Deutsche Bank and UBS are acting as joint lead managers and joint bookrunners on the placing. The team from Deutsche Bank was led by James Agnew, chairman of UK corporate broking. Agnew has been with Deutsche Bank for 10 years, having previously been head of corporate broking at Merrill Lynch. He has over 25 years’ experience as a broker, and currently sits on the Takeover Panel and the London Stock Exchange Primary Markets Group. While at Deutsche Bank, the banker has advised on the acquisition of Arriva by Deutsche Bahn, Kraft’s acquisition of Cadbury, Old Mutual on its offer for Skandia, DP World on its offer for P&O and Scottish and Newcastle on the offer by Carlsberg/Heineken. He has also worked on the National Grid and Wolseley rights issues. He qualified as a chartered accountant with KPMG and is also a non-executive director on the board of oil firm Petroceltic. Hew Glyn Davies from UBS is leading his team on Drax’s placing. Recently promoted to vice chairman for overall UK activities at the Swiss bank, Glyn Davies has worked on many high-profile deals. Most recently, he has been involved with BP on the sale of its stake in TNK-BP to Rosneft. On the legal side, Slaughter and May also has a role advising Drax.