Listed investment funds

To view our funds transaction list, click here.

IPOs

Seraphim Space Investment Trust plc

Advised Seraphim Space Investment Trust plc on the successful launch of its £178.4 million IPO fundraising.

Home REIT plc

Acted for Home REIT plc on its £240.5 million IPO on the London Stock Exchange, the biggest fund IPO of 2020. Home REIT is a listed investment company that seeks to tackle homelessness in the UK by investing in high-quality homeless accommodation assets, which are then leased to providers of homeless accommodation such as local authorities and charities at affordable rents. This allows the company to provide returns to its shareholders whilst at the same time delivering a genuine social impact.

Schroder Investment Management Limited and Big Society Capital

Advised UK asset manager Schroders, and its joint venture partner, Big Society Capital (BSC), on the launch of Schroder BSC Social Impact Trust plc, the UK's first social impact investment trust.

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 £90 million. It predominantly invests in companies exposed directly or indirectly to global emerging and frontier markets.

Schroder Investment Management Limited

Advised UK asset manager Schroders on the launch of its new £75 million investment trust, Schroders British Opportunities.

Cenkos Securities plc

Acted for Cenkos Securities plc on its successful IPO of a new music royalty fund, Round Hill Royalty Fund Limited.

Woodford Investment Management LLP

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

P2P Global Investments PLC

Advised on the launch of the UK’s first listed fund dedicated to investing in peer-to-peer loans and related credit assets. The IPO, which was oversubscribed, raised £200 million. Advised the Trust in respect of their two subsequent C share issues raising a further £600 million in total.

Schroder European Real Estate Investment Trust plc

Advised Schroder European Real Estate Investment Trust plc regarding its successful initial public offering on the main market of the London Stock Exchange and the main board of the Johannesburg Stock Exchange.

Vietnam Enterprise Investments Limited

Advised Vietnam Enterprise Investments Limited on its admission to listing on the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange. VEIL’s shares were previously traded on the Irish Stock Exchange.

CC Japan Income & Growth Trust plc

Advised on the launch of CC Japan Income & Growth Trust plc, a UK listed investment trust that invests in listed Japanese equities and to which Coupland Cardiff Asset Management LLP acts as investment manager.

Miton UK MicroCap Trust plc

Advised longstanding client, Miton Group plc, on the launch of this new fund focussed on the smallest quoted and traded companies.

Mobius Investment Trust plc

Acted for Mobius Capital Partners LLP, a newly formed investment management business, on the IPO of their first investment trust, focussed on investing in emerging and frontier markets. The Trust seeks to unlock value in investee companies by acting as a catalyst for ESG improvements.

Grit Real Estate Investment Group Limited

Acted on the London IPO of Grit, a pan-African real estate investment company. Grit was already listed in Mauritius and South Africa. In connection with its admission to the Official List in London, Grit raised US$132 million through simultaneous placings in the UK, South Africa and Mauritius and a public offer in the UK.

Macquarie Capital (Europe) Limited

Advised Macquarie Capital (Europe) Limited, as Nominated Adviser and Broker, on TruFin Plc’s £185 million IPO and admission to AIM.

Augmentum Fintech plc

Advised venture capital firm Augmentum Capital on the successful IPO of its first listed investment fund, raising £94 million on IPO. The company will invest in early stage financial technology companies in the UK and wider Europe, giving investors access to fast growing start-ups offering disruptive technologies in the banking, insurance and asset management sectors.

Ashoka India Equity Investment Trust plc

Acted on the IPO of this new investment trust established to invest in listed Indian securities.

Gresham House Energy Storage Fund PLC

Acted for the investment bank on the launch of Gresham House Energy Storage Fund PLC, a London-listed fund investing in utility-scale energy storage systems located in Great Britain, as well as on subsequent placings.

Gore Street Energy Storage Fund plc

Acted on the IPO of Gore Street Energy Storage Fund plc, London's first listed energy storage fund. Since IPO, we have acted for Gore Street on a number of subsequent public offers and placings which have seen the fund almost treble in size. We also acted for Gore Street in connection with a significant investment in the fund by Ireland’s sovereign development fund.

