Charter Court Financial Services Group plc Initial Public Offering

Davis Polk advised the sponsor, joint global coordinators, joint bookrunners and the manager in connection with the initial public offering by Charter Court Financial Services Group plc. The initial public offering comprised a primary offering of new ordinary shares raising gross proceeds of approximately £20 million for Charter Court and a secondary offering of existing ordinary shares raising gross proceeds of approximately £200 million for the principal selling shareholders, Elliott Associates L.P. and Elliott International L.P., and certain of the directors and senior management of Charter Court. The principal selling shareholders provided an over-allotment option. The ordinary shares of Charter Court are admitted to the premium listing segment of the Official List of the U.K. Listing Authority and to trading on the Main Market of the London Stock Exchange. 

The offering consisted of a private placement to certain institutional investors in various jurisdictions, including the United Kingdom and the United States.

Charter Court is a specialist lender serving the United Kingdom residential mortgage market through intermediaries and an online retail savings bank offering sight and term deposits directly to consumers. 

The Davis Polk corporate team, which advised as to matters of English and U.S. law, included partners Simon Witty, Reuven B. Young and Dan Hirschovits, European counsel Jamie Corner and associate Jack Kelly. Partners Jonathan Cooklin and John D. Paton and associates Dominic Foulkes and Omer Harel provided English and U.S. tax advice. All members of the Davis Polk team are based in the London office.