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6 July 2009 | By Kit Chellel
24 April 2000
21 January 2013
21 June 2004
14 February 2000
12 June 1999
Memery Crystal has won a mandate advising King of Shaves on its groundbreaking bond issuance programme.
The shaving products company is offering £5m worth of non-transferable bonds to members of the public at an annual interest rate of 6 per cent.
The company is a new client of Memery Crystal, which was also instructed when founder Will King split the branding and licensing business from the shaving business last month.
Memery Crystal shared around £50,000 in adviser fees with accountant BDO Stoy Hayward on the bond issuance, which was the first of its kind to be made available to the public online.
Corporate partner Lesley Gregory led a team that included associate David Walker and assistant Shantanu Sinha.
The firm also called on 4-5 Gray’s Inn Square barrister Saima Hanif to advise on the requirement to produce a prospectus for investors.
Unusually, because the bonds cannot be traded openly, there was no requirement to provide the financial information needed for a conventional securities issue.
Gregory said: “We researched the regulatory issues very carefully. There wasn’t a lot of financial information in [the literature], but we put in all the appropriate risk factors.”
King of Shaves does not have any in-house lawyers, with external counsel being instructed by the company’s directors.
Will King | 8-Jul-2009 10:26 pm
i have been extremely happy with the way MC handled our unusual, innovative project - it has got a huge amount of press coverage, and more importantly, people interested in applying for our King of Shaves 'Shaving Bonds'.
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