Equity capital markets - low-mid cap in London

Addleshaw Goddard

Addleshaw Goddard has a first-rate reputation among FTSE AIM 50 and FTSE AIM 100 companies, nominated advisers, financial advisers, brokers and investors; the firm also counts The Takeover Panel as a client. In 2019, it acted on one third of all new AIM IPOs, which included Giles Distin leading the advice to N+1 Singer Advisory LLP (as nominated adviser and broker) on the £73m AIM IPO of essensys plc; the firm also handled one sixth of public takeovers of AIM companies. In addition to being a market leader in the AIM arena, the team is also prominent in large and high-profile Main Market transactions. Nick Pearey heads up the practice, which spans the UK network.

Practice head(s):

Nick Pearey

Testimonials

Addleshaws had a very experienced, personable, commercial and supportive approach to the work they helped us with. We had a 100% partner-led team, which brought the right level of seniority, but the managing associate was also extremely experienced. I never felt that we were unimportant to the team, or that they had other priorities (which I am sure they did).

Richard Lee is a very experienced, commercial, and understanding partner. He listens to the “ask” and responds to it, rather than dictating to the client. He always gave 100% and his support was invaluable. Louise Pritchard is definitely a shining star in the AG corporate team. She has a lot of experience and is certainly one to watch.

Very active in small and mid-cap ECM, the sheer volumes of deals they do means that they are only on top of the issues.

Giles Distin is an excellent lawyer and I would not hesitate to ask him to act for us on any ECM deal or a Code deal, where he really is a subject matter expert.

Impressively partner-led, very personable characters with commercial nous.

Simon Wood is particularly excellent.

The pre-eminent public company legal team in the North.

Roger Hart stands out for the depth of his experience and quality of feedback from his clients.

Key clients

The Pebble Group plc

Brickability Group plc

Kestrel Partners LLP

Redcentric plc

Boohoo Group PLC

B. P. Marsh & Partners Plc

Accrol Group Holdings plc

Scapa Group PLC

Ramsdens Holdings PLC

The City Pub Company PLC

Frontier IP Group plc

Kainos Group plc

Frenkel Topping Group PLC

Sumo Group Plc

Yourgene Health plc

genedrive plc

Churchill China PLC

Numis Securities

Investec Bank

Canaccord Genuity

Macquarie Capital (Europe)

Stifel Nicolaus Europe

Peel Hunt

Liberum Capital

Jefferies

Berenberg (Joh. Berenberg , Gossler & Co. KG)

Cenkos Securities

N+1 Singer

Panmure Gordon

Piper Jaffray

Zeus Capital

finnCap

Shore Capital & Corporate

SPARK Advisory Partners

Work highlights

  • Advised the Pebble Group plc on its IPO on the AIM Market (one of very few AIM IPOs in 2019 and the largest placing connected with an AIM IPO in 2019).
  • Advised the Brickability Group plc on its IPO on the AIM Market (one of very few AIM IPOs in 2019).
  • Advised AIM listed SafeCharge International Group Limited on its recommended takeover by the Nuvei Corporation (the largest takeover of an AIM listed company in 2019).

CMS

CMS significantly bolstered its team by hiring Herbert Smith Freehills LLP's former equity capital markets head Charles Howarth in mid-2020. The firm's standing in the UK market is evidenced by its work for a large number of upper mid-market AIM-listed companies, investment banks and nominated advisers. Complementing its sizeable UK presence, the practice also offers European and Asian market coverage; its ability to offer US securities law expertise is another value-add. In 2019, practice head Alasdair Steele acted for Numis Securities Limited and Shore Capital on a £107m placing and open offer for AIM-listed insurance company Randall & Quilter Investment Holdings Limited. Gordon Anton made partner and Iain Newman is also a key name to note.

Practice head(s):

Alasdair Steele

Testimonials

Strong partners supported by excellent associate team. Results in really good strategic and commercial advice backed up by a first rate legal service.

Louise Wallace is a trusted adviser for me. She’s direct, straightforward and brings a wealth of experience to give excellent strategic and commercial deal advice. Michelle Kirkland is a rising star. First-rate legal capability, hard working and highly collaborative to get deals done across a wide range of stakeholders. Highly recommended.

Very strong and well resourced team that provides high quality advice and commitment to projects.

Jack Shepherd – exceptional level of engagement and project assistance.

Flexible approach. Cost-effective and proportionate US securities advice. High level of partner involvement/visibility.

Simon Morgan is a careful and unflappable steadying presence on a deal.

We do not know how we could do that without CMS. The CMS corporate team in particular has all the expertise and resource of similar teams from other top-tier firms. The CMS team stands out because all CMS lawyers we met there hold a clearly recognizable value of being highly compassionate and highly driven in equal measures. This makes the team uniquely reliable, and that makes a huge difference in this twisty deal.

Louise Wallace is tough, expertly, but also uniquely caring and graceful. Michelle Kirkland is sharp and persistent, but also uniquely calm and meticulous.

Key clients

Blue Prism

XLMedia

Summit Therapeutics

Liberum Capital

Stifel Nicolaus

Peel Hunt

Numis Securities

JP Morgan Cazenove

Investec

Cenkos Securities

Work highlights

  • Advising Blue Prism on a placing to raise £100m of expansion capital.
  • Advising Summit Therapeutics Plc (a leader in antibiotic innovation) on a fundraising of approximately $50m through a subscription and placing of new ordinary shares and warrants to existing investors.
  • Advising Israeli performance marketing company XLMedia Plc on its tender offer to buy back up to approximately 9.51% of the company’s issued share capital.

Norton Rose Fulbright

Norton Rose Fulbright's practice features prominently in the financial and professional services, technology, real estate, energy, commodities and resources sectors. Raj Karia leads the team, which is sought out by corporate issuers, bulge-bracket investment banks, nominated advisers and investors on the largest and most complex transactions. It covers the full spectrum of UK (AIM and Main Market) and cross-border transactions. Listed funds and special purpose acquisition vehicles (SPACS) are a notable strength of the practice. Clementine Hogarth  and Fiona Millington are among a number of highly regarded individuals in the group, which includes US securities law expert Thomas VitaKit McCarthy made partner in early 2020, and Richard Sheen is also recommended.

Practice head(s):

Raj Karia

Testimonials

Fiona Millington – responsive, commercial and very knowledgeable!

Key clients

eve Sleep plc

Purplebricks Group plc

Investec Bank plc

Panmure Gordon

Canaccord Genuity Limited

Mortgage Advice Bureau (Holdings) Plc

Crystal Amber Fund Limited

Egdon Resources plc

Good Energy Group plc

Numis Securities Limited

Peel Hunt

Work highlights

  • Acted for Eve Sleep Plc on the placing of new ordinary shares to raise approximately £12m before expenses from existing and new investors.
  • Advised Numis, Investec and NIBC as underwriting banks on the recently launched firm placing and placing and open offer by Accsys Technologies Plc, which is expected to raise €46.3m in gross proceeds.
  • Advised GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator, on the all-cash acquisition of AIM-listed company Amerisur Resources Plc.

Pinsent Masons LLP

Pinsent Masons LLP excels in acting for UK and international companies, investment banks and financial intermediaries on the entire ambit of domestic and cross-border corporate finance transactions. In addition to providing English law advice, it is also highly capable in matters with a US securities law dimension. Led by Julian Stanier, the team undertakes work connected with sectors including the technology, life sciences, energy, manufacturing and support services industries. In 2019, a team led by Chrissy Findlay and Jon Harris acted for AIM-quoted company AB Dynamics Plc on a £50.1m placing and open offer, and also its £18.1m acquisition of Kangaloosh Limited (trading as rFpro). Gareth Jones is another name to note in the group.

Practice head(s):

Julian Stanier

Testimonials

Depth of industry/market knowledge for their sector is impressive.

Rosalie Chadwick – always available, highly skilled with an incredible grasp of the latest market trends in deals and good at problem solving.

Andrew Black is an great partner and super team manager, always available and keeps the guys on the right path.

Russell Booker and his team are always honest with their clients and invariably look for solutions rather than problems.

Best team in the business; creative in trying to solve problems rather than being prescriptive. Highly commercial, which is a rare commodity with lawyers.

Work highlights

  • Advised Canaccord Genuity Limited, in its role as sponsor and co-financial adviser and broker, on the £490m acquisition by JPJ Group plc of the business of Gamesys (Holdings) Limited.
  • Advised Numis Securities and Peel Hunt as sponsor and financial adviser on the £392m merger of healthcare sector real estate investment trust Primary Health Properties plc (PHP) with MedicX Fund Limited (MedicX) and on a subsequent £100m accelerated book build placing by PHP.
  • Advised Induction Healthcare Group plc on its £34m AIM IPO.