Secondary issues

Nplus1 Singer Advisory LLP

Advised Nplus1 Singer Advisory LLP in its role as financial adviser and placing agent to Raven Property Group Limited, a company focussed on investment in Russian logistics properties, in connection with the conditional placing of 46,824,074 existing ordinary shares and 31,071,616 existing preference shares with investors, representing all of the existing ordinary shares and preference shares held by Invesco Asset Management Limited on behalf of its clients.

Augmentum Fintech plc

Advised Augmentum Fintech plc on a fundraising by way of the issue of shares in an institutional placing and a retail offer made available using PrimaryBid.  

GLI Finance Ltd

Advised the company on a placing of shares, open offer of shares, issue of new bonds and rollover of zero dividend preference shares to raise up to £4 million. Obtained a whitewash from the Takeover Panel in relation to the fundraising.

LXi REIT plc

Acted for LXi REIT plc, the specialist inflation-protected very long income REIT, in connection with a placing, open offer, offer for subscription and intermediaries offer and the establishment of an ongoing share issuance programme of up to 400 million new ordinary shares.

Panmure Gordon and Nplus1 Singer

Acted for Nplus1 Singer, as nominated adviser and joint placing agent, and Panmure Gordon, as joint placing agent, in relation to the £92 million secondary fundraising for Urban Logistics REIT plc, an AIM-traded real estate investment company, investing in UK-based logistics properties.

BlackRock Throgmorton Trust plc

Acted for BlackRock Throgmorton Trust in connection with its placing of ordinary shares, which raised £18.4 million. 

CC Japan Income & Growth Trust plc

Acted for CC Japan Income & Growth Trust plc in its bonus issue of subscription shares to existing shareholders, which involved amendments to the fund’s existing articles, the convening of a general meeting to approve the proposals and the preparation and publication of a prospectus.

Gore Street Energy Storage Fund plc

Acted for Gore Street Energy Storage Fund plc, a UK investment trust, on its oversubscribed fundraising. The fund is London's first listed energy storage fund and has investments in a diversified portfolio of utility scale energy storage projects.

LXi REIT plc

Acted for LXi REIT plc, the specialist inflation-protected very long income REIT, in connection with a placing, open offer, offer for subscription and intermediaries offer and the establishment of an ongoing share issuance programme of up to 400 million new ordinary shares.

SQN Asset Finance Income Fund Limited 

Advised SQN Asset Finance Income Fund Limited on its £150 million placing and offer for subscription.

CC Japan Income & Growth Trust plc

Acted on the secondary fundraising for this investment trust focussed on investment in Japanese equities. We also assisted in establishing an ongoing share issuance programme for the company.

GCP Infrastructure Investments Limited

Advised GCP Infrastructure, a FTSE 250 investment company, in connection with its 2017/8 placing programme which raised c.£170 million to invest in UK infrastructure debt.  

BB Healthcare Trust plc

Acted on a secondary fundraising for BB Healthcare Trust plc, an investment trust established in 2016 to invest in healthcare stocks. The £64 million fundraising was via a placing, offer for subscription and an intermediaries offer. 

LXi REIT plc

Acted on a secondary fundraising for this real estate investment trust which invests in a diversified portfolio of UK property benefitting from long-term index-linked leases. This followed our work on the company's IPO in 2017.

SQN Asset Finance Income Limited

Following the successful IPO of this equipment leasing and asset finance fund, the first listed fund to investment in this asset class, acted on a placing, open offer and offer for subscription of C shares, raising £180 million for the fund.

Takeovers and M&A

City of London Investment Group plc

Advised City of London Investment Group plc on its £78.4 million acquisition of Karpus Investment Management.

Alternative Credit Investments plc

Advised Alternative Credit Investments plc in connection with a cash offer by funds advised by Waterfall Asset Management, LLC at a value of £640 million. Advised on the termination of the company’s investment management agreement and the beauty parade process to appoint a new manager.

Schroder UK Public Private Trust plc

Advised Schroder UK Public Private Trust plc (SUPP) on a programme of disposals of portfolio investments and the renegotiation of its debt facility.  

Miton Group plc

Advised Miton Group plc (Miton) on its merger with Premier Asset Management Group PLC (Premier). The deal comprised a recommended, all-share offer for Miton, an AIM-traded specialist UK fund management group, by Premier, an AIM-traded UK retail asset management group, and was effected by a court sanctioned scheme of arrangement in accordance with the UK Companies Act and the Takeover Code. Miton announced the court sanction of the Scheme under the terms of which Miton Shareholders will receive 0.30186 new shares in the capital of Premier, valuing the acquisition at approximately £95.7 million. The combined group has been rebranded as Premier Miton Group plc. 

