Gowling WLG's Investment Funds team has acted for long standing client, London and St Lawrence Investment Company PLC ("London and St Lawrence"), on recommended proposals for a scheme of reconstruction and voluntary winding-up.

Under the proposals, shareholders in London and St Lawrence were offered a "roll-over" into units in the Practical Investment Fund or a cash exit at net asset value (NAV) in conjunction with the voluntary winding-up of London and St Lawrence under Section 110 of the Insolvency Act 1986.

London and St Lawrence, which was capitalised at over £110 million, was one of the oldest investment trusts and was originally formed in 1910 under the name Nyassa Plantations Ltd to develop rubber plantations in Nyasaland, Africa (now Malawi).

The Gowling WLG team was led by partners Nick Heather and John Reed, who were assisted by tax partner Michael Murphy and corporate associate Laura Le Marechal.

Nick Heather commented: "It is sad to see the demise of London and St Lawrence, which has a long and proud history. However, the traditions and investment philosophy of London and St Lawrence will live on as the team responsible for managing its assets also manage the assets of the Practical Investment Fund, which provided the roll-over option on the winding-up of London and St Lawrence."

Our leading Investment Funds team has a strong reputation for closed end listed funds, advising insurers, investment management houses and the investment banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to investment fund clients.