Ashurst advised J.P. Morgan Cazenove on the £37 million placing by Big Yellow Group PLC, the market leading brand in the UK self storage sector. The placing was conducted through an accelerated book-building process. J.P. Morgan Cazenove acted as sole bookrunner in respect of the placing.

On 25 January 2013, a total 10 million new ordinary shares in the share capital of Big Yellow were placed by J.P. Morgan at a price of 370 pence per share, with new and existing institutional investors, raising gross proceeds of approximately £37 million for Big Yellow. Big Yellow intends to use the proceeds of the Placing to reduce its debt level and improve its interest cover at the pre-interest cash flow level; this will enable it to rebase its dividend policy.

The shares issued pursuant to the placing represent approximately 7 per cent of the expected enlarged issued ordinary share capital of the company. The placing was done on a non-pre-emptive basis and implemented through a cash-box structure.

Admission of the Placing Shares on the Official List maintained by the UK Listing Authority took place at 8.00 a.m. on 28 January 2013, and dealings in the Placing Shares on the London Stock Exchange's main market for listed securities commenced at the same time.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by senior associate Padmini Singla and trainee solicitor, Apoorvaa Paranjpe. US partner Ray Fisher and NY-qualified solicitor Rodrigo Romero Hidalgo advised on US issues. Counsel Caroline Chambers also assisted on the transaction.

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