Leading offshore law firm Mourant Ozannes has advised Pershing Square
Holdings on all Guernsey-related aspects of its conversion from an
open-ended to a closed-ended registered fund and its listing and
admission to trading of new public shares on the regulated market
of Amsterdam's Euronext exchange.
The conversion involved an upsized placing to raise gross
proceeds of US$2.73 billion (excluding an over-allotment option of
up to $272 million or 10 per cent. of the placing shares).
Following the offering, Pershing Square Holdings will have a market
capitalisation of US$6.2 billion.
Pershing Square Holdings is run by Pershing Square Capital
Management, L.P., an investment manager founded by Bill Ackman in
2003 which had $15.3 billion in assets under management at the end
of September 2014. Pershing Square Holdings is a concentrated,
research intensive, fundamental value investor in the public
markets in long and occasionally short positions in equity or debt
securities of US and non-US issuers (including securities
convertible into equity or debt securities), derivative instruments
and other financial instruments.
The Mourant Ozannes Guernsey corporate team comprised Partner
Gavin Farrell, Senior Associate Richard Holden and Associate
Natalie Le Cras. Matthew Guthrie of the International trusts and
private client practice assisted on the trusts aspects of the
Mr Farrell said: "The completion of the offering of
Pershing Square Holdings is an unprecedented transaction for
Guernsey and a transformational event in the history of the fund
following its launch in June 2012. Mourant Ozannes has been
delighted to advise Pershing Square Holdings on all aspects of
Guernsey law relating to the deal."
Mourant Ozannes worked with lead London law firm Sullivan &
Cromwell LLP to complete the deal. Guernsey-based Elysium Fund
Management has acted as administrator and company secretary to
Pershing Square Holdings since its inception in 2012. The Elysium
IPO team comprised of Joanna Duquemin Nicolle and Sadie Morrison
advising on company secretarial matters and Steve Mann advising on
accounting matters. Cleary Gottlieb Steen & Hamilton LLP
advised both Deutsche Bank and UBS Limited as joint global
coordinators and joint book runners.
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