Bank of America NA £Undisclosed

Dec 2004

Acted as Guernsey legal adviser to Bank of America on financing the leverage of the Event Driven Fund of Sam Arbitrage Holdings PCC Limited, including taking security over rights in the fund’s custodian agreement.


Guernsey International Business Association

Dec 2004

Acted as industry legal representatives on the IP Consultation Group of the Commerce and Employment Department of the States of Guernsey. Advised on the reform of, drafting and implementation of Guernsey ’s Intellectual Property Law.


Global Capital Investors II Limited Partnership Value Euros 10 Million (approx)

Dec 2004

Acted as Guernsey legal adviser to Global Capital II Investors Limited Partnership on acquisition of Attica Zoological Parks Limited through SPV including establishment of SPV, review of shareholders agreement, drafting memorandum and articles of association and associate advice.


Japanese Accelerated Performance Fund Ltd £60 Million (up to)

Dec 2004

Acted as Guernsey legal adviser on the establishment of Close Fund Management (Investments) Limited’s Japanese Accelerated Performance Fund, a closed-ended investment fund.


N M Rothschild & Sons (CI) Limited

Dec 2004

Advised on the Guernsey law aspects of financing transactions, global custody arrangements, banking products, debit cards, charge cards, fiduciary deposits, security interest agreements and guarantees.


Massachusetts Mutual Life Insurance Company Limited & Babson Capital Management LLC (Slaughter and May)

Dec 2004

Acted as Guernsey legal adviser to the purchasers of Baring Asset Management Limited.


Island International Investment Limited Partnership (Baker McKenzie Munich ) €60 Million

Dec 2004

Acted as Guernsey legal advisers to limited partnership in relation to acquisition of a Frankfurt listed target including establishment of limited partnership, advice on various security and regulatory aspects.


Hermes Absolute Return Fund ( Guernsey ) Limited £200 Million

Dec 2004

Acted as Guernsey legal adviser to Hermes Investment Management Limited on the establishment of the Hermes Absolute Return Fund ( Guernsey ) Limited, a fund of hedge funds listed on the Irish Stock Exchange.


Insight Investment Management Limited (Berwin Leighton Paisner) £25 Million Initially

Dec 2004

Acted as Guernsey legal adviser in the establishment of the Insight Property Portfolio Fund, an open ended unit trust investing in commercial property assets primarily in the UK. Fund to be fully invested at outset with the initial portfolio of property funds to be held by Equitable Life. Option agreement allows further interests to be purchased from Equitable Life on a continuing basis.


Consulta Limited and Consulta (Channel Islands) Limited Euro 20 Million

Dec 2004

Acted as leading counsel advising on a Euro 20 million subordinated loan note issue to German investors; the return on the loan notes being dependent upon the performance of an index of hedge funds.


Medical Properties Investment Fund Limited (Addleshaw Goddard) £140 million –

Nov 2004

Acted as Guernsey legal advisers to a closed-ended investment fund invested in UK commercial property and listed on the London Stock Exchange.


EFG Private Bank Euro 300 Million

Nov 2004

Acted as Guernsey legal adviser to EFP Private Bank in the establishment of a new Guernsey finance company to participate in raising of Tier 1 capital by issue of fiduciary certificates through Banque de Luxembourg.


FF&P Russia Real Estate (Slaughter and May)

Oct 2004

Acted as Guernsey legal adviser in respect of the restructuring of FF&P Russia Real Estate Limited.


Project Beta (Ashursts) £1.3 billion approx

Oct 2004

Acted as Guernsey legal adviser to Barclays Bank plc in respect of £1.3 bn in senior, mezzanine and junior financing in respect of the acquisition of AA Corporation Limited and its subsidiaries.


Les Minquiers

Oct 2004

Acted as Guernsey legal adviser in relation to commutation of reinsurance arrangements as a result of acquisition of TRW Inc.


Consulta Collateral Fund PCC Limited (Slaughter & May)

Oct 2004

Acted as Guernsey legal adviser in conjunction with Slaughter and May in the establishment of a new Class B open-ended collective investment scheme and its listing of the CISX.


FF&P Russia Real Estate (Slaughter and May)

Oct 2004

Acted as Guernsey legal adviser in respect of the restructuring of FF&P Russia Real Estate Limited.