Travers Smith LLP

Philip Cheveley leads Travers Smith LLP's team, which acts for more than 60 publicly listed companies, a significant number of which are on the FTSE 350 index. It also has a strong profile among London-based investment banks and nominated advisers, as well as investment funds (and their managers and financial sponsors). The firm's ability to deliver English and US law advice makes it a strong choice for IPOs, cash placings, open offers, reverse takeovers and block trades, among other transactions. Richard Spedding advised Investec and Peel Hunt as joint bookrunners on a £160m placing of new ordinary shares for GB Group Plc. Spencer SummerfieldAndrew Gillen, and recently promoted partners Jonathan Walters and Tom Coulter, are among other key figures. Adrian West is also another name to note.

Practice head(s):

Philip Cheveley

Testimonials

Practical and experienced team.

Richard Spedding is experienced and capable.

Key clients

Distribution Finance Capital

Staffline Group plc

MySale Group plc

Maxcyte Inc

TruFin plc

Zegona Communications

Irish National Treasury Management Agency

S4 Capital

Benchmark Holdings

RBC Europe

Liberum Capital Limited

Peel Hunt LLP

GCA Altium Limited

Investec

Numis Securities

Work highlights

  • Advised Liberum Capital Limited and Peel Hunt LLP as joint bookrunners, and GCA Altium Limited as financial adviser and nominated adviser, to Loungers Plc on its £185m AIM IPO.
  • Advised TruFin plc on the £44.5m sale of its interest in Zopa Group Limited and the demerger of Distribution Finance Capital Limited to Distribution Finance Capital Holdings plc. Also advised Distribution Finance Capital Holdings plc on the admission of its shares to trading on AIM.
  • Advised Cantor Fitzgerald Europe in its role as placing agent on the $250m IPO of US-based solar assets focused investment company Lightspeed Solar Partners plc on the Specialist Fund Segment.

Ashurst

Ashurst advises all of the major investment banks in London, as well as institutional brokerage firms and investment firms; it also acts for corporate issuers and shareholders. Equally adept in domestic and cross-border work, mainstays of the practice include IPOs, rights issues, block trades and private placements. Simon Bullock led a group, which advised Tritax EuroBox on its £135m placing to fund the acquisition of a pipeline of European real estate logistics assets. The practice, which is led by global head Nicholas Holmes, is also notably active in secondary fundraisings related to corporate rescues. Jennifer Schneck leads a three-partner US securities team, which was strengthened by the arrival of Stuart Rubin from the firm's Hong Kong office. The firm's areas of sector expertise include the infrastructure, financial institutions, pharmaceuticals and TMT industries.

Other key lawyers:

Simon Bullock; Stuart Rubin

Testimonials

Nicholas Holmes and Simon Bullock are significant players in the London ECM market, with excellent pedigree and experience. Their hands-on approach is also one that clients find extremely beneficial and Nicholas Holmes, in particular, has a wealth of experience across all manner of ECM transactions which helps stand him apart. Their US practice, headed by Jennifer Schneck adds weight to their all round capabilities that any client would be happy to use.

Ashurst has a very strong offering, combining an extremely personable team with detailed technical knowledge and a thoughtful approach to transactions.

Feel that Ashurst have a strong team across the levels – Nicholas Holmes is fantastic, makes himself highly available, and always gives sound, thoughtful advice.

It’s the personal touch that distinguishes Ashurst. I always get the feeling I am dealing with adults and that my deals are being looked after appropriately.

Jennifer Schneck continues to go above and beyond in terms of delivery of service and positive attitude. You know you are going to get solid legal advice coupled with a sound commercial view.

Very experienced team that provides a level of client service that is second to none in the City. I have worked with the team on a number of occasions and am always impressed by the commitment of the team to any project.

The partners on a project are intimately involved on a daily basis and provide very high quality advice. The level of engagement that they provide and their wealth of experience set them ahead of the majority of their peers.

Key clients

Goldman Sachs

Morgan Stanley

Softcat

Jefferies

Barclays

Bank of America Merrill Lynch

Numis

EnQuest

Citi

Credit Suisse

Chesnara

Tritax EuroBox

Time Out Group

J.P. Morgan

Interserve

Peel Hunt

Deutsche Bank

Work highlights

  • Advised Interserve Plc on its £485m deleveraging plan.
  • Advised J.P. Morgan Cazenove and J&E Davy on the £606m placing of ordinary shares by DCC Plc.
  • Advised Morgan Stanley on the £1.5bn+ rescue refinancing of Thomas Cook.

Bryan Cave Leighton Paisner LLP

Bryan Cave Leighton Paisner LLP's practice, which is led by Alexander Keepin, distinguishes itself in equity capital markets transactions connected with the energy and natural resources, and real estate sectors. It also demonstrates strong capabilities in the listed funds sphere, with a specialist group led by Richard Werner. Reflective of its market presence, the firm acts for a significant number of companies listed on the London Stock Exchange. It also generates a strong pipeline of work from investment banks and financial intermediaries. Keepin and others are advising Australia-listed company Pensana Metals Limited on its redomiciliation to the UK. In 2019, Simon Beddow and Kurt Ma joined from Ashurst and Slaughter and May respectively.

Practice head(s):

Alexander Keepin

Key clients

Liberum Capital

Numis Securities Limited

Pantheon Resources

Peel Hunt

Pensana Metals

Petropavlovsk

Playtech

Plus500

Resolute Mining Limited

Secure Income REIT

Work highlights

  • Advised Resolute Mining Limited (Resolute) on its Main Market Listing on the London Stock Exchange and the Official list of the FCA (Standard Segment).
  • Advised Numis, which acted as nominated adviser and joint broker to Chaarat Gold Holdings Limited, on its readmission of the ordinary share capital to trading on AIM.
  • Advised Liberum as sole bookrunner on Real Estate Credit Investments Limited’s (“RECI”) raising of gross proceeds of £78m through the issuance of new ordinary shares.

Dentons

Complementing its strong UK position, Dentons combines in-house US expertise in London with a sizeable global footprint, making it a major player in cross-border ECM transactions. On the mid to high-cap side of the practice, the firm's strength in emerging markets ECM work was highlighted in 2019, when global practice leader Nik Colbridge advised FTSE 100 mining company Polymetal International Plc on its admission to the official list of the AIX and to trading on the Astana International Exchange (AIX). The firm also handles large transactions involving markets such as Africa, Central and Eastern Europe, the Middle East and Russia. On the low to mid-cap side, Neil Nicholson, US securities law expert Cameron Half and associate Verity Kent advised Stifel Nicolaus Europe, as sole bookrunner, on Techniplas Inc's AIM IPO and placing of shares. David Collins is experienced in ECM transactions involving sectors such as technology, betting and gaming, financial services and healthcare, among others.

Practice head(s):

Neil Nicholson; David Collins

Testimonials

Good timely advice and understanding of the company and its objectives.

David Collins- attention to detail and solutions focused. Verity Kent- strong process control and organisation.

Neil and the team are very knowledgeable, proactive and commercial. I take it as read that lawyers can advise on the law and so what I am really interested in is applying the legal knowledge to practical circumstances.

Neil Nicholson is very helpful, pragmatic and solutions oriented. His assistant, Verity Kent, is also very good as is Cameron Half on US securities aspects.

Commercially focused capital markets team with a client-centric approach. Significant geographical breadth makes cross-border M&A particularly relevant.

Just the best – available, committed, careful and most of all pragmatic. They understand when I need a 10-page memo and when I need the bullet point answer to efficiently make decision.

Of all the legal companies and individuals I have used over my career, I feel Neil is heads and shoulders above the rest. The veracity of his counsel, his friendship and his hugely responsive professional attitude is unparalleled.

Neil Nicholson is solid. He has seen enough deals to know what works, what levers to pull, and how to get things accomplished in the most cost-effective manner.

Key clients

Science in Sport plc

Bonhill Group plc

RA International plc

RM2 International S.A.

Informa plc

Bilby plc

Quiz plc

PRS REIT plc

Hurricane Energy plc

Menzies (John) plc

Work highlights

  • Advising Cenkos in its role as nomad and broker to professional services firm, FRP Advisory Group, on FRP’s AIM IPO.
  • Advised Bonhill Group plc, an AIM-quoted digital media and events business, on its acquisition of Last Word Media, an international B2B media business addressing the sales and marketing needs of the global asset management industry and information requirements of the wealth management industry, and its related placing of shares on AIM.
  • Advised Cenkos Securities plc and Canaccord Genuity, as joint brokers, on a £27.5m AIM share placing by Seeing Machines Limited, the world leader in human-machine interaction and an industry leader in the artificial intelligence (AI) technologies.

DLA Piper

DLA Piper covers a wide ambit of UK and international ECM transactions under the leadership of practice head Alex Tamlyn, who has more than 30 years of corporate finance experience. Reflective of his first-rate reputation, Tamlyn serves as chair of the Primary Markets Group on the London Stock Exchange. The highly rated group also includes Martin PennCharles Severs and senior associate Karin Kirschner; the trio were among the advisers to Allied Minds Plc on the £53m disposal of its stake in Hawkeye 360 Inc to Advance Publications. In addition to acting for corporates, other clients include selling shareholders, underwriters, sponsors, nominated advisers, brokers, trustees and depositaries. Robert Newman recently made partner.

