Returns of Value

We advise both listed and unlisted corporate clients (including investment trusts) and Financial Institutions on the structuring and implementation of a number of innovative schemes to return value to shareholders, usually working in tandem with our Tax group. We have advised on a wide variety of share buy-back structures, including the first-agency cross, on and off market principal structures, principal and agency tender structures and hybrid bond/equity structures.

We were instrumental in developing the original B share scheme structures and have advised on their subsequent evolutions, including on techniques to protect sponsoring financial institutions when acting as principal in repurchase structures. We have also advised on new Holdco Schemes, reductions of capital and special dividends.

We regularly advise clients on methods of creating additional distributable reserves at or below topco level in order to facilitate a return of value by topco.