Clipper sails onto FTSE Aim 50
14 September 2005
US company rolls out new windpower technology through £180 million flotation
The Clipper Group ("Clipper") is being advised by London-based corporate law firm LG on its placing and admission to AIM. Unconditional trading in Clipper's shares began today, 15 September 2005, and it has an initial market capitalisation of £180 million taking it straight into the new FTSE AIM 50 index.
US-based Clipper designs wind turbines and is a developer and owner of wind development projects. Through a placing of 39,473,684 ordinary shares approximately £75 million will be raised comprising £65 million gross for Clipper and £10 million gross for certain selling shareholders. The new funds raised for Clipper are to be used for the development of wind power projects into which Liberty turbines – a new model turbine offering efficiency and a lower cost of energy - will be installed.
Hugh Maule and Tom Nicholls, corporate partners at LG, led the team advising Clipper with assistance from John Reed, Claire Steel, Michael Murphy (tax), Danica Banks and Alissa Pfitzner (employment). Hugh commented:
"The global windpower market is set to grow for the foreseeable future. In the UK the government plans to generate 15% of energy from renewable resources by 2015 and opportunities are ripe for companies investing in the sector. We are pleased to be involved in the growth of Clipper and its important new technology."
He adds: "The AIM market is increasingly an attractive alternative for foreign companies; for example, it offers significantly lower costs of energy and less onerous regulatory requirements than Nasdaq. Our pipeline of work suggests that the number of overseas companies on AIM is set to continue its dramatic rise."
Lehman Brothers are nominated adviser and broker to the float; their legal advisers were Freshfields. US attorneys, Reicker, Pfau, Pyle & McRoy LLP provided US legal advice to Clipper.
Notes to editors
- Lawrence Graham LLP is a London-based corporate law firm which has advised on over 140 AIM transactions raising in excess of £950 million.
- With over 270 lawyers, Lawrence Graham offers companies, institutions and individuals a broad range of legal solutions based on commercial and practical advice.
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Hugh Maule
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