14 June 2007 – LAWFUEL – The Law Newswire – Herbert Smith recently advised Amshold Limited, an investment company held by long term client Sir Alan Sugar, on the proposed sale of its remaining 14.7% stake in Tottenham Hotspur plc to ENIC International for £25 million.
The firm also acted for Amshold and Sir Alan on the original sale of a 26.9% interest in the club to ENIC in 2001. The disposal of the remaining interest in the club has now triggered a mandatory Rule 9 offer by ENIC, although ENIC is anticipating that the club will retain its AIM listing. The offer places a value on the club of approximately £210 million.
The transaction was structured using an option agreement which granted put and call options to the parties over the relevant shares. These options become exercisable in early July.
The Herbert Smith team was led by Mike Kingston, assisted by Andy Radford. Tax advice was provided by Derek Hill and Russell Berry.
Rex Newman of Wallace LLP advised ENIC International. The independent directors of Tottenham Hotspur plc are being advised by Slaughter and May.