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Carey Olsen completes European Capital scheme of arrangement

Carey Olsen in Guernsey and Linklaters in London have successfully completed a scheme of arrangement in respect of European Capital, a Guernsey-incorporated authorised closed-ended inve

Carey Olsen in Guernsey and Linklaters in London have successfully completed a scheme of arrangement in respect of European Capital, a Guernsey-incorporated authorised closed-ended investment company.

The scheme of arrangement permits American Capital, the holder of approximately 67 per cent of the shares in European Capital, to acquire the remaining approximately 33 per cent of the shares from European Capital’s minority shareholders pursuant to an order of the Royal Court of Guernsey.

European Capital was advised by partner Tom Carey (pictured) and assisted by senior associates Adrian Sarchet and Tim Corfield of Carey Olsen and by partner Matthew Middleditch and managing associate Alexandra Beidas and associate Chloe Harbord of Linklaters.

Carey says the successful completion of the deal is a significant step in the development of Guernsey’s takeover practice and jurisprudence.

‘While not the first scheme of arrangement to pass the doors of the Court, it was to our knowledge, the first time the Court: a) confirmed its approach to the management of complex takeover schemes; and b) was invited to consider and determine a number of the difficult technical issues which arise on takeover schemes. As a result, the practice knowledge and precedents that have been developed will benefit many of our other clients in the future.’

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