LG advises on AIM secondary issues raising $780 million
25 May 2007
LG’s investment funds team have advised two existing AIM quoted client funds, Vinaland Limited ("Vinaland") and ARC Capital Holdings Limited (“ARCH”) on significant secondary issues raising over $780 million.
Vinaland focuses on investment in key growth segments within Vietnam’s emerging real estate market; namely, residential, office, retail, industrial and leisure projects. It raised approximately $407 million by way of a placing in March 2007.
ARCH, which invests in China’s rapidly growing retail and consumer sectors, raised approximately $375 million by way of a placing in May 2007.
The LG team advising Vinaland and ARCH consisted of corporate finance partner Nick Heather and corporate associate John Reed.
Commenting on the deals, Nick said: “We continue to be very busy on closed end fund structures that are listed on AIM. Last year (2006) we acted on issues that raised approximately £1 billion. These deals and our current pipeline suggest we should do even better this year."
In both cases the placings were carried out by the funds' respective investment managers in conjunction with LCF Edmond de Rothschild Securities Limited, the existing brokers to each fund. Grant Thornton UK LLP is the nominated adviser to both Vinaland and ARCH.
Vinaland was originally admitted to AIM in March 2006 at which time it had a market capitalisation of $204.8 million. Following the secondary issue, Vinaland is now capitalised at approximately $770 million.
ARCH was originally admitted to AIM in June 2006 at which time it had a market capitalisation of $120 million. Following the secondary issue ARCH is now capitalised at approximately $573.8 million.
Note to editors
- LG is a business law firm, advising clients around the world. Our base is in London but, like our clients, our reach is global. Our clients' businesses are complex and fast-changing, so our services are flexible to meet their needs.
- LG has advised on over 200 AIM transactions, helping clients to raise over £2 billion in new funds.
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Nick Heather
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