Leading offshore law firm Mourant Ozannes has advised Pershing Square Holdings, Ltd (PSH) on all Guernsey-related aspects of its conversion from an open-ended to a closed-ended registered fund, an upsized placing to raise gross proceeds of US$2.73 billion (excluding an over-allotment option of up to US$272 million or 10 per cent of the placing shares) and its listing and admission to trading of new public shares on the regulated market of Euronext Amsterdam NV Following the offering, PSH will have a market capitalisation of US$6.2 billion.
PSH is run by Pershing Square Capital Management, LP, an investment manager founded by Bill Ackman in 2003 which had US$15.3 billion in assets under management at the end of September 2014. PSH is a concentrated, research intensive, fundamental value investor in the public markets in long and occasionally short positions in equity or debt securities of US and non US issuers (including securities convertible into equity or debt securities), derivative instruments and other financial instruments.
The Mourant Ozannes Guernsey corporate team comprised partner Gavin Farrell, senior associate Richard Holden and associate Natalie Le Cras. Matthew Guthrie of the International Trusts & Private Client practice assisted on the trusts aspects of the transaction. Gavin Farrell said: “The completion of the offering of Pershing Square Holdings is an unprecedented transaction for Guernsey and a transformational event in the history of the fund following its launch in June 2012. Mourant Ozannes has been delighted to advise PSH on all aspects of Guernsey law relating to the deal.”
Mourant Ozannes worked with lead London law firm Sullivan & Cromwell LLP to complete the deal. Elysium Fund Management Limited has acted as administrator and company secretary to PSH since its inception in 2012. The Elysium IPO team comprised of Joanna Duquemin Nicolle and Sadie Morrison advising on company secretarial matters and Steve Mann advising on accounting matters. Cleary Gottlieb Steen & Hamilton LLP advised both Deutsche Bank and UBS Limited as joint global coordinators and joint bookrunners.
Source: www.mourantozannes.com
