We are pleased to announce that Liberum acted as Sole Sponsor and Joint Bookrunner on a Firm Placing and Placing and Open Offer to raise approximately $425m (£327m) for Sirius Minerals, which completed today. In addition, the Company raised a further $400m through the issue of convertible bonds, raising total gross proceeds of $825m. J.P. Morgan Cazenove (JPM) acted as Sole Global Coordinator and Joint Bookrunner alongside Liberum on the Firm Placing and Placing and Open Offer and Sole Bookrunner on the Convertible Bond Offering
Sirius Minerals Plc is focused on the development of the Woodsmith Mine, which will access the world's largest and highest grade polyhalite deposit located in North Yorkshire, United Kingdom. Polyhalite is a unique multi-nutrient fertilizer, which can be used to increase balanced fertilization around the world.
The placing and convertible bond offering is part of a larger $3.8bn financing plan, which includes a $2.5bn RCF facility provided by JPM and a $500m high yield bond issue to be completed during the summer of 2019.
Shares were priced at 15p. The oversubscribed placing attracted strong support from high quality existing and new investors. Sirius Minerals intends to use the proceeds from the fundraise to continue the construction of their Woodsmith Mine.
Liberum was appointed as Joint Corporate Broker to Sirius Minerals in June 2011 and has helped raise over $1bn (£810m) over 5 transactions.
Board – David Parsons
Investment Banking – Clayton Bush, Richard Bootle, Edward Thomas, Trystan Cullen, William Hall
Research – Richard Knights
Sales – Sebastian Fernandez, Julian Collett, Edward Blair, Lisa Tugwell
Corporate and Investor Relations – Lynsey Cox, Marcio Remedios
We are pleased to announce that Liberum acted as Joint Bookrunner on a Placing to raise £60m for Brewin Dolphin. RBC acted as Joint Bookrunner alongside Liberum and Rothschild & Co acted as Financial Adviser.
Brewin Dolphin is a private client wealth manager with an office network across the UK. It offers services to retail clients and charities, including discretionary and advisory wealth management as well as an execution-only service.
Brewin Dolphin has invested circa £70 million in inorganic growth initiatives comprising i) the acquisition of the wealth management operations of Investec Group in the Republic of Ireland; ii) the acquisition of the business and assets of Epoch Wealth Management LLP; iii) the acquisition of three other smaller businesses; and iv) new strategic organic initiatives - including 1762 and WealthPilot.
The Placing was undertaken to maintain a strong regulatory capital level for the Group, providing it with continued financial flexibility for further development opportunities.
Board – David Parsons
Investment Banking – Richard Crawley, Cameron Duncan, Jonathan Wilkes-Green, Ed Phillips
Research – Ben Williams
Sales – Steve Keeling, Julian Collett, Oliver Baxendale, Lisa Tugwell
General Counsel – Rebecca Gordon
Corporate and Investor Relations – Natalie Clarke
Liberum acts as adviser to Manx Telecom plc on its £256m public takeover by Basalt Infrastructure Partners
Liberum is pleased to announce its role as Financial Adviser, Corporate Broker and Nominated Adviser to Manx Telecom plc in connection with its public takeover by Basalt Infrastructure Partners.
The recommended cash offer of 215p per share valued Manx Telecom at approximately £256m, representing a premium of 31% to the three month VWAP.
BIP are an infrastructure focussed private equity firm which target mid-market investments in companies operating essential infrastructure in Western Europe and North America.
The transaction concludes a successful 5 year journey as a public company. Liberum lead Manx Telecom’s IPO in February 2014 and has acted as its Nominated Adviser and Corporate Broker since.
Investment Banking – Steve Pearce, Joshua Hughes, Euan Brown, Kane Collings
We are pleased to announce that Liberum, along with Peel Hunt, has successfully raised £83m in connection with the AIM IPO of Loungers plc. The shares were admitted to trading today.
Loungers is an operator of 146 café/bar/restaurants across England and Wales under two distinct but complementary brands, Lounge and Cosy Club. The Group is the only growing all-day operator of scale in the UK, with a strong reputation for value for money.