Nexus Group/Harry Hyman

Advised the Nexus Group on Primary Health Properties plc's £33.1 million acquisition of Nexus Tradeco Holdings Ltd.

Lancea LLP 

Advised Lancea LLP in relation to the US$244.2 million hostile takeover of Phaunos Timber Fund Limited by Mahogany Bidco Limited. Phaunos was a Guernsey-domiciled authorised closed-ended investment scheme. Established in 2006, the company invested in a concentrated, but diversified portfolio of timberland and timber-related investments. It held a portfolio of timber assets located principally in New Zealand, Brazil and Uruguay. Mahogany Bidco Limited was a newly formed company wholly-owned by Stafford International Timberland Fund VIII and ultimately controlled by Stafford Capital Partners. 

Escape Hunt plc 

Advised Escape Hunt plc, a leading global provider of live escape the room and exit game experiences, on its US$23.5 million reverse takeover of AIM listed Dorcaster plc, a related equity placing and the re-admission of Dorcaster plc as Escape Hunt plc on AIM.

Charlemagne Capital Limited 

Acted for Charlemagne Capital Limited, a Cayman company, in connection with a £40.7 million recommended cash transaction comprising, inter alia, an offer by Fiera Capital Corporation (Bidder) for the Target by means of a scheme of arrangement under Cayman Companies Law. By virtue of its status as a Cayman company, the City Code on Takeovers and Mergers did not apply to Target, however the Target had incorporated certain provisions of the City Code into its Articles and made various public statements as to how those provisions would be implemented in the event of a takeover.

Liberum Capital Limited 

Advised Liberum Capital in its role as Rule 3 Adviser to Japan Residential Investment Company Limited in relation to a £152.6 million takeover via a court sanctioned scheme of arrangement under Guernsey law by a special purpose investment vehicle indirectly wholly owned by the Blackstone Funds.

Japan Residential Investment Company Limited, which, prior to completion of the transaction was quoted on AIM, was a closed ended investment company incorporated in Guernsey. It held a large, diverse portfolio of residential properties in Tokyo and other major cities of Japan.

Reconstructions and other corporate actions

VietNam Holding Limited

Advised VietNam Holding Limited on a tender offer to repurchase shares and amendments to the company's management fee arrangements with its investment manager Dynam Capital, Ltd.

Gulf Investment Fund plc

Acted for Gulf Investment Fund plc in connection with a 100%. tender offer and related whitewash, including the publication of a shareholder circular

Alternative Liquidity Fund Limited

Advised Alternative Liquidity Fund Limited on the transfer of its listing to the Specialist Fund Segment of the London Stock Exchange and cancellation of admission to the Premium Segment of the Official List.

Liberum Capital Limited

Acted for Liberum Capital in its role as nominated adviser and broker to Urban Exposure plc, an AIM-traded specialist residential development finance and asset management company, in respect of a tender offer to Urban Exposure shareholders to return £65 million of capital to shareholders.

Grit Real Estate Income Group Limited

Acted for Grit, a leading pan-African real estate company, on both its transfer from the standard listing segment of the Official List to the premium listing segment and its migration from Mauritius to Guernsey.

Aseana Properties Limited

Advised Aseana Properties Limited on the terms of its proposed demerger of certain assets held by it in exchange for the buyback and cancellation of a significant percentage of its issued ordinary shares.

Nplus1 Singer Advisory LLP

Advised Nplus1 Singer Advisory LLP in its role as sponsor to The PRS REIT plc in connection with its application to the FCA for its issued share capital to be admitted to the premium segment of the London Stock Exchange's main market.

Premier Miton Global Renewables Trust plc

Advised long-standing client Premier Miton Global Renewables Trust plc on a restructuring and rollover of its zero dividend preference shares and a fundraise by the issue of further ZDP shares.

GLI Finance Limited

Advised long-standing client GLI Finance Limited on a complex fundraising and restructuring. GLI is a specialist provider of alternative finance to SMEs.

