Related links

Nabarro advises the Sellers of East, Worlidge Holdings Limited, the holding company of John East & Partners Limited

9 October 2007

Nabarro acted on behalf of the sellers of East, Worlidge Holdings Limited ("EWH"), (the holding company for John East & Partners Limited ("JEP") in the sale of the entire issued ordinary share capital of EWH to Merchant Securities plc ("Merchant"). The consideration of the sale is £4.9 million, of which £2.3 million is to be satisfied in cash and the remaining £2.6 million is to be satisfied by the issue of 7,428,571 new ordinary shares of 10p in the capital of Merchant ("Consideration Shares"). The agreement is conditional upon the admission to AIM of the Consideration Shares and shares being issued to a related placing.

Further consideration may become payable in cash on a pound for pound basis following the sale of investments owned by EWH and the cash consideration will be adjusted, on a pound for pound basis, to the extent that EWH’s net current assets exceed, or fall short of, £900,000.

Merchant is an AIM listed company, which provides a range of financial service products and advice to high net worth private clients, institutions and small businesses.

JEP is a member firm of the London Stock Exchange, specialising in providing corporate finance advice and raising capital for smaller public companies and companies seeking a public listing. JEP was shortlisted by Growth Company Investor for the AIM adviser of the year award in 2003, 2004, 2005 and 2007.  JEP employs 11 members of staff, of which seven are employed in corporate finance, one in institutional distribution and three in administration, finance and compliance

Clare Grayston (Corporate) led the transaction assisted by Alexandra Marsh and Ben Price. Phil Anderson and Graham Muir advised on the tax aspects of the transaction. Clare Grayston will continue to act for JEP in its capacity as nominated adviser and broker.

For further information please contact:

Clare Grayston
Partner, Nabarro
T +44 (0)20 7524 6709
c.grayston@nabarro.com