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04 February 2015

Charles Russell Speechlys advises S P Angel Corporate Finance on one of the largest AIM IPOs so far

Charles Russell Speechlys was pleased to act for S P Angel as nominated adviser on the admission of Aquatic Foods Group Plc to AIM on 3 February. Aquatic raised £9.3 million through the issue of 13.2 million shares at 70 pence each. Based on the placing price, this makes it the largest IPO to AIM market of 2015.

The net proceeds of the Fundraising will be used in part to expand the Group's processing capabilities, through the purchase of machinery to increase process automation as well as expanding into additional facilities to ensure the Group can meet the anticipated increase in production demand; and increase sales through investment in continued product innovation and further expanding its product distributor network across the PRC.

Charles Russell Speechlys advised S P Angel in its role as nominated adviser to Aquatic. The team consisted of Tom Shaw (Partner), Paul Arathoon (Senior Associate) and Amelly Kok (Associate).  Olswang-Azlinda Ariffin-Boromand (Partner), Nicole Gyring-Nielsen (Senior Associate), Ariana Gale (Trainee) and Natalie Coan (Trainee) acted for Aquatic. Crowe Clarke Whitehill were reporting accountants.

Speaking of the transaction, Li Xianzhi, CEO of Aquatic Foods Group said "Aquatic Foods Group's fundraising and admission to AIM marks an important landmark for the company as we look to grow and cement our place as a leading Chinese marine foods and seafood processing company."

Stuart Gledhill, Director, Corporate Finance at SP Angel said “We enjoyed working with Charles Russell Speechlys again on this project. The team’s quick response times and creative thinking were invaluable. Paul Arathoon in particular provided excellent insight and support in assisting us as the transaction progressed. Exactly what we wanted.”

Corporate Partner Tom Shaw stated “We are pleased to support S P Angel on this admission and congratulate Aquatic Foods Group Plc. We have many capital markets transactions in the pipeline and hope to see equally positive outcomes for those clients.”

Earlier this week, the team were pleased to be ranked in a number of different tables within the AIM Advisers Rankings Guide – January 2015, including in key areas of focus Basic Materials, Consumer Services, Health Care and Technology. Our Capital Markets expertise, coupled with sector specialist Commercial advice means the team are regularly seen as the go-to law firm for clients in these industries.

This latest IPO further demonstrates Charles Russell Speechlys’ commitment to and experience in the AIM market.