21 Dec 2010
LG advises on fast track AIM admission and £20m fundraisings
International business law firm Lawrence Graham LLP ("LG") has advised nominated adviser and broker Cenkos Securities plc on two AIM-related transactions.
The first was a 'fast-track' admission to AIM and associated fundraising for Wasabi Energy Limited, a global renewable energy and clean technology company which invest in projects and companies that seek to find solutions to global sustainability challenges. It sought an admission to AIM under the 'fast-track' route on the back of its existing quotation on the Australian Securities Exchange and simultaneously undertook a £4.9 million fundraising. Trading in Wasabi's shares on AIM commenced on 6 December 2010.
Secondly, an acquisition-related fundraising was carried out for Brady plc, a company providing commodities software solutions. It raised £15 million, before expenses, by way of a Placing by Cenkos to fund the acquisition of Viz Risk Management Services AS for an aggregate consideration of Kr 92.5 million - approximately £9.6 million - and Brady's ongoing working capital requirements. Viz is a privately-owned Norwegian company and a leading provider of trading and risk management systems for the energy markets, primarily electricity, gas, coal and emission certificates. The Placing and acquisition are due to complete on 23 December 2010.
Jeffrey Elway, head of LG's Capital Markets team, who led the team advising Cenkos with assistance from Corporate solicitor, Jenna Beever, said: "We were delighted to have acted for Cenkos on these two projects, which demonstrate Cenkos' continuing activity in what is still a difficult AIM market and its ability to raise funds in a number of different market sectors."