raised an £8m convertible loan to fund its ongoing exploration programme. In January 2007 FIH sold 100% of its holding in FGML for 6p per share to RAB Capital and in October 2007 FOGL announced
SECTION 60
#17328557718475952-449: The company had a capital reorganisation involving a share consolidation (1,000 to 1) and split (1 to 1,000) decreasing the number of shareholders from 2,139 to 510. September 2016 the group changed its name to FIH Group plc to more properly reflect the balance of the group's activities which are now predominantly in Europe and the UK. Despite this change of name, the group's Falklands business,
6048-407: The creation of direct air links with the United Kingdom and South America. Tourists, mostly cruise ship passengers, are attracted by the archipelago's wildlife and environment, as well as activities such as fishing and wreck diving ; the majority find accommodation in Stanley. The main international airport, located at RAF Mount Pleasant on East Falkland, provides flights to RAF Brize Norton in
6144-505: The expense of maintaining the Falkland Islands in an era of budget cuts, the UK again considered transferring sovereignty to Argentina in the early Thatcher government . Substantive sovereignty talks again ended by 1981, and the dispute escalated with passing time. In April 1982 the Falklands War began when Argentine military forces invaded the Falklands and other British territories in the South Atlantic , briefly occupying them until
6240-406: The fishing industry alone contributing between 50% and 60% of annual GDP; agriculture also contributes significantly to GDP and employs about a tenth of the population. A little over a quarter of the workforce serves the Falkland Islands government, making it the archipelago's largest employer. Tourism, part of the service economy, has been spurred by increased interest in Antarctic exploration and
6336-656: The garrison from the islands, leaving a plaque claiming the Falklands for King George III. Spain's Viceroyalty of the Río de la Plata became the only formal presence in the territory. West Falkland was left abandoned, and Puerto Soledad became a penal colony. Amid the British invasions of the Río de la Plata during the Napoleonic Wars in Europe, the islands' governor evacuated the archipelago in 1806; Spain's remaining colonial garrison followed suit in 1811, except for gauchos and fishermen who remained voluntarily. Thereafter,
6432-403: The government has tried to contain, remove or exterminate foxes, rabbits and rats. Endemic land animals have been the most affected by introduced species, and several bird species have been extirpated from the larger islands. The extent of human impact on the Falklands is unclear, since there is little long-term data on habitat change. As of 2023 , the economy of the Falkland Islands is ranked
6528-469: The islands by French explorer Louis-Antoine de Bougainville in 1764. Bougainville, who founded the islands' first settlement, named the area after the port of Saint-Malo (the point of departure for his ships and colonists). The port, located in the Brittany region of western France, was named after St. Malo (or Maclou), the Christian evangelist who founded the city. In 1965, at the 20th session of
6624-404: The islands have had French, British, Spanish, and Argentine settlements. Britain reasserted its rule in 1833 , but Argentina maintains its claim to the islands. In April 1982, Argentine military forces invaded the islands . British administration was restored two months later at the end of the Falklands War . In a 2013 sovereignty referendum , almost all Falklanders voted in favour of remaining
6720-417: The islands' economic focus, with an increase in population as workers migrate from Camp. Fear of dependence on fishing licences and threats from overfishing , illegal fishing and fish market price fluctuations led to increased interest in oil drilling as an alternative source of revenue. As of 2001 exploration efforts had yet to find "exploitable reserves". By 2023, oil exploration was still proceeding off
6816-409: The islands' population decline has reduced, thanks to immigrants from the United Kingdom, Saint Helena , and Chile. In the 2012 census, a majority of residents listed their nationality as Falkland Islander (59 per cent), followed by British (29 per cent), Saint Helenian (9.8 per cent), and Chilean (5.4 per cent). A small number of Argentines also live on the islands. The Falkland Islands have
6912-524: The islands. The governor acts on the advice of the islands' Executive Council , composed of the chief executive, the Director of Finance and three elected members of the Legislative Assembly (with the governor as chairman). The Legislative Assembly, a unicameral legislature , consists of the chief executive, the director of finance and eight members (five from Stanley and three from Camp ) elected to four-year terms by universal suffrage . All politicians in
7008-504: The islands. The Falklands' flora consists of 163 native vascular species . More than 400 species of lichens and lichen-dwelling fungi have been recorded. The islands' only native terrestrial mammal, the warrah , was hunted to extinction by European settlers. The islands are frequented by marine mammals , such as the southern elephant seal and the South American fur seal , and various types of cetaceans ; offshore islands house
