Sun International

This deal brings to an end a three-way joint venture which Norton Rose was instrumental in setting up almost a decade ago. The three parties involved in Sun International Investments were keen to release value from the arrangement. This deal dissolves Sun International Investments so that the three shareholders will hold their shares directly in Sun International Hotels.
Kersaf Investments is granting a proxy to vote its shares to World Leisure and Caledonia, but will keep exclusive rights to the names Sun and Sun International. It will make a one-off payment of $3.5m (£2.46m) to Sun International Investments and will issue a secured note to it with a principal amount of $12m (£8.45m) with a maturity date of 30 June 2003.
The Norton Rose team was led by corporate finance partner Chris Pearson and included litigation partner Deirdre Walker and tax partner Dominic Stuttaford.