Press releases | Finance | 25 Nov 2016

Travers Smith advises Shore Capital, Panmure Gordon and Stifel Nicolaus Europe on Chesnara’s firm placing and placing and open offer

Overview

Travers Smith LLP has advised Shore Capital and Panmure Gordon in their capacities as sponsor and joint bookrunners and Stifel Nicolaus Europe (trading as Keefe, Bruyette & Woods) in its capacity as placing agent in connection with the £70 million firm placing and placing and open offer of new shares by Chesnara plc in connection with its acquisition of Legal & General Nederland Levensverzekering Maatschappij N.V. for €160 million.

Chesnara will fund the acquisition through the proceeds of the firm placing and placing and open offer, new debt facilities of £100.2 million it has secured from its existing lenders and the balance from its existing cash resources.

The acquisition is a Class 1 transaction for Chesnara and completion of the acquisition and the firm placing and placing and open offer are therefore conditional upon obtaining approval from a majority of Chesnara’s shareholders. 

The Travers Smith team comprised corporate finance partner Jon Reddington and senior corporate finance associate Mark Anderson

Chesnara was represented by Ashurst on the fundraising and Baker & McKenzie on the acquisition.