Listed/quoted company transactions: 2023 in review

31 January 2024

Articles

Author(s):

Charles Bond, Samantha Myers, David Brennan, Jeffrey Elway, Sunil Kakkad, Hugh Maule

Our Equity Capital Markets team experienced a busy 2023 which saw us remain one of the most active legal firms in the market.

In a year which saw new listings continue to be sparse, our team continued to be involved in multiple transactions and we are optimistic that we will see an upturn in activity in the equity capital markets arena in 2024.

Below are some of the highlights, covering floats, secondary fundraises and mergers and acquisitions spanning a range of market sectors and services.

Keen to find out how Gowling WLG can support your continued success into 2024? 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.

IPOs and Re-admissions

ONWARD OPPORTUNITES LIMITED

Advised newly formed investment company Onward Opportunities Limited on its admission to trading on AIM. The placing and admission saw the company successfully raise £12.75 million.

CAIRN FINANCIAL ADVISERS & FIRST EQUITY

Advised Cairn Financial Advisers (as nominated adviser) and First Equity (as broker) on Golden Metal Resources PLC's admission to AIM. Golden Metal Resources PLC is a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA.

Secondary Fundraises

LIBERUM & PETERHOUSE CAPITAL

Advised Liberum (nominated adviser and joint broker) and Peterhouse Capital (joint broker) on two secondary fundraisings for Helium One Global Limited, the primary helium explorer in Tanzania, raising £6.8 million and £6.0 million respectively.

ANDRADA MINING LIMITED

Advised African technology metals and mining company Andrada Mining Limited, on its US$25 million funding package with Orion Resource Partners to develop its Uis mine in Namibia and accelerate its lithium and tantalum revenue streams.

EDEN RESEARCH PLC

Advised biopesticides product and technology company, Eden Research plc, in relation to its fundraising of up to £11 million through a firm placing, conditional placing, subscription and retail offer.

AURRIGO INTERNATIONAL PLC

Advised international provider of transport technology solutions, Aurrigo International plc, on its £4.1 million fundraise through a Placing, Direct Subscription and Retail Offer via the BookBuild platform.

CONCURRENT TECHNOLOGIES PLC

Advised Concurrent Technologies plc, in relation to its fundraising of up to £6.8 million through a placing and retail offer.

CENKOS SECURITIES

Advised Cenkos Securities as bookrunner and broker on Velocity Composites plc's £6.2 million placing.

SINGER CAPITAL MARKETS & RBC EUROPE

Advised Singer Capital Markets (nomad and joint broker) and RBC Europe (joint broker) on Ondine Biomedical Inc.'s £2.85 million placing.

SHORE CAPITAL & BADEN HILL

Advised Shore Capital (nomad and joint broker) and Baden Hill (joint broker) on an equity fundraising which raised £6.15 million for Oxford BioDynamics plc, the leading medical device developer focused on lightweight and portable oxygen enrichment technology.

BUSHVELD MINERALS LIMITED

Advised vertically-integrated, primary vanadium producer Bushveld Minerals on its fundraise of approximately US$20 million by way of a non-pre-emptive placing and direct subscriptions with the Company by Southern Point Resources Partners Limited and others alongside a debt restructuring package.

HUMMINGBIRD RESOURCES PLC

Advised Hummingbird Resources on a subscription and open offer which raised $17.1 million in February and a subsequent subscription and open offer in December to raise up to US$30 million.

PHOENIX COPPER LIMITED

Advised Phoenix Copper Limited on its proposed placing of up to US$80 million of corporate copper bonds.

PANMURE GORDON & SP ANGEL

Advised Panmure Gordon (joint broker) and SP Angel (nominated adviser and joint broker) on BiVictriX Therapeutics plc's £2.1 million fundraise.

DOWGATE CAPITAL

Advised Dowgate Capital (broker) on the £3.32 million placing of shares and convertible loan notes for Belluscura plc, a leading medical device developer focused on lightweight and portable oxygen enrichment technology.

CAVENDISH SECURITIES

Advised Cavendish Securities on a placing, direct subscription and retail offer (via the Bookbuild platform) by AIM-quoted GENinCode plc raising £4.0 million.

Mergers and Acquisitions

ROUND HILL MUSIC ROYALTY FUND LIMITED

Advised Round Hill Music Royalty Fund Limited on the recommended £375.6 million cash offer made for it by Alchemy Copyrights, LLC.

NATIONAL MILK RECORDS PLC

Advised dairy technology company, National Milk Records on its cash acquisition by Associated British Foods for £48 million.

PACIFIC GREEN TECHNOLOGIES, INC.

Advised Pacific Green Technologies, Inc. on the development, project financing and agreement to sell Pacific Green's second battery energy storage system (BESS) project at Sheaf Energy Park in Kent, England.

PACIFIC GREEN TECHNOLOGIES, INC.

Advised Pacific Green Technologies, Inc. on its agreement to sell its 99MW Richborough Energy Park Battery Development for £74 million.

MOLTEN VENTURES PLC

Advised Molten Ventures plc on its £41.4 million all share takeover offer for AIM-listed, Forward Partners Group plc.

DOWGATE CAPITAL

Advised Dowgate Capital, financial adviser and broker to Belluscura plc on its £5.8 million all share takeover offer for standard listed, TMT Acquisition plc.

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