The Herbert Smith Freehills investment funds team has recently advised on four significant fund launches. The team advised Goldman Sachs International on its role as sponsor on CVC Credit Partners European Opportunities €350 million IPO, and advised JP Morgan Global Convertibles Income Fund Limited, Polar Capital Global Financials Trust plc and Doric Nimrod Air Three Limited on their IPOs.
The Firm recently represented Dentsu Inc. in connection with its offering of 35 million shares of common stock, which included an international offering to institutional investors pursuant to Rule 144A and Regulation S. The offering raised approximately ¥121,886 million.
The international offering was led by Nomura International plc and Morgan Stanley & Co. International plc.
Dentsu Inc. is the largest advertising company in Japan and, as an agency brand, is the largest agency network in the world based on revenue.
International law firm McDermott Will & Emery LLP represented Silver Eagle Acquisition Corp. (Nasdaq: EAGLU), a special purpose acquisition company (SPAC), in its initial public offering of 32,500,000 units, which closed on July 30, 2013. The units were sold at an offering price of $10.00 per unit for gross proceeds of approximately $325 million. This is the largest amount raised in an IPO by a U.S. SPAC in over seven years. Deutsche Bank Securities Inc. acted as the sole book running manager and representative of the underwriters of the offering.
International law firm DAC Beachcroft has advised European mobile gaming company 24/7 Gaming Group Holdings plc (24/7) on its successful admission to AIM to yesterday (31st July).
The deal values 24/7, a leading provider of services, apps and operating systems to the mobile gaming industry for smartphones and tablets, at more than £65m.
DLA Piper has advised Conviviality Retail Plc, the owner of Bargain Booze, on its initial public offering to realise a market capitalisation of £66.7 million on admission on AIM.
Conviviality Retail Plc operates the UK's largest franchised off-licence and convenience chain with over 600 franchisee-owned stores in the north of England. The Conviviality Group is a buying, marketing and logistics business offering a full support package to 460 franchises. Conviviality's franchisees operate under six fascias which include Bargain Booze and Bargain Booze Select Convenience.
DLA Piper represented the investment banks in the Ps.4.8 billion (US$379 million) global offering of Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios) of Mexican real estate investment trust (REIT) Fibra Shop completed on July 29, 2013. The Real Estate Certificates are listed on the Mexico Stock Exchange and trade under the symbol “FSHOP13.” The deal included a public offering in Mexico and an international offering in the United States under Rule 144A and other jurisdictions under Regulation S.
Herbert Smith Freehills has advised Goldman Sachs (Asia) L.L.C. as the placing agent on the US$34.4 million top-up placement of shares in ChinaVision Media Group (Stock Code: 1060).
Under the placing, 582,630,000 existing shares were placed by Goldman Sachs resulting in net proceeds of approximately HK$260 million for ChinaVision Media Group.
The Herbert Smith Freehills team was led by partners Matt Emsley, Kevin Roy and Michelle Chan, with support from senior associate Victor Ding and associates Jackie Chen and George Wu.
Osborne Clarke has advised Liberum Capital in its capacity as nominated adviser, broker and sole bookrunner on the successful AIM IPO of Plus500 Ltd (Plus500), which is the third IPO Osborne Clarke has acted on this year.
The capital markets team has advised long-standing technology client Transense Technologies PLC in relation to a c.£5 million fundraising by way of an initial placing, an offer for subscription (Offer) made to existing shareholders, and a further placing. The initial placing raised gross proceeds of c.£3.2 million and the Offer raised a further £1.05 million. Due to an extremely strong response for shareholders, the Offer was substantially oversubscribed.
Field Fisher advised Mirabaud Securities LLP, as broker and sole bookrunner, in relation to a $20m placing by Lekoil Limited on the London Stock Exchange's AIM Market (AIM).
The transaction is a secondary placing of new ordinary shares in Lekoil Limited which will take place in two tranches. The second tranche is conditional on passing restrictions at the Lekoil Limited's Extraordinary General Meeting, which is convened for 7 August 2013 .