Gowling WLG advises Cenkos Securities and Berenberg on XLMedia's £24 million fundraising

2 minute read
23 March 2021

A team of experts from international law firm Gowling WLG has advised Cenkos Securities plc (nomad and joint broker) and Berenberg (joint broker) as joint bookrunners on XLMedia plc's oversubscribed £24 million placing and subscription as well as its open offer to raise up to an additional £3 million from qualifying shareholders.

AIM-listed company XLMedia is an online performance-based digital publishing business operating across multiple territories, focused on audience segmentation, engagement and activation. It seeks to deliver high quality consumer engagement through its core branded sites in personal finance, sports and gaming, enabling it to direct paying customers to its partners for an agreed fee.

The company has announced a total of 58,727,398 Placing Shares have been successfully placed at a price of 40 pence per ordinary share with new and existing investors, which together with the subscription has conditionally raised gross proceeds of approximately £24 million.

Gowling WLG's team advising on the deal was led by corporate partner Hugh Maule, corporate principal associate Alex Davidson and trainee solicitor Rachel Bright.

Hugh said: "We are pleased to have worked with Cenkos Securities and Berenberg on this heavily oversubscribed fundraising. The level of demand for XLMedia's placing is further evidence of increased confidence in the market in the midst of the challenging global economic environment of the last 12 months."

Gowling WLG is recognised for its leading position in the AIM market. The firm brings together experts in corporate, finance, tax, regulatory and dispute resolution to provide a full legal service to its clients.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.