The IPO valued the company at an Enterprise Value of £212.5m and a Market Capitalisation of £185m. The placing of £83.3m at IPO was split £61.6m primary and £21.7m for secondary sellers, Lion Capital LLP and the management and founders.
The primary proceeds will be used to repay the Group's current debt facilities, reduce the overall level of indebtedness and provide the Group with an appropriate capital structure with whichto pursue its growth plans.
Lion Capital LLP retains a 39% stake in the business whilst the management and founders retain a 16% stake.
This is the largest AIM IPO this year and the largest AIM IPO in the leisure and dining space in the last 5 years.
Liberum acted as Joint Bookrunner alongside Peel Hunt. GCA Altium acted as Financial Adviser and Nomad.
Investment Banking – Clayton Bush, John Fishley, Andrew Godber, Louis Davies, Anthony Schia
Research – Anna Barnfather, Andy Wilkinson
Sales – Julian Collett, Oli Baxendale, Seb Fernandez, Lucy Sharma, Lisa Tugwell
General Counsel – Rebecca Gordon
Sales Trading – Mark O’Hara, Nick Worthington
Corporate Access & Investor Relations – Marcio Remedios
Production – Emily Thomson, David Tarbox, Tom Preston
Liberum Wealth – Henry Freeman, Tom Bacon
Settlement – Rob Simpson, Mark Proctor
We are pleased to announce that Liberum, along with the syndicate banks, has successfully raised £1.1bn in connection with the Main Market IPO of Network International. The shares were admitted to trading today.
Network International is a UAE-based payments processing business operating in the Middle East and Africa. The Group is the only pan-regional provider of digital payment solutions with presence across the entire payments value chain. The Group delivers an integrated omni-channel offering through market leading payment technology.
The fundraise was all secondary sell down by the existing shareholders (Emirates NBD, Warburg Pincus & General Atlantic), each selling pro rata to their respective holdings.
Shares were priced at 435p. The placing attracted strong support from high quality institutional investors and was double-digits over-subscribed-allocations were severely scaled back with over 25% of the book zeroed. On admission, the market capitalisation of the Company was approximately £2.2bn.
This is the largest tech IPO listed on the London Stock Exchange since 2015 and the largest ever Middle East & Africa IPO in London across all sectors.
Liberum acted as Co-Lead Manager on the IPO. The rest of the syndicate comprised of Citi (Sponsor), Morgan Stanley, JP Morgan, Emirates NBD (all Joint Global Coordinators) and Barclays and Goldman Sachs (both Joint Bookrunners). Evercore acted as independent financial adviser to the Company.
Board – David Parsons
Investment Banking – Richard Crawley, Cameron Duncan, Euan Brown, Ed Phillips
Research – Rahim Karim, Jamie Donald
Sales – Steve Keeling
Sales Trading – Mark O’Hara, Graham Smith, Nina Dixon, Nick Worthington, David Thompson, Daniel Harper
General Counsel - Rebecca Gordon
We are pleased to announce that Liberum acted as Joint Bookrunner on a Placing, Open Offer, Offer for Subscription and Intermediaries Offer to raise £302m for The Renewable Infrastructure Group (“TRIG”) through the issue of 265m shares at 114p. The issue was 3x oversubscribed relative to the target raise of £171m. Canaccord Genuity acted as Joint Bookrunner alongside Liberum.
The net proceeds of the issue will be applied torepay amounts drawn under TRIG’s revolving acquisition facility and applied towards its pipeline of investment opportunities.
TRIG is a FTSE 250 listed leading renewable energy infrastructure investment company with a market cap of £1.7bn. The company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.
TRIG is invested in a portfolio of 64 wind, solar and battery storage projects in the UK, France, the Republic of Ireland and Sweden, with an aggregate net generating capacity in excess of 1,363MW.
Liberum was appointed as Joint Corporate Broker to TRIG in December 2015 and has helped raise over £700m since appointment.