Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Certain Funds – Cash Confirmation Overview 65 Public to Private Transactions – What You Need To Know • Cash confirmation basis (Rule 24.8) • Financial adviser must confirm "resources are available to the offeror sufficient to satisfy full acceptance of the offer" • "The party confirming that resources are available will not be expected to produce the cash itself if, in giving the confirmation, it acted responsibly and took all reasonable steps to assure itself that the cash was available" • Financing pre-condition permitted in exceptional circumstances (Rule 13.4) • Committed financing unreasonable given timing for a necessary authorisation/clearance • Mechanical procedures for equity financing • Cash confirmed bridge facilities in place at 2.7 often replaced by alternate financing