Southampton: Shoosmiths handles AIM exit

Specialist corporate lawyers from national law firm Shoosmiths have successfully advised a leading public property development company on its public to private move.

Thanks to the team based at the Solent office the deal has seen Comland Commercial plc - an office, industrial and retail property developer – undertake, with court approval, a Scheme of Arrangement for its acquisition by MCF Commercial and an exit from the

Alternative Investment Market (AIM).

The transaction was led by Solent corporate partners John Jackson and Mark Shepherd assisted by lawyer Sharon Everard.

“This has been a really interesting and unusual deal to be involved with,” said Jackson. “The directors of both businesses reached an agreement on the terms by which Comland could recommend a proposal to its shareholders for the acquisition of Comland by way of a cash or cash and shares proposal valuing Comland at £41.3 million.

“This purchase was effected by means of a court sanctioned Scheme of Arrangement – a process which is unusual in itself when dealing with a public to private transaction.

“I am delighted that we were able to support the Comland team and I wish MCF every success in their future business plans.”

Chris Martin, finance director for Comland Commercial, said: “We set an aggressive timescale in which to seal the deal and Shoosmiths rose to the challenge. The team’s expert advice and guidance enable us to achieve the outcome we wanted and overcome a number of hurdles which are an inevitable part of a complex transaction."