Travers Smith LLP is advising Smithson Investment Trust ("Smithson"), a newly incorporated plc, on its £250 million initial public offering and listing on the main market of the London Stock Exchange.
The £250 million IPO will include a placing, offer for subscription and intermediaries offer. Smithson will have discretion to issue up to £350 million in shares, and a further authority to allot an additional £100 million by way of a 12 month placing programme from the date its prospectus is published.
Smithson plans to invest globally in small and medium-sized listed or traded companies between £500 million and £15 billion in market capitalisation. Fundsmith LLP, the £18 billion asset manager will be Smithson's investment manager.
The listing is expected to take place on October 19.
Travers Smith's Partner and Head of Listed Funds Aaron Stocks is advising Smithson on the listing. He is assisted by Leigh Stockey, a Senior Associate in the Listed Funds team.
Other advisers include Investec Bank, which is acting as sole sponsor, bookrunner, broker and intermediaries offer advisor, with Gowling as its legal advisor, Praxis IFM, in the capacity of the Company Secretary, Link Asset Services as Share Registrar and Northern Trust as the Administrator and Depositary.
Commenting on the transaction, Fundsmith Partner, Mark Laurence, said, "Travers Smith have been our legal advisers since Fundsmith’s inception. They advised on the launch of Fundsmith Emerging Equities Trust in 2014 and we are delighted to be working with them again on Smithson, notwithstanding the fact that Fundsmith has undertaken to pay all the launch costs of the IPO, including those of our legal advisers!"