Davis Polk advised Charles Taylor plc on a fully underwritten three for seven rights issue of 19,722,762 new ordinary shares at a price of 155 pence per share, to raise gross proceeds of approximately £30.6 million. The rights issue comprises an offering of new ordinary shares in the United Kingdom and certain other jurisdictions and nil paid rights are expected to start trading on March 23, 2015. The proceeds of the rights issue will give the group the financial resources and flexibility it requires to pursue strategic acquisitions, joint ventures and business investments.
Charles Taylor, a premium listed U.K. company and constituent of the FTSE Small Cap index (LSE: CTR), is a leading provider of professional and individually tailored services to the global insurance market. The group offers services, principally on a fee-based model, and operates through three core professional services businesses – management services, adjusting services and insurance support services. The group also, through its owned insurance companies, owns life and non-life insurance companies which are primarily closed to new business and runs off their liabilities in an orderly manner. The group employs over 1,200 employees based in 67 offices in 27 countries around the world.
The Davis Polk corporate team included partner Will Pearce and associates Dan Hirschovits and Nathan Lee. Partner Reuven B. Young and associate Lorenzo Togni provided U.S. securities law advice. Partner Gregory S. Rowland and associate Jake H. Wang provided 1940 Act advice. Partner Jonathan Cooklin and associate Dominic Foulkes provided tax advice. Members of the Davis Polk team are based in the London and New York offices.