Ashurst advised JZ Capital Partners Limited on the issue of up to £78 million of Convertible Unsecured Subordinated Loan Stock due 2021 ("CULS"). JZ Capital Partners is a listed private equity investment company which invests US and European micro-cap companies. J.P. Morgan Securities plc (which conducts its UK investment bank business as J.P. Morgan Cazenove) acted for JZ Capital Partners as broker and placing agents.

The capital raising is structured in two tranches. The first tranche of £38.9 million in nominal value of CULS was oversubscribed and is expected to be admitted to trading on the London Stock Exchange's Specialist Fund Market on 30 July 2014.  A second tranche of up to £38.9 million in nominal value of CULS may be offered by JZ Capital Partners Limited within the next 12 months subject to obtaining shareholder approval in relation to the disapplication of pre-emption rights.

The Ashurst team was led by corporate partner Jonathan Parry and finance partner Anna Delgado, assisted by senior associates Stuart Dullard (corporate) and Alex Biles (finance) and associate Aaron Shute (corporate). US securities partner Jennifer Schneck and associate Rodrigo Hidalgo worked on US securities law aspects of the transaction. Tax partner Nicholas Gardner and associate Sara Mardell advised in relation to UK taxation. Mourant Ozannes advised JZ Capital Partners in respect of Guernsey law.