Liberum
MENU

News

Liberum acts as Nominated Adviser & Sole Bookrunner on the IPO of Aquis Exchange PLC

14 June 2018 | IPO

CF-logo -New -Green (2)

We are pleased to announce that Liberum has successfully raised £32m in connection with theAIM IPO of Aquis. The shares were admitted to trading on 14 June 2018.

Aquis operates a cash equities trading venue with a unique subscription-based pricing model. Members are charged a monthly subscription fee based on the number of trading messages submitted on average during the month. Aquis also licences out its technology and, from 1 July 2018, will charge market participants and data providers for its market data.

Founded by the former CEO of Chi-X Europe, Aquis commenced trading in 2013 and has since grown to reach a market share of c.2% of the overall pan-European market. It is well positioned for the new regulatory environment with MiFID II leading to more trade through ‘lit’ venues such as Aquis.

Liberum raised £12m of new money, introducing a number of high quality investors, and £20m of secondary capital, providing liquidity to selling shareholders, including the Warsaw Stock Exchange who sold down their 20% holding in full.

Following a successful management roadshow and bookbuild, Liberum priced the IPO at the middle of the indicated valuation range, resulting in a market capitalisation on admission of £73m.

Liberum acted as NOMAD and Sole Bookrunner on the IPO, and is retained as NOMAD and Sole Broker to the company post admission. This transaction follows on from a pre-IPO fundraise in 2016, where Liberum raised £5.4m.

Liberum Team

Board – David Parsons

Investment Banking – Clayton Bush, Chris Clarke, Jill Li, Kane Collings

Research – Justin Bates, Jamie Donald

Sales – Oliver Baxendale, Julian Collett, Gerard O’Doherty, Lisa Tugwell, Steve Keeling, Mike Neish

Corporate Access – Marcio Remedios

Liberum acts as Joint Bookrunner on Workspace Group’s £180m placing

08 June 2018 | Joint Bookrunner

Workspace

We are pleased to announce that Liberum successfully raised c. £180m through the placing of 16.3m shares in Workspace at 1,100p with institutional investors. BofAML was Joint Bookrunner alongside Liberum.

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages 3.7 million sq. ft. of business space across 66 London properties which it lets directly to customers.

The Group will use the £180m proceeds for the following:

• capital expenditure required for the ongoing project pipeline, which is intended to enhance the Company's rental income and value;

• continued implementation of the targeted acquisition strategy of properties across London where the Company believes there is an opportunity to apply the Workspace model to drive rental growth and value uplift;

• the recent acquisitions of five of the Centro buildings in Camden for £109 million in February 2018 and the remaining two Centro buildings for £76.5 million in April 2018; and

• other general corporate purposes.

Workspace is a FTSE 250 listed Real Estate Investment Trust and a member of the European Public Real Estate Association (EPRA).

Liberum was appointed as Joint Corporate Broker to the Company in October 2013 and raised £96.5m for Workspace in 2014.


Liberum Team
Board – David Parsons
Investment Banking – Richard Crawley, Jamie Richards, Jonathan Wilkes-Green, Louis Davies
Sales – John Mozley
Research – David Brockton, James Ashley
Execution – Graham Smith, Mark O'Hara
Corporate Access – Lynsey Cox

Press Enquiries: Redleaf Polhill

Emailpr@liberum.com

Tel +44 (0)20 3100 2000

Follow Liberum

Twitter@LiberumToday
LinkedInLiberum

 

Liberum acts as Nominated Adviser & Sole Bookrunner on the IPO of Codemasters Group Holdings plc (“Codemasters”)

01 June 2018 | IPO

Code

Largest AIM IPO capital raise in 2018

We are pleased to announce that Liberum has successfully raised £185m in connection with the IPO of Codemasters (AIM: CDM). The shares were admitted to trading on 1 June 2018.

Codemasters is a video game developer and publisher, specialising in high quality racing games.

Headquartered in Southam, Warwickshire, the Group is one of the most recognised British gaming companies, with a 30 year track record of producing successful titles. The Group has approximately 500 full time employees and operates in three UK locations – Southam, Birmingham and Runcorn.

Liberum conducted a targeted investor pre-marketing exercise which delivered a number of quality cornerstone investors. The IPO research report helped position Codemasters attractively in a global peer group and the management roadshow resulted in a very high hit-rate of orders to meetings.

Liberum launched the IPO as a “fixed price offer” at a market capitalisation of £280m, having received strong valuation feedback from cornerstone investors. This helped generate early momentum in the bookbuild, and driven by the strength and quality of the institutional demand, resulted in the offering being up-sized from £150m to £185m.

Liberum acted as NOMAD and sole bookrunner on this IPO, and is retained as NOMAD and Sole
Broker to the Company post Admission.

