London Office Advises Arbuthnot Banking Group PLC on a Placing & Offers, Raising £4.3M
LONDON (3 April 2006) — McDermott Will & Emery UK LLP advised Arbuthnot Banking Group PLC (Arbuthnot) on their placing and offers of up to 710,000 new ordinary shares at 600 pence per share, which will raise £4.3 million. The fundraising has been structured in the form of two offers to enable Arbuthnot to raise the level of capital it requires without having an obligation to produce a prospectus under the new Prospectus Rules of the Financial Services Authority, thus avoiding significant additional cost to Arbuthnot.
The placing and offers are conditional upon shareholder approval at an extraordinary general meeting to be held on 27 April 2006. Arbuthnot is a financial services business providing personal financial services under the Secure Trust brand and private and investment banking under the Arbuthnot name.
