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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Liberum acted as Nomad, Joint Broker and Joint Bookrunner on the AIM IPO of technology company Gloo Networks plc (Ticker: GLOO LN), whose shares were admitted to trading Aug. 11.
The listing raised £30m before expenses, to be used to provide due diligence and working capital prior to one or more subsequent acquisitions.
Gloo intends to acquire and operate trusted consumer brands in the media sector, initially with an enterprise value in the range of £250m to £1bn, with a focus in the UK, the US and to a lesser extent Europe.
These brands appeal to attractive socio-economic groups and, through the use of data and technology, Gloo aims to transform these businesses to fully realise their digital potential, thereby unlocking value and increasing profitability.
The company is led by digital transformation experts Rebecca Miskin (Chief Executive Officer), formerly Digital Strategy Director and Change Agent at Hearst Magazines UK, and Juan Lopez-Valcarcel (Chief Product and Operations Officer), who was previously Chief Digital Officer for Pearson International.
Company website: www.gloonetworks.com
Liberum team for Gloo Networks:
Investment Banking: Neil Elliot, Chris Clarke, Jonathan Wilkes-Green
Sales: Julian Collett, Jeremy McKeown, Archie Soames, Natalia Lipecka
Research: Jason Holden, Andy Bryant
Corporate Access: Lynsey Cox
Press Enquiries: Redleaf Polhill
P2P Global Investments (Ticker: P2P LN), the first UK-listed company dedicated to investing in loans originated by leading peer-to-peer platforms around the world, undertook a successful initial public offering May 28th, 2014, raising £200 million. Liberum acted as Sponsor and Sole Bookrunner.
The company is structured as a UK Investment Trust and Marshall Wace LLP and Eaglewood Capital Management LLC have been appointed as Investment Manager and Sub-Manager, respectively. The company is listed on the Premium segment of the Official List and Main Market of the London Stock Exchange.
Liberum is Corporate Broker to P2P Global Investments.
The company aims to deliver attractive dividend income and capital growth with exposure to the new generation of non-bank finance.
“The successful creation and listing of P2P Global Investments…is a significant step forward in the development of this dynamic new sector,” Simon Champ, CEO of Eaglewood Europe, said.
"I am delighted by the strong demand we have received from investors to our Placing and Intermediaries Offer,“ Jonathan Barlow, CEO of Eaglewood Capital, added. “I believe this is testament to the strength of Eaglewood’s investment management proposition, coupled with the level of interest in the growing peer to peer sector.”
The Liberum team consisted of Simon Atkinson, Tom Fyson and Josh Hughes in Investment Banking, Cormac Leech and Karen Lucey in Research, James Bouverat in Sales, David Parsons in Equity Capital Markets and Regan Connor in Corporate Access.
James Bouverat was last week voted #1 in Specialist Sales in the UK Small & Mid Cap category of the widely-watched Extel Survey of some 16,000 fund managers and institutional investors. Liberum rose to second place in the category from fifth last year.
Volution Group (Ticker: FAN LN), best known for market-leading ventilation brands in the UK and Continental Europe such as Vent-Axia, Torin-Sifan and inVENTer, successfully priced its initial public offering June 18th, giving it a £300 million market capitalisation. Liberum was joint bookrunner on the IPO.
Below: Volution's brands
It is the fifth IPO Liberum has been involved with in the first half of this year and follows CityFibre, Manx Telecom, P2P Global Investments and GAME Digital.
Volution manufactures and supplies ventilation and combustion fans, energy recovery systems, low energy motors and blowers.
It listed on the Premium segment of the Official List and Main Market of the London Stock Exchange.
The offering was priced at 150 pence a share and raised £100m.
“We are delighted to have achieved our objective of an IPO and secured the support of investors for the management team and future plans of Volution,” said Ronnie George, Chief Executive Officer of Volution.
“We will continue to focus on our growth strategy, both organically and by acquisition, providing our customers with market leading ventilation products and our investors with long-term value,” he added.
The Liberum Team consisted of Neil Patel, Richard Bootle and Thomas Bective (Investment Banking), Charlie Campbell (Research Analyst), Jeremy McKeown (Sales), David Parsons (Equity Capital Markets) and Jenni Herbert and Marcio Remedios (Corporate Access).
Contact: George Parrett at Redleaf Polhill for more information:
GAME Digital (Ticker: GMD LN), the leading omni-channel specialist retailer of video games in the UK and Spain, successfully priced its IPO and subsequent listing June 6, 2014 on the Premium segment of the Official List and Main Market of the London Stock Exchange.
Liberum was Joint Bookrunner on the IPO priced at 200 pence a share and which raised £121 million, resulting in a market capitalisation of £340 million. GAME Digital plc will have a free-float of 35.5% with funds managed by Elliott Advisers retaining the majority of the balance.
GAME Digital provides customers with a one-stop shop for video games, consoles and content through stores, online and mobile channels, allowing them to shop anytime, anywhere.
“GAME Digital is a profitable and cash generative business with a great team, strong supplier partnerships and exciting digital growth opportunities," Martyn Gibbs, Chief Executive Officer, said. "These fundamentals have enabled us to attract high quality investors who we welcome into our business."
Company website >>
Sales: Jeremy McKeown
Equity Capital Markets: David Parsons
Contact: Emma Kane/George Parrett at Redleaf Polhill +44 (0) 20 7382 4747
Email them at email@example.com
Shares in Manx Telecom Plc were admitted to trading on AIM today (10/02/2014), followed a placing of 110.1m shares at a price of 142p, raising £156.3m. Liberum is Nominated Adviser and Corporate Broker to the Isle of Man-based telecoms company.
Manx Telecom had a market capitalisation of approximately £160m at the placing price.
Manx Telecom is the leading communication solutions provider on the Isle of Man, offering a wide range of fixed line, broadband, mobile, and data centre services to businesses, consumers and the public sector as well as a growing portfolio of innovative solutions to offshore customers.
Visit the company's website >>
Sales: Jeremy Smith
Research: Will Shirley
Corporate access: Regan Connor