Liberum is pleased to announce that it acted as sponsor and joint bookrunner in relation to a firm placing and placing and open offer in NewRiver REIT plc (“NewRiver”), raising £225 million of gross proceeds for the Company at 335p per share.
Founded in 2009, NewRiver is one of the UK's largest owner/managers of convenience-led shopping centres with assets under management of £1.3 billion principally comprising 33 UK wide shopping centres together with further nationwide retail and leisure assets. The portfolio totals over 8 million sq. ft. with over 2,000 occupiers, an annual footfall of 150 million and a retail occupancy rate of 97 per cent. NewRiver is listed on the London Stock Exchange and is a constituent of the FTSE 250 and EPRA indices.
NewRiver intends to use the proceeds to acquire the 50 per cent. share that it does not already own in its BRAVO Joint Ventures for which the Company has exchanged conditional contracts as well as financing £30 million of identified (but not yet contractually committed) capital expenditure and risk-controlled development and pursuing the Group's acquisition pipeline.
Investment Banking – Richard Crawley, Jamie Richards, Jonathan Wilkes-Green
Sales – David Parsons, John Mozley
Research – David Brockton
Corporate Access – Mary-Jane Clarke
+44 (0) 20 3100 2000
We are delighted to have acted as financial adviser on two public offers, completed the IPO of a world leading service provider to the film industry, and raised equity for five listed clients in the Real Estate, Healthcare and Telecoms sectors.
Hornby – Mandatory Cash Offer
Liberum acted as Sole Financial Adviser and Broker to Phoenix Asset Management on its acquisition of an additional 20.9% stake in Hornby plc and the resulting mandatory offer for the entire share capital of Hornby. Phoenix Asset Management is an investment manager focused on long-term value investing and known for the high quality and depth of its investment research process.
Kalibrate Technologies – Recommended Cash Offer
Liberum acted as Sole Financial Adviser and Broker to Hanover Investors on its recommended cash offer for Kalibrate Technologies plc. Liberum successfully secured irrevocable undertakings covering 40% of Kalibrate’s share capital and acquired a further 10% in the market for Hanover. Hanover Investors is an active investment manager focused on small and mid-cap UK public companies.
FFI Holdings – IPO to raise £59m
Liberum acted as Nominated Adviser and Sole Bookrunner to FFI on its £236m IPO, raising £59m from institutional investors. The proceeds will be used to fund the Company’s consolidation strategy. FFI is the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming products.
Real Estate Credit Investments – Firm placing to raise £23.5m
Liberum acted as Sole Bookrunner to RECI in relation to a placing raising £23.5m pursuant to its placing programme. RECI intends to use the proceeds to invest in its current pipeline of attractive investment opportunities. RECI invests primarily in debt secured by commercial or residential properties in Western Europe and the United Kingdom.
CityFibre – Firm Placing to raise £200m and Offer for Subscription to raise a further £15m
Liberum acted as Joint Bookrunner and Joint Underwriter raising over £200m for CityFibre to acquire Entanet, substantially increasing the Company’s wholesale capabilities and relationships, and to fund the growth of the group’s full fibre network across UK towns and cities. CityFibre provides fibre connectivity services through designing, building, owning and operating fibre optic networks across the UK. The transaction is subject to shareholder approval on 27 July.
NewRiver REIT – Firm Placing and Placing and Open Offer to raise £225m
Liberum acted as Sponsor and Joint Bookrunner to NewRiver, raising £225m. The transaction was well supported by investors and subsequently upsized, providing capital to fund the Company’s acquisition and development pipeline. NewRiver is a FTSE 250 REIT and specialist real estate investor, asset manager and developer focused solely on the UK retail and leisure sector.
Assura – 9.9% Placing to raise £98.4m
Liberum acted as Joint Bookrunner to Assura, raising £98.4m. The transaction was very well supported by both existing and new investors from the UK, Europe and the US and was completed at a tight 1.6% discount. Assura is a FTSE 250 healthcare REIT which owns c.400 primary health care properties across the UK.
