Duelguide Plc Makes Recommended Offer for Chelsfield Plc
LONDON — McDermott Will & Emery is acting for Aldersgate Investments Limited, (Aldersgate) one of the leading investors in Duelguide plc on a recommended offer for Chelsfield plc. Chelsfield is the property company founded by Elliot Bernerd and valued at approximately £895.5m. Duelguide will additionally assume Chelsfield’s net debt which was approximately £968.7m as of 30 June 2003.
Aldersgate, a company incorporated in the Bahamas, is wholly owned by David and Simon Reuben, British investors. It operates as a holding company for property related investments and the existing portfolio consists of investments in the UK, Jersey and Monaco and has firmly committed to fund Duelguide to the amount of £140m. In addition, Aldersgate has agreed to underwrite approximately £6.4m worth of Duelguide units for cash. The terms of Aldersgate's subscription have been enhanced compared to all other providers of equity and subscribers for Duelguide units to reward it for its total funding commitments. Following the offer becoming or being declared unconditional in all respects, Aldersgate will be the beneficial owner of up to approximately 35.4 percent of Duelguide's fully diluted share capital, subject to scale back as a result of take up of the unit alternative.
Chelsfield is a property investment company focused on a small number of high-value projects. Chelsfield’s principal assets include Merry Hill, one of the largest retail facilities in the UK, and the White City development, which, when completed as expected in 2007, will be the largest retail facility in Greater London. Chelsfield also owns a 50 percent of a joint venture interest to develop London's Paddington basin, and is currently the owner of Global Switch, a major telehousing provider operating sites across Europe and in Australia and Singapore.
