Investment funds

Closed end listed fund IPOs

Woodford Investment Management LLP

Acted for Woodford Investment Management LLP on the largest ever investment trust IPO, Woodford Patient Capital Trust plc, raising £800m on launch. 

Jupiter Emerging & Frontier Income Trust PLC 

Advised Jupiter on the launch of its first new investment trust for over 10 years: Jupiter Emerging & Frontier Income Trust PLC, raising £90m. 

Augmentum Fintech plc 

Advised venture capital firm Augmentum Capital on the successful IPO of its first listed investment fund, raising £94m on IPO. Also acted on a subsequent secondary issue and share issuance programme. 

Sanditon Asset Management

Advised Sanditon on the launch of its first investment trust, Sanditon Investment Trust plc, which raised its target of £50m through a public offer and placing.  

Fund management changes

Schroder UK Public Private Trust PLC

Acted for the Board on a change in management from Woodford Investment Management to Schroder Investment Management. 

European Opportunities Trust PLC

Acted for the Board on a change in management from Jupiter Asset Management to Devon Equity Management. 

Augmentum Fintech plc 

Advised the Company on the internalisation of its portfolio management arrangements to become a self-managed investment company.

Reconstructions 

Jupiter Dividend & Growth Trust PLC 

Acted on the reconstruction and voluntary winding up of Jupiter Dividend & Growth Trust PLC with the option for shareholders to roll over some or all of their investments into shares in Jupiter UK Growth Investment Trust PLC, another closed end listed fund managed by Jupiter Asset Management.

Premier Energy & Water Trust plc

Advised this investment trust on its complex Court-approved scheme of arrangement to effect an extension of the life of the company by moving an existing zero dividend preference share class into a newly incorporated subsidiary. Also acted on the subsequent rollover of the ZDPs into a new ZDP share class.

Vietnam Holding Limited

Acted for Vietnam Holding Limited on its move-up from AIM to the Main Market of the London Stock Exchange and the migration of its corporate jurisdiction from the Cayman Islands to Guernsey.

GLI Finance Limited

Acted for GLI Finance Limited, a specialist SME lender and fintech investor, on the restructuring of its zero dividend preference shares.

Acorn Income Fund Ltd  

Advised Acorn on a successful refinancing of its zero dividend preference shares, including an extension on amended terms and the issue of further shares. 

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