LONDON (14 November 2005) — The law firm of McDermott Will & Emery UK LLP is advising Arbuthnot Securities Limited and Arbuthnot Banking PLC on two separate deals.
First, Arbuthnot acted as sponsor and underwriter on the proposed rights issue recently announced by UMECO plc. The proceeds of the four for nine rights issue at 350 pence per share, raising approximately £48.4 million net of expenses, will be used to allow UMECO plc to pursue its stated growth strategy.
UMECO plc is a leading provider of value-added distribution services, components and composite materials primarily to the aerospace and defence industries, automotive, motorsport and wind turbine industries.
Corporate partner Rick Mitchell provided U.S. securities advice.
Secondly, Arbuthnot Banking Group PLC has issued €15 million (£10.1 million) of floating rate subordinated notes due 2035. The notes, which will not be listed on any stock exchange, have been purchased by Merrill Lynch International and by a fund managed by Dekania Capital Management LLC.