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ARTICLE · 17 FEBRUARY 2014

Success Fees – An Unsuccessful Negotiation

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Another engagement letter has resulted in a dispute in the High Court.

United KingdomLitigation, Mediation & Arbitration
Danielle Harris
Danielle Harris

Another engagement letter has resulted in a dispute in the High Court.  In this case, the controversy concerned the success fee payable for corporate finance services and neither the company nor the adviser got entirely what they thought they had bargained for.

Allproperty Media Pte Limited (Allproperty), a Singapore company, wanted to raise some additional capital.  It engaged several advisers to help it identify potential investors on a non-exclusive basis, including Alegro Capital LLP (Alegro). 

In the event, Allproperty found an investor without the aid of any of the advisers it had engaged, and the new investor proceeded to subscribe about 18m Singapore Dollars for new shares in Allproperty.  In addition, the investor acquired a significant number of the existing issued shares from shareholders for about 36m Singapore Dollars.  In all, the new investor ended up with a total stake of 41% of Allproperty.

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