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Hogan Lovells Advises Shaftesbury on £102 million Placing

08 March 2011

LONDON, 08 March 2011 - Hogan Lovells has advised Shaftesbury PLC on a successful £102 million share placing to help fund acquisitions as more assets come up for sale in its core West End market. The deal closed on 3 March 2011.

A total of 22,700,000 ordinary shares, representing 9.99% of Shaftesbury's issued share capital, were placed through an accelerated bookbuild. J.P Morgan Securities Ltd and Execution Noble Ltd, which was acquired by Espirito Santo Investment Bank in late 2010, were appointed joint bookrunners in respect of the placing.

Shaftesbury, which owns more than 500 shops, restaurants and bars in the West End of London, will use the proceeds to pursue new business opportunities and advance its acquisition strategy in the capital.

The Hogan Lovells team acting for Shaftesbury was led by Nigel Read (partner, corporate) assisted by Adam Hastings (of counsel, corporate) and Fiona Carlyle (associate, corporate). Peter Kohl (partner, corporate) and Chris Osborne (associate, corporate) advised on US securities matters.

The deal comes just weeks after Hogan Lovells advised Greenhill & Co. International LLP and JP Morgan Securities Ltd on a rights issue and placing by Findel, the multi-channel retailer. Findel restructured its balance sheet, by way of a rights issue and placing, in order to raise gross proceeds of approximately £80.5 million.

Nigel Read, senior corporate partner, said:

"We have an excellent and long-standing relationship with Shaftesbury PLC. This placing, following on from the £150m rights issue in 2009, puts Shaftesbury in a very strong position to take advantage of further opportunities as they arise."


About Hogan Lovells


Hogan Lovells combines the breadth of business-oriented legal advice and high-quality service that clients have come to expect through working with its two founding firms – Hogan & Hartson and Lovells.

"Hogan Lovells" or the "firm" refers to the international legal practice comprising Hogan Lovells International LLP, Hogan Lovells US LLP, Hogan Lovells Worldwide Group (a Swiss Verein), and their affiliated businesses, each of which is a separate legal entity. Hogan Lovells International LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG. Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia.

The word "partner" is used to refer to a member of Hogan Lovells International LLP or a partner of Hogan Lovells US LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of their affiliated businesses who has equivalent standing. Rankings and quotes from legal directories and other sources may refer to the former firms of Hogan & Hartson LLP and Lovells LLP. Where case studies are included, results achieved do not guarantee similar outcomes for other clients.

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