Shield Therapeutics – £12m Capital Raising
Liberum acted as Nominated Adviser and Joint Bookrunner to Shield, raising £12m. The transaction involved the coordinated exercise of warrants, a placing of new shares and a subscription by the company’s directors. Shield Therapeutics is a specialty pharmaceutical company focused on the development and commercialisation of pharmaceutical solutions to un-met medical needs.
Liberum is an independent investment bank with offices in London and New York.
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On 21 June, Phoenix UK Fund Ltd announced a mandatory cash offer for Hornby Plc following the acquisition of a 20.86% stake of Hornby from New Pistoia Income Settlement.
Hornby develops, manufactures and supplies hobby and toy products for a global market, with a collection of truly iconic brands spanning model railways, slot racing, die-cast models and plastic model kits. Hornby’s brands include Scalextric, Airfix, Corgi and Hornby.
Phoenix UK Fund is managed by Phoenix Asset Management Partners, a specialist fund management company founded in 1998 By Gary Channon, who acts as Chief Investment Officer. Last year Liberum acted as sole bookrunner on the three placings completed by Aurora Investment Trust, a fund managed by Phoenix.
This is the second public takeover offer Liberum has acted on in 2017.
- Shane Le Prevost
- Neil Patel
- Neil Elliot
- Ben Roberts
+44 (0) 20 3100 2000
Liberum advises Volution Group plc (Ticker: FAN LN) on its recommended cash offer today for Energy Technique plc (ETQ LN).
The acquisition is in line with Volution's strategy as it seeks to acquire businesses with well-established brands in heating, ventilation and air conditioning markets where there are favourable structural and regulatory dynamics and with an emphasis on heat recovery systems.
“This proposed acquisition is consistent with our stated strategy of making disciplined and value enhancing acquisitions," Volution CEO Ronnie George said in a statement.
"We believe that ETQ has a strong presence as a supplier to the UK New Build Commercial market which is highly complementary to our strong position in the UK New Build Residential sector," he added.
The transaction is expected to close by the end of the year.
Liberum is sole financial adviser and broker to Volution.
Peter Tracey, Head of Investment Banking
Neil Patel, Investment Banking
Press Enquiries: Redleaf Polhill
Seedrs will use the capital raised to expand significantly its marketing efforts in the UK and Europe, boost its platform development and expand into the US.
The Seedrs online platform provides a simple, highly professional process that empowers and protects investors while helping businesses raise capital and grow.
"It has been a real privilege to work with Liberum as we built our Series A fundraising round,” said Seedrs CEO and co-founder Jeff Lynn.
“They are true leaders in the alternative finance space, and they have a deep understanding of how businesses like Seedrs are creating value in the financial services ecosystem.
“The Seedrs team and I are very appreciative of the valuable advice, support and introductions they provided us throughout the fundraising process," Mr Lynn added.
“The investment by two such high-quality investors is a deserved endorsement for Seedrs,” Simon Atkinson, Liberum’s Head of Alternative Finance, said.
“Seedrs has from the outset focused on ensuring that investors get professional grade investor protections and can share in the success of the businesses that they provide capital to.
“This was an important factor in our wishing to work with them and is why we can see Seedrs playing a growing role on fundraisings alongside traditional investment banks like ourselves,” Mr Atkinson added.
Call the Liberum team below on +44 (0)20 3100 2000
Press Enquiries: Redleaf Polhill
Liberum is Joint Bookrunner and Global Co-ordinator on today's £50m placing of new ordinary shares in AIM-listed low-cost African airline fastjet plc (Ticker: FJET LN).
The proceeds are to be used to grow fastjet's operations in Tanzania and launch new ones, first in Zambia and Zimbabwe followed by Kenya and South Africa.
The company plans to grow its fleet of leased and owned aircraft to 34 by 2018 from three currently and the new funds raised will help purchase used Airbus A319 aircraft.
Admission and settlement of placing shares is expected April 22 subject to a General Meeting on April 20.
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