Page 0011

The last night was quite exciting

because we had to sign by 7am to

release the news before the markets

opened, and that was achieved with

just minutes to spare. I was quite

relieved that we signed before I left

the seat. I would have been quite

gutted if I'd missed that. It was an

exciting finale, celebratory champagne

at 7am… quite a satisfying moment

after a lot of work together.

The trainee's perspective

Callum, Corporate group

I ended up supporting three

associates, one running the

shareholder circular process, one

running the SPA itself and one

handling the disclosures. I was

initially brought on board to help

draft the circular prior to the

Whitbread shareholder vote. This

obviously involved a great deal of

contact with the company, who

had a lot of input into the narrative

of what the deal was and why the

board recommended it. Because

I'd been involved in that, I was

then drafted onto other things as

it started to get busier. I helped

out with the SPA, particularly

checking that material had gone

in properly. We had to include a

lengthy schedule at the back with

information on all of the company's

subsidiaries that were to be

transferred, which meant liaising

extensively with Whitbread to

access that information, since many

of those subsidiaries were overseas.

I also helped Wallis to manage the

data we were receiving, chasing

up anything that was missing or

clarifying details that didn't make

sense, so that we were sure that

everything was passed across

correctly. I learnt a lot about

Whitbread's business.

The associate's


Wallis, Corporate group

My role was to support Simon

and the senior associate, which

meant getting involved in a bit of

everything. I was assisting on things

in the sale and purchase agreement

(SPA), including helping negotiate

some of the warranties that

Whitbread provided to Coca-Cola.

The bulk of my job was to help

with the disclosure exercise that

sat behind those warranties. It's

quite an interesting role because

the warranties cover the whole

business. It's just you and the client

and you have to go through every

single one. I had some experience

of this on the proposed Asda/

Sainsbury deal, so I was given the

responsibility here and encouraged

to just go for it. Even with this, you

are not working in a vacuum. It's

a constant process of updating

each other - this is one part of a

much bigger process, all the parts

influence each other. You know

the support is always there; you're

never alone.

The last few weeks were intense,

but it's in these environments that

people flourish. The unifying feature

is humour, especially when the going

gets tough. It was a great team effort,

actually, one of the most fun deals

I've worked on.

"It's in these intense

environments that

people flourish."

Wallis, associate



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