Close Fund Management (Investments) Ltd Man Investments Ltd (Herbert Smith) £250 million

Sept 2004

Acted as Guernsey legal adviser in setting up The Close Man Guaranteed Hedge Fund II Limited – by way of an offer for subscription of up to 250 million shares at an issue price of 100 pence per share, comprising a guaranteed hedge fund product. The share price on maturity is guaranteed by Royal Bank of Scotland PLC.


Close Fund Management (Investments) Ltd Man Investments Ltd (Herbert Smith) £250 million

Sept 2004

Acted as Guernsey legal adviser in setting up The Close Man Guaranteed Hedge Fund II Limited – by way of an offer for subscription of up to 250 million shares at an issue price of 100 pence per share, comprising a guaranteed hedge fund product. The share price on maturity is guaranteed by Royal Bank of Scotland PLC.


Investec Trust Guernsey Limited £50 million

Sept 2004

Acted as Guernsey legal advisers on Enhanced Global Growth Basket Limited’s raising of up to £50 million in a closed-ended fund listed on the Bermudan Stock Exchange to invest in fixed income investments and equity-linked securities.


Royal Bank of Scotland PCC / Drummonds PCC

Sept 2004

Acted as Guernsey legal adviser to Royal Bank of Scotland PCC – Drummonds PCC on a number of alternative risk transfer structures involving a variety of “blue chip” institutions.


The Automobile Association

2004

Acted as Guernsey legal adviser on regulatory issues relating to the acquisition and the financing of the acquisition of the Automobile Association, including the change in control of several licensed Guernsey insurers.


Property financing £325 Million £325 Million

Sept 2004

Acted as Guernsey adviser for the financing and refinancing of the purchase of property holding companies and all related Guernsey security documentation.


Share Option Scheme

Sept 2004

Acted as Guernsey legal adviser in the establishment of a share option scheme for executives of a global bank in Guernsey.


Consulta Capital Fund PCC (Slaughter and May) £110 Million (approx)

Aug 2004

Acted as lead adviser in conjunction with Slaughter and May in the reconstruction of Consulta Capital Fund Limited and its de-listing from the Irish Stock Exchange and re-listing on the CISX.


Greenock Properties (NI) Limited (Dickson Minto) £Undisclosed

Aug 2004

Acted as Guernsey legal adviser in connection with the purchase of Guernsey incorporated property companies (review of share purchase agreement, preparation of due diligence report, consideration of financial assistance issues and review of security documents).


Consulta Alternative Strategy Fund PCC Ltd (Slaughter and May) £170 Million (approx)

Aug 2004

Acted as lead adviser in conjunction with Slaughter and May in the restructuring of Consulta Alternative Strategy Fund Limited and its de-listing from the Irish Stock Exchange and re-listing on the CISX.


Eiger Capital Limited (Clifford Chance) US$ 100 million

Aug 2004

Advised the Guernsey subsidiary of FSA regulated and authorised Eiger Capital Limited, in the financing and purchase of US$100 million loan notes issued by a Cayman Islands company.


Property Income and Growth Fund Limited and BC Property Securities Limited (Stephenson Harwood) £72,750,000

Aug 2004

Acted as Guernsey legal adviser to the board of Property Income & Growth Fund Limited and BC Property Securities Limited (ZDP Shares of BC Property Securities listed on UKLA and CISX) on the authorisation for purchase of ZDP Shares and the cancellation of BC Property Securities Limited’s share premium account and to approve the reduction of Property Income & Growth Fund Limited’s share premium accounts; changes to its investment policy, and permit loans to be given to the owners of Property Income & Growth Fund Limited.


Investec European Growth & Income Trust Limited £10.46 Million

Jul 2004

Acting as sole legal adviser to this split capital company (ZDP Shares listed on the UKLA and Channel Island Stock Exchange) in relation to proposals for and its subsequent winding up.


Equity Partnerships Fund Management Ltd (Nabarro Nathanson) US£100million

Jul 2004

Acted for Equity Partnerships Fund Management Limited, a subsidiary of Teesland PLC, setting up Osprey Unit Trust – a Guernsey unit trust feeder fund into The Osprey Limited Partnership, investing in UK property.


Equity Partnerships Fund Management Ltd (Nabarro Nathanson) US$100million

Jul 2004

Acted for Equity Partnerships Fund Management Limited, a subsidiary of Teesland PLC, setting up Osprey Unit Trust – a Guernsey unit trust feeder fund into The Osprey Limited Partnership, investing in UK property.