Liberum Team

Investment Banking – Neil Patel, Cameron Duncan, William Hall

Research – Andy Bryant, Alex Schmidt

Sales – Julian Collett, Oliver Baxendale, Sebastian Fernandez, Lisa Tugwell, Gerard O’Doherty

Corporate Access – Marcio Remedios

Press Enquiries: Redleaf Polhill

Emailpr@liberum.com

Tel +44 (0)20 3100 2000

Follow Liberum

Twitter@LiberumToday
LinkedInLiberum

Liberum acts as NOMAD and Sole Bookrunner on Gresham House plc's £15m placing

22 May 2018 | Nomad and Sole Bookrunner

 GH

We are pleased to announce that Liberum has successfully raised £15m through the placing of 3.7m shares in Gresham House at 410p with new and existing institutional investors.

Gresham House is a specialist alternative asset manager offering funds, direct investment and tailored investment solutions, including co-investment, on a range of differentiated alternative investment strategies.

The Company will use the £15m proceeds to partially fund the acquisition of FIM Services Ltd, an alternative investment manager specialising in UK real assets, specifically forestry (83,000 hectares) and renewable energy generation (137MW).

FIM will be acquired for an initial consideration of £21 million (£11 million of cash and £10 million of Gresham House equity) with a deferred
consideration of up to £4 million payable in cash and based upon certain performance criteria.

The acquisition will more than double Gresham House’s AUM, taking it from £649 million to c.£1.5 billion of assets under management. In addition, the acquisition will make the enlarged group profitable and significantly enhance EPS.

Liberum acted as NOMAD and Sole Bookrunner on the placing. Taurus London acted as Financial Advisor on the acquisition.

Liberum Team

Investment Banking – Neil Elliot, Jill Li, Youichi Iisaka, Trystan Cullen
Sales – SMID Cap team
Specialist Sales – Steve Keeling
Execution – Graham Smith, Mark O'Hara
Corporate Access – Lucy Williams, Marcio Remedios

Press Enquiries: Redleaf Polhill

Emailliberum@redleafpr.com

Call: +44 (0)20 7382 4747

Follow Liberum

Twitter@LiberumToday
LinkedInLiberum

 

Liberum acts as NOMAD and Sole Bookrunner on Volex plc's £36m placing

17 May 2018 | Nomad and Sole Broker

Volex

We are pleased to announce that Liberum has successfully raised £36m through the placing of 48m shares in Volex at 75p with new and existing institutional investors.

Volex is a global provider of electrical and optical connection solutions and has recently moved from the Premium Segment of the Main Market to AIM in January 2018 as part of its new long-term strategic plan to develop new markets through acquisitions and joint venture arrangements with strategic partners.

The Company’s will use the £36m proceeds (at current FX rates) for the following:

  • c.$20m for the acquisition of Silcotec Europe (cable assembly manufacturer), further diversifying the customer base and consolidating the fragmented Cable Assemblies market;
  • c.$20m over-equitisation adds to a net cash position generating greater firepower for deployment in further deals and reduces reliance on previously restrictive banking facilities; and
  • c.$10m is earmarked for internal investment
    – we expect c.$3m of incremental capex to invest in automation with the balance going into working capital to support organic growth opportunities with a prominent EV manufacturer and Dyson.

The Placing is conditional on shareholder approval at a General Meeting of the Company to be held on 4 June 2018, with admission of the Placing Shares to take place on 5 June 2018.

Liberum acted as NOMAD and Sole Bookrunner on the placing.

Liberum Team

Investment Banking – Steve Pearce, Euan Brown, Laura Hamilton
Sales – Oliver Baxendale, Julian Collett, Tim Mayo
Research – Rory Smith
Execution – Graham Smith, Mark O'Hara
Corporate Access – Marcio Remedios

Press Enquiries: Redleaf Polhill

Emailliberum@redleafpr.com

Call: +44 (0)20 7382 4747

Follow Liberum

Twitter@LiberumToday
LinkedInLiberum

 

 

Liberum appointed Joint Corporate Broker to MedicX Fund Limited

10 May 2018 | Joint Corporate Broker

Medicxfund

Liberum is pleased to announce its appointment as Joint Corporate Broker to MedicX Fund Limited.

MedicX is a specialist primary healthcare REIT which invests in modern, purpose-built primary healthcare properties in the UK & Republic of Ireland. The Company has a portfolio of 151 completed properties with an average value of £4.4m.

MedicX selectively buys high quality dominant assets or forward-funds new schemes under framework agreements with a range of experienced developers in both the UK and the Republic of Ireland.

The fund is listed on the Premium Segment of the Main Market and has a market capitalisation of c.£346m.

Liberum has been appointed as Joint Corporate Broker alongside Canaccord, with immediate effect.

Liberum Team

Board – David Parsons
Investment Banking – Richard Crawley, Jamie Richards, Laura Hamilton, William Hall

Sales – John Mozley
Research – David Brockton
Corporate Access – Lucy Williams

Press Enquiries: Redleaf Polhill

Emailliberum@redleafpr.com

Call: +44 (0)20 7382 4747

Follow Liberum

Twitter@LiberumToday
LinkedInLiberum