Pinsents Acts as Coronavirus-Hit Events Firm Raises Capital
The company has lost revenue as a result of a wave of event cancellations and delays including the Tokyo Olympics.
April 15, 2020 at 06:43 AM
3 minute read
The coronavirus has had major implications on the global financial markets.
Pinsent Masons has been brought in to advise on a multi-million pound capital raising for coronavirus-impacted events company, Arena Events.
The firm advised on the £9.5 million raising via the subscription and placing of 60 million new shares, which was completed at the end of March. In addition Pinsents also provided legal advice on an additional drawdown from the existing loan facilities of £4.75 million.
AIM-listed Arena Events cited the coronavirus pandemic as a reason for the capital raising, according to a statement on the London Stock Exchange.
The company itself provides temporary physical structures for a number of major events including the Olympics and Wimbledon Tennis, and has been considerably impacted by the wave of events cancellations caused by the pandemic.
Since its interim results in February, the company's share price had fallen by over 80% to a low of 4.75 pence per share but has since rallied to its current value of 9 pence per share.
Pinsent Masons corporate finance partner Julian Stanier led the team, with additional support from banking partner Vanessa Heap.
According to Stanier, the firm's practice has been busy with a number of similar deals in the past month including two further fundraisings, advising Liberum Capital on a £16.4 million equity fundraising by MJ Gleeson, the housebuilder, and finance adviser finnCap on a £5 million fundraising by payment solutions firm PCI-PAL.
Arena Events is one of the latest examples of drastic financial measures taken by the companies to deal with the rapidly changing circumstances.
In March, Ashurst won mandates to advise on two high-profile administrations, that of restaurant chain Carluccio's and rent-to-buy company BrightHouse alongside Freshfields Bruckhaus Deringer.
Earlier that month, homeware brand and fashion chain Laura Ashley cited COVID-19 as a contributing factor to its collapse, which Travers Smith advised on.
Read more
Corporate Lawyers Jump to Restructuring as COVID-19 Mandates Mount
UK Firm Leads as Laura Ashley Falls Into Administration
Kirkland Called In As UK High Street Woes Continue
Coronavirus 'to Boost Litigation and Restructuring Work', Lawyers Say
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Goodwin's Singapore Private Equity Partner Leaves to Join Key Client Hillhouse Investment
Law Firms Mentioned
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
