LG advises new client Strand Partners on two international AIM deals
16 November 2007
LG, the London-based business law firm, has advised new client Strand Partners Limited ("Strand Partners") – the specialised corporate finance advisory and investment firm – in connection with two recent international AIM deals.
LG advised Strand Partners, nominated adviser and broker to Vestpa PLC on the company's reverse takeover of Chinese food group Full Fortune Holdings Pte Ltd ("Full Fortune"), valuing Full Fortune at £25.2m. The purchase price will be paid through £5m cash and 40.3 million new shares in Vestpa, which is to be renamed China Food Company PLC. The renamed group will look to expand its product range which includes soy sauce, vinegar and other food products.
In addition, LG is advising Strand Partners in connection with the £48.7m dual flotation of Xcite Energy Limited ("Xcite Energy") on AIM and the Toronto Stock Exchange. Strand Partners acted as nominated adviser to Xcite Energy – an oil exploration and development company based in Scotland, currently focused on the exploration and development of heavy oil resources in the North Sea.
Tom Nicholls, LG corporate partner leading the teams advising Strand Partners, said: "We're delighted to have been instructed for the first time by Strand whom we have previously acted alongside for a number of mutual clients. Strand have a clear focus on the continuing attraction that AIM holds for international companies looking to grow their businesses."
The LG team advising Strand Partners also included associates Claire Steel and David Reith.
Dealings in shares of Xcite Energy on AIM started today, 16 November. Re-admission of the shares of China Food to AIM is expected to start on 6 December 2007, subject to shareholder approval.
Legal advisers to China Food Company PLC were Fasken Martineau Stringer Saul. Xcite Energy was advised by Stikeman Elliott.
Note to editors:
- LG advises entrepreneurial and growth market clients seeking to raise capital for their business ventures. It has advised on 250 AIM transactions raising more than £3.3 billion – 7% of all monies raised on AIM so far.
- Strand Partners is a focused and specialised corporate finance advisory and investment firm which concentrates on providing financial advice to public and private UK corporates, private equity houses and qualified investors. Strand Partners' speciality lies in its ability to offer financial and intellectual resources and sound advice not usually available to the UK middle market, working in partnership with clients to craft creative solutions to their financial and strategic challenges.