Firm News

Mishcon de Reya advises Cubus Lux Plc

Release Date:

18 January 2008

Mishcon de Reya advised Cubus Lux Plc on its re-admission to AIM and the reverse takeover (conditional on shareholder approval) of two Croatian companies that own development land known as the Olive Island Resort.

Cubus Lux is in the process of transition from a casino operator into a leisure and development company in Croatia and has already completed the acquisition and construction of the Olive Island Marina which is fully operational. As a further step the acquisition of the land for the Olive Island Resort, which constitutes 384,000 sqm along 1.5km of beach on the coast of Dalmatia in Croatia, is intended to be developed into a 431 unit village resort and a 500 bed four star hotel.

The aggregate consideration for the two acquisitions is approximately €27.45 million to be satisfied by a mixture of loan notes and consideration shares. The acquisitions also constituted related party transactions under the AIM Rules by virtue of the interests of three of the Cubus Lux directors in the share capital of the acquisition targets.

Corporate Partner, Joel Adler led the Mishcon de Reya team, assisted by Senior Corporate Assistants, Karl Huckle and Clive Thomas and Corporate Assistant, Shika Thakrar.

City Financial Associates Limited acted as nominated adviser whilst Ellis Stockbrokers Limited and Lewis Charles Securities Limited were joint brokers.