7104-405: The knowledge and resources to conduct proper inquiries into a firm's prospects and activities, or even larger investors which lack strong internal control and risk management requirements. As a consequence, AIM's investor base is largely composed of institutional investors and wealthy individuals. The following table lists the 10 biggest AIM companies on 31 May 2021. The following table lists
7200-410: The loss of reputational capital. However, this heavy reliance on Nomads has been criticised as creating a conflict of interest, since Nomads receive fees from the companies they purportedly supervise while, in practice, managing to avoid liability for market misconduct. In 2006, the London Stock Exchange launched a review of Nomad activities, resulting in a regulatory "handbook" for Nomads published by
7296-468: The main islands due to predation by introduced species . Major economic activities include fishing, tourism and sheep farming , with an emphasis on high-quality wool exports. Oil exploration, licensed by the Falkland Islands Government , remains controversial as a result of maritime disputes with Argentina. The name "Falkland Islands" comes from Falkland Sound , the strait that separates
7392-504: The main market. At launch, AIM comprised only 10 companies valued collectively at £82.2 million. As at May 2021, 821 companies comprised the sub-market, with an average market cap of £80 million per listing. AIM has also started to become an international exchange, often due to its low regulatory burden, especially in relation to the US Sarbanes–Oxley Act (though only a quarter of AIM-listed companies would qualify to be listed on
7488-487: The major exception being the depressed plains of Lafonia (a peninsula forming the southern part of East Falkland). The Falklands consists of continental crust fragments resulting from the break-up of Gondwana and the opening of the South Atlantic that began 130 million years ago. The islands are located in the South Atlantic Ocean , on the Patagonian Shelf , about 300 mi (480 km) east of Patagonia in southern Argentina. The Falklands' approximate location
7584-573: The offer to 50%. The announcement of a potential takeover by an Argentinian group gained press coverage due to the highly political nature of the islands. In April, Staunton Holdings' offer failed to gain enough shares, resulting in a withdrawal of the takeover and sale of Blackfish's (a Staunton affiliated company) 20% shareholding in the company. In November 2021 the Board announced that John Foster would step down from his position as CEO after 17 years and be succeeded by Stuart Munro. FIH shares have traded on
7680-407: The pastures. Economic growth began only after the Falkland Islands Company , which bought out Lafone's failing enterprise in 1851, successfully introduced Cheviot sheep for wool farming, spurring other farms to follow suit. The high cost of importing materials, combined with the shortage of labour and consequent high wages, meant the ship repair trade became uncompetitive. After 1870 it declined as
7776-423: The placing of new shares by FOGL by subscribing for 2 million new shares at a cost of £0.86 million (43 pence per share). FIH's holding in FOGL shares was increased to 14 million shares (4.4%). In July 2012, FIH raised £10.0 million gross from a share issue at 320p per share. £8.0 million was subscribed by Blackfish Capital and £2.0 million was raised from an Open Offer to the existing shareholders. The proceeds from
7872-529: The prospect for a potential conflict between the Falkland Island's government and the British government. Nevertheless, the authority to approve oil development around the islands was said to rest solely with the Falkland Island's government. In November 2024, the Falkland's government Executive Council indicated that, while the public consultation process had been successfully concluded, "some matters" related to
7968-576: The rare striated caracara . There are also five different penguin species and a few of the largest albatross colonies on the planet. Endemic fish around the islands are primarily from the genus Galaxias . The Falklands are treeless and have a wind-resistant vegetation predominantly composed of a variety of dwarf shrubs . Virtually the entire land area of the islands is used as pasture for sheep. Introduced species include reindeer , hares, rabbits, Patagonian foxes , brown rats , and cats. Several of these species have harmed native flora and fauna, so
8064-618: The replacement of sail ships by steamships was accelerated by the low cost of coal in South America; by 1914, with the opening of the Panama Canal , the trade effectively ended. In 1881, the Falkland Islands became financially independent of Britain. For more than a century, the Falkland Islands Company dominated the trade and employment of the archipelago; in addition, it owned most housing in Stanley, which greatly benefited from
