Eversheds Sutherland is advising specialist lender Charter Court Financial Services on its initial public offering (IPO) on the London Stock Exchange valuing the company at £550 million.
The listing on London’s Main Market will involve a £200 million sell down by Elliott International, Elliott Associates and members of Charter Court Financial Services’ management and a primary raise of £20 million with a further £33 million available from Elliott International and Elliott Associates under an over-allotment option, if exercised. Admission is expected to occur on 4 October 2017.
The offering has been made to institutional and other professional investors in the UK and elsewhere outside the US under Regulation S and to qualified institutional buyers in the US under Rule 144A.
The Eversheds Sutherland team was led by partners Sebastian Orton and James Trevis assisted by lead associate Jon Stanley. Other members of the team included Lily Tomkins, Danielle Boland-Brown, Caroline Clapham (Corporate), Danny Blum, Victoria Green and Jia Xie (Options), Elizabeth Graves, Alice Heatley (Employment) and Andrew Henderson (Regulatory).
Commenting on the IPO, Sebastian Orton, said:
“It is great that the City has responded so positively to this IPO. It demonstrates a buoyancy in the market and an increased appetite among investors. We were delighted to provide a full spectrum of corporate, employment and regulatory advice and look forward to advising Charter Court Financial Services as a listed company.”
Ian Lonergan, CEO of Charter Court Financial Services, said:
"Today’s pricing reflects the high level of investor interest shown in our IPO and is a clear endorsement of Charter Court’s business, track record, strategy and prospects. I welcome all of our new shareholders and look forward to sharing with them the next exciting stage of our development as we seek to take advantage of the further opportunities we see in our specialist mortgage markets and drive sustainable growth and attractive risk adjusted returns.”
Client relationship partner, James Trevis, added:
“This is an exciting time for Charter Court Financial Services, a longstanding and valued client. We are delighted to have been able to assist them in achieving this important milestone in their development. We wish them luck on their journey as a listed company.”
This is the second Main Market IPO that Sebastian Orton and Jon Stanley have led on this year having advised Medica Group on its £150m IPO in March 2017.
Proskauer Rose LLP also advised Charter Court Financial Service. Davis Polk & Wardwell LLP advised the underwriters. Barclays Bank PLC is acting as Sponsor and with RBC Europe Limited are Joint Global Coordinators together with Keefe, Bruyette & Woods (acting through Stifel Nicolaus Europe Limited) as Joint Bookrunners. Peel Hunt LLP are Managers.