Invesco Income Growth Trust PLC

Acted for Invesco Income Growth Trust PLC in connection with recommended proposals for the reconstruction and voluntary winding-up of the fund (by way of a scheme of reconstruction proposed to be effected under section 110 of the Insolvency Act 1986) with the rollover option being “UK Equity” shares in Invesco Perpetual Select Trust plc).

Jupiter UK Growth Investment Trust PLC

Acted for Jupiter UK Growth Investment Trust PLC in connection with recommended proposals for the reconstruction and voluntary winding-up of the fund (by way of a scheme of reconstruction to be effected under section 110 of the Insolvency Act 1986) with the rollover option being Sterling Class B Distribution Shares in Brown Advisory Global Leaders Fund, a sub-fund of the Brown Advisory Funds plc, an Irish UCITS scheme).

Jupiter Dividend & Growth Trust PLC

Acted on the recommended section 110 scheme for the reconstruction and voluntary winding up of Jupiter Dividend & Growth Trust PLC with the option for zero dividend preference shareholders, common shareholders and ordinary income 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.

Henderson Reconstruction

Separate teams at the firm acted for three investment trusts managed by the Henderson Global Investors Limited whereby Henderson Global Trust PLC was reconstructed under section 110 of the Insolvency Act 1986 and its assets transferred to Henderson International Income Trust PLC and The Bankers Investment Trust PLC.

NextEnergy Solar Fund Limited

Act as the fund lawyers, banking lawyers and project lawyers to NextEnergy Solar Fund Limited, a London-listed fund focused on acquiring solar photovoltaic assets, with a gross asset value of nearly £1 billion.

Premier Energy and Water Trust plc

Advised on a complex Court-approved scheme of arrangement to effect an extension of the life of the listed fund by moving an existing zero dividend preference share class into a newly incorporated subsidiary.

Fair Oaks Income Limited

Acted for the Fund on its initial launch in 2014. In 2017, acted for the Fund in connection with its reorganisation proposals, whereby a new master fund was established (the "Master Fund") and the Fund's existing ordinary share class was re-designated as two separate share classes, with one class being exposed to the new Master Fund and the other class to the existing master fund (which has an earlier planned end date than that of the new Master Fund). In 2021, we acted for the Fund again in connection with its further reorganisation proposals when a further new master fund was established. Like in 2017, the proposals in 2021 provided shareholders with the choice to elect to extend the duration of their investment or realise their investment when the existing master fund comes to the end of its life.

Jupiter Second Split Trust plc

Acted on the recommended section 110 scheme for the reorganisation and voluntary winding-up of this listed fund with the option for zero dividend preference shareholders to roll over some or all of their investment into units in the Jupiter Strategic Reserve Fund, an authorised unit trust.

Atlantis Japan Growth Fund Limited

Advised longstanding client, Atlantis Japan, in respect of its defence to LIM Advisors’ attempt to wind-up Atlantis Japan and for all investments to be realised and realisation proceeds to be returned to shareholders.

Acorn Income Fund Ltd

Advised Acorn on a successful refinancing of its zero dividend preference shares. Existing ZDP shareholders were offered the opportunity to continue their investment in the Company beyond the stated repayment date of 31 January 2017 with over 90% electing to continue their investment until 2022 on revised terms. Further ordinary shares and ZDP shares were also issued under a placing and offer for subscription.

Transactions

Schroder Real Estate Investment Trust Limited

Advised this real estate investment company on its REIT conversion and on secondary issues and subsequent acquisitions of properties including City Tower, Manchester and Store Street College of Law, London. We also acted for the company on its £130 million refinancing.

Woodford Patient Capital Trust plc

Advised Woodford Patient Capital Trust plc in relation to the acquisition of a portfolio of interests in UK, Irish and US companies from Woodford Equity Income Fund.

SQN Capital Management

Advised the manager in relation to its investment and divestment activities on behalf of SQN Asset Finance Income Fund. The investment strategy focusses on equipment leasing and other business essential leasing.

LXI REIT plc

Undertake all corporate real estate and direct real estate investment and divestment work on behalf of this UK REIT.

Charlemagne Capital Limited

Acted for Charlemagne Capital Limited in connection with its recommended takeover offer by Fiera Capital Corporation.

Augmentum Fintech plc

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

Contact
Contact

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