Equity capital markets – small-mid cap in London

CMS

CMS comes recommended in the equity capital markets (ECM) space for being ‘proactive, efficient and pragmatic in delivering advice’. The large-scale team is noted for its strong UK, European and Asian coverage as well as its robust showing with regard to US securities advice, owing to its integrated securities law capability. The group’s deal flow sees the team advising issuers listed on both the main market of the London Stock Exchange (LSE) and AIM, including a number FTSE 250 companies. Practice head Alasdair Steele frequently advises banks and issuers on both main market and AIM matters, including trading companies and listed funds and both domestic UK and overseas issuers. Jack Shepherd is praised for his ‘pragmatic, commercial and sensible advice.’

Practice head(s):

Alasdair Steele


Other key lawyers:

James Parkes; Jack Shepherd


Testimonials

‘CMS have delivered a great service, based on their significant experience and understanding of market practice. In my experience, they have always been proactive, efficient and pragmatic in delivering their advice.’

Completely results focussed and pragmatic in their approach. Deadlines are met, and the work is conducted efficiently. We very much regard them as trusted advisors and get a lot of value from informally seeking their opinion as well as the value we get from more structured engagements.’

‘Having worked with Jack Shepherd and Alasdair Steele in recent times, their leading position as UK ECM advisers means that they are at the forefront of market practice. This allows them to leverage their experience from a range of transactions and apply this to the specifics of the matter at hand. In working with them, I have found them to offer pragmatic, commercial and sensible advice.’

Key clients

ActiveOps plc


XLMedia plc


Big Yellow Storage plc


Investec Bank plc


RWS Holdings plc


M&C Saatchi plc


Numis Securities


Peel Hunt


Liberum Securites


Stifel Nicolaus Europe Limited


Strix Group Plc


SRT Marine Systems Plc


Smart Metering Systems


Celadon Pharmaceuticals plc


Tortilla Mexican Grill plc


Cenkos Securities


Finsbury Food Group plc


Panmure Gordon


Work highlights


  • Advised Celadon Pharmaceuticals on its £102m AIM-IPO via a reverse takeover into Summerway Capital Plc.
  • Advised Strix Group Plc on an equity fundraising by way of an institutional placing implemented via an accelerated bookbuild process.
  • Advised Investec, as NOMAD and joint broker, and Shore Capital, as joint broker, on Eagle Eye Solutions Group plc’s £7m institutional placing to part fund its EUR 38m acquisition of Untie Nots.

DLA Piper

Noted for the depth of its expertise in public M&A and US securities law, DLA Piper’s ECM and public company practice is equally adept on both underwriter and issuer-side mandates, acting for companies of various sizes - from AIM 50 into the FTSE 250 - on the main market. The practice group’s recent deal flow includes a number of AIM IPOs, AIM reverse-takeovers, secondary fundraisings across the primary markets, and public takeovers. UK ECM leads Martin Penn and Robert Newman jointly chair the practice, while Karin Kirschner regularly represents issuers, selling shareholders and underwriters on IPOs, rights issues, placings, block trades and demergers.

Practice head(s):

Martin Penn; Robert Newman


Other key lawyers:

Karin Kirschner


Key clients

Aptitude Software Group plc


Medica Group plc


Watkin Jones plc


Eurasia Mining


Accesso Technology Group plc


Knights Group plc


Science Group


Staffline Group plc


Safestyle UK plc


Fusion Antibodies plc


Chamberlin plc


i-Nexus Global plc


Mothercare plc


Numis Corporation plc


Liberum


Canaccord Genuity


Singer Capital Markets


Cenkos Securities


Abry Partners


Equistone Partners


Work highlights


  • Advising on the IPO of Aurrigo International plc onto AIM admission taking place in September 2022.
  • Acted for Science Group on the public takeover of TP Group plc by way of a scheme of arrangement for £17.53 million.
  • Acted for SPARK Advisory Partners Limited and SP Angel Corporate Finance LLP in their respective roles as Nomad and Broker, in relation to the reverse takeover of Fiinu plc and a related placing raising worth £8 million.

Norton Rose Fulbright

Norton Rose Fulbright draws praise from clients for its ‘strong grasp of the commercial implications of legal points and speed to act on key points’. The London-based ECM practice advises on the entire range of equity-related transactions for a litany of issuers, from FTSE 100 to AIM, as well as being particularly strong in London listed funds. The team is also noted as an adviser to bookrunners in the space, as well as for its deep sector expertise in real estate-related transactions. Raj Karia heads up the cross-disciplinary corporate, M&A and securities practice. The highly experienced Richard Sheen is well known for his focus on equity capital markets and investment fund work, while Fiona Millington‘s broad practice sees her advising issuers and investment banks on IPOs, equity fund raisings, sponsor transactions for listed companies, and public M&A. Clementine Hogarth  advises listed companies and financial investors on the entire gamut of ECM transactions.

 

Practice head(s):

Raj Karia


Other key lawyers:

Richard Sheen; Fiona Millington; Clementine Hogarth; Alexander Green


Testimonials

‘Strong grasp of the commercial implications of legal points and speed to act on key points when needed is good.’

‘Fiona Millington displays quick decision-making and actions.’

‘NRF’s corporate practice delivers good service, is reliable and can offer a breadth of advice across many jurisdictions.’

‘Always willing to have an ‘off the clock’ chat about ideas and offer some free advice, recognising the bigger picture.’

‘Clementine Hogarth is a stand-out partner with deep industry knowledge. Works well on issuer or bank-side and is a champion of social mobility.’

‘Fiona Millington is a veteran, safe pair of hands who plays well with the other side on deals.’

‘Paul Whitelock is well respected and always willing to have a chat about ad hoc issues.’

Key clients

Numis Securities Limited


Peel Hunt


Canaccord Genuity Limited


Cantor Fitzgerald


Mortgage Advice Bureau Holdings


Grant Thornton


Investec Bank plc


Tullow Oil plc


Taylor Maritime Investments Ltd


J.P. Morgan Securities plc.


Goldman Sachs International


Orascom


Aedifica


Warehouses de Pauw (WDP)


Taleem Management Services


Xior Student Housing


Ekopak


Work highlights


  • Advised Numis Securities on the sell down by the Arab Petroleum Investments Corporation of part of its residual shareholding in Ashtead Technology Holdings Plc  representing approximately 6% of the company by way of an accelerated bookbuild block trade.
  • Advised Canaccord Genuity, Cantor Fitzgerald and Berenberg as joint bookrunners to Yellow Cake plc on a $75 million placing for Yellow Cake plc.
  • Advised Mortgage Advice Bureau plc on the acquisition of 75% of the Fluent Money Group for c.£73m.

Pinsent Masons LLP

Regarded as ‘a top tier firm within the capital markets area’ possessing ‘significant experience in small/mid-cap M&A and ECM’, Pinsent Masons LLP ‘s full-service practice has a robust track record for advising on the full spectrum of UK and cross-border corporate finance transactions on behalf of corporates, investment banks, private equity houses and financial intermediaries. Practice head Julian Stanier - praised for his accessibility as well as his 'well-founded and reliable advice’ - advises issuers and investment banks on IPOs and equity fundraisings. Gareth Jones - a key name for IPOs, secondary offerings and public M&A - also regularly advises on the ongoing obligations of listed companies. Legal director Adam Cain is a further key contact.

Practice head(s):

Julian Stanier


Other key lawyers:

Gareth Jones; Adam Cain


Testimonials

‘Great overall strength and different team members able to provide difference experiences and inputs and give us the advice we need.’

‘Very responsive and clear.’

‘Very professional. A top-tier firm within the capital markets arena.’

Key clients

Facilities by ADF plc


Strip Tinning Holdings plc


Ikigai Ventures Limited


Fintech Asia Limited


Cenkos Securities plc


Craneware Plc


Liberum Capital Limited


Canaccord Genuity Limited


Singer Capital Markets Limited


Induction Healthcare Group plc


4D Pharma


SP Angel Corporate Finance LLP


Springfield Properties plc


Angle plc


Jersey Oil & Gas plc


WH Ireland


Numis Securities Limited


Evgen Pharma plc


Panmure Gordon (UK) Limited


PayPoint plc


Delek Group


Beeks Financial Cloud Group plc


N.M. Rothschild & Sons Ltd


600 Group plc


AB Dynamics plc


Afentra plc


Alumasc Group plc


Best of the Best plc


Blancco Technology Group plc


Bowleven plc


Brown (N) Group plc


Cambridge Cognition Holdings plc


Celtic plc


China Nonferrous Gold Limited


Coro Energy plc


Driver Group plc


EMIS Group plc


Enwell Energy plc


Evgen Pharma plc


Filtronic plc


Fire Angle Safety Technology Group plc


Genedrive plc


Great Western Mining Corporation plc


IDOX plc


Iomart Group plc


Jade Road Investments Limited


Kromek Group plc


Lansdowne Oil & Gas plc


LoopUp Group plc


Marechale Capital plc


Minoan Group plc


Oncimmune Holdings plc


Parity Group plc


Pebble Beach Systems Group plc


Petro Matad Limited


Portmeirion Group plc


Rockhopper Exploration plc


Rotala plc


Safestyle UK plc


Scirocco Energy plc


Shanta Gold Limited


Star Phoenix Group Limited


STM Group plc


Surgical Innovations Group plc


Thorpe (F.W.) plc


Trinity Exploration & Production plc


Wentworth Resources plc


Wishbone Gold plc


XLMedia plc


Seraphine Group plc


Prax Group plc


Work highlights


  • Advised Ithaca Energy plc on its £2.5 billion IPO and premium listing on the main market of the London Stock Exchange, with gross proceeds of £262.5 million.
  • Advised N.M. Rothschild & Sons Ltd., as sponsor, and Numis Securities Limited and Peel Hunt LLP, as joint bookrunners, on a £187 million firm placing and placing and open offer by Marshalls plc to part-fund the £535 million acquisition by Marshalls of Marley Group plc
  • Advised PayPoint plc on its £83 million recommended acquisition of Appreciate Group plc.

