On-Demand Content

Session 1

What is a joint venture and why are joint ventures necessary? - James Wilkinson

• The benefits of joint venture partnerships and common imperatives 
• Why and when you want a joint venture partner, e.g.:  to provide: 

- risk capital 
- the necessary land and/or rights 
- better funding arrangements 
- the requisite expertise 

• Introduction of the case study on the Coffee Cup Building 

Joint venture structures – partnerships; limited liability partnerships; limited liability companies; complex tax aspects - Matthew Evans & Tom Baxter

• Possible structures: 

- partnerships 
- limited liability partnerships 
- limited liability companies 
- contractual joint ventures 

• Tax aspects of the joint venture structures 
• Wider market conditions  

Session 2

Preliminaries – including heads of terms; confidentiality agreements; due diligence - James Wilkinson & Matthew Bowen

• Heads of terms 
• Effect of subject to contract 
• Confidentiality agreements 
• Due diligence 
• Negotiation 

Documentation Part I – including development, property management and asset management agreements - David Stokes  & Charlotte MacArthur

• Development agreement 
• Property management agreement 
• Asset management agreements 

Session 3  

Documentation Part II – including shareholders’ and partnership agreements; Articles of Association; business plans - Matthew Bowen & Matthew Evans

• Shareholders’ agreement / partnership agreement 
• Articles of Association 
• Business plan 
• Key issues to address in documentation: 

- Rights and obligations including allocation of risk and responsibilities 
- Target investors and how to align objectives, business plans and financial management for a win-win outcome 
- Recruiting expertise and putting together a suitable management structure for this joint venture and not just any joint venture 
- Approaches to accessing funding or funding on better terms 
- Working out the risk vs reward split 
- Decision making and profit distributions, leadership, management and governance 

Session 4

Common pitfalls – including what happens if more funding is required; introducing new JV partners to the arrangement; share transfers - James Wilkinson

• What happens if more funding is required? 
• Introduction of a third joint venture partner to the case study to provide more funding 
• New partner promotes 
• How do share transfers work in the context of joint ventures, permitted transfers, pre-emption rights, first offer rights, first refusal rights, change of control, drag and tag 

Exit/deadlock – including the risks of going and the risk of not going; remedies and resolutions in deadlock; sale of assets; distribution of assets - James Wilkinson & Matthew Bowen 

• The risks of going and the risks of not going 
• Deadlock, remedies and resolutions 
• Put and call options 
• Dealing with partnership disputes 
• Sale of assets/distribution of assets 
• Dealing with conflict and working out routes of exit: 

- Termination for cause 
- Termination for convenience