Practice head(s):

Alex Tamlyn

Testimonials

‘Martin Penn has an deep sector expertise that we depend on hugely. His delivery capability is exceptional and his support on unusual and technical legal elements has been invaluable.’

Key clients

Mothercare plc

Allied Minds plc

PureTech Health plc

John Menzies plc

SDL plc

Harworth Group plc

Hutchison China MediTech

Numis Securities Limited

Liberum Capital Limited

Peel Hunt LLP

Hyve Group plc

Work highlights

  • Advising Hyve Group plc, the next-generation global events business, on its acquisition of US-based marketing firms Shoptalk Commerce LLC and Groceryshop LLC for $145m on a cash free, debt free basis.
  • Advised Aptitude Software on its Class 1 disposal of its wholly-owned subsidiary Microgen Financial Systems (MFS) to Moscow Bidco, a newly-incorporated private limited company controlled by funds advised by Silverfleet Capital Partners, for £51m.
  • Handled a number of matters for Hutchison China MediTech Limited, including its NASDAQ public secondary offering, whereby Hutchison Healthcare Holdings Limited (the largest shareholder of Chi-Med and a subsidiary of CK Hutchison Holdings Limited) sold 12 million American Depositary Shares of Chi-Med.

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP is among the leading firms in the market for AIM client representations and it also acts for a sizeable number of broker clients. In addition to being a major player in the AIM arena, the practice is also sought out for Main Market work. Stephen Nash leads the team, which has vast experience in IPOs, secondary offerings, reverse takeovers and public and private M&A. In 2019, Steven Hacking acted for AIM-listed company Escape Hunt Plc on a £4m cash placing by way of an accelerated bookbuild. Richard Moulton is another key contact.

Practice head(s):

Stephen Nash; Richard Moulton

Testimonials

Danny Hall – excellent corporate partner. Jamie Partridge – genius of drafting and detail. Annika Unsworth – solid corporate associate.

Key clients

Escape Hunt plc

Ilika plc

Diurnal Group plc

Renold plc

Kromek Group plc

Personal Group Holdings plc

The SimplyBiz Group plc

Morses Club plc

Joules Group plc

Gresham House plc

Tyman plc

Work highlights

  • Advised AIM quoted Kromek Group, a worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, on its firm placing and open offer to raise £21m (gross).
  • Advised AIM quoted Diurnal Group, a pharmaceuticals company targeting patient needs in chronic endocrine (hormonal) diseases, on a placing and open offer to raise £6m to progress the development and commercialisation of the company’s products.
  • Advised Renold, a leading international supplier of industrial chains and related power transmission products, on its de-listing from the Main Market and admission to trading on AIM.

Fieldfisher

Fieldfisher acts for a high number of AIM-listed companies and it also generates a strong flow of work from nominated advisers and brokers. Practice head Neil Matthews, who has over 20 years of equity capital markets experience, advising on AIM and Main Markets transactions, and also those involving other European stock exchanges. Anthony Brockbank is another well-known name with vast experience. In 2019, Brad Isaac was the lead adviser to Cairn Financial Advisers and Cantor Fitzgerald, as nominated adviser and broker respectively, on a £50.1m placing and open offer by AIM-listed company AB Dynamics Plc. Elsewhere, the group handled some of the largest fundraisings seen in the oil and gas sector, and was notably active in work involving the life sciences and energy and natural resources industries.

Practice head(s):

Neil Matthews

Testimonials

The team is very knowledgeable, proactive and commercial. The FF team is one of the few dedicated to ECM and this is evident in the high quality of its work.

Dominic Gurney-Champion, Brad Isaac, George Cotter and Ed Westhead are all very approachable, knowledgeable and commercial.

Key clients

Independent Oil & Gas plc

StatPro

Cairn Financial Advisers LLP

Cantor Fitzgerald Europe

KEFI Minerals plc

Mirabaud Securities Limited

Panmure Gordon

Berenberg

finnCap

Stifel Nicholaus Europe

Work highlights

  • Acting on numerous matters for AIM-quoted Independent Oil & Gas plc in 2019, including the farm out of 50% of its Southern North Sea upstream assets to CalEnergy Resources Limited; the restructuring of its loan arrangements with London Oil & Gas Limited (in administration); the English-law aspects of an issue of Nordic Bonds; and rejecting a hostile takeover bid from RockRose.
  • Acting for StatPro Group plc on its takeover by Ceres Bidco Limited, a wholly-owned subsidiary of US-based Confluence Technologies, Inc. for £161m.
  • Acting for Mirabaud and Stifel and Cenkos on a secondary fundraising for Diversified Gas & Oil plc raising $234m to fund acquisitions of oil and gas assets.

Gowling WLG

Gowling WLG's international platform sees it act for a sizeable number of companies operating worldwide. It is a first choice for many clients operating in the mining, financials and real estate sectors, where it has a particularly standout reputation; it is also strong in the energy, technology and industrials sectors. Charles Bond, who leads the equity capital markets practice, is working with senior associate Alexander Davidson to advise Minergy Limited (a company listed on the Botswana Stock Exchange) on its dual listing on AIM.  Elsewhere, the firm is highly reputed for its AIM and Main Market work for listed investment funds. Corporate head Sunil Kakkad has more than 30 years of capital markets experience.

Practice head(s):

Sunil Kakkad

Key clients

Codemasters Group Holdings plc

Draper Esprit plc

Urban Logistics REIT plc

Numis Securities Limited

Mercia Technologies plc

Bacanora Minerals Ltd

Bushveld Minerals

Hummingbird Resources plc

Highland Gold Mining Limited

Sylvania Resources

Firestone Diamonds Plc

CIP Merchant Capital Limited

Phoenix Global Mining Ltd

AfriTin Mining Ltd

Argentex

H&T Group plc

Work highlights

  • Advised Argentex, a leading FCA regulated provider of foreign exchange services to institutions, corporates and high net worth private individuals, on its admission to AIM.
  • Advised AIM quoted Bushveld Minerals on the conditional acquisition of vanadium and ferrovanadium production assets in South Africa.
  • Advised leading venture capital firm Draper Esprit on its £100m fundraising by way of a conditional placing of new shares.

Mayer Brown International LLP

Led by Kate Ball-DoddMayer Brown International LLP's team acts for corporate issuers and underwriters on their most sophisticated UK and multijurisdictional transactions. The group advises clients from a multitude of industries, including the banking, construction, energy, technology, metals and mining and technology sectors. In 2019, highlights included Colin ScagellRebecca Bothamley and senior associate Harriet Hainsworth acting for Peel Hunt and Panmure Gordon as joint bookrunners on a £10m cash box placing by Blancco Technologies; the firm also advised Promotora de Informaciones SA (Prisa) on a $200m rights offering. Although most of the practitioners in the London team primarily advise on English law matters, a number of individuals have US securities law expertise, including Robert Flanigan.

Practice head(s):

Kate Ball-Dodd; Robert Flanigan

Testimonials

Partner led with great attention to detail. Willing to go the extra mile.

Kate Ball-Dodd – faultless attention to detail. Innovative in materials produced.

Very approachable and easy going yet you have complete confidence that they are on the ball.

Strong team with plenty of experience in our field.

Kate Ball-Dodd — easy to work with, commercial and gives practical advice.

Good blend of commercial and technical knowledge – get to the key issues fast and give strong advice.

Key clients

Entertainment One Limited

GW Pharmaceuticals

Helical plc

Investec Bank plc

Liberbank, S.A.

Metrovacesa, S.A.

Numis Securities Limited

Peel Hunt LLP

Promotora de Informaciones, S.A.

Silence Therapeutics plc

St Modwen Properties

Work highlights

  • Acted for Investec as sponsor to Aptitude Software Group plc on the disposal by Aptitude of Microgen Financial Systems Limited to Silverfleet Capital Partners LP, a class 1 transaction; and on the return of value arising from the disposal.
  • Advised longstanding client Entertainment One (eOne) on a placing of £130m to part-fund its acquisition of UK-based Audio Network Limited.
  • Advised Silence Therapeutics plc on the private placement of ordinary shares for $5m by Mallinckrodt with the proceeds for the purposes of general working capital.

Osborne Clarke LLP

Osborne Clarke LLP 's reputation has seen it attract high-profile and complex mandates, despite challenging market conditions. Jonathan King heads up the practice, which is a first port of call for many investment banks, nominated advisers and financial intermediaries. It has an outstanding track record in headline AIM IPOs, secondary fundraisings and public M&A. Areas of strength include the financial services, technology and digital business, life sciences, and real estate and construction sectors. In 2019, Mark Wesker acted for Creo Medical Group Plc on its successful £52m follow-on institutional placing and open offer. Rebecca Gordon is another key figure.