Ruffer Investment Co Ltd (Lawrence Graham) £100 Million

Jun 2004

Acted for Ruffer Investment Company Limited in its establishment as a Guernsey closed-ended, London Stock Exchange listed fund.


Lloyds TSB (Linklaters)

Jun 2004

Acted as Guernsey legal adviser for the establishment of a Guernsey limited partnership to act as a vehicle for the property portfolio of the Lloyds TSB Bank Plc pension schemes.


Genesis Holdings International Limted (Nicholson Graham and Jones)

Jun 2004

Acted as Guernsey legal adviser in respect of the sale of Guernsey interests of Genesis Holdings International Limited to Affiliated Managers Group Inc.


The Close Man Hedge Fund Limited £250 Million (up to)

May 2004

Acted as Guernsey legal adviser on the establishment of The Close Man Hedge Fund Limited, a closed-ended hedge fund but with facility for redemption.


Isis Property Trust No 2 Limited (Dickson Minto) £180 Million

May 2004

Acted as Guernsey legal adviser for the establishment of a listed closed-ended property fund.


Isis Property Trust No 2 Limited (Dickson Minto) £180 Million

May 2004

Acted as Guernsey legal adviser on the insurance aspects of the proposed acquisition of Abbey National by Banco Santander


Insight Foundation Property Trust Limited (Herbert Smith) £500 Million

2004

Acted as Guernsey legal adviser on the establishment of a closed-ended listed property fund, the subsequent re-financing and security documentation and Court application for the share capital reduction.


Banco Santander – Abbey National Acquisition

2004

Acted as Guernsey legal adviser on the insurance aspects of the proposed acquisition of Abbey National by Banco Santander


Equity Partnerships Fund Management Ltd - Tapp Holdings Ltd (S J Berwin) £60 Million

Jun 2004

Acted for Equity Partnership Fund Management Limited, a subsidiary of Teesland Plc in the setting up of Tapp Holdings Limited and Tapp Property Limited in the acquisition and financing of two UK property portfolios.


State Street

April 2004

Advised State Street as custodian of 14 open ended-funds on various issues including conversion from Class A to Class B schemes, the amalgamation of certain funds and the liquidation of other funds.


Consulta High Yield Fund PCC Limited (Slaughter and May)

2004

Acted as Guernsey legal adviser in conjunction with Slaughter and May in the restructuring of Consulta High Yield Fund Limited and its de-listing from the Irish Stock Exchange and re-listing on the CISX.


Capman Oy (Borenius & Kempinnen) Euros 350 Million

2004

Advised Capman Oy on the establishment of a Mezzanine Capital Venture Capital Fund including bond leverage investment listed on the Helsinki Stock Exchange.


Hanson Finance PLC US$400 million

Mar 2004

Acted on the listing on the CISX of US$400 million guaranteed floating rate notes due 24 th March 2014 for Hanson Finance PLC.


Thames River Multi Hedge PCC Limted £350 Million (up to)

Feb 2004

Acted as Guernsey legal adviser on the establishment of Thames River Multi Hedge PCC, a closed-ended hedge fund of funds, listed on both the London Stock Exchange and the CISX.


Equitable Life 2004

Acted as Guernsey legal adviser in relation to Guernsey life policies and payments in respect thereof.


Thames River Multi Hedge PCC Limted £350 Million (up to)

Feb 2004

Acted as Guernsey legal adviser on the establishment of Thames River Multi Hedge PCC, a closed-ended hedge fund of funds, listed on both the London Stock Exchange and the CISX.


Medical Properties Investment Fund Limited (Addleshaw Goddard) £140 million

2004

Acted as Guernsey legal advisers to a closed-ended investment fund invested in UK commercial property and listed on the London Stock Exchange.


Cayzer Continuation Limited (Slaughter and May) (up to) £75 Million

2004

Acted in conjunction with Slaughter and May in the reconstruction of Cayzer Trust Company Limited and the associated establishment of a new CISX-listed closed-ended fund, whose listing was sponsored by Ozannes Securities Limited.


Morgan Stanley & Co International Ltd (Allen & Overy) Up to £50m per series

2002/2003/Ongoing

Acted as Guernsey legal advisors on formation of Sienna Investment Company Limited and issue of seperate Series of Shares.


First National Bank of South Africa /First Rand International Ltd 2004

Advised First Rand on the disposal of Ansbacher Holdings Limited to Qatar National Bank and implemented the restructuring of its Guernsey operations and property interests required to effect the same.