Gowling WLG Corporate activity: 12 month review, and the year ahead

08 February 2021

Gowling WLG's Capital Markets and Funds teams have enjoyed a strong start to 2021 following a busy 2020. Over the last 12 months, we've been supporting our valued clients on a variety of corporate matters to ensure their continued success.

Below are just a few of our highlights from 2020, covering floats, secondary fundraises and mergers and acquisitions for leading UK and international businesses, spanning a range of market sectors and services.

Keen to find out how Gowling WLG can support your continued success in 2021? Speak with a member of the team for more on our corporate activity and to understand how our leading lawyers can bring clarity to complex and challenging matters, and solutions to your business needs.

We look forward to working with you in the year ahead.

Corporate Deal Highlights from the last 12 months. Floats. Downing Renewables & Infrastructure Trust plc. Acted for Downing Renewables & Infrastructure Trust plc on its IPO on the FCA's Official List (premium segment) and LSE's main market which raised £122.5 million. Round Hill Music Royalty Fund Limited
Acted for Round Hill Music Royalty Fund Limited on its IPO on the Specialist Fund Segment of the LSE's main market. Triple Point Energy Efficiency Infrastructure Company PLC. Acted for Triple Point Efficiency Infrastructure Company PLC in respect of the publication of a prospectus relating to its IPO on the Specialist Fund Segment of the LSE's main market. The first issue raised £100 million.
Winterflood Securities Limited. Acted for Winterflood Securities Limited (as sponsor, financial adviser and placing agent) on the IPO of Schroder BSC Social Impact Trust plc on the FCA's Official List (premium segment) and LSE's main market. Secondary Fundraises. Revolution Bars Group plc. Acted for Revolution Bars Group plc on its £15 million equity fundraising and transfer from the FCA's Official List (premium segment) and LSE's main market to AIM. Draper Esprit Plc. Acted for Draper Esprit on its fundraise conducted by way of placing for a target issue of £100 million. The placing was oversubscribed and commitments were honoured raising £110 million. Bushveld Minerals Ltd. Acted for Bushveld Limited on a US$65 million secondary financing which included a $US35 million loan note convertible into Bushveld ordinary shares and a US$30 million production financing agreement, each with Orion Mine Finance, a mining-focused investment business.  Urban Logistics Reit plc. Acted for Urban Logistics Reit plc in relation to two fund raises which together raised £228 million. Both raises were conducted by way of placing, offer for subscription and open offer. Cenkos Securities / Shore Capital. Acted for Cenkos Securities plc (as broker) and Shore Capital (as nominated adviser) on RUA Life Sciences PLC's £7 million fundraise on AIM.
Cenkos Securities. Acted for Cenkos Securities plc (as nominated adviser and broker) on SkinBioTherapeutics plc's placing and open offer to raise £4.45 million on AIM. Auctus, Stifel / Strand. Acted for the nomad and joint brokers on the placing by PetroTal Corporation - a Canadian company listed on the TSX venture exchange and AIM with oil and gas assets in Peru. MD Barnard. Acted for MD Barnard & Company Limited (trading as 'Oberon Investments') in its role as placing agent for the £11.5 million placing by All Active Asset Capital Limited. Numis Securities. Acted for Numis Securities (as broker) on a £45 million placing for Bluefield Solar Income Fund Limited on the FCA's Official List (premium segment) and LSE's main market. Peel Hunt LLP / N+1 Singer Capital Markets Limited. Acted for Peel Hunt LLP and N+1 Singer Capital Markets Limited (as joint brokers and joint bookrunners) on a £28 million placing for Augmentum FinTech plc on the FCA's Official List (premium segment) and LSE's main market. Mergers and acquisitions. Williams Grand Prix Holdings plc. Acted for Williams Grand Prix Holdings PLC on the disposal of its F1 business to BCE Limited, a fund managed by Dorilton Capital Management LLC, valuing the business at €152 million. Codemasters Group Holdings plc. Acting for video games maker Codemasters Group Holdings plc on a recommended cash and shares takeover offer from Take-Two Interactive Software, Inc. and a subsequent recommended cash takeover offer from Electronic Arts Inc.  The EA takeover offer values Codemasters at approximately £945 million (US$1,248 million). Bacanora Lithium plc. Acted for Bacanora Lithium plc on the sale of its stake in Deutsche Lithium GmbH which owns a lithium mine in Germany, to Erris Resources plc – the transaction constituted by reverse takeover and readmission of Erris to AIM. 
Meggitt (UK) Ltd. Assisted the in-house team at Meggitt (UK) Ltd on its investment in HiETA Technologies Ltd - a UK company with world-leading capabilities in additive manufacturing. Bushveld Minerals Ltd. Acted for Bushveld Minerals Ltd on its acquisition, along with its joint venture partner Garnet Commerce Limited, via a new joint venture company Enerox Holdings Limited, of Enerox GmbH, a manufacturer of Vanadium Redox Flow Batteries in Austria (VRFBs). Hummingbird Resources plc. Acted for Hummingbird Resources plc on its acquisition of the Kouroussa Gold Project, located in Guinea and on the earn-in by ARX Resources Ltd into its Liberian gold project, with ARX Resources then reversing into TSXv listed Pasofino Gold. WH Ireland Group plc. Acted for AIM listed, WH Ireland Group plc on its acquisition of the entire issued share capital of Harpsden Wealth Management Limited, an independent financial advisory and wealth management company with approx. £250 million assets under management. Awards and success. Leading the AIM market. Gowling WLG once again topped the rankings for its number of FTSE AIM 100 clients in 2020. The firm was also No. 1 for the number of basic materials, financials and real estate clients, and consistently featured in the Top 3 for number of AIM clients and market cap. M&A league table success. Gowling was ranked 13th among all law firms for the number of UK M&A deals completed in 2020 by Bloomberg. 
Directory rankings. The firm is ranked by Chambers & Partners and The Legal 500 in the UK for Corporate M&A, Capital Markets: AIM, Equity Capital markets, Investment Funds, Listed Funds, Mid-Market and Private Equity, and Project Finance and PFI

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