DLA Piper advises Better Capital on firm placing and open offer
DLA Piper has advised Better Capital PCC Ltd on its firm placing and open offer raising £185.6m for further investments.
Better Capital is a Guernsey-incorporated, registered closed-ended collective investment scheme with the investment objective of generating attractive total returns from investing in a portfolio of distressed businesses.
The company has two protected cells — the 2009 Cell and the 2012 Cell — which invest in separate funds. Shares in the 2009 Cell and 2012 Cell are separately listed on the Official List and separately traded on the main market of the London Stock Exchange. The fundraising of £185.6m is through the issue of new shares in the 2012 Cell.
DLA Piper has advised Better Capital since 2009, on its initial public offering on AIM, its migration to the main market and secondary offering in 2010, and its conversion to a protected cell company and secondary offering in 2011–12.
Numis Securities Ltd has acted as the sponsor, broker and global co-ordinator in each of these fundraisings.
The DLA Piper team was led by Jon Hayes and Martin Penn. Melanie James and Edward Meadowcroft made up the core team, with support on private funds from Gawain Hughes and Charlie Vermeylen.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
Be Global is DLA Piper’s snapshot of key global employment law developments designed to help you identify legal hotspots across your global operations.
The US Department of Treasury’s Office of Foreign Assets Control has issued additional sanctions targeting certain Russian banks, energy and defence companies.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions