Songbird Estates - Proposed open offer

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Slaughter and May is advising Songbird Estates plc ("Songbird") on a proposed open offer which it announced yesterday. The offer is intended to raise approximately £140 million (gross of expenses) and will be used to repurchase a £135 million shareholder loan facility provided by its major shareholders. The facility formed part of fundraising initiatives to raise £1,030 million announced on 24 September 2009. Its repurchase will result in the removal of Songbird’s external borrowings.

The offer will include an issue of 109.375 million New Ordinary Shares at an issue price of 128 pence per Ordinary Share, on the basis of 0.16685 New Ordinary Shares for every one Ordinary Share.

Corporate: Roland Turnill (partner), Rebecca Cousin (partner), Darren Heilig (associate), Chris Bulger (associate), Nick Withers (associate), David Holdaway (associate), Mark Boullé (associate); Financing: Philip Snell (partner), Marc Glancy (associate), Annie Bowden (associate); Tax: Richard Carson (partner), John Meehan (associate)