A Shammah Nicholls corporate team led by corporate partner Greg Sher and assisted by Nick Ducker advised CBG Group plc on a recommended offer for the entire issued share capital of PenMc plc.
The transaction demonstrates the Shammah Nicholls Corporate team’s ability to “punch above its weight” in the Manchester market. This transaction involved careful compliance with The Takeover Code and the AIM Rules and involved difficult “squeeze out” provisions involving off-shore based shareholders. Due to the complex nature of the deal and the need to post the offer before the end of the year, the team liaised closely with Zeus Capital Limited (who made the offer on CBG’s behalf) throughout the transaction to ensure that it completed on time in line with the expectations of CBG.
Stuart Mollekin of CBG commented: “The ability of Shammah Nicholls to deal with the complex and varied issues that arose during this transaction was very impressive. The transaction was completed against the background of compliance with the regulatory takeover framework which reflects the strength in depth and experience of the Shammah Nicholls Corporate Services team.”
CBG Group plc is a Manchester based corporate general insurance, risk management and financial services intermediary. This deal represents the sixteenth acquisition since CBG’s listing on AIM in November 2003 helping to build a substantial platform in the insurance market from which to develop its business further.
Commenting on the offer, Greg Sher said: “This has been a busy year for CBG and one in which Shammah Nicholls has been fortunate to play a major role.” |