Practice head(s):

Jonathan King

Other key lawyers:

Mark Wesker; Rebecca Gordon; Ed Nisbet

Key clients

Investec Bank plc

Liberum Capital Limited

Raymond James International Limited

Cenkos Securities plc

essensys plc

TalkTalk Telecom Group plc

Avon Rubber plc

Zotefoams plc

Creo Medical Group plc

finncap Limited

Work highlights

  • Advised essensys plc on its successful £76m AIM IPO.
  • Advised Cenkos Securities in its capacity as nominated adviser, sole broker and sole bookrunner on Brickability Group plc’s £150m AIM IPO and associated £57m institutional placing.
  • Acted as English law counsel to Uniphar plc on its successful €310m AIM and Euronext Growth IPO and associated €135m institutional placing.

Stephenson Harwood

Stephenson Harwood's equity capital markets team, which is led by Tom Nicholls, undertakes the gamut of AIM and Main Market transactions for corporates, sponsors and nominated advisers. Its team has vast experience in headline-grabbing IPOs, secondary fundraisings and public takeovers. Another area of strength involves advising clients on the establishment of UK and offshore listed investment funds, as well as associated fundraising, fund reorganisations and fund migrations. In 2019, Alex Haynes and senior associate Nick Horton advised N+1 Singer and JP Morgan Cazenove on a £231m secondary fundraise by C Share issuance made by Hipgnosis Songs Fund Limited, and also handled the company's move up from the Specialist Fund Segment to the Main Market of the London Stock Exchange. David Dowding made partner.

Practice head(s):

Tom Nicholls

Testimonials

Tom Nicholls and Tom Page are both very responsive, proactive and commercial.

Key clients

Numis Securities Limited

J.P. Morgan Cazenove

Liberum Capital Limited

Macquarie Capital (Europe) Limited

BDO LLP and Cantor Fitzgerald Europe

Bowmark Capital

Patagonia Gold plc

Oakley Capital Investments Limited

Starcrest Education The Belt & Road Limited

Miton Group plc

Arden Partners plc

Fidante Capital

easyHotel plc

N+1 Singer

Woodford Patient Capital Trust plc (now known as Schroder UK Public Private Trust plc)

Peel Hunt LLP

Focusrite plc

Acacia Pharma plc

Work highlights

  • Advised Numis Securities Limited in its role as nominated adviser and broker on the AIM IPO of Argentex Group Plc and related £46m placing of new and existing shares.
  • Acted for Fidante Capital as sponsor, financial adviser and sole bookrunner on the $200m IPO of US Solar Fund Plc, a new investment company focused on investing in solar power assets primarily in the United States.
  • Advised independent UK private equity firm Bowmark Capital on its public-to-private takeover of AIM-listed Tax Systems Plc.

Bird & Bird LLP

Bird & Bird LLP's London team demonstrates particularly notable strengths in the energy and natural resources, technology and pharmaceuticals industries. Led by Clive Hopewell, it advises on the full range of matters for AIM/Main Market companies and nominated advisers/brokers, including handling IPOs, secondary offerings and public and private M&A. In 2019, Hopewell, and senior associates Sharon O’Donnell and Youichi Iisaka, advised AIM-listed mining client Jangada Mines Plc on the £5m sale of its Pedra Branca project (South America's largest and most advanced platinum group metals and nickel project) to a subsidiary of TSX-V listed entity ValOre Metals Corp.

Practice head(s):

Clive Hopewell

Testimonials

Bird and Bird’s team has a very strong ECM practice, not only in the UK but also in Europe.

My main contact is Clive Hopewell, who is very well known in the ECM community in London and a great ambassador for the the markets both in the UK and internationally.

They get it. They don’t waste time giving you advice you don’t need and give you the advice you do need. They also give you the advice you didn’t ask for but realise you should have asked for.

Simon Allport is exceptional, rapidly understands the situation and always gives pragmatic advice that you can actually use.

Well-resourced and broad skill set.

Key clients

Alpha FX Group

Asiamet Resources Ltd

Barrick Gold

Directa Plus PLC (J)

Earthport PLC

Frontier Developments PLC

Gama Aviation PLC (J)

Gamma Communications PLC

Griffin Mining Ltd (J)

Harvest Minerals Ltd

IG Design Group plc

Jangada Mines PLC

Mothercare plc PLC (J)

Tekcapital PLC

The Stanley Gibbons Group

Westminster Group plc

Liberum Capital Limited

Canaccord Genuity

WH Ireland Limited

Shore Capital Partners

Joh.Berenberg, Gossler & Co. KG

Panmure Gordon (UK) Limited

Hannam & Partners LLP

Grant Thornton (UK) LLP

Cantor Fitzgerald Europe

Cairn Financial Advisors LLP

Da Victus plc

Albion Development VCT PLC

Albion Enterprise VCT PLC

Albion Technology & General VCT PLC

Albion Venture Capital Trust PLC

Crown Place VCT PLC

Kings Arms Yard VCT PLC

Work highlights

  • Advised Berenberg and Grant Thornton on the placing and proposed admission to AIM of The Pebble Group.
  • Advised Mothercare on a high-profile corporate restructuring and fundraising, repositioning the ailing UK retailer as a focused international franchise operator. The transaction involved the placing into administration of the group’s UK retail operator, Mothercare UK Limited, and the securing of several lines of new funding included a £20m standby underwriting facility provided by Numis Securities, a £10m debt facility provided by a major franchise partner, a £3.4m placing of new shares with certain institutional investors and the provision of £5.5m of convertible loans by certain existing shareholders to provide additional working capital facilities.
  • Advised CCB Leasing International on a 27-aircraft joint venture with Norwegian.

Charles Russell Speechlys LLP

Charles Russell Speechlys LLP's strong track record in AIM and Main Market transactions has enabled it to build up a wide client portfolio, which includes early stage growth companies, listed companies, nominated advisers and brokers. The team includes Paul Arathoon, who advised TSX Venture Exchange listed mining company Hunt Mining Corp on its £17.8m offer for AIM-listed Patagonia Gold Plc by way of a court approved scheme of arrangement in 2019. In addition to mining, the team also has specialist expertise in the technology and oil and gas sectors. Andrew Collins heads up the practice, which advises companies, nominated advisers and financial advisers.

Practice head(s):

Andrew Collins

Key clients

Hunt Mining

1Spatial

fastjet

Europa Oil & Gas

Tremor International

The Biotech Growth Trust

Oracle Power

Prime People

Predator Oil & Gas

Fidelity Trusts

Canaccord Genuity

FirstEnergy Capital

Liberum Capital

Shore Capital

W H Ireland

N+1 Singer

Dowgate Capital

Work highlights

  • Advised N+1 Singer Advisory LLP, as nominated adviser and broker to software company Checkit Plc, on a tender offer which returned approximately £81m to the qualifying shareholders of Checkit.
  • Advised AIM listed company Tremor International on the English law aspects of the acquisition of Unruly, News Corp’s programmatic video marketplace.
  • Advised Prime People plc, the global specialist recruitment business and an AIM-listed client, on a reduction of capital by the cancellation of part of the amount standing to the credit of the company’s share premium account and the subsequent return of capital to shareholders.

Dechert LLP

Dechert LLP's team advises clients on AIM/Main Market/overseas IPOs, secondary fundraisings, M&A and ongoing post-listings securities law issues. Sean Geraghty heads up the practice, which is particularly prominent in the life sciences, financial services and investment funds arenas. Geraghty and associate Jodie Valler-Feltham led the advice to Allenby Capital on a £28m equity placing and subscription by global podcast company Audioboom Plc in 2019. Patrick Lyons, who is dual UK/US-qualified, is another notable individual in the group.

Practice head(s):

Sean Geraghty

Key clients

Advanced Oncotherapy plc

Allenby Capital

Cantor Fitzgerald

Investec Bank plc

M1 Cement Holding Limited

Numis Securities

Safestay plc

Share plc

Spark Advisory Partners

Work highlights

  • Advised Share Plc on a recommended takeover offer by a Bidco formed by Interactive Investor Limited, a J.C. Flowers controlled online retail broker.
  • Advised Safestay Plc on its equity fundraising by way of placing and open offer.
  • Acted for Numis Securities on a cash box placing with institutional investors for its client Knights Group Holdings plc, which announced the exchange of contracts to acquire Shulmans LLP for £20.1m, and ASB Law LLP (including ASB Aspire LLP) for up to £8.5m.

Dorsey & Whitney

At Dorsey & WhitneyKate Francis handles the majority of the London team's equity capital markets mandates, including IPOs, secondary offerings and M&A. Francis works with corporate head Mark Taylor and senior associate Lauren Horman. Clients include longstanding AIM-listed companies and Main Market corporates, as well as mid-market investment banks. The workload spans a wide range of sectors including the financial services, technology, healthcare, gaming and publishing industries. In 2019, one highlight involved Francis acting for Digitalbox Publishing (Holdings) Limited on its reverse takeover into an AIM-listed cash shell called Polemos Plc.

Practice head(s):

Mark Taylor

Other key lawyers:

Kate Francis; Lauren Horman

Testimonials

They have strong UK/US small and mid-cap listed experience.

