Welcome to the April 2011 edition of Focus. 

– New Head of Private Equity at Trinity
– An untimely RETHINK for REFIT?
– A case to show why meticulous drafting is crucial
– Trinity ranked alongside A&O, Chadbourne & Parke, Milbank and Gide in Chambers Global 2011 guide

We have plenty of exciting news and thoughts to share with you this month.  

In Trinity news, we are pleased to announce that we are continuing our organic and focussed growth and are pleased to announce a new Head of Private Equity, Hugh Naylor.  Hugh was previously a partner at SNR Denton and is a highly experienced corporate lawyer specialising in private equity and growth/ development capital transactions both in the UK and internationally, with a particular focus on Africa and other emerging markets.   Hugh has a broad range of experience advising sponsors, management teams, co-investors and companies that are raising funds privately.  He also focuses on funds work, specialising in private equity fund formation, as well as acting for investors in private equity funds.  He has extensive experience of private company and business acquisitions and disposals, re-constructions, re-organisations, joint ventures and general corporate work.

In our main article in this issue, Trinity partner Simon Norris gives us an overview of the REFIT regime in South Africa, and with the input of several key players in the South African market asks what message recent developments and pronouncements from the South African regulatory authorities is giving to the market.   This article was published on IJ Online on 14th April 2011.

In our case review, Tamila Nakazwe gives us an overview of the recent Ideal Standard case which contemplates the need for care in drafting “equity cure” provisions as well as considering whether majority lenders can withdraw a notice placing certain facilities on demand or whether this required all lender consent.  The case is interesting for all lenders (and borrowers) in project financed transactions.

Finally, we are proud to announce that the newly-launched 2011 edition of Chambers Global ranks Trinity International for “Projects & Energy: Africa” alongside some of the largest and best firms in the project finance market:

With 25 firms rated, Trinity is equal first in terms of number of named individuals.  100% of the firm’s partners have been ranked which we believe is a claim that no other law firm can make. We believe that this achievement gives real credibility to Trinity’s ethos that a boutique law firm can compete with its largest rivals by ensuring that every client and transaction is serviced by senior, highly experienced lawyers with a dedicated focus.  This eliminates the need for, and inefficiencies of, a large team (typically of junior lawyers) that the traditional law firm model relies on and, most importantly, allows Trinity to pass on the cost benefits direct to its clients.

An extract from the guide is set out below:

“Sources say: “The firm is not fazed by the developing country aspects of various markets and is able to bridge the knowledge and experience gap in a way that makes African partners comfortable and satisfies Western investors.” “The speed, quality and consistency of service stand out.”

If you have any comments or questions about REFIT, about equity cure provisions in facility agreements ­ or about our practice in general ­ please do not hesitate to get in touch with your usual Trinity contact.

We look forward to hearing from you.