Stephenson Harwood

Stephenson Harwood's ‘excellent sector and market knowledge’ makes it a key port of call for equity fundraisings and stock exchange transactions, combining the expertise of the UK-based team with the firm’s presence in Singapore, Hong Kong and Dubai to act on the full spectrum of cross-border work in the space. IPO expertise is another core feature of the team, while the group’s recent deal flow also includes private acquisitions of AIM-listed companies and public M&A transactions. AIM market expert Tom Nicholls leads a team which notably includes David Dowding, who is experienced at advising corporates, investment banks and brokers on main market and AIM IPOs and secondary fundraisings.

Practice head(s):

Tom Nicholls


Other key lawyers:

David Dowding; Tom Page


Testimonials

‘The team were very responsive and proactive when engaging on a proposed transaction. They demonstrated excellent sector and market knowledge and I would highly recommend them.’

‘Incredibly easy to speak to and have practical discussions on all aspects of a transaction. They are highly capable at breaking down technical legal matters into simple terms whilst taking a commercial approach when applying their knowledge.’

‘Great people, professional and fun to work with.’

 

Key clients

Aberdeen UK Tracker Trust


Acacia Pharma Group plc


Acorn Income Fund Limited


Akur Limited


Allianz Global Investors GmbH


Allianz Technology Trust PLC


Alternative Asset Opportunities PCC Limited


Alternative Credit Investments plc


Alternative Liquidity Fund Limited


Alvarium RE Limited


Alvarium Securities Limited


Aptamer Group plc


APQ Global


Arden Partners plc


Aseana Properties Limited


Ashoka India Equity Investment Trust plc


Atlantis Japan Growth Fund Limited


Augmentum Capital LLP


Augmentum Fintech plc


AVI Japan Opportunity Trust plc


Base Resources Limited


BB Healthcare Trust plc


Big Society Capital Limited


BDO LLP


Berenberg


BlackRock Income & Growth Investment Trust plc


BlackRock Smaller Companies Trust plc


BlackRock Throgmorton Trust plc


Camper & Nicholsons Marina Investments Limited


Canaccord Genuity Limited


Cantor Fitzgerald Europe


CC Japan Income & Growth Trust plc


Cenkos Securities plc


City of London Investment Trust plc


Corevestis Portfolio Management GmbH


Coupland Cardiff Asset Management


Development Partners International LLP


Dr. Peters Holding GmbH


Dragon Capital Limited


Draper Esprit VCT plc


easyHotel plc


Eighteen East Capital Limited


E-Therapeutics Plc


European Opportunities Trust plc


European Real Estate Investment Trust Limited


Fair Oaks Income Limited


finnCap Limited


Focusrite plc


GCP Infrastructure Investments Limited


Geiger Counter Limited


Gore Street Capital Limited


Gore Street Energy Storage Fund plc


Gravis Advisory Limited


Gravis Capital Management Limited


Grit Real Estate Income Group Limited


Gulf Investment Fund plc


Henderson Global Trust plc


Henderson International Income Trust Fund


Henderson Value Trust


Hipgnosis Song Management Limited


Home REIT plc


Hotel Chocolat plc


Impax Asset Management Group plc


Invesco Fund Managers Limited


Investec Bank plc


Jefferies International Limited


J.P. Morgan Cazenove


Jupiter Emerging & Frontier Trust plc


Jupiter UK Growth Investment Trust PLC


Jupiter Green Investment Trust plc


Liberum Capital Limited


Lowland Investment Company plc


LXI REIT plc


Kudu Investment Management, LLC


Landore Resources Limited


Manchester & London Investment Trust plc


Manolete Partners plc


MIGO Opportunities Trust PLC


Mobius Capital Partners LLP


Mobius Investment Trust plc


Nichols plc


Novacyt SA


Numis Securities


Oakley Capital Investments Limited


Oncimmune Ltd


Panmure Gordon (UK) Limited


Peel Hunt LLP


PMM Partners


Premier Miton Global Renewables Trust plc


Premier Miton Investors


Qatar Investment Fund plc


Sancus Lending Group Limited


Scape Living plc


Scape Student Living Limited


Schroder British Opportunities Trust plc


Schroder BSC Social Impact Trust plc


Schroder Investment Management Limited


Schroder Real Estate Investment Management Limited


Schroder UK Public Private Trust plc


Secured Income Fund plc


Seraphim Space Investment Trust plc


Seraphim Space (Manager) LLP


Shield Therapeutics plc


Shore Capital and Corporate Limited


Singer Capital Markets


SP Angel


Stifel Nicolaus Europe Limited


Stockdale Securities Limited


Strand Hanson Limited


Strategic Equity Capital plc


Sturgeon Capital Limited


SuperSeed Capital Limited


SuperSeed Ventures LLP


The Bauhaus Investment Trust plc


The Bankers Investment Trust PLC


The Brunner Investment Trust PLC


The Diverse Income Trust plc


The Merchants Trust PLC


Victory Park Capital Advisors


Vietnam Enterprise Investments Limited


Vietnam Holding Limited


WH Ireland


Whiteoak Capital Group


Winterflood Securities Limited


Work highlights


  • Advised WindAcre Partnership LLC on its participation in the acquisition of Nielsen Holdings plc by way of a UK-court approved scheme of arrangement.
  • Advised SP Angel Corporate Finance LLP, sole Nomad and Broker, on the AIM IPO and £8 million fundraise of Hercules Site Services.
  • Acted for LXi REIT plc on its recommended £3.9 billion merger with Secure Income REIT plc.

Travers Smith LLP

Acting on behalf of a stellar lineup of issuers, financial institutions, management, selling shareholders and cornerstone investors, Travers Smith LLP‘s ECM work spans IPOs, secondary issues and other transactional matters – including class 1 transactions, reverse takeovers, block trades and tender offers. The team particularly stands out for its significant long-standing relationships in the London-based investment bank market. Andrew Gillen leads the practice alongside head of corporate Spencer Summerfield. Experienced ECM practitioner Richard Spedding frequently represents public companies, investment banks, hedge funds and other financial intermediaries, whilst Adrian West is known for his work on high-profile IPOs. Elsewhere in the group, Tom Coulter maintains his broad ECM practice.

Practice head(s):

Andrew Gillen; Spencer Summerfield


Other key lawyers:

Richard Spedding; Adrian West; Tom Coulter


Key clients

Foresight Group


TruFin


McColl’s Retail Group


Distribution Finance Capital


Benchmark


Marwyn


Jefferies


Numis


Berenberg


Liberum


Peel Hunt


Investec


finnCap


Arden Partners


Deutsche Bank


J.P Morgan Cazenove


Work highlights


Addleshaw Goddard

Fielding a team of ‘top quality lawyers for the mid-market’, Addleshaw Goddard is well known in the market for its ECM work, including IPOs and secondary fundraisings. As advisors to the takeovers regulator, the team is uniquely well-placed to advise on public M&A transactions, for which it has extensive expertise. Practice head Nick Pearey is supported by experienced ECM lawyer Giles Distin and mid-market public M&A specialist Simon Wood, the latter of whom is praised as a ‘go-to public takeovers lawyer’.

Practice head(s):

Nick Pearey


Other key lawyers:

Giles Distin; Simon Wood


Testimonials

‘Top quality lawyers for the mid-market. Genuinely partner-led.’

‘Simon Wood is my go-to public takeovers lawyer. Experienced and commercial, always looking for solutions rather than problems, takes responsibility and drives things forward.’

‘Straightforward, pragmatic advice’

‘Giles Distin is a trusted partner of our business’

‘Team really easy to work with and understand the fundamentals of what is required.’

Key clients

AdvancedAdvT Limited


AlGihaz Holding Company


Allenby Capital


Alpha Financial Markets Consulting plc


Berenberg


B.P. Marsh & Partners plc


Brand Architekts plc


Curtis Banks Group plc


Fenchurch Advisory Partners LLP


finnCap


genedrive plc


GENinCode plc


Investec Bank


J.P. Morgan Securities


K3 Capital Group plc


LBG Media plc


Liberum Capital


musicMagpie plc


NAHL Group plc


Peel Hunt


Rothermere Continuation Limited


Sanne Group plc


Shore Capital & Corporate


Singer Capital Markets


Stifel Nicolaus Europe Limited (Stifel)


Team17 Group plc


Yourgene Health plc


Work highlights


  • Advised Rothermere Continuation Limited on its successful £3bn reorganisation and takeover offer for Daily Mail and General Trust plc.
  • Advised Sanne Group plc on competing takeover offers from Cinven and The Apex Group, culmination in a recommended takeover offer being made by Apex.
  • Advised AdvancedAdvT on its hostile £300m all-share takeover offer for AIM-listed M&C Saatchi.

