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ON POINT: News and Insights from our Global Securities & Capital Markets Practice

By Securities & Capital Markets Practice

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UK Securities Law Update -

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2nd Quarter

RECENT CLIENT SUCCESS

Represented pharmaceutical company AB Science, and underwriters Société Générale and Fortis Bank, in connection with the IPO of AB Science on the NYSE Euronext Paris.

Represented Capital Trust, Inc. in its equity preserving out-of-court restructuring of approximately $580 million of outstanding recourse debt obligations, an innovative transaction that pushed down recourse liability to a new legacy asset subsidiary leaving the operating business free of recourse obligations.

Represented Gevo, Inc., a U.S.-based developer and manufacturer of renewable chemicals and biofuels, in its $123 million NASDAQ IPO.

Represented the underwriters in Lotte Shopping's $900 million dual-currency convertible bond offering. The offering consisted of $500 million of dollar-denominated bonds and $400 million of yen-denominated bonds, both with a five-year maturity and a three-year put.

Represented Perennial Real Estate in connection with the $627 million IPO of Perennial China Retail Trust's business trust, the first pure-play PRC retail development business trust to list on the Singapore Stock Exchange and the third largest IPO in Singapore so far in 2011.

Represented Société Générale in relation to its $100 million equity investment in Air Lease Corporation, the global aviation venture, which raised $3 billion in the pre-IPO capitalization transaction.

FOCUS ON HONG KONG DEPOSITARY RECEIPTS (HDRS)

Represented

as the sponsor and depositary bank of Vale S.A. in its listing of HDRs on the Main Board of the Hong Kong Stock Exchange by way of introduction. This was the first-ever listing of HDRs on the Hong Kong Stock Exchange. This transaction won IFLR's Equity Deal of the Year.

Represented

as the depositary bank in SBI Holdings' $167 million global offering of HDRs on the Hong Kong Stock Exchange. SBI was one of the first foreign companies to issue HDRs, as opposed to offering shares directly on the Hong Kong Stock Exchange. Partners

Catherine Tsang

and

Scott Saks

led the transaction.

Hong Kong-based capital markets partner

was invited to speak at two forums on HDRs held by J.P. Morgan and The Asset. The first was a roundtable forum entitled "Hong Kong Depositary Receipts - The Innovation Continues," which addressed the advent and outlook for HDRs.

Click here to view the full write-up on the forum

.

The second forum entitled, "The Capital Market Route to Privatization" was held in Ulaan Baatar, for Mongolian companies that are looking to raise funds, including in the Hong Kong market.

.

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UPCOMING EVENTS

Wednesday, September 28, 2011
7:00pm - 10:00pm

Our Hong Kong office will host a dinner for in-house counsel at The China Club. Please contact

for further information.

Thursday, December 8, 2011
8:30am - 5:00pm

Our New York office will co-host a one-day seminar on securities regulations with the National Investor Relations Institute (NIRI), followed by a reception. Please contact

for further information.

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RECENT ACCOLADES

,

Chambers Asia

,

Chambers Global

, and

Legal 500 US

again named Paul Hastings among the leading firms for capital markets in their 2011 guides, alongside numerous individual rankings.

Paul Hastings placed among the top firms for capital markets in

, including a top five position in:

• U.S. Equity Linked Issuer Advisers by Deal Count

• Asia ex-Japan Equity Linked Issuer Advisers by Deal Count

• Asia ex-Japan Equity Linked Manager Advisers by Deal Count

Paul Hastings was ranked the #4 legal adviser for PRC-based companies' HKEx IPOs by value and a top 10 U.S. legal adviser for PRC-based companies' NASDAQ IPOs by value (2010 to August 2011) by

.