Ashurst advised Numis Securities Limited and Barclays Bank PLC as joint bookrunners in connection with the £35.4 million placing to partly fund the proposed acquisition of Local World Holdings Limited by Trinity Mirror plc, a deal that will create the UK's largest regional newspaper group.  Ashurst also acted for Numis Securities Limited as sponsor in connection with the proposed acquisition, which constitutes a Class 1 transaction under the Listing Rules.

As part of the deal, Trinity Mirror, which also owns the Sunday People and Sunday Mirror, will buy out the 80% it does not already own in Local World in a deal that values the business on a debt-free cash-free basis at £220 million. Local World owns 83 print titles including 16 dailies and 36 paid-for weeklies.

Pursuant to the placing, Trinity Mirror will issue 22,398,041 new ordinary shares at a price of 158 pence per share, raising gross proceeds of £35.4 million.  Admission of these new ordinary shares to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities is expected to occur on 30 October 2015.

The acquisition is conditional upon admission of the new ordinary shares to be issued pursuant to the placing and shareholder approval at an EGM convened for 13 November 2015.

The Ashurst team was led by corporate partner Nicholas Holmes, assisted by counsel Caroline Chambers, senior associate Tara Waters and solicitor Rhea Shah.

Partner Eric Stuart advised on the US securities law aspects of the transaction. Partner Nicholas Gardner provided tax advice, assisted by associate Ceri Stoner.