8160-559: The sale of fishing licences to "anybody wishing to fish within this zone". Since the end of the Falklands War in 1982, the islands' economic activity increasingly focused on oil field exploration and tourism. All large settlements are now connected by road and, since 2008, a ferry links West and East Falkland. The islands' major exports include wool, hides, venison, fish and squid; its main imports include fuel, building materials and clothing. The port settlement of Stanley has regained
8256-443: The share issue were used to develop the group's assets in the Falkland Islands in anticipation of the economic growth that the board believed would follow. In July 2012, FIH sold 1.2 million shares in FOGL for £1.01 million (86 pence per share), generating a profit of £0.77 million and reducing its holding to 12.8 million shares (4.0%). In March 2015 FIH sold 7.825 million shares in FOGL for £1.6 million (29 pence per share), generating
8352-461: The shelf of the islands with a deepwater project led by Rockhopper Exploration . In 2023, Rockhopper (working with Tel Aviv-listed Navitas Petroleum) indicated that it had been presented with a new development plan for its Sea Lion project that aimed to cut costs and proceed in phases. It was stated that: "If realized, the new plan – with a total price tag of $ 2.2 billion – could lead to 80,000 barrels per day of production (up to 100,000 b/d at peak) via
8448-409: The territory after 1833. The Falkland-born population are also descended from English and French people , Gibraltarians , Scandinavians, and South Americans. The 2016 census indicated that 43% of residents were born on the archipelago, with foreign-born residents assimilated into local culture. The legal term for the right of residence is "belonging to the islands". In 1983, full British citizenship
8544-459: The top 100 AIM companies by market capitalisation on 25 April 2020. In March 2007, U.S. securities regulator Roel Campos suggested that AIM's rules for share trading have created a market like a casino . Campos reportedly said: "I'm concerned that 30% of issuers that list on AIM are gone in a year. That feels like a casino to me and I believe that investors will treat it as such." The comment resulted in several angry retorts, including one from
8640-519: The transfer of the Falklands, assuming its judgement would be accepted by the islanders. An agreement on trade ties between the archipelago and the mainland was reached in 1971 and, consequently, Argentina built a temporary airfield at Stanley in 1972. Nonetheless, Falklander dissent, as expressed by their strong lobby in the UK Parliament , and tensions between the UK and Argentina effectively limited sovereignty negotiations until 1977. Concerned at
8736-586: The two main islands. The name "Falkland" was applied to the channel by John Strong , captain of an English expedition that landed on the islands in 1690. Strong named the strait in honour of Anthony Cary, 5th Viscount Falkland , the Treasurer of the Navy who sponsored his journey. The Viscount's title originates from the town of Falkland , Scotland—the town's name probably comes from a Gaelic term referring to an "enclosure" ( lann ), but it could less plausibly be from
8832-529: The wool trade with the UK. In the first half of the 20th century, the Falklands served an important role in Britain's territorial claims to subantarctic islands and a section of Antarctica. The Falklands governed these territories as the Falkland Islands Dependencies starting in 1908 and retained them until their dissolution in 1985. The Falklands also played a minor role in the two world wars as
8928-426: Was admitted to the AIM. In 2011 Langbar's now former CEO, Stuart Pearson was found guilty of "three counts of making misleading statements by falsely claiming in stock market announcements that the company had assets held by Banco do Brasil and that some assets were being transferred to the company", jailed for 12 months and banned for being a company director for five years. This £365 million ($ 750m) share fraud
9024-480: Was established with financing to carry out an aero magnetic survey of the Falklands to exploit its exploration licence covering the whole of the Island. In June 2004 Falkland Oil and Gas Limited (FOGL) was established with financing to carry out a 2D seismic survey over its 33,000 km offshore licence to the South and East of the Falklands. In October 2004 FOGL raised £12m and its shares were admitted to AIM, capitalising
9120-418: Was given to Falkland Islanders under the British Nationality (Falkland Islands) Act 1983 . A significant population decline affected the archipelago in the 20th century, with many young islanders moving overseas in search of education, a modern lifestyle, and better job opportunities, particularly to the British city of Southampton , which came to be known in the islands as "Stanley North". In recent years,
9216-662: Was investigated by the Serious Fraud Office and the City of London Police when it was discovered in November 2005 that Langbar had none of the assets it declared at listing. This was due in part because the Nomad (Nominated Adviser) failed to carry out due diligence . Also, the Exchange did not ensure that the AIM rules had been complied with. AIM changed the rules for Nomads in 2006. On 19 October 2007 they fined Nabarro Wells £250,000 ($ 512,500) and publicly censured them for breaches of
#846153