The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Herbert Smith and Ashurst have won places on the $457m (£303m) cash call made by platinum miner Lonmin.
Herbert Smith corporate partners Greg Mulley and Adam Wells acted for Lonmin, which launched the rights issue after reporting a $196m pre-tax loss in the six months to the end of March.
Ashurst corporate partner Nicholas Holmes led the team advising the underwriters, JPMorgan Securities and Citi. He was assisted by US corporate partner Marie Elena Angulo on the issue.
Lonmin is dual-listed in South Africa and London and has debts of around $449m.
Mining group Xstrata, which is reported to be weighing up another bid for Lonmin, is the largest shareholder with a 25 per cent position. The group abandoned a hostile bid in October last year but has agreed to take up 36 per cent of the rights issue.
Ashurst also advised the underwriters on the £125m rights issue by mining company Aquarius Platinum. Holmes acted for Merrill Lynch on the fundraising last month, alongside company advisers Linklaters.
He said capital markets activity was increasing, adding: “The immediate pipeline is looking very strong.”