Kate Francis is very transaction oriented, experienced and pragmatic.

Key clients

Liberum Capital Limited

Jefferies International Limited

The Quarto Group Inc.

Watchstone Group plc

Stifel Nicolaus Europe Limited

Nplus1 Singer Advisory LLP

Numis Securities Limited

Canaccord Genuity Limited

Corero Network Security plc

Inland Homes plc

WH Ireland Limited

Work highlights

  • Advised Quarto Group, an international publishing company with shares listed on the main market of the LSE, on its recent underwritten open offer.
  • Advised Liberum and Jefferies as joint brokers on Codemasters Group Holdings plc’s £20m placing and acquisition of SMS.
  • Advised Stifel and N+1 as joint brokers on RenalytixAI plc’s £12m placing.

Hill Dickinson LLP

Hill Dickinson LLP's practice operates nationally between the London and Manchester offices and has developed a growing reputation in the ECM arena. The team, which has been growing significantly at partner level since 2016, was recently bolstered by the arrival of Shantanu Sinha from Mishcon de Reya LLPMichael Bennett heads up the group, which is active in the full range of ECM transactions connected with NEX, AIM and the Main Market. It is particularly strong in the pharmaceuticals and life sciences, medical cannabis and energy and natural resources sectors.

Practice head(s):

Michael Bennett

Testimonials

Thorough approach whilst at the same time being highly commercial, practical and flexible.

Very good team all around. Focused entirely on delivery and meeting timelines within agreed budget.

Michael Corcoran is a great deal lawyer. He is focused on getting the job done, creating alternate potential solutions to find a way forward for both sides. In my opinion, Michael’s role goes beyond that of legal counsel, to that of trusted adviser. He also has a firm grasp of AIM market requirements and practice, assisting in the navigation between the areas where there is clarity of written rule and the murkier areas of usual practice that inevitably arise. Jack Delaney provides support for Michael in our firms relationship and I have found him to be responsive and available when we have worked together. He has demonstrated a willingness to go the extra mile to find solutions and help out when we’ve been under pressure, which has always been appreciated.

As partner in charge of our project, Michael Bennett has been actively engaged at all times and has been able to add considerable value through his network of connections inside and outside the firm. His has been a voice of reason when regulatory delays and frustrations have mounted at times. In leading on the drafting of documentation, Jack Delaney has shown fantastic dedication and great patience to deliver high quality output and to maintain human connections at all times.

Responsive and pragmatic, both in terms of approach and fees.

Practical, pleasant and pragmatic, yet direct professional and competent.

The Hill Dickinson team is very responsive and hard working with good technical skills which are provided on a value for money basis.

Key clients

Stobart Group Limited

Reabold Resources Plc

Clean Invest Africa plc

Agronomics Limited

Bluejay Mining Plc

Cadence Minerals Plc

World High Life Plc

Zaim Credit Systems Plc

Riverfort Global Opportunities PCC Limited

YA II PN, Ltd

Dekel Agri-Vision Limited

UK Oil & Gas Plc

Work highlights

  • Advising Stobart Group on the recommended cash offer for Flybe Group plc by Connect Airways Limited (a joint venture company owned 40% by funds managed by Cyrus Capital, 30% by Stobart Aviation Limited and 30% Virgin Atlantic).
  • Advising AIM-listed Reabold Resources, an upstream oil & gas investment company, on a £24m institutional placing and equity investment in Rathlin Energy (UK) Limited, which holds a majority working interest in the West Newton discovery located near Hull.
  • Advising NEX-listed Clean Invest Africa on its £27m reverse takeover of CoalTech Limited and Coal Agglomeration South Africa (Pty) Limited.

Hogan Lovells International LLP

Hogan Lovells International LLP's team advises issuers and banks on all aspects of a company's equity fundraising activities, and it is also knowledgeable about other post-listing corporate and securities law issues. Maegen MorrisonDaniel Simons and Jonathan Baird jointly lead the practice in London, which combines a strong English law offering with in-house US securities law expertise. In addition, the firm's strength in cross-border offerings is buttressed by its international platform. It is particularly strong in pre-IPO fundraising and AIM listings which will lead to step-ups to the Main Market. Raj Panasar joined from Cleary Gottlieb Steen & Hamilton in early 2020. Both Baird and Panasar are dual-qualified to practise in England and Wales and the US.

Other key lawyers:

Raj Panasar

Testimonials

Raj Panasar is my key contact. He is precisely the person you would want to contact if you had an emergency on a deal at 4am… and he would pick up the phone. Exceptional lawyer, always available, commercial and pragmatic in his advice.

Key clients

Just Group plc

Liberum Capital Limited

RBC Europe Limited

Numis Securities

PetroTal Corp.

KPI (Nominees) Limited

Berenberg

Work highlights

  • Advised Just Group Plc, a London listed company specialising in retirement products and services, on raising capital by means of an equity placing.
  • Acted for Liberum Capital Limited and RBC Europe Limited on the placing of approximately £60m of new ordinary shares in the capital of Brewin to institutional investors.
  • Advised Numis and Berenberg as joint bookrunners on Scapa Group plc’s £32m equity placing to institutional investors and certain members of the Scapa management team.

K&L Gates LLP

K&L Gates LLP has a strong track record in advising international companies (particularly those based in the US and Australia) on AIM listings and dual listings, as well as assisting London-listed companies with dual listings on overseas exchanges. It also excels in domestic and cross-border secondary offerings, takeovers and M&A. Paul Tetlow heads up the practice, which is notably strong in the energy and natural resources, fintech, industrials, life sciences and technology sectors, among others. James Green has also been notable active in the space.

Practice head(s):

Paul Tetlow

Other key lawyers:

James Green; Tom Wallace

Testimonials

The team has plenty of relevant expertise for what we do.

James Green is very commercial and knowledgeable.

Excellent partner availability leads to an excellent value proposition.

Paul Tetlow and James Green provide an excellent service. Paul acts more as a “consigliere” than a traditional solicitor, providing germane advice which is both commercial and legal.

K&L Gates has always provided a strong team across all the different type of transactions I have worked with them on. The quality of the advice and the work has always been excellent.

Paul Tetlow – this is an individual who cuts to the chase and understands all of the legal, commercial, practical and human factors that have or can contribute to the making of a problem and the finding of a solution.

K&L Gates have worked for me in a number of different situations and what has always set them apart for me is their ability to see things entirely from my/our perspective and to fully understand my/our situation or position. This amounts to much more than just acting in our interest on a transaction and it’s what sets them apart from other firms. This may be through fee structuring for a new venture, leveraging their personal and professional networks to assist in supporting a transaction or introducing new ideas and opportunities.

Key clients

Faroe Petroleum Plc

Tax Systems PLC

Nektan PLC

Solenta Aviation Holdings Limited

Longboat Energy plc

Cluff Natural Resources plc

Action Hotels PLC

Grant Thornton UK LLP

Stifel Nicolaus Europe Limited

Panmure Gordon (UK) Limited

Work highlights

  • Advising Faroe Petroleum on a hostile takeover by DNO ASA, valuing the company at £650m.
  • Advising Longboat Energy on its £10m placing and admission to AIM.
  • Advising Cluff Natural Resources on a placing to raise £15m.

Macfarlanes LLP

Led by Robert BoyleMacfarlanes LLP team provides a full service to issuers, underwriters, sponsors, management teams and trustees, among other clients. It is sought out for advice on AIM and Main Markets IPOs, and also handles a full range of secondary fundraisings, including rights issues, open offers and placings. Dual track processes are another area of strength.

Practice head(s):

Robert Boyle

Memery Crystal LLP

Memery Crystal LLP has excellent credentials in cross-border equity capital markets transactions, with a particular strength in matters involving the technology and natural resources sectors; it undertakes a particularly significant amount of work for oil and gas and mining companies. In 2019, Michael Dawes advised TSX-listed oil and gas exploration company Valeura Energy Inc (which focuses on the development of its flagship Thrace Basin project in Turkey) on its admission to the Main Market. The team is jointly led by Lesley Gregory and Nick Davis.

Practice head(s):

Lesley Gregory; Nick Davis

Testimonials

The MC team took a commercial approach and was very results-oriented – we didn’t get bogged down in minutia and technical/legal issues. I would describe them as young and entrepreneurial, and not as conservative or bureaucratic as other firms we have worked with. We were happy with the results of their work.

Key clients

Pure Gold Mining Inc

Taseko Mines

MOD Resources

Valeura Energy Inc

VAALCO

Tethyan

TNG

Rainbow Rare Earth

Danakali

Petra Diamonds

Gulf Keystone Petroleum

Shanta Gold

G3Exploration

Kropz

MGC Pharma

88 Energy

Cenkos Securities

Litigation Capital Management

Smartspace Software

Intelligent Ultrasound

Work highlights

  • Acted for Pure Gold Mining on its Standard Segment Main Market listing and equity fundraise.
  • Advised VAALCO Energy on its Standard Segment Main Market listing.
  • Advised Tethyan Resources on its restructuring by way of a scheme of arrangement.

