Herbert Smith and Freshfields act on cancer trust's London IPO
Herbert Smith Freehills and Freshfields Bruckhaus Deringer have advised on the £200m London listing of an investment trust set up to support cancer charities. Freshfields acted for Battle Against Cancer Investment Trust (BACIT) with a team including London corporate partners Jonathan Baird, Guy Morton and Mark Watterson.
November 15, 2012 at 07:03 PM
2 minute read
Herbert Smith Freehills and Freshfields Bruckhaus Deringer have advised on the £200m London listing of an investment trust set up to support cancer charities.
Freshfields acted for Battle Against Cancer Investment Trust (BACIT) with a team including London corporate partners Jonathan Baird, Guy Morton and Mark Watterson.
Herbert Smith advised JP Morgan as sponsor and coordinator on the initial public offering (IPO) led by City corporate partner Nigel Farr.
The trust listed on the London Stock Exchange last month and, in an unusual move, has announced it will donate 1% of its net asset value each year to a number of cancer charities.
Farr said: "It is fantastic to be involved in such a timely and successful fund launch. With breast cancer awareness month in October and this month's Movember campaign focusing on fund raising for testicular and prostate cancer, this is an innovative way for the fund management industry to show support to those charities at the front line of cancer care and research by the unique alignment of investment and giving."
BACIT may also donate an additional 1% of its net asset value to cancer drug development and other related initiatives in the future. The trust will now look to invest in a variety of mutual funds, hedge funds, real estate funds and private equity.
The listing marks one of the few London IPOs this year amid depressed market conditions. Allen & Overy and Slaughter and May are acting on one of the largest – Direct Line's float, which is set to value the insurance company at around £3bn.
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