Thank you for visiting BAILII today. We hope you found what you were looking for.
BAILII was founded in 2000 to provide free online access to British and Irish legal materials, and millions of people use it every year — legal educators and students, practising lawyers, the advice sector, and many more. But it is not free to operate.
BAILII is funded through donations, and we are very grateful to our existing donors. However, we need your help to meet all of our costs and ensure that our extensive collection of legal information remains freely accessible to all (without cookies or trackers). If you found BAILII useful today, would you consider making a contribution? No donation is too small. If every visitor this month gives just £1, it will have a significant impact on BAILII's ability to continue providing free access to the law.
Thank you very much for your support!
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
CHANCERY DIVISION
Fetter Lane London EC4A 1NL |
||
B e f o r e :
____________________
IN THE MATTER OF THE COMPANIES ACT 2006 |
||
IN THE MATTER OF SMITH & WILLIAMSON HOLDINGS LIMITED |
____________________
Lower Ground, 18-22 Furnival Street, London, EC4A 1JS
Tel No: 020 7404 1400
Web: www.epiqglobal.com/en-gb/ Email: civil@epiqglobal.co.uk
(Official Shorthand Writers to the Court)
____________________
Crown Copyright ©
"We are writing to you and the board further to the recent presentations and regional meetings in relation to the revised transaction structure for the merger. The following concerns make it difficult for us to support the new deal at this point in time:
(1) the risk moving from a well-regarded and conservatively managed business with no debt to one controlled by private equity and what this means for the alignment of interests with our clients;
(2) the loss of control, the management structure, the future operating model and the uncertainty over ownership post any exit by Primera if this is not via an IPO;
(3) the complexity of the deal itself, the lack of clarity of the overall structure of the deal and what the long-term implications are for partners, employees and shareholders; and
(4) remuneration, we are being asked to essentially sign a contract with no certainty of how we will be rewarded in the future, in particular the balance between awarding revenue generation and winning new business."