Reed Smith LLP

Reed Smith LLP's London capital markets practice, which is led by Delphine Currie, is a cornerstone of the firm's wider international offering. Equally strong advising issuers and underwriters, the team has extensive experience of AIM and Main Market IPOs, secondary fundraising and public takeovers. Currie works with US securities law expert Daniel Winterfeldt QC (who recently became an Honorary Queen's Counsel), James Wilkinson and Trish O’Donnell, among others. Iqbal Hussain joined from Johnson & Johnson in 2019.

Practice head(s):

Delphine Currie

Testimonials

They have vast cumulative knowledge, they are very efficient as a team and they have a very quick response time. They can be the business manager’s right hand man

Knowledgeable, reachable, ready to step in a problem and solve it (even acting as a business exec if need be)

Very user friendly, responsive and with a good understanding of out business and the listed funds space

Delphine Currie is very pragmatic and experienced, with a very down to earth and straightforward manner, which allows our boards to make clear decisions

A very personable and knowledgeable team

Mike Young – the partner on our account keeps up to date and involved in our account and is there to support when his level of advice is required. Fiona McFarlane – she has been our day to day contact and has been extremely helpful in supporting when required or involving the necessary specialisms as appropriate

Simmons & Simmons

While Simmons & Simmons' team has extensive experience of all areas of the UK equity capital markets landscape, it is particularly active in transactions involving companies listed on the Main Market. The majority of its deals involve a US offer, and its capabilities in this space were strengthened in 2019 by the arrival of senior associate Andrea Tompkins from Linklaters LLPChris Walton heads up the US securities practice, and Colin Bole is the overall head of the UK equity capital markets team, which primarily acts for investment banks, brokers and sponsors; issuer-side work is on the increase. Former practice head Chris Horton joined Latham & Watkins.

Practice head(s):

Colin Bole; Chris Walton

Other key lawyers:

Andrea Tompkins; Thomas Burgoo

Testimonials

Practical, partner-led advice. They are in-touch with market practice but able to develop more detailed arguments to support the status quo rather than dogmatically advancing the market practice argument.

Colin Bole is calm and measured and provide practical advice. He is also very proactive in updating on fees etc.

Key clients

Future plc

Newlight Partners L.P.

J.P. Morgan Securities plc

RBC Europe Limited

HSBC Bank plc

Barclays Bank PLC

Dowgate Capital Limited

Mitsubishi UFJ Trust and Banking Corporation

Peel Hunt LLP

Numis Securities Limited

Merrill Lynch International

Evercore Partners International LLP

N M Rothschild & Sons Limited

Jefferies International Limited

ABN AMRO Bank N.V.

Work highlights

  • Advising Future plc, a global platform for specialist media, on its transfer from standard to premium listing in April 2019 and its £104m cash box placing and related £140m class 1 acquisition of TI Media in October 2019.
  • Advising J.P. Morgan and Numis as joint bookrunners, and Numis as sponsor in connection with a £260m placing by Unite Group plc in connection with its transformational class 1 acquisition of Liberty Living Group plc from Canada Pension Plan Investment Board for £1.4bn.
  • Advising J.P. Morgan and ABN AMRO as joint bookrunners on a €312m secondary placing of shares in Amsterdam listed Adyen. N.V. by a group of pre-IPO shareholders.

Walker Morris LLP

Leeds-based firm Walker Morris LLP provides support to a wide range of market participants including companies, sponsors, nominated advisers and brokers. The scope of its practice covers AIM and Official List IPOs, secondary fundraisings, M&A and corporate governance issues. Richard Naish and Daniel O’Gorman jointly lead the team.

Practice head(s):

Richard Naish; Daniel O’Gorman

Other key lawyers:

John Hamer; Edward Ainscoe

Wedlake Bell LLP

Wedlake Bell LLP's team, which is led by Martin Thomas, acts on domestic and cross-border transactions connected with a wide range of industries, including  the oil and gas, renewable energy, natural resources, early stage technology and financial services sectors. The group includes Edward Craft, who is the author of The Quoted Companies Alliance Corporate Governance Code. Claire McConway and senior associate Kamalprit Lally are also notable individuals.

Practice head(s):

Martin Thomas

Testimonials

Commercial, good value for money, knows the market well.

Janice Wall has a huge depth of knowledge and cares. Edward Craft also knows what we need to achieve. Kam Lally knows how to achieve what we need.

Key clients

Diversified Gas & Oil plc

Matura Finance Limited

Work highlights

  • Advised Diversified Gas & Oil Plc on a $234m placing.
  • Advised Diversified Gas & Oil Plc on a $68.2m share buyback programme.
  • Advised Matura Finance Limited on a number of transactions in relation to a portfolio of sterling and euro denominated instruments listed on The International Stock Exchange (Channel Islands).

Burges Salmon LLP

Burges Salmon LLP handles a varied workload of fundraising mandates, transactions and regulatory compliance advice. Nick Graves and Rupert Weston co-head the practice, which attracts work from AIM-listed companies, nominated advisers and brokers. A distinguishing feature of the team is its particular strength advising AIM-listed companies operating in the energy (particularly UK alternative energy) sector. It also handles mandates connected with other industries; one highlight involved Dominic Davis advising longstanding client WH Ireland, as corporate broker and NOMAD, on the acquisition by cash shell Polemos Plc of Digitalbox Publishing and Mashed Productions, which constituted a reverse takeover under the AIM Rules. Danny Lee joined from Shepherd and Wedderburn.

Practice head(s):

Nick Graves; Rupert Weston

Key clients

Gooch & Housego plc

ITM Power plc

Michelmersh Brick Holdings plc

Jardine Lloyd Thompson plc

WH Ireland Limited

SciSys Group plc

Stockdale Securities

Premier Asset Management plc

FirstGroup plc

Future plc

Work highlights

  • Advised SCISYS Group PLC on its £78.9m takeover by the CGI Group.
  • Advised Premier Miton Group plc on the recommended all-share merger between Premier and Miton Group, effected by a court-sanctioned scheme of arrangement.
  • Advised ITM Power plc on a £58.8m fundraising.

Covington & Burling LLP

Covington & Burling LLP's London team has English and US securities law expertise, making it well-placed to advise European companies on matters involving US investors and US offerings. It also excels in acting for US issuers and advisers on IPOs and fundraisings outside of the US. It is particularly prominent in the life sciences, TMT, energy and financial services industries. The main contacts are Simon Amies and Paul Claydon, who collectively have over 50 years of capital markets experience. Gregor Frizzell is the head of the EMEA corporate team.

Practice head(s):

Gregor Frizzell

Testimonials

The team is experienced and understands its clients’ businesses and sectors well. It offers commercial, sensible advice and solutions to issues.

Paul Claydon – incredibly knowledgeable, experienced, commercial and calm under pressure. Sarah Turner – rising star, go to associate when the partner is not available.

Knowledge of the applicable laws, but more importantly knowledge of how they are applied in the life science sector and how other companies in the sector are addressing these laws in their activities.

Covington are our corporate lawyers. Their pharmaceutical expertise and abilities match our needs exactly. They are knowledgeable, flexible and act quickly, both with advice and on specific projects.

Simon Amies, our key senior partner contact, is absolutely first class. Simon understands our business, is proactive and he and his team are extremely responsive to our needs.

Key clients

BioNTech SE (NASDAQ)

Cenkos Securities plc

Horizon Discovery Group plc (AIM)

Oxford Biomedica plc (LSE Main Market)

Safe Harbour Holdings plc (AIM)

Work highlights

  • Advised BioNTech SE, a German-headquartered company, on its $150m initial public offering on NASDAQ.
  • Advised Oxford Biomedica plc on a direct investment by Novo Holdings A/S of £53.5m in return for new ordinary shares representing 10.1% of the outstanding shares after the capital increase.
  • Advised Cenkos Securities, as nominated adviser and joint broker, and Canaccord Genuity, as joint broker, on a £15m fundraising by Equals Group Plc on AIM.

DAC Beachcroft LLP

DAC Beachcroft LLP acted on two of the 11 AIM IPOs that completed in 2019. Also notable is that the firm strengthened its team by hiring Nick Garland from Linklaters LLP. The group acts for a high number of AIM-listed companies, and also nominated advisers, financial advisers and merchant banks. It has particularly notable expertise in the technology, TMT and natural resources industries, and is also increasingly active in the medical cannabis and CBD sector. Clive Garston is the head of the equity capital markets practice. Corporate head Matthew Darling is another key figure.

Practice head(s):

Matthew Darling; Clive Garston

Testimonials

‘A commercially minded team – they take a practical approach and they get projects completed.’

‘Matthew Darling is a fantastic leader supporting a team equally as good.’

Key clients

MJ Hudson Group plc

Diaceutics PLC

IDology Inc.

