Hogan Lovells Advises Shaftesbury on £102 million Placing

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."


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