Norton Rose advised HSBC Investment Bank on a one for four rights issue by Minerva to raise £71m. The funds will allow Minerva to finance the proposed £101.4m purchase of The Criterion in London. The rights issue was fully underwritten by HSBC
Steve Walker, who plans to take on more external board appointments, will be replaced by his deputy, Ian McGill, the head of the firm’s telecommunications practice. Managing partner for four years, Walker will take on various management projects for Allens when he leaves in July but will not return to full-time practice.