PLC ADVISORY FINANCIAL ADVICE TO PUBLIC COMPANIES ON CORPORATE TRANSACTIONS

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1 PLC ADVISORY FINANCIAL ADVICE TO PUBLIC COMPANIES ON CORPORATE TRANSACTIONS

2 PLC ADVISORY FINANCIAL ADVICE TO PUBLIC COMPANIES ON CORPORATE TRANSACTIONS ABOUT PLC ADVISORY BDO s Plc Advisory team advises public and private companies on corporate transactions within a capital markets context. This includes: Conducting strategic reviews and originating or executing acquisition and disposal mandates for public companies Advising a bidder on the takeover of a public company including strategy, tactics and the offer process Advising a public company that has received an approach, whether friendly or hostile, on strategy, tactics and formal Rule 3 advice under the Takeover Code Assisting management teams and private equity providers with structuring and executing Public to Private transactions Acting as sponsor under the Listing Rules Providing fairness opinions in relation to corporate transactions Advising companies on an IPO/flotation, including the management of dual track IPO and private equity processes Managing corporate restructuring, reorganisations and refinancing, including the demerger of divisional operations or tender offers Advising public companies on the interpretation and implementation of the Prospectus Rules and the Disclosure Rules and Transparency Rules Liaising with the Takeover Panel, the UKLA and the London Stock Exchange to secure regulatory approvals Financial promotion approval under Section 21 of the Financial Services and Markets Act The team is part of our national Mergers & Acquisitions business. The team members are drawn from advisory and stockbroking backgrounds and have experience of dealing with investors and fund managers as well as boards of public companies. The team has acted for a broad range of main market companies, AIM companies, unlisted Plcs and overseas companies. It has advised on many successful transactions with commercial companies and has considerable experience of advising on transactions involving investment companies, including closed-ended investment funds and venture capital trusts.

3 OUR SERVICES AND CASE STUDIES SALE OF AN UNLISTED FOOTBALL CLUB Heart of Midlothian plc (in administration) The Plc Advisory team were engaged to act as Rule 3 Adviser to Heart of Midlothian football club under the Takeover Code. In an unusual and complex transaction they worked alongside the administrator to the club who was in lengthy and challenging negotiations with the major Lithuanian based shareholder and creditor as well as negotiating the acquisition by Bidco. PUBLIC-TO-PRIVATE OF A CONSTRUCTION AND PROPERTY GROUP Pochin s PLC The Plc Advisory team advised Middlewich Limited on its 9.3m recommended offer for Pochin s PLC. The Offer was by way of cash with a share alternative and involved a back-to-back disposal of 11.5m of investment properties to a Pochin s non-executive director to reduce debt of 24m and allow the renegotiation of bank facilities. BDO delivered a high quality service with a combination of pragmatic advice and dedication by working with us at every turn to make the transaction happen. We would have no hesitation in recommending BDO s corporate finance team following this experience. JIM NICHOLSON Director, Middlewich Limited FURTHER ISSUE FOR AN INVESTMENT FUND Foresight VCT plc The Plc Advisory team acted as sponsor and financial adviser to Foresight VCT plc on a 20m offer for subscription of ordinary shares. The fundraising was to enable the VCT to make additional investments to those in its ordinary share fund. BDO has acted as sponsor and financial advisor to a number of other VCTs also managed by Foresight Group. SALE OF LISTED REAL ESTATE INVESTMENT COMPANY Tamar European Industrial Fund The Plc Advisory team acted as independent Rule 3 adviser to Tamar European Industrial Fund on the 53.5m recommended offer by LUX 30 Starlight Eur S.A.R.L which was managed by Starwood Capital Group. Tamar had a portfolio of commercial property investments in Western Europe. The team worked alongside J.P. Morgan Cazenove who was the company s existing adviser. BDO showed a real understanding of what we were trying to achieve with the recent 20m offer by our VCT which enabled us to maximise efficiencies and minimise the time required to bring the product to the market place. I would have no hesitation in widely recommending BDO s corporate finance team following this experience. GARY FRASER, Foresight Group LLP STRATEGY / M&A Main Market AIM Unlisted Plc Acquisitions and disposals Takeover offers/rule 3 advice Rule 9 mandatory offer/ waiver Restructuring and refinancing NEW ISSUES/IPO Sponsor N/A N/A Financial advisor Prospectus If required If required SECONDARY ISSUES/TRANSACTIONS Sponsor N/A N/A Financial advisor Rights issue/open offer/subscriptions Related party transactions/fairness opinions If requested If requested Financial promotion approval

