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28 April 2017

Charles Russell Speechlys supports Europe's most active exchange for IPOs in Q1 2017

A recent pwc report indicated that London has regained its position as Europe’s most active exchange for IPOs recently. Charles Russell Speechlys has advised on a significant number of these, as well as a series of placings across AIM and across the premium, standard and specialist fund segments of the Main Market.

We supported and advised the management team on the Main Market float of Ten Entertainment Group plc on 12 April 2017, which valued the company at £107 million. Our in-depth knowledge and ability to advise on leadership, markets and business aspects ensured we could support chairman Nick Basing, Chief Executive Alan Hand and others on all areas of planning ahead of the float and beyond.

On the company side, we recently acted for foreign exchange specialist Alpha FX on their IPO on AIM, which raised £30 million; and Dukemount Capital, the high yield real estate and investment services company in the property sector on its Main Market listing.

Real Estate investment is a key focus area for us and the Dukemount Capital IPO on the Standard List demonstrates our innovative approach to raising capital for investors in this sector. Higher profile was the IPO of Impact Heathcare REIT PLC, which raised £160m on its admission to trading on the Specialist Fund Segment of the Main Market on 7 March.  We acted for the vendors of the healthcare properties forming the seed portfolio and for Impact Health Partners LLP, the investment adviser and associate of the vendors which sources and operates the care homes.

Also playing to our traditional healthcare sector strengths, the team advised leading specialist social care provider Caretech Holdings plc on their latest over-subscribed placing, raising £39 million in March.

We have also advised junior miner ECR Minerals plc on a placing with a new investor, and N+1 Singer as nominated adviser and broker on its £10 million placing for Harwood Wealth Management Group plc, and sell down of existing shares.

We have also noted renewed activity in the funds sector, with the team acting for investment manager, Tier One Capital, on the Main Market IPO of TOC Property Backed Lending Trust plc and supporting on another tender offer for Mithras Investment Trust plc. This is the sixth tender offer that we have advised on for Mithras, returning in excess of £30 million to shareholders.  In addition, we acted for Grant Thornton UK LLP, nominated adviser, and Cantor Fitzgerald Europe and Mirabaud Securities LLP, the joint bookrunners and corporate brokers, on a placing and subscription in March by Duke Royalty Limited, a diversified royalty investing company, which raised £15 million, and on the company’s re-admission to AIM.

Andrew Collins, Corporate Partner, congratulates our clients and team stating: “We are pleased to see that post Brexit, investors and management teams are still looking to London’s Capital Markets to raise funds. We are seeing a healthy mix of sectors adopting innovative approaches from companies using the public markets to their advantage and we are confident that this will help them to secure long term growth. I would like to take this opportunity to thank the Charles Russell Speechlys team in supporting our clients to reach their goals.”

“We are also delighted that Paul Arathoon is being promoted as a partner in the Capital Markets team. Paul qualified into the Corporate team in 2007, and is an ECM specialist.”

The team are currently listed eighth in the total number of AIM clients and 17th in the total number of small /fledgling clients in the Advisers Rankings Guide, which ranks law firms for the total number of public clients for whom they act.

For more information please contact Andrew Collins on +44 (0)20 7427 6511 or