RadcliffesLeBrasseur has comprehensive experience of acting for either the issuing company or the sponsor/broker on initial public offerings on the Official List of the London Stock Exchange and AIM and on secondary issues by companies on those markets. We have also advised on numerous applications for trading on OFEX.
Our involvement in a flotation normally includes the following:
- reviewing the issuing company's structure, business and contracts, carrying out legal due diligence and preparing a due diligence report.
- drafting the technical sections of the listing particulars/prospectus and assisting in the drafting of the marketing sections.
- drafting or approving all key commercial agreements, including agreements for the acquisition of shares or businesses, placing/agreements and service agreements for the directors of the issuing company.
- verifying the contents of the listing particulars/prospects and the marketing material.
- briefing the directors of the issuing company on their responsibilities as directors of a fully listed/AIM quoted company.
- drafting or approving EMI or other share option plans.
- determining the share capital of the issuing company and providing for the necessary directors' authorities to allot shares.
- approving all ancillary agreements and documentation, including Stock Exchange announcements, directors' powers of attorney and responsibility statements, letters of appointment of non-executive directors and shareholders' undertakings.
Some examples of recent work are:
- acting for CMG on its admission to the Official List of the London Stock Exchange.
- acting for sponsor and broker of Hartest Holdings on a £1m placing and acquisition on its admission to the Official List of the London Stock Exchange.
- assisting with the flotation of a chemical testing company on the Official List of the London Stock Exchange with a market capitalisation of £600m+.
- advising Avalon Oil on its flotation on AIM with a market capitalisation of £75m and £33m of funds raised, which at the time was one of the largest AIM fundraisings.
- acting for Tom Hoskins on its admission to AIM.
- acting for Blazepoint Group on its admission to AIM.
- acting in the reverse takeover of Corporate Synergy and the admission of the acquiring company to AIM.
- advising on applications to OFEX by several companies, including a flooring retailer, a steel manufacturer, a film production company and the holding company for a chain of nightclubs.