Wragge & Co Public Companies team advises Conygar on hostile public takeover

Wragge & Co LLP Public Companies team has advised AIM listed property company, The Conygar Investment Company Plc, on its successful hostile reverse takeover of London and Channel Islands listed company, the Advantage Property Income Trust Limited (TAP). The offer closed in early October with acceptances of approximately 99%. In a separate transaction, the team also advised Conygar on last month's successful £70 million placing.

Partner Edward Dawes and director Andrew Glaze led the team for both transactions, assisted by solicitor Louise Baillie. Head of transaction services Graham Spalding led the due diligence in connection with the reverse takeover, with real estate partner Huw Roberts and associate Sarah Galvin advising on property issues.

Edward Dawes said: "This deal proves that the legal expertise needed to plan and execute a hostile takeover can be found outside the magic circle. In addition, our work on Conygar's successful placing, completed within a tight timescale with an accelerated bookbuilding process, further illustrates our capabilities in equity market transactions."

Peter Batchelor, finance director and company secretary at Conygar, said: "We've had a long relationship with Wragge & Co, so we knew what they were capable of, and they know us and our requirements. That means they give us the right combination of legal advice together with the commercial and strategic input that we look for in our advisers."

Conygar is a property trading and development group which invests in property assets where it can add significant value using property management, development and transaction structuring skills. Conygar is a long-standing Wragge & Co client. Advisory business Oriel Securities provided financial advice to Conygar.

Property investment company TAP focuses on investment in a diversified portfolio of income-producing commercial property in the UK and Channel Islands.

Wragge & Co's Public Companies team is part of the firm's Corporate group. Led by three specialist partners, the team advises publicly quoted companies on IPOs, secondary issues, takeovers, M&A and regulatory compliance issues.