Saint George Participations

On 19 December 2008, DTZ announced plans for a rescue share issue to raise up to £55.0mlion by way of a firm placing and placing and open offer at a price of 27.0 pence per share (a discount of 8.5% to the previous day's close).

Canaccord Genuity acted for Saint George Participations on this transaction, a material shareholder in DTZ (prior to the transaction SGP held 28.7% of DTZ, and following the transaction, if approved, SGP will hold, in aggregate, an economic interest of between 55.7 per cent. and 77.8 per cent. in the Company depending on the level of valid acceptances of Open Offer Shares pursuant to the Open Offer). SGP is investing up to £40.0m in DTZ (£26.9m is being placed firm, SGP is also subscribing for shares valued at £8.1m under the Open Offer, and an additional £5.0m is being placed with SGP subject to clawback). The fundraising will raise a minimum of £40.0m and up to £55.0m.

The funds are being raised to provide DTZ with sufficient funds to meet its working capital requirements.

As part of the fundraising RBS has agreed to a restructuring of DTZ's debt facilities.

Canaccord Genuity advised SGP on the equity injection and on negotiating debt arrangements with RBS.