Ashurst

Demonstrating ‘really strong credentials in the ECM space’, the team at Ashurst maintains a broad practice that spans a full range of ECM transactions, particularly de-mergers where they act on behalf of issuers, shareholders and large investment banks. US securities advice is another forte of the practice group, anchored in large part by Stuart Rubin - a ‘very trusted pair of hands for anything US securities law related to ECM transactions’. He co-leads the team with Nicholas Holmes and Simon Bullock. Holmes is a well regarded figure for all aspects of ECM transactions, while the ‘excellent’ Bullock has over 15 years of experience advising on equity capital market deals, including IPOs, rights issues and equity placings.

Practice head(s):

Nicholas Holmes; Simon Bullock; Stuart Rubin


Other key lawyers:

Jeffrey Johnson


Testimonials

‘Really strong credentials in the ECM space and they’ve become one of our trusted advisers.’

‘Simon Bullock is very responsive, attentive and really makes the effort to understand the client’s position and what really matters to them.

‘Stuart Rubin is phenomenal. Very trusted pair of hands for anything US securities law related to ECM transactions. We feel well looked after when Stuart is advising us.’

Key clients

Goldman Sachs


Morgan Stanley


Softcat


Jefferies


Barclays


Bank of America Merrill Lynch


Numis


EnQuest


Citi


Credit Suisse


Chesnara


Tritax EuroBox


Lamprell


J.P. Morgan


Advanced Biofuels Solutions


Peel Hunt


Deutsche Bank


UBS


Panmure Gordon


Stifel


Work highlights


  • Advised Tritax EuroBox plc in relation to the entry into a €144m related party transaction with Logistics Capital Partners.
  • Advised Peel Hunt LLP, as sponsor, in relation to the class 1 disposal by Essentra plc of its filters business division to Frank Acquisition Four Limited, a wholly owned subsidiary of Centaury Management Limited for an enterprise value of approximately £262.1 million
  • Advised Stifel, Peel Hunt and Tennyson as joint bookrunners on Diversified Energy Company PLC’s US$163.0 million equity fundraising.

Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner‘s ‘responsive and solution orientated’ team is highly experienced in the entire spectrum of equity capital markets work, including IPOs, follow-on listing and public M&A – in addition to fully integrated US securities law advice. Richard Werner  and Tom Bacon jointly lead the department following the departure of former practice head Alexander Keepin to Simmons & Simmons in February 2023.

Practice head(s):

Richard Werner; Tom Bacon


Other key lawyers:

Lara Rush


Testimonials

‘Responsive, solution orientated’

‘Tom Bacon is a rising and promising figure – very engaged and solution-orientated.’

‘Enjoyable to work with – partner engagement throughout transactions, able to quickly and efficiently turn around work, commercial approach and a good understanding of our business and the risks faced’

‘Richard Werner has strong technical knowledge regarding funds, he is highly responsive and provides sound advice and solutions to legal issues.’

‘BCLP are a top class corporate law firm. I have worked with them on and off for my 13 years in the City and since their BLP days, through their merger, they have maintained an excellent reputation for efficient, reliable and reasonably priced legal advice, both for corporate clients and as legal counsel to financial adviser.’

‘Lara Rush is one of the most impressive Associates I have come across. She seems a natural Partner in waiting, despite her relatively young years. A relentless work ethic, technical competence and an extremely personable nature with clients means she maintains an excellent reputation in the industry.’

‘I would have no hesitation using BCLP in all areas of equity capital markets across the Main Market and AIM (including both commercial companies and funds). Tom Bacon in particular is technical, commercial and responsive which make him a standout partner. Tom was also instrumental in developing the legal framework and documentation to support the BookBuild Platform to facilitate retail participation in capital raising transactions.’

Key clients

Liberum Capital


Pantheon Resources


Peel Hunt


Trident Royalties


Stifel Nicolaus Europe


Ncondezi Energy


FRP Advisory


Kape Technologies


Secure Income REIT


i (x) Net Zero Plc


Aferian Plc


San Leon Energy


BMO Capital Markets


H&P Advisory Limited


Greatland Gold Plc


SDX Energy Plc


Panmure Gordon (UK) Limited


Playtech Plc


Raven Property Group


Plus 500


Redde Northgate


Industrials REIT


Axiom European Financial Debt Fund


Work highlights


  • Advised Secure Income REIT PLC on its recommended merger with LXi REIT PLC. The transaction created a REIT with a combined valuation of £3.9 billion.
  • Advised Kape Technologies plc on its US$222.5m placing and Primary Bid retail offer.
  • Advised Raven Property Group Limited on the divestment of its Russian business to Prestino Investments Ltd.

Eversheds Sutherland (International) LLP

‘Highly collaborative and extremely responsive‘, Eversheds Sutherland (International) LLP advises corporate entities, brokers and investment funds on a range of domestic and cross-border matters, namely main market and AIM transactions that encompass potential IPOs, reverse takeovers, fundraisings, and M&A deals – both public and private. Corporate head Richard Moulton co-leads the team with Stephen Nash, a ‘very pragmatic‘ adviser who is a key name for all things ECM and public company takeover transactions. Other key figures include Alistair Cree, based in Manchester, and Mark Roe, whose advice spans public company and corporate governance advice. All named lawyers are based in London unless specified otherwise.

Practice head(s):

Stephen Nash; Richard Moulton


Other key lawyers:

Alistair Cree; Mark Roe


Testimonials

‘The Eversheds team is highly collaborative and extremely responsive, and present an extremely credible and professional face to the board of directors.’

‘Stephen Nash is extremely focused on client needs and is very pragmatic.’

Key clients

Lookers plc


Norcros plc


Integrafin Holdings plc


NewRiver Retail plc


NBrown plc


Boohoo plc


Ilika plc


OnTheMarket plc


ProCook plc


Smoove plc


Revolution Beauty plc


Persimmon plc


Morses Club plc


Numis Securities Limited


Investec Bank plc


Work highlights


Fieldfisher

Praised for its ‘exceptional market knowledge’, the team at Fieldfisher is noted for its capability to handle complex, cross-border work spanning multiple jurisdictions - particularly in the energy and natural resources sectors. Practice head Brad Isaac is a key name to note for such mandates, and also has considerable experience advising on ECM transactions related to healthcare and life sciences. Edward Westhead is recommended for his tech sector acumen, while Dominic Gurney-Champion is highly regarded as ‘a superb professional’.

Practice head(s):

Brad Isaac


Other key lawyers:

Dominic Gurney-Champion; Edward Westhead


Testimonials

‘They did an excellent job in marshalling what needed to be done – very efficiently, with minimal fuss and being very proactive and also reactive at the same time. It was an excellent team effort, even dealing efficiently when a key junior team member moved to another firm during the process. Another junior team member took over rather seamlessly.’

‘Dominic Gurney-Champion is our main contact, a superb professional and a joy to work with – very measured, experienced and good fun too. One of the best lawyers I have worked with in some 20 years as an LSE CFO.

‘Their market knowledge is exceptional. We have built a long-term relationship with the team. We regularly find that they remember more about certain corporate matters from our history than we do! Super knowledgeable and helpful team all round.’

‘Edward Westhead is excellent. He is very responsive, knowledgable, helpful and genuinely willing to help me and the team with anything we need. Ed is an essential part of our legal team.’

‘Wide range of experience across the value range; well resourced and capable and knowledgeable team members.’

‘Confident, competent, capable and approachable.’

‘A close-knit team with an abundance of capital markets experience which is used to provide effective advice to corporates (and banks), utilising sector expertise where necessary and with good geographical coverage to support due diligence exercises and contract review.’

Key clients

Abingdon Health PLC


Access Intelligence PLC


ADVFN PLC


Amur Minerals Corporation


Ascent Resources PLC


Atalaya Mining PLC


ATOME Energy plc


Barkby Group plc


Beowulf Mining PLC


Best of the British PLC


Byotrol PLC


Central Asia Metals PLC


Checkit PLC


Cleantech Lithium


Cornish Metals Inc.


Craven House Capital PLC


CT Automotive Group plc


Devolver Digital, Inc.


Echo Energy PLC


eEnergy Group PLC


Ensilica PLC


EQTEC PLC


Gelion PLC


GlobalData PLC


Gusbourne PLC


Harland & Wolff Group Holdings plc


Haydale Graphene Industries PLC


Hurricane Energy PLC


Independent Oil and Gas PLC


InnovaDerma plc


Inspiration Healthcare Group PLC


Itaconix PLC


Jaywing PLC


KEFI Gold and Copper plc


Kodal Minerals PLC


KRM22 PLC


Live Company Group PLC


Made Tech Group plc


Marlowe PLC


Merit Group plc


Molecular Energies PLC


Nu-Oil and Gas PLC


Online Blockchain PLC


Pires Investments PLC


Property Franchise Group (The) PLC


Public Policy Holding Company Inc.


Restore PLC


Saietta Group plc


San Leon Energy PLC


Savannah Resources plc


Seeing Machines Ltd


SigmaRoc PLC


Synairgen PLC


Tristel PLC


Velocity Composites PLC


Versarien PLC


Wynnstay Properties PLC


Allenby Capital


Canaccord Genuity


Cenkos Securities


Cormak Securities Inc.


