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.’
Equity capital markets – small-mid cap in London
CMS
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’
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.’
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.