4 FINANCIAL ADVICE TO PUBLIC COMPANIES ON CORPORATE TRANSACTIONS PLC ADVISORY OUR EXPERIENCE TAKEOVER OFFERS RULE 3 ADVICE PUBLIC TO PRIVATE 7m Recommended cash offer for Datong plc by Seven Technologies Holdings Limited 19m Competing offer for Mount Engineering Plc by Cooper Industries plc 24m Hostile bid defence and subsequent recommended all share offer for Synchronica plc by Myriad Group AG 96m Recommended offer for Pinewood Shepperton plc by Peel Holdings Group Limited 14m Public to private of COBRA Holdings plc 10m Public to private of Imagesound plc SPONSOR INVESTMENT FUNDS FAIRNESS OPINIONS Class 1 disposal of Beauchief Hall by Electronic Data Processing PLC Up to $164m Class 1 disposal of up to 60% of Pokrovskoe Petroleum B.V. and 60% of Zagoryanska Petroleum B.V. to Eni S.p.A. by Cadogan Petroleum plc 40m Merger of Albion Venture Capital Trust PLC and Albion Prime VCT PLC Up to 20m Offer for subscription by Unicorn AIM VCT plc Related party acquisition by Ferrexpo Plc Acquisition of nonoperating casino licences by The Rank Group Plc IPO AND LISTING RESTRUCTURING FINANCIAL PROMOTION ADVICE Up to 40m Offer for subscription by Foresight Solar VCT plc Up to 95m Initial placing, offer for subscription and placing programme by CQS New City High Yield Fund Limited 59m Acquisition of 6 solar projects by Hazel Renewable Energy VCT1 plc and Hazel Renewable Energy VCT2 plc 64m Debt refinancing by Alpha UK Multi Property Trust Plc Offer for subscription under the Enterprise Investment Scheme by Lewmar Marine Limited Offering memorandum in connection with the issue of debentures by Rose Bowl plc

5 PLC ADVISORY FINANCIAL ADVICE TO PUBLIC COMPANIES ON CORPORATE TRANSACTIONS ABOUT BDO BDO UK 18 Offices 1No. 300 Partners 3,500 Staff for exceptional 1 client service 92% 76% of our clients would recommend us 2 already have 2 BDO INTERNATIONAL US$7 152 Countries 3 billion 2014 revenue 1,350 Offices 60,000 Staff 1. Independent research (Mid Market Monitor 2012, 2013 and 2014) undertaken by Meridian West shows BDO has the highest client satisfaction rating among its peers 2. Client Listening Programme 2013/14 3. US$7bn ( 5.62 bn) combined fee income 2014 M&A Awards 2011, 2012 & 2014 Winner of Accountancy Firm of the Year Award

6 FOR MORE INFORMATION: JOHN STEPHAN t: +44 (0) /+44 (0) m: +44 (0) e: SIMON LEATHERS t: +44 (0) m: +44 (0) e: SUSAN JARRAM t: +44 (0) /+44 (0) m: +44 (0) e: This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO LLP to discuss these matters in the context of your particular circumstances. BDO LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business. BDO is the brand name of the BDO network and for each of the BDO Member Firms. BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms. August 2015 BDO LLP. All rights reserved. HB007907

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