Freddie Whittle
Associate
Article
Publié05 février 2025
Listed/quoted company transactions: 2024 in review
Our Equity Capital Markets team continued to be one of the most active law firms in the market, despite a year which, again, saw new listings follow a similar trend to 2023. Our team continued to be involved in multiple transactions and remain optimistic in seeing an upturn in activity levels during 2025.
In this article, we've put together some of the highlights from throughout 2024, covering floats, secondary fundraises and mergers and acquisitions across a range of different market sectors and services.
Are you looking to find out how Gowling WLG can support you on your next venture or continued success through 2025? Our team are on hand to help you understand how our leading lawyers can break through the jargon and bring a sense of calm and clarity to complicated and difficult issues, offering solutions for you and your business.
We look forward to working with you in the year ahead.
IPOs and Re-admissions
Panmure Liberum
Advised Panmure Liberum as nominated adviser, corporate finance adviser and broker on Optima Health Plc's admission to AIM.
London Tunnels
Advised London Tunnels on its direct listing and admission to trading on Euronext Amsterdam, with a market capitalisation of approximately £130 million.
RC Fornax plc
Advised RC Fornax plc on its successful placing and admission to trading on AIM. The IPO was the first on AIM in 2025.
Secondary Fundraises
Pulsar Helium AIM IPO Dual Listing
Our combined Canadian and UK Capital Markets team advised Pulsar Helium Inc. on a £5 million fundraise and dual listing of the listed company with helium assets in Minnesota and Greenland.
Panmure Liberum
Advised Tavira Financial (acting as financial adviser and joint broker) and OAK Securities (joint broker) on the reverse takeover of Georgina Energy Plc and the admission of its enlarged share capital to trading on the Official List and the London Stock Exchange.
Panmure Liberum and Zeus Capital
Advised Panmure Liberum and Zeus Capital (acting as joint bookrunners) on Helium One Global's placing and a direct subscription, which raised proceeds of £8 million through an accelerated bookbuild process.
Cavendish Capital Markets and Allenby Capital
Advised Cavendish Capital Markets ("Cavendish") and Allenby Capital on the secondary placing of Hardide plc to raise approximately £870,000.
Cavendish Capital Markets
Advised Cavendish on a conditional fundraising by AIM-traded IXICO plc, conducted through an accelerated bookbuild process undertaken by Cavendish and conditionally raised proceeds of £4 million.
Zeus Capital
Advised Zeus Capital on a placing to raise approximately £1.5 million through the issuance of approximately 500,000,000 new shares at a price of 0.3 pence per ordinary share.
Panmure Liberum
Advised Panmure Liberum on the placing and retail offer by Feedback plc, together with a secondary placing and retail offer, to raise approximately £5.5 million.
Panmure Liberum
Advised Panmure Liberum on a second fundraise for the clinical infrastructure specialist, Feedback plc, raising £6.1 million through a placing.
Shore Capital and Northland Capital Partners (Baden Hill) and WG Partners
Advised Shore Capital (acting as nomad and joint broker), Northland Capital Partners (trading as Baden Hill) and WG Partners (both also as joint brokers) on the subscriptions, a placing and a Primary Bid offer raising £9.9 million for AIM-listed Oxford BioDynamics plc.
Aurrigo International
Advised international provider of transport technology solutions, Aurrigo International plc, on its conditional raising of £5.3 million through a placing and retail offer.
Dowgate Capital and SPARK Advisor Partners
Advised Dowgate Capital (acting as broker) and SPARK Advisor Partners (acting as nominated adviser) on a placing of convertible loan notes (together with a subscriptions for shares) of AIM-listed, Belluscura plc, to raise £1.92 million.
Additionally, the team acted for Dowgate Capital (acting as AQSE corporate adviser & broker) on a placing of convertible loan notes for AQSE-listed, OTAQ plc, to raise £1.79 million.
Mergers and Acquisitions
Hummingbird Resources plc
Advised Hummingbird Resources plc on the unconditional recommended cash offer by Nioko Resources Corporation by means of a takeover offer under Part 28 of the Companies Act, in parallel with the debt-to-equity conversion.
Also acted for Hummingbird on a conditional binding subscription agreement with CIG and Nioko for the issuance of, in aggregate, 863,079,491 new ordinary shares in Hummingbird at a price of 2.6777 pence per share. The issuance facilitated the conversion of approximately £23.1 million (c. US$30 million) of existing loan facilities provided by CIG into equity.
Informa plc
Advised on the acquisition of the entire membership interest of IMN US LLC by Informa ISA, inc., providing advice relating to the transfer and ongoing liabilities and commitments to employees.
Andrada Mining Limited
Advised Andrada Mining Limited on a three-stage earn-in with Chile-based SQM, one of the world's largest Lithium chemicals producers, to develop jointly the Lithium Ridge asset in Namibia.
Ariana Resources
Advised AIM-listed mineral exploration and development company, Ariana Resources plc, on the English law aspects of its merger with Rockover Holdings Limited, a Zimbabwe-focused gold miner, which holds the Zimbabwean Dokwe Project.
Shareholders of The Exclusive Services Group
Advised shareholders of The Exclusive Services Group Limited on the sale of shares to the value of approximately £15 million.
Bushveld Minerals
Advised Bushveld Minerals, a primary vanadium producer in South Africa, on the binding term sheet with Southern Point Resources Fund I S.A. LP ("SPR") to conditionally sell the company's asset, Vanchem, for a total consideration of up to US$40.6 million, comprising an initial consideration of US$20.6 million and a deferred consideration of between US$15 million and US$20 million.
Electrum Discovery Corp - Participation
Advised Electrum Discovery Corp on the Participation Agreement for funding from BHP worth £0.5 million.
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