Dowgate Capital


finnCap


Grant Thornton


Joh. Berenberg, Gossler & Co. KG


Liberum Capital Limited


Numis Securities Limited


Panmure Gordon (UK) Limited


Peel Hunt LLP


Shore Capital


Singer Capital Markets


SP Angel Corporate Finance LLP


Stifel Nicolaus Europe Limited


Strand Hanson Limited


Tamesis Partners LLP


Tennyson Securities Limited


WH Ireland


Zeus Capital Limited


Work highlights


  • Actig for AIM-quoted Marlowe plc on its acquisition strategy. Marlowe is a support services group focused on acquiring and developing companies that provide critical asset maintenance services.
  • Advised CleanTech Lithium plc on its initial public offering on AIM.
  • Acted for Amur Minerals Corporation on the sale of its wholly owned subsidiary, AO Kun-Manie, to a company controlled by Vladislav Sviblov for a total consideration of US$105 million.

Gowling WLG

Gowling WLG’s ECM offering combines a strong funds practice with a separate team that advises on both Main Market and AIM transactions, with the latter having key experience of acting on landmark IPOs and major transactions in the space. Other core specialisms include technology mandates, cross-border matters and work on behalf of mining companies listing on AIM. Practice head Charles Bond has over 30 years of ECM experience across a wide variety of sectors. Jeffrey Elway - a 'very knowledgeable partner with a wealth of experience' - is also recommended.

Practice head(s):

Charles Bond


Other key lawyers:

Jeffrey Elway


Testimonials

‘Good client service.’

‘Deep knowledge and very commercial.’

‘The team offers a depth of experience in small-cap equity capital markets, whether that be in IPOs, fundraisings or M&A. The experience is much broader based across the team compared to many of its peers, yet fees remain competitive.’

‘Jeffrey Elway – very knowledgeable partner with a wealth of experience across ECM. Keeps himself at the centre of transactions and is always available. He doesn’t just delegate everything to more junior colleagues.’

Key clients

Aurrigo International PLC


Revolution Bars Group plc


Horizonte Minerals Plc


Canaccord Genuity Limited


Sprott Capital Partners LP


Shore Capital


Baden Hill


Andrada Mining Limited (formally AfriTin Mining Limited)


Cenkos Securities plc


H&T Group plc


Liberum Capital Limited


Hummingbird Resources plc


Peterhouse Capital Limited


Strand Hansen Limited


Kanabo Group plc


Cordiant Digital Infrastructure Limited


Peel Hunt LLP


Pyx Resources Limited


Ruffer Investment Company Ltd


Foresight Sustainable Forestry Company plc


Alvarium Securities Limited


Jefferies International Limited


abrdn European Logistics Income plc (formerly Aberdeen Standard European Logistics Income PLC)


Dowgate Capital


Work highlights


  • Advised Aurrigo International PLC on its successful placing and admission to trading on AIM.
  • Advised the dual listed (AIM/TSX) mining company Horizonte Minerals Plc on a conditional raise of US$80 million for the further development of its Araguaia nickel project in Brazil.
  • Advised Canaccord Genuity Limited and Sprott as joint bookrunners on mining development and exploration company Greatland Gold PLC’s US$35 million cashbox placing.

K&L Gates LLP

Praised for being ‘very attentive to client needs’ and ‘very knowledgeable on subject matter’, K&L Gates LLP is a key name in the marketplace for AIM transactions, advising complicated corporate structures, international tax and securities issues, and multiple international stock exchanges. Other defining characteristics of the practice include its focus on international cross-border work and strength advising US companies, alongside deep sector expertise in energy, mining, financial services, fintech, technology, life sciences, and real estate. Practice leader Paul Tetlow has extensive experience acting for companies, sponsors, NOMADs and brokers – particularly in the energy sector. James Green is another important contact within the group for energy and natural resources-driven work.

Practice head(s):

Paul Tetlow


Other key lawyers:

James Green


Testimonials

‘Very attentive to client needs. Very knowledgeable on the subject matter.’

‘James Green has been our counsel for the last 7 years, and he has always delivered.’

‘Extremely commercial, very easy to work with and brilliant service.’

‘Paul Tetlow is a very human, quick-witted and personable individual.’

Key clients

Dianomi Group PLC


Longboat Energy PLC


Panmure Gordon (UK) Limited


CML Microsystems PLC


finnCap Ltd


ProPhotonix Ltd


Cenkos Securities plc


Singer Capital Markets


Stifel Nicolaus Europe Limited


Amaroq Minerals Limited


Fonix Mobile plc


Deltic Energy plc


Peel Hunt LLP


Canaccord Genuity Limited


Axonics, Inc.


Work highlights


  • Advised Cenkos on the admission to AIM on Neometals Ltd.
  • Advised Amaroq Minerals Ltd on its placing and subscription to raise £30 million and its listing on the Nasdaq First North Growth Market in Iceland.
  • Advised long-standing client Deltic Energy PLC on its placing and open offer.

Macfarlanes LLP

Particularly noted for its work with investment companies such as REITs, Macfarlanes LLP has a broad ECM practice with demonstrable experience across all manner of transactions.  The team is headed up by seasoned practitioner Richard Burrows, who is especially recommended for his expertise in tech-oriented deals. Other names to note include Harry Coghill and Mark Slade, both of whom have significant experience in public offerings. Former practice co-head Robert Boyle is no longer at the firm.

Practice head(s):

Richard Burrows


Other key lawyers:

Harry Coghill; Mark Slade


Testimonials

‘The Macfarlanes team consistently provides excellent advice in a timely manner.’

Key clients

DX (Group) plc


Supermarket Income REIT plc


Independent Living REIT Plc


Dr J. Patrick Kennedy


NortonLifeLock (now rebranded as Gen Digital)


Tulip Oil Holding


Stramongate S.A


XPS Group plc


JD Wetherspoon


Work highlights


Osborne Clarke LLP

Osborne Clarke LLP’s capital markets offering has an extensive track record in AIM transactions, and is well-versed at acting on a full range of mid-market deals, with noted expertise in IPOs, secondary offerings and public M&A. Financial services, technology, media & communications, life sciences, and healthcare and energy are among the sub-sector expertises of the practice. Head of equity capital markets Jonathan King has over 25 years of experience advising on all forms of public company equity financings and public M&A transactions. Ed Nisbet has experience advising public companies and investment banks on all forms of corporate finance and public M&A transactions. Seasoned financial services partner Mark Wesker is also recommended.

Practice head(s):

Jonathan King


Other key lawyers:

Mark Wesker; Rebecca Gordon; Ed Nisbet; Oliver Woods


Testimonials

‘Osborne Clarke has provided a full range of corporate legal services to the company for well over ten years. During this time, the OC team has consistently displayed the highest level of client service, providing excellent and relevant advice on a timely basis.’

‘Mark Wesker manages the relationship with the company; while his specialisation is strategic transactions (M&A, funding, etc), Mark is also an excellent generalist and frequently gives helpful and relevant advice without the need to involve specialist colleagues.’

‘Mark’s advice stands out as being both legally accurate and commercially focused. He takes the time to understand the business context and management issues and objectives.’

‘Associate Director Ed Nisbet impresses with his calm and insightful advice with regard to corporate transactions.’

‘This team provides a first-class service. They are very quick to help, provide excellent advice and are very proactive and commercial as well.’

‘Jon King and Oliver Woods have been excellent on the deals I have worked with them on. Very patient, clear advice. Commercial in the outlook and always readily available. A first class team.’

Key clients

Cenkos Securities plc


Investec Bank plc


Joh. Berenberg, Gossler & Co. KG, London branch


Liberum Capital Limited


Next Fifteen Communications plc


Elixirr International plc


Creo Medical Group plc


Marshall Motors Holdings plc


In The Style Group plc


Topps Tiles plc


Invinity Energy Systems plc


Actual Experience Plc


Singer Capital Markets


WG Partners LLP


Work highlights


  • Advising Actual Experience plc on its £3.5m fundraise.
  • Advising Singer Capital Markets in relation to the £5m equity fundraise and retail offer by Zinc Media to finance the acquisition of The Edge Picture Co.
  • Advising WG Partners LLP, Panmure Gordon (UK) Limited and Stifel Nicolaus Europe Limited on the successful £34.3m fundraise for Redx Pharma plc.

Bird & Bird LLP

The international capital markets practice group at Bird & Bird LLP benefits from the reach of the wider international corporate group, advising on a wide array of cross-jurisdictional capital markets transactions, including listings on both AIM and the Main Market of the LSE. IPOs, secondary fundraisings, public and private takeovers, and restructurings are key specialisms of the ‘very professional team’. The practice is headed up by Clive Hopewell, who focuses on equity financings and IPOs and is noted as a ‘fantastic operator, who as well as being a great lawyer is also very commercial’.

 

Practice head(s):

Clive Hopewell


Other key lawyers:

Simon Allport; Nick O’Donnell


Testimonials

‘This team provides a first-class service, are very proactive and think about potential issues and how to overcome them before they actually become larger issues.’

‘Clive Hopewell is a fantastic operator who as well as being a great lawyer is also very commercial as well.’

‘We found Bird & Bird very responsive, and they were able to provide us with the appropriate person to engage with us on each occasion.’

‘Very professional team who efficiently deal with issues.’

‘The most important factor. We work with individuals who understand our business. They really focus on helping to sort problems and find ways to do things in difficult circumstances.’

‘The team that I have worked with marry commercial astuteness with effective management and guidance of clients to conclusions which are consistent with capital markets rules.’

‘Clive Hopewell is first class in every respect.’

