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Nabarro busy with schemes of arrangement
30 December 2008
Nabarro corporate law firm has completed three schemes of arrangements over the last three months:
SPARK VCT 2
Nabarro advised new client, SPARK VCT 2 plc (SVC2) in relation to a merger with SPARK VCT 3 plc (SVC3) by way of scheme of arrangement, which became effective on 27 November 2008. SVC2 is a listed venture capital trust which focuses on technology related companies in the TMT and healthcare sectors. Upon the merger becoming effective, SVC2 will acquire SVC3's portfolio of assets. SVC3 is currently managed by a subsidiary of SPARK Ventures plc, a long-standing client of Nabarro LLP. The Nabarro team was led by head of corporate, Iain Newman, assisted by Kristy Duane and Jack Shepherd (corporate) and Simon Rose and Rachel Hine (tax). Travers Smith LLP acted for SVC3.
I-Spire
Nabarro advised new client I-Spire on the scheme of arrangement to allow John Porter to take control of I-Spire Plc by acquiring 33% of the shares, Porter previously held 67%. I-Spire Plc manages a number of investments in companies operating in the internet infrastructure, travel and leisure, and e-marketing arenas. The team at Nabarro was led by corporate partner Elliot Shear, assisted by Nicole Tumiati. IAF Securities was the financial adviser to I-Spire Plc.
real hotel company Ltd
Following a £18.5 million disposal earlier in the year of six hotels to Whitbread, Nabarro advised longstanding client the real hotel company Ltd (RHC) (formerly the real hotel company plc), on its detailed restructuring and move from the Official List to AIM, under the ownership of a new holding company, the real hotel group Plc (RHG). The complex scheme involved RHG issuing shares to the previous shareholders of RHC, and the cancellation of shares in the original company. The firm then acted on the application for the new shares to be admitted to trading on AIM. The Nabarro team was led by partner Peter Williamson, with assistance from associates Nicole Tumiati and Ilana Brooks.
Commenting on these deals, head of corporate, Iain Newman, said:
"It is pleasing in these difficult times to be winning new clients and to be completing transactions which are not driven by the effects of the “credit crunch”. In the current financial environment, we expect a number of businesses to take the opportunity to review the way they do business, either through combinations with competitors or complementary business, or through reorganising their existing structures. In addition, we also expect to see continued successful restructuring work following on from other recent work with the likes of Teathers and KPMG in restructuring the Landsbanki UK business".
If you would like any further information or have any queries please contact:
Charlotte Tandy
Lansons Communications
+44 (0)20 7566 9706
charlottet@lansons.com
