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Liberum acts as Sole Sponsor and Joint Bookrunner on the Sirius Minerals Plc $425m Firm Placing, Placing and Open Offer as part of the Company’s $3.8bn financing plan

23 May 2019 | Joint Bookrunner

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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.

Liberum Team

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

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Liberum acts as Joint Bookrunner to Brewin Dolphin on £60m fundraising

14 May 2019 | Joint Bookrunner

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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.

Liberum Team

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

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Liberum acts as adviser to Manx Telecom plc on its £256m public takeover by Basalt Infrastructure Partners

10 May 2019 | Adviser

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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.

Liberum Team

Investment Banking – Steve Pearce, Joshua Hughes, Euan Brown, Kane Collings

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Liberum acts as Joint Bookrunner on the largest AIM IPO of the year - Loungers plc

29 April 2019 | IPO

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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.

Liberum Team

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

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Liberum acts as Co-Lead Manager on the IPO of Network International Holdings plc

15 April 2019 | IPO

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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.

Liberum Team

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  

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Liberum acts as Joint Bookrunner on The Renewable Infrastructure Group’s £302m fundraising

01 April 2019 | Bookrunner

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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.

Investment Banking
Chris Clarke
Gillian Martin
Louis Davies

Sales
Andrew Davies
Anastasia Mikhailova
Jack Kershaw

Research
Conor Finn

Corporate Access
Natalie Clarke

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