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
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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.
Our Equities division provides sales, research and trading services to institutional investors, specialising in All-Cap Pan-European equity research across ten pillars, with deep sector knowledge.
Our Investment Banking division provides advice and execution services to UK plcs, including corporate broking, equity capital markets and M&A.
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Here is our latest infographic celebrating Liberum. Click on the image below to view our updated Summer 2017 Liberum in Numbers infographic.
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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
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Liberum has been awarded as Broker of the Year in the 2017 Quoted Company Awards. Judged by a survey undertaken among the chief executives of sub-FTSE 350 companies, Liberum was considered to be the individual stockbroker who had delivered the most outstanding results for their clients in relation to M&A advice, listing and fund raising.
The 13th annual awards took place on February 8th at the Brewery on Chiswell Street.
The awards were open to the 1,000 plus companies which are quoted on AIM, companies with a full listing (which are not members of the FTSE 350), and to companies which are traded on the ISDX market.
The list of shortlisted companies was as follows:
Northland Capital Partners
(28.09.16) Liberum Foundation, registered charity of the independent UK investment bank Liberum, has won the The Lord Mayor's Dragon Award for Education and Lifelong Learning for its work with charity School Home Support.
The award recognises excellence in companies' Corporate Community Involvement that benefits Greater London.
Click below to see short video about Liberum's work with School Home Support.
School Home Support works with schools, local authorities and other children's settings, to provide personalised support to children and families, tackling the underlying barriers to a successful education to improve the life chances of children.
In the year 2014/15 School Home Support worked with over 9,000 children and families in schools, many of whom face homelessness, domestic violence and extreme poverty.
"Liberum has been supporting and working with School Home Support for five years. This shows the dedication that they have to supporting disadvantaged children and young people in the local community, " School Home Support CEO Jan Tallis said. "We are absolutely delighted that their work has been recognised with this award, and thrilled to be working in partnership together."
The Liberum Foundation raises money through charity events that involve its 160 staff and clients. Staff at the nine-year-old bank work with School Home Support to develop children’s reading skills and confidence by volunteering at local schools each week and have hosted aspiration sessions for the children and their parents to attend.
The awards recognise organisations that make "an exemplary contribution to London’s communities…they have shown a real dedication to engaging with their local communities in a sustained and meaningful way,” the Lord Mayor of London Alderman the Lord Mountevans said.
“We are very proud to receive this award, it is an acknowledgement of the strength of our partnership with School Home Support and recognises the commitment of Liberum employees” Liberum’s Chief Operating Officer Tony Scawthorn said.
Liberum is an independently-owned pan European investment bank. The firm’s core activities are research, sales and trading in large, small & mid cap pan-European equities, as well as investment banking and advisory services including IPOs, secondary issues and mergers and acquisitions. We employ over 160 people in London and New York.
Press Enquiries: Redleaf Polhill
Call: +44 (0)20 7382 4747