<p>Filter Knowledge</p>

Travers Smith LLP has advised Deloitte LLP, as sponsor and financial adviser, Liberum Capital, as joint bookrunner and sole underwriter, and Zeus Capital, as joint bookrunner and sole broker, in connection with the £70 million firm placing and placing and open offer of new shares by Xafinity plc in connection with its acquisition from Punter Southall Holdings Limited of its actuarial consulting, pensions administration and investment consulting businesses for consideration of up to £150.3 million.

Travers Smith LLP has acted for FTSE250 property company, Assura plc (Assura), on its oversubscribed £300 million firm placing, conditional placing and open offer and £10.7 million offer for subscription of new ordinary shares at an issue price of 57 pence per share, which completed on 6 December 2017.

Travers Smith LLP has advised long-standing client The Peel Group, the largest shareholder in Intu Properties plc (Intu), in connection with Hammerson plc's £3.4billion recommended offer for Intu.

As you will be aware, last week the FRC published its awaited proposals for a revised UK Corporate Governance Code: a "comprehensive review to ensure that the Code remains fit for purpose". This is the biggest shake-up of the Code in recent years, and the changes will affect all companies on the premium segment of the Official List and others who voluntarily agreed to comply with the Code.

Travers Smith LLP has advised the executive management team of Dealogic in relation to the sale of a controlling stake in Dealogic by Carlyle Group and Euromoney to Ion Investment Group. The financial terms of the agreement are undisclosed, however Carlyle and management will retain a significant ownership in Dealogic.

Travers Smith LLP has advised longstanding client Equistone Partners Europe (Equistone) on its investment in BFT Mastclimbing (BFT). Equistone has acquired a majority stake in BFT, investing alongside the founder, Robin Head, and management. The financial terms of the transaction are confidential.

Under section 3 of the Prescription Act 1832, tenants as well as freeholders can acquire rights to light. A recent case, Metropolitan Housing Trust Ltd v RMC FH Co Ltd [2017] EWHC 2609, illuminates what happens when a landlord and tenant disagree over whether the tenant can release the right to a developer without the landlord's consent.

Travers Smith LLP has advised client SV Health Managers LLP in relation to the recent closing of Dementia Discovery LP. DDF Investors admitted to the DDF at the closing include Bill Gates, who has committed a $50 million investment, resulting in the current total commitments from investors exceeding the original target of £130 million.

Travers Smith LLP has advised The Access Group, one of the UK's leading providers of software to mid-market customers, on its acquisition of ProNett.

Travers Smith LLP has advised longstanding client ETF Securities Limited on both the $611 million sale of its European exchange-traded commodity, currency and short-and-leveraged business to WisdomTree Investments, Inc., and the sale of its Canvas, UCITS ETF platform, to Legal & General Investment Management (LGIM).

Travers Smith LLP has advised long-standing client Bridgepoint on its agreement with Burger King Europe GmbH (BKE), an affiliate of Restaurant Brands International Inc. (RBI), to become the UK master franchisee of BURGER KING®, with exclusive rights to the brand in the UK. Bridgepoint will simultaneously acquire the Caspian UK Group, one of the UK’s largest BURGER KING® franchisees with 74 restaurants.

Can landlords recover any loss at lease expiry on change of use from offices to flats? What is the dilapidations position in the context of residential conversions?

Travers Smith LLP has advised management on the acquisition of Pure Gym by Leonard Green & Partners LP.

Travers Smith LLP has acted for Numis Securities Limited in its capacity as sole sponsor, financial adviser and bookrunner on the £31.4 million firm placing and placing & open offer of new ordinary shares issued by Norcros plc.

What if the main body of a contract appears to say one thing, but the detailed wording of a technical schedule appears to be at odds with that? You might have thought that the main body of the contract would take precedence – but a recent Supreme Court ruling suggests otherwise.

In VB Football Assets -v- Blackpool Football Club (Properties) Limited (formerly Segesta Limited) & Others [2017] EWHC 2767 (Ch), the High Court ordered that the majority shareholder of Blackpool Football Club Limited (Blackpool FC) purchase the minority shareholder's entire interest in the company, following the minority shareholder's successful petition alleging unfair prejudice.

Today has seen the successful launch of a new payment system for processing cheques and similar payment instruments in the UK – the Image Clearing System (the ICS). The ICS is operated by Travers Smith's long-standing client, the Cheque & Credit Clearing Company Limited (the C&CCC).

Travers Smith LLP is delighted to announce that Partner and Head of Pensions Daniel Gerring has today been ranked at number 13 of 100 in the OUTstanding Leading LGBT+ Executives List, presented by the Financial Times. Daniel is the highest ranked City lawyer on the list this year.

Travers Smith LLP has advised the WiggleCRC group, majority owned by private equity firm Bridgepoint, on its acquisition of Bike24 from Riverside, a global private equity firm.