 

Key clients

TransGlobe Energy Corporation


Phoenix Asset Management Partners


Gamma Communications PLC


Frontier Development PLC


WH Ireland Limited


Flylogix Limited


Gneiss Energy Limited


Cloudbreak Discovery PLC


Tekcapital PLC


DP Poland PLC


The Stanley Gibbons Group PLC


Powerhouse Energy Group PLC


JKX Oil & Gas PLC


Joh. Berenberg Gossler & Co KG


Asiamet Resources Ltd


Hannam & Partners


Director Plus PLC


Griffin Mining Ltd


Harvest Minerals Limited


SP Angel Corporate Finance LLP


Jangada Mines PLC


Gama Aviation PLC


Harvest Minerals Ltd


Mothercare PLC


Beowulf Mining PLC


Location Sciences Group PLC


Gemfields


Ergomed plc


Tirupati Graphite PLC


Virtu Capital Ltd


Westminster Group PLC


Work highlights


  • Advised AIM-, NASDAQ- and TSX -listed TransGlobe Energy Corporation on its merger with LSE Main Market and NYSE-listed VAALCO Energy, Inc. in a share-for-share strategic business combination transaction valued at US$307 million.
  • Advised the broker, Berenberg, on a placing which raised £78.6m for AIM-listed Team17.
  • Advised DP Poland PLC on its equity fundraising through a placing and subscription. £2.6 million was raised through the subscription for 31.9 million shares at a price of 8.00 pence each by Luxembourg-based investment firm M&M Holdings Sarl.

Brown Rudnick LLP

Brown Rudnick LLP has significant experience representing AIM-listed companies, advising on takeover code matters and acting on both issuer and underwriter-side mandates. IPOs, secondary fundraisings and public M&A transactions are core specialisms of the practice, which is headed by Lena Hodge, who is particularly recommended for her work with US sponsors. Neil Foster is well known for his expertise in technology sector transactions.

 

Practice head(s):

Lena Hodge


Other key lawyers:

Neil Foster; Tom Braiden


Key clients

WANdisco Plc


Victoria Plc


Singer Capital Markets


Midatech Pharma Plc


Arix Bioscience Plc


Cenkos Securities Plc


Somero Enterprises Inc


Libertine Holdings Plc


Arix Bioscience Plc


Work highlights


  • Advised Victoria Plc in respect of a £150m follow-on preferred equity investment  by KED Victoria Investments LLC by way of convertible preferred shares – bringing KED Victoria Investments LLC’s total preferred equity investment in Victoria Plc to a total of £225m.
  • Advised WANdisco Plc in respect of their fundraise of GBP 16.4 million  via a private placement of 5,857,862 ordinary shares in the capital of the company.
  • Advised Singer Capital Markets in relation to their role as the sole bookrunner, corporate broker and nominated advisor for Verici Dx Plc’s GBP 10 million fundraising by way of a subscription of shares and a placing conducted via an accelerated bookbuild on AIM.

Charles Russell Speechlys LLP

The ‘very experienced‘ team at Charles Russell Speechlys LLP, which is noted for its specialist expertise in the technology and hydrocarbon sectors, acting on behalf of companies, advisors and AIM NOMADs on a full range of matters. Takeovers are a key strength for the practice, which is also well versed in M&A, share offerings, company reorganisations, financings, venture capital, private equity and joint ventures. Practice head Andrew Collins – ‘careful, thorough and wise‘ – is a highly experienced adviser whose wide-ranging capabilities span the full gamut of ECM work. Collins is regularly supported by fellow key contact Paul Arathoon, who frequently handles corporate finance work for public companies.

Practice head(s):

Andrew Collins


Other key lawyers:

Paul Arathoon; Mark Howard


Testimonials

‘Personable, pragmatic and commercially astute. Very experienced team.’

‘Careful, professional people with the judgement and depth of experience to deliver good commercial advice.’

‘Andrew Collins. A good listener, careful, thorough and wise.’

‘Mark Howard provides practical corporate advice.’

‘Paul Arathoon’s responsiveness and availability are excellent.’

Key clients

Shore Capital


Transense Technologies plc


Cakebox plc


Tamesis Partners LLP


Ashanti Capital Pty Ltd


Shard Capital Partners LLP


Caretech Holdings plc


Circle Property Plc


Prime People Plc


Stifel Nicolaus Europe Limited


Prospex Oil and Gas plc


Work highlights


  • Advised the independent board of Caretech Holdings PLC in its take private sale to a management-led bidding vehicle, Amalfi Bidco Limited, for £870.3 million.
  • Advised Shore Capital (Robert Finlay/David Coaten), as nominated adviser, broker and bookrunner on a £14m fundraising for AIM-listed Helios Underwriting Plc, through a placing, direct subscription and open offer.
  • Advising AIM-listed property investing company Circle Property Plc, on the disposal by Circle Property Unit of Kents Hill Park Conference Centre to LXI Property Holdings 4 Limited for £34.5m in cash.

Dentons

‘A well-led team with excellent strength in depth', Dentons draws praise from clients for its broad sector coverage and geographical reach, which it leverages to act in emerging markets overseas. The group has a demonstrably strong track record of handling small and mid-market IPO and secondary fundraising work for a range of issuers, sponsors, nominated advisers, brokers, underwriters and lead managers. Neil Nicholson  heads the team, drawing on his expertise to advise clients in relation to the UKLA Listing Rules, the AIM Rules of the London Stock Exchange and the UK Takeover Code. Darren Acres and Verity Kent are further important points of contact within the practice.

Practice head(s):

Neil Nicholson


Other key lawyers:

Verity Kent; Darren Acres


Testimonials

‘Excellent quality.’

‘All have outstanding knowledge.’

‘A wide breadth and depth of expertise.’

‘Great level of reactiveness and client service’

‘A well-led team with excellent strength in depth and covering a wide range of sectors with excellent geographical coverage.’

‘Exceptional attention to detail and capital markets knowledge evident in partners and staff.’

Key clients

Science in Sport plc


RA International plc


Cenkos Securities plc


Kinovo plc


Quiz plc


PRS REIT plc


Hurricane Energy plc


Menzies (John) plc


Stifel Nicolaus Europe


Canaccord Genuity


Ondine Biomedical


Work highlights


  • Advised Stifel Nicolaus Europe and Tennyson Securities on the sale by Cairn Capital, via Bybrook Capital, of shares in i3 Energy plc, dual-listed on the TSX and AIM market of the London Stock Exchange.
  • Advised Allenby Capital and joint broker on the proposed reverse takeover of Midwestern Oil & Gas Company Limited by AIM listed San Leon Energy plc.
  • Advised PCF Group on its cash box placings and subsequent delisting on AIM.

Hill Dickinson LLP

Hill Dickinson LLP is well-versed at advising issuers nominated advisers, sponsors and brokers on Main Market, AIM and AQSE transactions, both domestic and cross-border – particularly those stemming from the pharmaceuticals and life sciences, medical cannabis, energy and natural resources sectors. Michael Bennett is a specialist in M&A and capital markets transactions.

Practice head(s):

Michael Bennett


Other key lawyers:

Shantanu Sinha


Key clients

Hellenic Dynamics PLC


Genflow Biosciences PLC


Arlington Group Asset Management Limited and W H Ireland Limited


Artemis Resources Limited


Turner Pope Investments (TPI) Limited


Helium One Global LTD


Firering Strategic Minerals PLC


Bradda Head Lithium Limited


Aterian PLC


Ondo InsureTech PLC


Hercules Site Services PLC


Bluejay Mining PLC


Quetzal Capital PLC (now Tap Global Group PLC)


Dial Square Investments PLC


Psych Capital PLC


East Star Resources PLC


Lift Global Ventures PLC


Capital Metals PLC


ACP Energy PLC


Work highlights


  • Advised Hellenic Dynamics PLC on its reverse takeover of Hellenic Dynamics S.A., a Greek cultivator and producer and its fundraising and readmission to trading on the Main Market of the London Stock Exchange.
  • Advising Arlington Group Asset Management Limited and W H Ireland Limited on the admission of First Tin PLC on the Main Market of the London Stock Exchange and its £20m placing.
  • Advising ASX-listed Artemis on its admission to AIM and fundraising.

Mayer Brown International LLP

With a reputation for being ‘tenacious, deal driven and understanding the client’s commercial imperatives’, Mayer Brown International LLP represents a host of issuers, investment banks, sponsors, placement agents and selling shareholders on the full-suite of ECM transactions. The group's regular workload includes public offerings and private placements, stock exchange listings, capital reorganisations, share buy-backs, and demergers, to name a selection. Practice head Kate Ball-Dodd is an expert on corporate finance, M&A, equity fund raisings and joint ventures, among others.

Practice head(s):

Kate Ball-Dodd


Testimonials

‘What differentiates Mayer Brown is partner accessibility. During transactions there is a substantial amount of formulaic process, but when you need timely problem solving you need a partner with experience and familiarity with the deal. Mayer Brown provide that, together with a joined up approach across departments.’

‘Kate Ball Dodd and her team are tenacious, deal driven and understand the client’s commercial imperatives. That is key when there are deadlines, competitive dynamics etc. You can speak to anyone in the team at any level and they know what is going on. If they are unable to resolve the issue themselves, it is seamlessly elevated and a senior team member will deal with it responsively.’

Key clients

VAALCO, Inc.


Investec Bank


Numis Securities


Peel Hunt


Canaccord Genuity


Grenergy Renovables


Velocys plc


Vitruvian Partners


Lunglife AI


Work highlights


  • Advised VAALCO Energy in its stock-for-stock combination with TransGlobe Energy Corporation.
  • Advised Beazley plc on a £350 million ($422 million) equity fundraise on the London Stock Exchange, alongside an additional retail share offer.
  • Advised Grenergy Renovables SL on its EUR 90 million accelerated equity offering (AEO).

