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14 May – LAWFUEL – The Law News Network – Dechert LLP partner Andrew…

14 May – LAWFUEL – The Law News Network – Dechert LLP partner Andrew Hougie advised Prodesse Investment Limited on its establishment and successful flotation on the London Stock Exchange, underwritten by UBS Limited and Merrill Lynch International, in which the Company raised US$286 million before expenses and borrowings.

Prodesse Investment Limited is a newly established Guernsey-incorporated closed-end investment company, the investments of which are managed by Fixed Income Discount Advisory Company, a wholly-owned subsidiary of Annaly Mortgage Management, Inc. Listing in respect of the shares became effective on 6 April 2005 and (in respect of shares allotted pursuant to an “over-allotment” option) 5 May 2005.

Prodesse Investment Limited invests primarily in a leveraged portfolio of US residential mortgage-backed securities created or issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Government National Mortgage Association (Ginnie Mae).

Ogier & Le Masurier acted as legal advisers to Prodesse Investment Limited and Fixed Income Discount Advisory Company as to Guernsey law. Clifford Chance LLP (from which Andrew Hougie retired on 18 March 2005) and Dechert LLP acted as joint legal advisers to the Company as to English law and as to United States law, Dechert LLP acted as legal advisers to Fixed Income Discount Advisory Company as to English law and Linklaters acted as legal advisers to the underwriters as to English law and as to United States law.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.