Hawkwing PLC (previously TLA Worldwide plc)

Zoetic International PLC

Arden Partners Plc

Open Orphan PLC

Sativa Group PLC

Cap-XX Limited

Cairn Financial Advisers LLP

Work highlights

  • Advised MJ Hudson Group Plc on its AIM IPO and £31.4m fundraising (market capitalisation of £97.6m).
  • Advised Diaceutics Plc on its AIM IPO, including the pre-IPO reorganisation.
  • Advised IDology Inc on the English law aspects of its merger into GB Group, which included a vendor placing of £160m to part-fund the consideration.

Druces LLP

Druces LLP's fast-growing practice undertakes the full spectrum of ECM work for companies, management teams, nominated advisers and brokers. Its domestic work includes AIM listings, transitions from AIM to the Main Market and direct Main Market listings.The team is also active in dual listings involving overseas exchanges, such as Nasdaq, Euronext, ASX and JSE. David Smith leads the group, which acts for a high number of AIM-listed companies. Jack Kemmish was promoted to senior associate.

Practice head(s):

David Smith

Other key lawyers:

Dominic Traynor; Jack Kemmish

Testimonials

The merger with Ronaldsons has broadened and strengthened the teams offerings and commerciality. This means it is now a one stop shop for our UK legal needs, but at a reasonable price.

Dominic Traynor in particular is an exceptional legal adviser – his depth of experience in industry matters and general commerciality provides insight well beyond that expected of a legal adviser. His legal skills are excellent and he effectively uses the support team so that the correct fee level is matched with the work undertaken. Overall a very commercial and practical individual.

Personal, efficient, prompt and professional service delivery.

Always accessible, immediate response. Attentive to specific requirements and always willing to go the extra mile. Personal and highly professional service.

Druces as a whole in the Equity Capital Markets team are consistently one of the most reliable in the market place. They offer an output that you would usually expect of one of the larger firms while being able to maintain a personal touch of a mid tier on an ongoing basis. The team is always in the know with regards to the latest changes to rules and regulations and never allow transactions to slip up based on admin. Documentation, checklists and letters are always of the highest standard that would be expected of any high level law firm. They are very transparent with regards to the timing of a transaction and when issues may arise for any reason. I can always pick up the phone and discuss with one of the team as needed as well which shows the effort put in.

Excellent depth of knowledge. Personal attention with the same legal team always available. Druces does not load bills with expensive junior staff fees and you get value for money. Rather than being lectured verbatim on “the law”, the team find practical legal solutions to problems as they arise.

Dominic Traynor is always available and willing to assist. Excellent interpersonal skills and I am very happy to ask Dominic to go in to bat for the company when it comes to dealing with difficult third parties and potential new business partners. He also has an astounding ability to recall detail, which provides the company with a great deal of confidence. An extremely valuable member of the team.

Key clients

Alexander Mining Plc

Amedeo Resources

Athelney Trust Plc

appScatter Group Plc

Ecovista Plc

Eight Peaks Group Plc

Goldplat Plc

Greatland Gold Plc

Katoro Gold Plc

Kibo Energy Plc

Mosman Oil and Gas Ltd

Mustang Energy Plc

Nostra Terra Oil and Gas Company Plc

Summit Therapeutics Plc

Red Rock Resources Plc

Regency Mines Plc

Rockfire Resources Plc

SI Capital Ltd (broker)

SigmaRoc Plc

Savannah Resources Plc

Starvest Plc

Thor Mining Plc

TomCo Energy Plc

Work highlights

  • Advised Mustang Energy Plc on its placing of new ordinary shares, and admission of the enlarged share capital to the Official List (by way of a standard listing under chapter 14 of the Listing Rules) and to trading on the London Stock Exchange plc’s main market for listed securities.
  • Advised Savannah Resources Plc, a diversified resources group with a portfolio of energy metal projects including lithium in Portugal and copper in Oman, on its £5m placing and subscription.
  • Acted for buy-and-build construction materials group SigmaRoc Plc on its acquisition of CCP Building Products Limited for an initial consideration of £15.2m satisfied by a combination of bank debt and cash raised from a vendor placing.

Fladgate LLP

Fladgate LLP is strong for transactions involving overseas-based companies and foreign jurisdictions. Grant Gordon and David Robinson co-head the team, which is experienced in a broad cross-section of AIM and Main Market fundraising transactions, as well as reverse takeovers and listed company M&A. It also has a strong track record in advising fast-growth and entrepreneurial businesses, nominated advisers and brokers. Elsewhere, the firm's other work spans sectors such as the financial services, technology, energy and entertainment industries.

Practice head(s):

Grant Gordon; David Robinson

Testimonials

‘David Robinson was basically on call for us 24 hours a day. If we had a problem, he would look at it another way and obtain a solution. Fladgate also has excellent partners in other fields such estate planning, family trusts and going concern advice, whom we rate highly too. David is the key player to us.’

‘David Robinson is an outstanding and very commercial partner who provides incisive advice and always sees the other side’s view. It would be difficult for our company to seek corporate advice elsewhere because of his intellectual ability. A good example is using his experience in transactions so as not to re-invent the wheel so that we are landed with substantial fees.’

 

Key clients

TransGlobe Energy Corporation

PennPetro Energy plc

Caspian Sunrise plc (formerly Roxi Petroleum plc)

Tri-Star Resources plc

Shore Capital Group Limited

Cenkos Securities plc

DevClever Holdings PLC

Angus Energy plc

KCR Residential REIT plc

Audioboom Group plc

Jubilee Metals Group plc

Xtract Resources plc

Galileo Resources plc

Tiger Resources plc

Pan African Resources plc

Eco (Atlantic) Oil & Gas Limited

Synairgen plc

BATM Advanced Communications Limited

WH Ireland

Avesoro Resources Inc.

Work highlights

  • Advised Avesoro Resources Inc on all aspects of a takeover offer launched by a major shareholder, including liaising with Canadian counsel and the Nomad.
  • Advised Beaumont Cornish Limited (as financial adviser) and Optiva Securities Limited (as broker) on the IPO on the Main Market (Standard listing) of Russian fintech company, Zaim Credit Systems Plc, which focuses on micro-loans to persons unable to access standard bank credit facilities.
  • Advised Jubilee Metals Group Plc on its oversubscribed equity placing of new ordinary shares in the company, raising a total of £6.5m. Jubilee’s shares are traded on both AIM and Alt-X (the equivalent market of the JSE).

Fox Williams LLP

Fox Williams LLP is a well-known name among clients operating in the professional services and natural resources sectors, and it also has a dedicated focus on the fintech industry. The firm attracted a significant volume of instructions in 2019; team head Richie Clark acted for AIM-listed company Scotgold Resources Limited on a £2.65m debt and equity fundraising. The practice is notably strong in advising companies listed on overseas exchanges on coming to AIM, including those listed in Canada, the US, Australia and South Africa. Dearbhla Quigley joined from Watson Farley & Williams LLP.

Practice head(s):

Richie Clark

Testimonials

Good personalised service; good partner contact.

Dearhbla Quigley is excellent. Hard working; commercial; very detailed; tough when needed,

I was impressed with Fox Williams as a practical group of knowledgeable lawyers. As I am located in Canada and do business mostly in the US, I do not have much interaction with UK firms. Compared to other North American firms, I would say that Fox Williams ranks as a first class firm without the pretense.

Guy Morgan and his team were very responsive, knowledgeable, and practical. I enjoyed working with them and would seek their counsel again.

Key clients

finnCap Group Plc

Allenby Capital LLP

Shore Capital & Corporate Limited

Plexus Group Holdings Plc

Scotgold Resources

Summerway Capital Plc

Directa Plus Plc

Tatton Asset Management Plc

Westmount Energy Ltd

Cedarvale Holdings Ltd

Arden Partners Plc

Work highlights

  • Advised nominated adviser Arden Partners Plc on the reverse takeover of AIM quoted SEC Newgate S.p.A by AIM quoted Porta Communications Plc.
  • Advised Cedarvale Holdings on its unrecommended tender offer for shares in AIM quoted Northern Bear Plc.
  • Advised Westmount Energy Limited on its secondary placing raising £5m.

Hamlins LLP

Led by Daniel BellauHamlins LLP's team provides a full suite of services to entrepreneurs, SMEs and large corporates, nominated advisers and private equity and venture capital investors. It handles a mix of fundraisings and transactional mandates involving the AIM and Main Markets, as well as the NEX Exchange. Aselle Djumabaeva-Wood  is experienced in advising Russian-speaking clients. International business consultant Robert Rakison has been a key figure in growing the firm's international presence. The group particularly stands out in mandates connected with the real estate, leisure, technology and media sectors.

Practice head(s):

Daniel Bellau

Testimonials

Commercial, very SME focused.

Daniel Bellau. He understands all the dynamics of the SME market and has seen it all before, many times!

