LG advises Ruffer on £75m C share issue
9 September 2005
LG has advised Ruffer Investment Company Limited ("Ruffer") on its proposed £75 million fundraising, by way of a placing and offer for subscription by UBS of up to 75 million C shares at 100p per share. Trading in the C shares is expected to commence on 29 September 2005.
Ruffer - a Guernsey registered, closed-ended investment company managed by leading private client fund management company, Ruffer LLP – was also advised by LG on its initial public offering of 50 million shares and listing on the Official List in July 2004.
The Company was established with the objective of achieving a positive total annual return, after all expenses, of at least twice the Bank of England base rate by investing in internationally listed or quoted equities or equity-related securities or bonds. During its first year Ruffer has well exceeded its objective by achieving a return of 15.2 per cent (inclusive of income), compared to the return objective of 9.46 per cent, being twice the time weighted Bank of England base rate over the period.
The LG team acting for Ruffer comprised corporate partner Victoria Younghusband and assistants Oliver Riley, Gemma Groves and Gillian McCarthy.
Victoria Younghusband said "We are delighted to be working for Ruffer again after its very successful first year. Raising funds by means of C Share issue means that existing shareholders are not disadvantaged as all the costs of the C Share issue will be met by C Shareholders".
She adds: "In addition, when the C Shares convert into shares, conversion is on a net asset value to net asset value basis; that is to say, the number of new shares to which holders of C Shares will be entitled will reflect the value of the pool of additional capital raised by the issue as compared to the value of the remainder of the Company's assets."
Ruffer was advised as to Guernsey law by Peter Harwood and Benjamin Wrench of Ozannes.
Notes to editors
Lawrence Graham LLP is a leading London-based law firm with over 270 lawyers. It delivers a full range of commercial and legal solutions worldwide to institutions, companies and the entrepreneurs who drive them.
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Victoria Younghusband
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