Reed Smith LLP

Reed Smith LLP frequently advises on a range of of domestic and cross-border capital-raising transactions, including public and private market securities offerings, acting on behalf of large, mid-cap and emerging companies. Underwriter-side mandates are also a key area of expertise for the team. Practice head Delphine Currie has significant experience in IPOs on both the Main Market and AIM, as well as in secondary fundraisings, and broader regulatory advice.

Practice head(s):

Delphine Currie


Testimonials

‘Consistently strong and clear advice across a wide range of topics. The combination of solutions based advice with fair pricing means the Reed Smith deliver great value for money to my relatively small company.’

‘Corporate and listed company expert Delphine Currie is a truly excellent client service partner – connecting us to subject matter exerts quickly and efficiently and then maintaining an interest to ensure client service is impeccable throughout any engagement on any issue.’

‘Combination of knowledge and flexibility – they know their stuff and put their client’s interests first.’

Work highlights


Armstrong Teasdale

With noteworthy expertise in the natural resources sector, Armstrong Teasdale frequently acts for companies, investment banks, brokers and other financial advisers on domestic and cross-border ECM transactions, while also advising on public M&A deals. Joan Yu, who leads the team, is a key name to note for AIM transactions as well as for public takeovers, reverse takeovers and secondary offerings.

Practice head(s):

Joan Yu


Key clients

Baron Oil Plc


Empyrean Energy Plc


Metals Exploration Plc


Rurelec Plc


Pembridge Resources Plc


United Oil & Gas Plc


Invinity Energy Systems Plc


Samarkand Group Plc


Silverwood Brands Plc


VSA Capital Group Plc


VSA Capital Limited


Canaccord Genuity Limited


WH Ireland Limited


Novum Securities Limited


Optiva Securities Limited


Victoria Oil & Gas Plc


Work highlights


  • Advised AIM quoted Invinity Energy Systems Plc on a strategic investment of £2.5 million by Everbrite Technology Co. by way of a conditional subscription of new shares.
  • Advised AQSE quoted Silverwood Brands Plc on its acquisition of Sonotas Group.
  • Advised AIM quoted Baron Oil Plc on its £5 million equity fundraising and a separate retail offer launched to existing shareholders through a REX trading platform.

Burges Salmon LLP

Burges Salmon LLP  acts for a robust client-base comprised of AIM-listed companies on fundraisings and other transactions, including public M&A, IPOs, secondary fundraisings, demergers and capital reorganisations. The team is also noted for its advice in relation to regulatory and compliance issues. Corporate expert Nick Graves leads the team alongside Rupert Weston, who focuses his practice on corporate finance and equity market transactions.

Practice head(s):

Nick Graves; Rupert Weston


Key clients

Gooch & Housego plc


ITM Power plc


Michelmersh Brick Holdings plc


Peel Hunt LLP


WH Ireland Limited


Genus PLC


Stockdale Securities


Premier Miton Group plc


FirstGroup plc


EDP Renewables Europe, S.L.U.


Work highlights


  • Advised Milton Group PLC on its potential bid for River & Mercantile Group PLC.
  • Advised ITM Power PLC on a strategic partnership with Vitol Holdings SARL for Motive Fuels Limited.
  • Acted for WH Ireland on the original AIM flotation of Northcoders Group plc. The team advised on a secondary fundraising for the company by way of an accelerated bookbuild.

Covington & Burling LLP

Known for its industry-specific expertise across the life sciences, technology, energy and financial services sectors, Covington & Burling LLP‘s capital markets practice group draws on extensive US securities knowledge to advise across the full spectrum of cross-border ECM transactions. Corporate practice vice-chair Gregor Frizzell leads the team, which also includes Simon Amies, a highly experienced partner with more than 25 years in the ECM space.

Practice head(s):

Gregor Frizzell


Other key lawyers:

Simon Amies


Key clients

Allergy Therapeutics PLC


Arecor Therapeutics PLC


Canaccord Genuity Limited


Destiny Pharma PLC


Ergomed PLC


finnCap Ltd


Peel Hunt LLP


ReNeuron Group PLC


Sensyne Health PLC


Silence Therapeutics PLC


Work highlights


  • Advised AIM-listed Destiny Pharma PLC in two equity fundraises to raise approximately £14.45 million in the aggregate.
  • Advised Peel Hunt LLP, as Nomad and Joint Bookrunner, and finnCap Ltd, as Joint Bookrunner, in a follow-on financing by Shield Therapeutics plc to raise up to £19 million.
  • Advised AIM-listed Arecor Therapeutics PLC in its placing raising gross proceeds of approximately £6 million. The placing was made in connection with Arecor’s acquisition of Tetris Pharma Limited.

DAC Beachcroft LLP

DAC Beachcroft LLP‘s capital markets practice is noted by clients for its ‘breadth of specialities’, such that they ‘offer a one-stop-shop service’ to its client-list of issuers, NOMADs and brokers. AIM listings are a core pillar of the group’s work in the space, whose regular workload also includes a number of cross-border transactions. Practice head and seasoned ECM practitioner Jonathan Deverill - 'outstanding at what he does' - is a key name to note for such matters.

Practice head(s):

Jonathan Deverill


Testimonials

The team excel at providing exceptional, thorough advice that is delivered quickly and well communicated. They have been our partners through mergers and acquisitions, AIM IPOs and on shareholder agreements and we have found that they always deliver in a personable and friendly way. They certainly feel more like business partners than just our lawyers. They are well resourced and punch above their weight on our dealings with them.’

‘Their strength is their responsiveness. Have the breadth of specialities to offer a ‘one-stop-shop’ service. Can be competitive on price.’

‘Jonathan Deverill is one of the most responsive partners I have ever dealt with.’

Key clients

Lords Group Trading plc


IQGeo Group plc


Diaceutics plc


Poolberg Pharma plc


Deltex Medical Group plc


Clear Capital Markets Limited


Singer Capital Markets Securities Limited


hVIVO plc


Zeus Capital Limited


Canaccord Genuity Limited


VSA Capital Limited


CloudCoCo Group plc


CAP-XX Limited


Mercator Capital Management Fund LP


Shore Capital and Corporate Limited / Shore Capital Stockbrokers Limited


Turner Pope Investments (TPI) Limited


Altitude Group plc


HSS Hire Group plc


Tialis Essential IT plc


Glantus Holdings plc


Work highlights


  • Acting for Clear Capital Markets in respect of Genflow Biosciences Plc’s IPO on the Standard List of the London Stock Exchange with a market cap of £23.4 million and associated placing.
  • Advised IQGeo on its €13.0 million and its associated £3.5 million raise.
  • Acting for Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited on the £16.9 million secondary fundraising undertaken by H&T Group plc.

Dechert LLP

Dechert LLP‘s corporate and securities practice group is noted for its equal strength across UK ECM and US securities deals, advising on complex cross-border equity transactions – particularly those on behalf of issuers in the life sciences sector. Patrick Lyons leads the international capital markets team from London.

Practice head(s):

Patrick Lyons


Testimonials

Patrick Lyons’ approachability, negotiation skills, problem-solving abilities, and teamwork make him an exceptional practitioner.’

Key clients

Abivax SA


EFG Hermes


Renaissance Capital


Toscafund Asset Management LLP


Oxford BioDynamics plc


Spark Advisory Partners


Cenkos Securities plc


Poxel SA


Bank Audi


Work highlights


  • Advised Abivax SA in connection with its successful pricing of an oversubscribed €130 million financing by way of a reserved capital increase, largest private placement for a biotech company listed on Euronext Paris.
  • Advised EFG Hermes, as sole global coordinator, and the joint bookrunners on the EGP1.3 billion initial public offering (IPO) of Macro Group Pharmaceuticals, one of the largest Egyptian cosmeceuticals companies.
  • Dechert advised Abivax SA in connection with a €49.2 million financing, comprising a private placement of shares and issuance of royalty certificates.

Dorsey & Whitney

A ‘partner-led practice with quick response times’, Dorsey & Whitney‘s mid-market ECM team advises AIM-listed clients on a full suite of equity transactions, displaying especially strong credentials in the technology, healthcare, publishing, gaming, services and financial services sectors. Team leader Kate Francis is praised as ‘an exceptionally strong lawyer' with 'a good ability to identify wider issues and provide commercial solutions’.

Practice head(s):

Kate Francis


Testimonials

‘Partner-led practice with quick response times. The added value for us is their ability to bring in experts from other fields across the legal spectrum including the US office.’

‘Kate Francis is an exceptionally strong lawyer – a technical expert in her field with a good understanding and ability to identify wider issues and provide commercial solutions. She has an approachable manner, is available when needed and very much feels like part of the team when acting for you.’

Key clients

Liberum Capital Limited


Investec Bank plc


Stifel Nicolaus Europe Limited


finnCap Limited


Peel Hunt LLP


Canaccord Genuity Limited


Numis Securities Limited


WH Ireland Limited


Watchstone Group plc


The Quarto Group Inc.


