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.
Simmons & Simmons has brought a new level of innovation into the organisation of split capital investment trusts with a new type of reconstruction.
The firm advised longstanding client Jupiter on a 'continuation' reconstruction of its split capital investment trust Jupiter Dividend & Growth Trust, eschewing the more typical 'rollover' type of reorganisation.
Split capital investment trusts have a definite lifespan. At the end of its tenure the trust is normally rolled over into a new vehicle or closed, with capital returned to the shareholders.
With the new type of reconstruction, the trust is not shut but has its life extended. In the case of the Jupiter Dividend & Growth Trust, the extension is for five years.
Neil Simmonds, the financial services partner who led on the deal, said: "We believe this is the first time this type of reconstruction has been done. The process is more complicated as it involves going to the court to get shares cancelled for shareholders who want to withdraw from the trust."
However, despite complications there are cost benefits to the continuation format. Simmonds said that, as it becomes more expensive to get new London Stock Exchange listings, the new type saves on those costs because no new listing is needed.