Key clients

Park Plaza Hotels Europe

Angelfish Investments plc

Zenith Energy Limited

Ted Baker plc

Palace Capital plc

Allenby Capital

S P Angel

Cairn Financial Advisers

Hybridan LLP

Work highlights

  • Advised Palace Capital Plc on its conversion to REIT status.
  • Acted for new client Angelfish, a venture capital investor listed on the NEX market, on its successful equity investment in Just Bee Drinks Limited.
  • Acting for Recognise Financial Services Limited, a subsidiary of City of London Group Plc, on the proposed strategic acquisition of a lease financing software platform.

Kerman & Co

Kerman & Co has been advising corporate issuers on AIM listings and secondary fundraisings since the market was launched. It is also increasingly recognised for issuer-side mandates on the Standard Segment of the Main Market. Mining, natural resources and oil and gas are among the areas of strength of the team. Elsewhere, the group handles fundraising and corporate transactions with a nexus to areas such as financial services, technology and chemicals. Peter Kohl, who is dual-qualified to practise in England and Wales and the US, has over 30 years of capital markets and M&A experience.

Practice head(s):

Joan Yu; Peter Kohl

Other key lawyers:

Coral Yu; Peter Wilkie

Key clients

Applegreen Plc

Baron Oil Plc

Columbus Energy Resources Plc

Empyrean Energy Plc

Infrastrata Plc

Metals Exploration Plc

Pembridge Resources Plc

Rurelec Plc

United Oil & Gas Plc

Victoria Oil & Gas Plc

Work highlights

  • Advised United Oil & Gas on its $16m acquisition of Rockhopper (Egypt) Pty Limited, a subsidiary of Rockhopper Exploration Plc, which also included a secondary offering of new ordinary shares in UOG, raising approximately $6.5m and an application for the admission of the enlarged group to trading on AIM as the transaction constituted a reverse takeover under the AIM Rules.
  • Advised longstanding AIM client Victoria Oil & Gas plc on a new equity fundraising. The transaction raised £13.6m by way of a direct subscription with an anchor investor and a simultaneous placing by way of an accelerated book build.
  • Advised Baron Oil Plc (BOIL) on a conditional equity fundraising, in relation to its placing and subscription of ordinary shares to raise £2.5m (before expenses).

Locke Lord LLP

Locke Lord LLP's London team works with members of the US and Hong Kong offices on cross-border equity capital markets transactions. Its client roster includes companies, boards of directors, nominated advisers, sponsors and underwriters. James Channo leads the group, which is experienced in AIM and Main Market listings of Australia-listed companies, as well as companies with assets in Latin America. The team's sector experience spans the technology, oil and gas, fashion, entertainment, biotechnology and real estate industries.

Practice head(s):

James Channo

Other key lawyers:

Sean Page; Kevin Atkins

Michelmores LLP

Michelmores LLP's practice has gone from strength to strength under the leadership of its practice head Ian Binnie, with the firm winning work from UK and international clients. The firm's varied client base includes fintech companies, mining and natural resources companies and healthcare organisations. In addition, it advises nominated advisers and brokers. The varied workload includes IPOs, placings, accelerated bookbuilds, reverse takeovers and regulatory compliance advice. In 2019, Binnie and senior associate Edwin Richards acted for Cellcast Plc (now known as Vintana Plc) on the sale of its business to the management team, which resulted in the company becoming an investing company in accordance with Rule 15 of the AIM Rules.

Other key lawyers:

Richard Cobb; Edwin Richards

Testimonials

As good as the most expensive London law firms, yet much better value for money

Dedication and commitment. Ian Binnie in particular stands out

Very commercial and super detailed. A good balance of both. They understand the broking side and what is likely to be acceptable to investors and what is not

Ian Binnie. Very detailed individual. Nothing would phase him and he has most certainly seen everything small caps at least once before….possibly even more!!!

Ian Binnie – standout partner – always prepared to go the extra mile to seek solutions, not find problems

This is a high-quality team, which combines the level of expertise and experience that one would expect of a large firm, with the commerciality and ‘ease-of-use’ of a much smaller firm. They have realistic fee expectations and a flexible approach to pricing. This is a very unusual combination of skills in the London corporate market

Ian Binnie exemplifies all the qualities of the firm and has encyclopaedic knowledge of the issues faced by small and mid-cap firms in the private and listed environments. Unusually for a lawyer, he also thinks creatively and strategically about clients’ requirements, often outside purely legal parameters

Key clients

Vintana plc

Modern Water plc

Hybridan LLP

Comarco Group

Work highlights

  • Advised Modern Water Plc, the pioneering and innovative technology company specialising in membrane water treatment solutions and advanced monitoring products, on its most recent fundraising for £3.48m.
  • Advised Mining, Minerals & Metals Plc on its admission to trading on the Main Market of the London Stock Exchange.
  • Advised Comarco Group, the sellers of a Kenyan ports and logistics business, on its reverse takeover of Anglo African Agriculture Plc and re-admission to trading on the standard segment of the Main Market of the LSE.

Mills & Reeve LLP

Mills & Reeve LLP has a well-established reputation advising listed technology companies and entities operating in the life sciences sector on their admission to the capital markets, as well as their ongoing equity fundraising requirements.; it also attracts mandates from nominated advisers and brokers. A notable highlight saw London corporate head Kristian Shearsby (who joined from Covington & Burling LLP in 2019) and Cambridge-based Stephen Hamilton lead a team, which advised Feedback Plc on a circa £2m placing and subscription raise. Hamilton, who has over 20 years of capital markets experience, is a deputy co-chair of the Quoted Companies Alliance Legal Technical committee.

Practice head(s):

Stephen Hamilton

Other key lawyers:

Kristian Shearsby

Key clients

PayPoint plc

Nippon Active Value Fund plc

Quixant plc

Bango plc

IQGeo Group plc

Midwich Group plc

Scientific Digital Imaging plc

GRC International plc

Xaar plc

Randall & Quilter Investment Holdings Ltd.

The Alumasc Group plc

Diurnal Group PLC

Nexus Infrastructure plc

Eckoh plc

Work highlights

  • Assisted Randall and Quilter Investment Holdings Ltd, a global program underwriting management and legacy specialist, with raising gross proceeds of approximately £100m through an oversubscribed placing of new ordinary shares to investors. A further £7m gross proceeds were raised through an open offer of new ordinary shares to qualifying shareholders.
  • Advised GetBusy on its share capital reorganisation and conditional placing of new ordinary shares which raised gross proceeds of approximately £2m.
  • Advised GRC International Group plc on its acquisition of DQM Group Holdings and also a connected fundraising by way of a placing of ordinary shares on AIM.

Shepherd and Wedderburn

Shepherd and Wedderburn's equity capital markets practice is led by London-based Walter Blake, who works with practitioners in the firm's Scottish offices on a wide range of mandates. The firm generates a strong flow of work from mid-market investment banks and bulge-bracket banks, as well as a wide range of AIM-listed companies. The team's experience includes transactions connected with the energy and natural resources, IT and technology, and pharmaceuticals and life sciences sectors. It is also becoming increasingly active in the fintech arena.

Practice head(s):

Walter Blake

Testimonials

Seamless teamwork; a go-to team for small and large transactions.

‘Walter Blake has exceptional breadth of experience, a common sense practical approach and is easy to work with.’

If an individual is not available then another with appropriate knowledge and experience will always be found.

Watson Farley & Williams LLP

Watson Farley & Williams LLP specialises in matters with a nexus to the energy and natural resources, and transport sectors. Chris Kilburn leads the London corporate team, which handles a wide variety of transactions, with a particular strength in matters involving a hybrid of debt and equity elements. It is also experienced in IPOs, secondary fundraisings, rights issues and public takeovers. Kilburn has particular experience in advising dual-listed AIM companies, including many ASX listed companies accessing the UK markets. Jan Mellmann is the head of the global natural resources group. Simon Ovenden joined from Simmons & Simmons in 2019.

Practice head(s):

Chris Kilburn

Other key lawyers:

Jan Mellmann; Simon Ovenden

Testimonials

WFW has a good range of expertise available across the commercial spectrum as well as a network of lawyers and clients with considerable experience in the energy sector.

Jan Mellmann is thoughtful, painstaking and committed to being a trusted adviser.

Key clients

88 Energy

Tower Resources plc

Allenby Capital Limited

Chaarat Gold Holdings Ltd

Panmure Gordon (UK) Limited

Coro Energy Plc

Advance Energy Plc (formerly Andalas Energy)

Aminex plc

United Oil & Gas plc

Work highlights

  • Advising Chaarat Gold Holdings Ltd on the acquisition and related financing by its subsidiary, Chaarat Gold International Limited, of Kapan Mining and Processing CJSC, which owns a medium-sized polymetallic mine in the Republic of Armenia.
  • Advising Coro Energy Plc on its issuance of €22.5m three-year eurobonds with warrants attached to key institutional investors.
  • Advising AIM-listed Coro Energy Plc on its acquisition of an interest in the Duyung Production Sharing Contract (Duyung PSC) in the West Natuna basin, offshore Indonesia, which contains the shallow water Mako gas field.