Inland Homes plc


Corero Network Security plc


Kinovo PLC


Inland ZDP plc


Work highlights


Druces LLP

Fielding a team that possesses ‘commerciality … (which) matches its excellent legal abilities’, Druces LLP‘s equity capital markets practice sits within the wider corporate and commercial practice group. The team advises nominated advisors, brokers and management on the full spectrum of equity transactions – chiefly IPOs, secondary issuances and reverse takeovers. ‘Exceptional legal adviser’ Dominic Traynor is known for his ‘depth of experience in industry matters and general commerciality’.

Practice head(s):

Dominic Traynor


Other key lawyers:

Jack Dervyn; Mark Lamph


Testimonials

‘Jack Dervyn is exceptionally great and gets tight difficult legal projects done very speedily!’

‘Strong team with good understanding of what they are doing. They know the nuances and commercial approach required for smaller deals.’

‘Jack Dervyn – very detail orientated and always has great availability. Jack is a testament to all corporate lawyers with work ethic and specialist sector knowledge. Mark Lamph – great experience and great manner with clients.’

‘Druces’ internal communication is seamless. Most importantly, the commerciality of the team matches its excellent legal abilities; as a result, we get practical, high quality legal advice, at a reasonable price.

‘The team are trusted advisers and the role has extended to a commercial legal advisory role overseas, supplementing our in-country legal advisers.’

‘Dominic Traynor in particular is an exceptional legal adviser; both commercial and practical – 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 level of work undertaken.’

‘Jack Dervyn has emerged as a highly accomplished and trusted legal adviser. He was instrumental in the completion of concluding the amicable termination of a joint venture. In addition to his excellent advice on UK commercial and corporate matters, Jack has demonstrated his ability to provide advice to enable the Company to navigate legal matters across different jurisdictions.’

‘Mark Lamph did an excellent job of managing all the legal aspects of a £10 million fundraising in 2021. Since then he has displayed a maturity beyond his years when dealing with counterparties’ lawyers, and he has become a trusted adviser for converting terms of legal agreements into good commercial advice.’

Key clients

Ajax Resources Plc


EV Metals Group Plc


Zenith Energy Ltd


Airnow PLC (formerly appScatter Group PLC)


Amedeo Resources PLC


Athelney Trust Plc


Beaumont Cornish Limited (Nominated Adviser)


Boston International Holdings plc


Caerus Mineral Resources Plc


Conico Ltd


Ecovista Plc


Egdon Resources PLC


Finablr PLC


First Development Resources Plc


Golden Metal Resources Plc


Goldplat PLC


Great Southern Copper PLC


Greatland Gold PLC


GSTechnologies Ltd


Katoro Gold PLC


Kavango Resources plc


Kibo Energy PLC


MAST Energy Developments plc


Mosman Oil and Gas Ltd


Mustang Energy PLC


Nostra Terra Oil and Gas Company PLC


Oilex Ltd (dual ASX and AIM listed)


Panthera Resources plc


Power Metal Resources plc


Red Rock Resources PLC


Regency Mines PLC


RentGuarantor Holdings PLC


Rockfire Resources PLC


SI Capital Ltd (broker)


SigmaRoc PLC


Savannah Resources PLC


Starvest PLC


Thor Mining PLC


TomCo Energy PLC


VSA Capital Limited (corporate adviser and broker)


Work highlights


  • Advising EV Metals Group Plc in connection with its £50m acquisition of a UK battery materials business from main market-listed Johnson Matthey Plc.
  • Advising Kavango Resources Plc on its £3m placing and subscription by way of a simplified disclosure prospectus, as well as various acquisition transactions.
  • Advising GSTechnologies Limited on various secondary fundraisings and a corporate restructuring.

Edwin Coe LLP

Praised for its 'very commercial corporate practice', Edwin Coe LLP is highly experienced representing AIM companies and their advisers, including on secondary issuances and corporate governance issues. Head of corporate Russel Shear leads the team and handles all aspects of equity transactions. Daniel Bellau is praised for his extensive knowledge of listed companies, notably SMEs.

Practice head(s):

Russel Shear


Other key lawyers:

Daniel Bellau


Testimonials

Commercial and know SMEs.

Edwin Coe have a very commercial corporate practice who are always on hand to provide advice when required.

Russel Shear is available at short notice to provide advice.’

Dan Bellau knows the listed world and SMEs.’

Key clients

Palace Capital plc


Novum Securities Ltd


Ethernity Networks Ltd


HC Wainwright & Co.


Brandshield Systems Plc


SPARK Advisory Partners Ltd


Beaumont Cornish Ltd


Nano Dimension Limited


Fox-Davies Capital Ltd


Kendrick Resources plc


Work highlights


  • Advising the Broker and Nominated Adviser, in the admission of CleanTech Lithium PLC to AIM, giving it a market capitalisation at admission, of £23.7m.
  • Advising a London-based mineral exploration and development company on its admission to the main market of the London Stock Exchange.
  • Advising a UK and Israeli based provider of cybersecurity solutions on two AIM fundraisings to fund growth.

Fladgate LLP

Fladgate LLP‘s equity capital markets practice maintains a strong emphasis on international AIM transactions across the oil and gas, mining, healthcare, technology and financial services sectors. Beyond these core focus areas, the team is noted for its presence in emerging sectors such as eSports, cannabis, and psychedelics. Practice head David Robinson is well versed in ECM work and public M&A. Paul Airley also comes highly recommended by clients.

Practice head(s):

David Robinson


Other key lawyers:

Paul Airley


Testimonials

‘Extremely responsive to changing environments, clear guidance, flexible, personable, and a focus on the end desired outcome.’

‘Very good balance between technical know-how and commercial, practical sense. Easy transition between different partners and associates when primary contact has not been available. Very user-friendly people generally, which is not always the case in my experience in firms of a similar size or larger.’

‘We always find Paul Airley to provide sensible, considered advice and this extends to the wider team whenever necessary to involve others.’

Key clients

4Global PLC


Alliance Pharma PLC


Angus Energy PLC


Audioboom Group PLC


Eco (Atlantic) Oil & Gas Ltd


Fiinu PLC


Fulcrum Metals PLC


Galileo Resources PLC


Gfinity PLC


Global Petroleum Limited


Jubilee Metals Group PLC


Logistics Development Group PLC


Naked Wines PLC


Pan African Resources PLC


Powerhouse Energy Group PLC


Rockfire Resources PLC


Silver Bullet Data Services Group PLC


Tiger Royalties and Investments PLC


Warpaint London PLC


Windward Ltd.


Xtract Resources PLC


Work highlights


  • Advised Fiinu Holdings Limited on its reverse takeover of AIM-listed cash shell, Immediate Acquisition plc, and related £8m equity placing and £2.5m facility. The enlarged group had a market capitalisation on its admission to AIM of £50 million.
  • Acted for Fulcrum Metals PLC on its admission to AIM and associated placing, which raised approximately £3 million. Allenby Capital Limited acted as nominated adviser, and Clear Capital Markets Limited acted as broker.
  • Acted for AIM listed Bluerock Diamonds PLC in connection with a complex financing involving the issue of loan notes, the issue of new convertible loan notes, the amendment of existing convertible loan notes and the entry into a new facility agreement.

Fox Williams LLP

AIM listings and fundraisings expert Richie Clark  spearheads the ECM-focused team at Fox Williams LLP. The practice is experienced on the equity financing aspects of AIM transactions, as well as in public takeovers, private M&A, regulatory and corporate governance advice.

Practice head(s):

Richie Clark


Key clients

Rotala PLC


Aukett Swanke Group plc


Bonhill Group Plc


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


Work highlights


  • Advised AIM quoted client Summerway Capital plc on its £80 million acquisition of Vertigrow Technology Ltd by way of reverse takeover and associated £8.5 million fundraise.
  • Advised AIM-quoted Rotala plc on its return of £10m to shareholders by way of a tender offer pursuant to which existing shareholders were invited to tender their shares.
  • Advised CSX-listed St Georges Eco-Mining Corp on its shareholding and proposed conversion of convertible loan notes in AQSE-listed BWA Group plc.

Locke Lord LLP

Locke Lord LLP has experience in both AIM and main market transactions, including premium and standard listings, secondary equity fundraisings, IPOs, M&A and corporate governance, to name a selection of typical workflows. Sean Page, who leads the team, is the go-to name for public and private M&A, ECM and venture capital transactions.

Practice head(s):

Sean Page


Key clients

BSF Enterprise PLC


Mode Global Holdings PLC


Jade Road Investments Ltd.


Work highlights


Memery Crystal

Memery Crystal focuses on handling equity capital markets transactions for international companies, advising on listings on the Main Market and AIM, secondary fundraisings and dual listings. Practice head and mining sector expert Nick Davis is especially well versed in AIM listings. Chair Lesley Gregory draws high praise from clients, who regard her as a ‘super experienced, very professional’ figure who ‘gives great advice‘.

Practice head(s):

Nick Davis


Other key lawyers:

Lesley Gregory


Testimonials

‘Great team at Memery Crystal. They are very experienced at equity capital markets. Very professional to deal with and give great advice.’

‘Lesley Gregory is super experienced, very professional and gives great advice in order to help negotiations or give solutions to problems.’

