Hays plc’s Shares Placing

Slaughter and May, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Mourant advised Hays plc on this placing.

The Placing, which represented c.14.3% of Hays’ existing issued ordinary share capital, was announced on 2 April 2020. It was conducted by an accelerated book-building process, with BofA Securities, Jefferies International Limited, and UBS AG London Branch acting as joint global co-ordinators and joint bookrunners.

The purpose of the Placing is to leave Hays with a stronger balance sheet, working capital and liquidity position during this period of unprecedented disruption caused by the Covid-19 pandemic and to allow Hays to pursue organic growth opportunities with new and existing clients when markets stabilise.

Slaughter and May worked with Paul, Weiss, Rifkind, Wharton & Garrison LLP, who advised Hays on the US law aspects of the Placing, and Mourant, who advised on matters of Jersey law.

Slaughter and May’s team included Corporate: Andrew Jolly (Picture), Victoria MacDuff (partner), David Plant (associate), Serena Hopkins (associate), Clemency Barrett (trainee); Tax: Gareth Miles (partner), Jamshed Bilimoria (associate).

Latham & Watkins advised the joint global coordinators and joint bookrunners on the transaction: BofA Securities, Jefferies International Limited, and UBS AG London Branch. The team was led by London corporate partners Chris Horton and James Inness, with associates Sean Meehan, Tom Channing, and Fred Gardner. US securities law advice was provided by London partner Ryan Benedict and associate Sarah Youssefi, and tax advice was provided by London partner Karl Mah and associate James Leslie.

Involved fees earner: Ryan Benedict – Latham & Watkins; Tom Channing – Latham & Watkins; Chris Horton – Latham & Watkins; James Inness – Latham & Watkins; James Leslie – Latham & Watkins; Karl Mah – Latham & Watkins; Sean Meehan – Latham & Watkins; Sarah Youssefi – Latham & Watkins; Jamshed Bilimoria – Slaughter and May; Serena Hopkins – Slaughter and May; Andrew Jolly – Slaughter and May; Victoria MacDuff – Slaughter and May; Gareth Miles – Slaughter and May; David Plant – Slaughter and May;

Law Firms: Latham & Watkins; Slaughter and May;

Clients: Bank of America Securities; Hays PLC; Jefferies; UBS AG London Branch;