Danish top-league football club Brøndby IF has just completed a rights issue on NASDAQ Copenhagen, generating proceeds of DKK 100m. LETT provided legal advice in connection with the rights issue, which will serve to strengthen the capital base of the football club.
18 November 2016
On 8 November, Swissgrid shares held by Alpiq AG and Alpiq Suisse were transferred to BKW and Sireso, a Swiss consortium. Prior to the transaction, the transfers were disputed and led to several proceedings. The disputes were settled in October and the board of directors of Swissgrid gave its consent to the transaction. The transfer of shares in Swissgrid AG, the Swiss high voltage grid operator, is restricted by law (inter alia with statutory pre-emption rights).
Herbert Smith Freehills is delighted to be advising Boral Limited on its A$1.6 billion fully underwritten 1 for 2.22 renounceable pro-rata Entitlement Offer (with retail rights trading), and A$450 million share Placement, announced to ASX on 21 November 2016. Herbert Smith Freehills also advised Boral in relation to a committed bridge debt acquisition facility, and other Australian law aspects of the transaction.
In November 2016, advised by King & Wood Mallesons (KWM), Huishang Bank Corporation Limited (Huishang Bank) issued US$888 million 5.50% non-cumulative perpetual offshore preference shares. This is the first successful overseas issuance of preference shares made by a Chinese city commercial bank, and the first overseas preference shares from a non-internationally-rated Chinese bank.
Vinge advises Carnegie Investment Bank AB (publ) and Nordea Bank AB (publ) who are acting as Joint Global Coordinators and Joint Bookrunners in connection with the listing of the common shares and preference shares in Volati AB (publ) on Nasdaq Stockholm. The company has applied for the company’s shares to be admitted for trading and Nasdaq Stockholm has approved the company’s shares for listing subject to customary conditions. A prospectus is expected to be published on or around 18 November 2016 and first day of trading is expected to be on or around 30 November 2016.
Davis Polk advised the joint book-running managers, in connection with the SEC-registered primary offering of 9,000,000 shares of common stock of U.S. Silica Holdings, Inc.
Simpson Thacher represented Doosan Bobcat Inc. (“Doosan Bobcat”) in connection with the initial public offering of 30,028,180 shares of its common stock. The offering raised Won 901 billion (approximately US$783 million) in gross proceeds for the selling stockholders, which consisted of a group of Korean financial investors. The common shares of Doosan Bobcat were listed on the KRX KOSPI Market of the Korea Exchange under the code 241560 and offered by the selling shareholders as a registered IPO in Korea and in reliance on exemptions under the U.S.
Simpson Thacher represented the underwriters, led by Citigroup Global Markets Korea Securities, Korea Investment & Securities, Credit Suisse Securities, J.P. Morgan Securities, NH Investment & Securities and Samsung Securities, in the initial public offering of Samsung BioLogics Co., Ltd. (“Samsung BioLogics”), a biologics contract manufacturing company based in Korea. The offering raised Won 2.25 trillion (approximately US$1.97 billion) for the issuer and the selling shareholder, Samsung Electronics Co., Ltd.
Kirkland & Ellis represented Datang Environment Industry Group Co., Ltd., the sole platform for the development of environmental protection and energy conservation business under China Datang Corporation, one of the five major wholly state-owned power generation groups in the PRC, on its US$263 million initial public offering (IPO) on the Hong Kong Stock Exchange, before the exercise of the overallotment option. CITIC CLSA is the sole sponsor and a bookrunner on the IPO, with Deutsche Bank, China Merchants Securities, HSBC, ABCI and BNP as the other joint bookrunners.
Eversheds has advised leading international convenience food producers, Greencore Group plc on its £440m rights issue to fund the acquisition of Peacock Foods.
Headquartered in Dublin, Greencore employs approximately 12,800 people worldwide.
Peacock is a fast-growing US convenience food manufacturer with strong positions in frozen breakfast sandwiches, kids' chilled meal kits and salad kits, generating revenues of approximately $1 billion.