Key clients

Chariot Limited


Smarttecch247 Holdings plc


Tungsten Corporation


Shanta Gold


Kropz Plc


Kore Potash PLC


Rambler Metals and Mining PLC


Character Group (The) PLC


Zephyr Energy PLC


MGC Pharmaceutical


88 Energy Ltd


Alba Mineral Resources PLC


Brave Bison Group PLC


Character Group


Chariot Ltd


China Nonferrous Gold Ltd


Cordel Group PLC


Eneraqua Technologies PLC


Futura Medical PLC


Gaming Realms PLC


Goldplat PLC


GreenRoc Mining PLC


IDOX PLC


Intelligent Ultrasound Group PLC


Intuitive Investments Group PLC


Keras Resources PLC


Kingswood Holdings Ltd


MC Mining Ltd


Mobile Streams PLC


Pelatro PLC


SmartSpace Software PLC


Sosandar PLC


Ten Lifestyle Group PLC


tinyBuild, Inc


Tlou Energy Ltd


Work highlights


  • Advising Shanta Gold on inbound M&A from various parties around the world, which ultimately did not end in a transaction being completed.
  • Advising Kore Potash with regards to Mine Construction finance. Valued at £1.8 billion.
  • Advised AIM client Tungsten Corporation plc on the £71 million recommended cash offer by Kofax Inc. for the entire issued share capital of Tungsten.

Michelmores LLP

Michelmores LLP advises its international client base on a wide range of ECM transactions, with the group’s recent workload seeing the team work with companies on potential IPOs, and listed companies on fund raising and M&A, alongside restructurings. The team is headed up by Ian Binnie, who focuses on AIM and main marked-related transactions, where he is praised as ‘extraordinarily knowledgeable with a pragmatic and commercial approach’.

Practice head(s):

Ian Binnie


Testimonials

‘Ian Binnie is extraordinarily knowledgeable with a pragmatic and commercial approach to achieving the client’s preferred outcomes.’

‘Can-do constructive approach and friendliness.’

‘Ian Binnie: his technical grasp is impressive and is also very broad. He combines this with a highly pragmatic commercial approach. You feel you are in very safe hands with Ian.’

 

Key clients

Superdielectrics Group plc


Gresham House plc


Allenby Capital Limited


S.P. Angel Corporate Finance LLP


Hybridan LLP


Auctus Advisors LLP


Mining, Minerals & Metals plc


SPARK Advisory Partners LLP


Panmure Gordon (UK) Limited


Singer Advisory LLP


Sutton Harbour Group plc


VSA Capital Group plc


Me Group International PLC


Work highlights


  • Advised Superdielectrics Group plc on its proposed admission to AIM.
  • Advised S.P. Angel Corporate Finance LLP on its tender offer and off-market share buyback by JKX Oil & Gas plc following its delisting from the premium segment of the Official List.

Mills & Reeve LLP

Praised for providing ‘a service comparable to the big London firms’, Mills & Reeve LLP represents quoted companies, nominated advisers and private companies on the entire ECM life cycle, ranging from admissions to fundraisings. The team has particular capabilities in the technology and life sciences sectors. Practice head Stephen Hamilton - 'the most pragmatic yet professional lawyer' - is a key name to note for fundraisings, IPOs, M&A, and corporate restructurings.

Practice head(s):

Stephen Hamilton


Other key lawyers:

Emma Plaxton


Testimonials

‘They have quality lawyers who have mainly qualified and practiced in the city. Because of their lower costs being outside London they deliver a service comparable to the big London firms at competitive pricing. We do not get teams of lawyers working on our matters inefficiently. A tight team of lawyers that are joined up and personable.’

‘Stephen Hamilton is very responsive. As a smallish cap AIM listed entity, we are an important client for him – which would not be the case for a partner in a large city firm.’

‘Sensible, commercial approach.’

‘Stephen Hamilton is the most pragmatic yet professional lawyer I have worked with.’

Key clients

Eckoh plc


Skillcast Group plc


Midwich Group plc


Bango plc


IQGeo Group plc


Nexus Infrastructure plc


R&Q Insurance Holdings Limited


GRC International plc


Quixant plc


ECO Animal Health Group plc


Work highlights


Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP represents nominated advisers, brokers and AIM-listed issuers on a broad range of equity transactions, including fundraisings, IPOs and reverse takeovers. Praised for his 'excellent, pragmatic advice and expertise', Seb Orton leads the team which also includes Adam Carling, an energy and technology-focused partner who arrived from Bird & Bird LLP in October 2022.

Practice head(s):

Seb Orton


Other key lawyers:

Adam Carling


Testimonials

‘The Penningtons team is vastly experienced in the small-mid cap space and provide a high quality service at a reasonable rate.’

‘Seb Orton is greatly experienced in acting for small-mid cap PLCs and investment banks. He provides excellent, pragmatic advice and expertise and has a very calm approach. He has a great ability to quickly understand any challenges and find straightforward solutions without overcomplicating matters.’

Key clients

Oxford Cannabinoid Technologies Holdings


SkinBioTherapeutics plc


finnCap


Stanford Capital


Elixirr International PLC


Peel Hunt


SI Capital


Joh. Berenberg, Gossler & Co. KG


Liberum


Hannam & Partners


Torpedo Factory Group


Strip Tinning Holdings plc


Work highlights


  • Advising SkinBioTherapeutics on a placing and open offer.
  • Advising finnCap on a secondary fundraising for SRT Marine.
  • Advising Stanford Capital on a secondary fundraising for ImmuPharma.

Squire Patton Boggs

Squire Patton Boggs is active on bank-side mandates, frequently acting on cross-border work in the energy and natural resources sectors. The team also has deep expertise in the technology, industrials and consumer industries. Co-heads of department Jane Haxby and Leeds-based Hannah Kendrick are experienced in public and private M&A, fundraisings, takeovers and corporate governance. Jayson Marks is praised for his 'great expertise and experience in equity capital markets work', particularly in the worlds of oil and gas. All named lawyers are based in London unless stated otherwise.

Practice head(s):

Jane Haxby; Hannah Kendrick


Other key lawyers:

Jayson Marks


Testimonials

‘The team at Squire Patton Boggs are very personable and easy to work with, demonstrating understanding of our business and our requirements, while also being expert and experienced in these areas of law. We get terrific service, with continuity of lawyers working on our work, and great responsiveness.’

‘Our client partner is Jayson Marks, who we have used for a number of years. He is very accessible and always responsive, as well as having great expertise and experience in equity capital markets work, and having particular knowledge in our industry, being oil and gas. He takes a commercial and pragmatic approach to the advice he provides to us, and is very supportive and calm when times are challenging.’

‘Very quick to respond and deal with changing circumstances. Proactive in their approach.’

Key clients

Animalcare Group plc


Xeros Technology Group plc


Hurricane Energy plc


WH Ireland Group plc & WH Ireland Limited


Vp plc


Canaccord Genuity Limited


Applied Graphene Materials plc


Metals Exploration plc


Kooth plc


Enwell Energy plc


Applied Graphene Materials plc


Coats Group plc


Genuit Group plc (formerly Polypipe Group plc)


GB Group plc


Aptamer Group plc


Anglo Asian Mining plc


Work highlights


  • Advised WH Ireland Limited in respect of the dual listing on AIM of ASX-listed, Artemis Resources Ltd with a market capitalisation of £52 million, and £5 million placing.
  • Advised Canaccord Genuity Limited and H&P Advisory Limited on a secondary placing by AIM and TSX-V quoted Southern Energy Corp, together with a simultaneous prospectus offering in Canada, to raise aggregate gross proceeds of US$31 million.
  • Advised Canaccord Genuity Limited on a £98.2 million Block Trade Agreement to dispose of a 22% stake in Atalaya Mining plc on behalf of ICBC Standard Bank plc following its enforcement of security.

Watson Farley & Williams LLP

Watson Farley & Williams LLP advises a varied mix of listed companies, investment banks, NOMADs and brokers on a diverse range of transactions, including IPOs, secondary placings, reverse takeovers and private placements. Practice head Chris Kilburn is a key name for M&A, corporate finance and commercial transactions in the energy, mining and transport sectors. 'Technically excellent and also commercially focused', corporate finance and M&A specialist Jan Mellmann is another key contact.

Practice head(s):

Chris Kilburn


Other key lawyers:

Jan Mellmann


Testimonials

‘Sarah Williamson, great knowledge of the legal process in financing – equity raise cross multiple jurisdictions. Adaptability dealing with very different personalities on our Executive and Board. Excellent and delivering legal process to board in a concise manner that engaged them and go their attention!’

‘Responsive and solutions focused.’

‘Jan Mellmann is technically excellent and commercially focused.’

‘Very competent, practical advice.’

‘Jan Mellmann is a strong lawyer and always gives timely, practical advice.’

‘Very strong and deep team with good knowledge. They are very practical, highly responsive and cost effective.’

‘Jan Mellmann and Chris Kilburn are extremely practical and responsive. Always a pleasure to work with.’

‘WFW has the capabilities of a larger firm, but remains flexible like a smaller firm.’

Key clients

Beacon Energy plc


Celsius Resources


Southwind Corporation


Teichmann


88Energy Limited


Aminex plc


Chaarat Gold Holdings Ltd


Chesterfield Resources Plc


Coro Energy plc


Eco (Atlantic) Oil & Gas


Pala Investments Limited


Sandfire Resources Limited


Tianqi Lithium Corporation


TORM plc


Tower Resources


United Oil & Gas plc


VSA Capital Limited


Work highlights


  • Advised AIM-traded Beacon Energy plc on its reverse takeover of Rhein Petroleum GmbH.
  • Advised Celsius Resources Limited on its admission to trading on the AIM market of the London Stock Exchange and connected fundraising.
  • Advised TSX-listed Tenaz Energy Corp.on its all-share combination with AIM-listed SDX Energy PLC.