On June 20, 2008, Travelzest plc, the travel group offering specialist travel programmes, announced it had acquired the Canadian luxury cruise retailer, The Cruise Professionals Limited, for an initial consideration of £6.5 million ($13 million) from its owner, Mary Jean Tully. The consideration was satisfied by £5.75 million in cash ($11.5 million) and the issue of 682,000 shares in Travelzest at a price of 110p. In addition Mary Jean Tully will become entitled to a further payment of up to £750,000 ($1.5 million) payable in shares in Travelzest plc subject to the achievement of targets in the business for the 12 month period to April 30, 2009. The consideration is funded through the placing of 2,222,222 new ordinary shares to an institutional investor at 90p per share and an increased debt facility agreed between Travelzest and Barclays Bank plc. The new debt facility is for a total of £16 million and replaces the existing facility in place between Travelzest and Barclays. The facility is for a four year period expiring in May 2012. Travelzest was advised in this transaction by a team from Fasken Martineau that included Lisa Marcuzzi, Kevin Clinton and Stacey Stoneham (corporate/M&A); Mitchell Thaw (tax); Thomas Meagher (banking); and Maria Giagilitis (employment).