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Liberum acts as Nominated Adviser & Sole Bookrunner on the IPO of Codemasters Group Holdings plc (“Codemasters”)

01 June 2018 | IPO

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Largest AIM IPO capital raise in 2018

We are pleased to announce that Liberum has successfully raised £185m in connection with the IPO of Codemasters (AIM: CDM). The shares were admitted to trading on 1 June 2018.

Codemasters is a video game developer and publisher, specialising in high quality racing games.

Headquartered in Southam, Warwickshire, the Group is one of the most recognised British gaming companies, with a 30 year track record of producing successful titles. The Group has approximately 500 full time employees and operates in three UK locations – Southam, Birmingham and Runcorn.

Liberum conducted a targeted investor pre-marketing exercise which delivered a number of quality cornerstone investors. The IPO research report helped position Codemasters attractively in a global peer group and the management roadshow resulted in a very high hit-rate of orders to meetings.

Liberum launched the IPO as a “fixed price offer” at a market capitalisation of £280m, having received strong valuation feedback from cornerstone investors. This helped generate early momentum in the bookbuild, and driven by the strength and quality of the institutional demand, resulted in the offering being up-sized from £150m to £185m.

Liberum acted as NOMAD and sole bookrunner on this IPO, and is retained as NOMAD and Sole Broker to the Company post Admission.

Liberum Team

Investment Banking – Neil Patel, Cameron Duncan, William Hall

Research – Andy Bryant, Alex Schmidt

Sales – Julian Collett, Oliver Baxendale, Sebastian Fernandez, Lisa Tugwell, Gerard O’Doherty

Corporate Access – Marcio Remedios

Press Enquiries: Redleaf Polhill

Emailpr@liberum.com

Tel +44 (0)20 3100 2000

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Liberum acts as NOMAD and Sole Bookrunner on Gresham House plc's £15m placing

22 May 2018 | Nomad and Sole Bookrunner

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We are pleased to announce that Liberum has successfully raised £15m through the placing of 3.7m shares in Gresham House at 410p with new and existing institutional investors.

Gresham House is a specialist alternative asset manager offering funds, direct investment and tailored investment solutions, including co-investment, on a range of differentiated alternative investment strategies.

The Company will use the £15m proceeds to partially fund the acquisition of FIM Services Ltd, an alternative investment manager specialising in UK real assets, specifically forestry (83,000 hectares) and renewable energy generation (137MW).

FIM will be acquired for an initial consideration of £21 million (£11 million of cash and £10 million of Gresham House equity) with a deferred
consideration of up to £4 million payable in cash and based upon certain performance criteria.

The acquisition will more than double Gresham House’s AUM, taking it from £649 million to c.£1.5 billion of assets under management. In addition, the acquisition will make the enlarged group profitable and significantly enhance EPS.

Liberum acted as NOMAD and Sole Bookrunner on the placing. Taurus London acted as Financial Advisor on the acquisition.

Liberum Team

Investment Banking – Neil Elliot, Jill Li, Youichi Iisaka, Trystan Cullen
Sales – SMID Cap team
Specialist Sales – Steve Keeling
Execution – Graham Smith, Mark O'Hara
Corporate Access – Lucy Williams, Marcio Remedios

Press Enquiries: Redleaf Polhill

Emailliberum@redleafpr.com

Call: +44 (0)20 7382 4747

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Liberum acts as NOMAD and Sole Bookrunner on Volex plc's £36m placing

17 May 2018 | Nomad and Sole Broker

Volex

We are pleased to announce that Liberum has successfully raised £36m through the placing of 48m shares in Volex at 75p with new and existing institutional investors.

Volex is a global provider of electrical and optical connection solutions and has recently moved from the Premium Segment of the Main Market to AIM in January 2018 as part of its new long-term strategic plan to develop new markets through acquisitions and joint venture arrangements with strategic partners.

The Company’s will use the £36m proceeds (at current FX rates) for the following:

  • c.$20m for the acquisition of Silcotec Europe (cable assembly manufacturer), further diversifying the customer base and consolidating the fragmented Cable Assemblies market;
  • c.$20m over-equitisation adds to a net cash position generating greater firepower for deployment in further deals and reduces reliance on previously restrictive banking facilities; and
  • c.$10m is earmarked for internal investment
    – we expect c.$3m of incremental capex to invest in automation with the balance going into working capital to support organic growth opportunities with a prominent EV manufacturer and Dyson.

The Placing is conditional on shareholder approval at a General Meeting of the Company to be held on 4 June 2018, with admission of the Placing Shares to take place on 5 June 2018.

Liberum acted as NOMAD and Sole Bookrunner on the placing.

Liberum Team

Investment Banking – Steve Pearce, Euan Brown, Laura Hamilton
Sales – Oliver Baxendale, Julian Collett, Tim Mayo
Research – Rory Smith
Execution – Graham Smith, Mark O'Hara
Corporate Access – Marcio Remedios

Press Enquiries: Redleaf Polhill

Emailliberum@redleafpr.com

Call: +44 (0)20 7382 4747

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Liberum raises £40m for MADE

26 March 2018 | Made

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Liberum is pleased to announce the successful completion of a private fundraising for MADE, raising equity proceeds of £40m

MADE is a leading European design brand, that has revolutionised the furniture and homewares markets. MADE operates in 7 European countries and reported 2017 net revenue of £127m, a growth of 40%, a break-even run rate and cash flow positive.

The transaction provides investment funds to accelerate growth and establish MADE’s digital brand leadership across Europe. MADE’s plans include expanding into additional European markets, developing the MADE brand further including the opening of flagship showrooms and continued investment in technology to retain an industry leading platform.

The fund raise included a new tier 1 global institutional investor with an established history of making long term global investments, with further commitments from existing investors.

MADE has had a strong start to 2018 and is well positioned to continue to benefit from the transition from high street to online within the homewares market and capitalise on the growing confidence in digital retail.

Liberum acted as sole bookrunner on this transaction.

Liberum Team

David Parsons 
Head of Equities

Clayton Bush
Managing Director, Investment Banking

Richard Crawley
Co-Head Investment Banking

Steve Pearce
Co-Head Investment Banking

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Liberum acts as Sole Bookrunner on Asiamet’s £7.2m fundraise

26 March 2018 | Joint Broker

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Liberum is pleased to announce that it acted as sole bookrunner in relation to a placing for Asiamet Resources Limited (“Asiamet”), raising £7.2 million (c.US$10 million) of gross proceeds for the Company at 11p per share.

Asiamet is a dynamic junior company focussed on the exploration and development of its portfolio of large copper-gold deposits on the Indonesian islands of Kalimantan and Sumatra, adjacent to the key growth markets in Asia.
Gross proceeds of the Placing and existing cash reserves of c.US$2.0m are expected to be utilised as follows:
• US$4.7 million for increasing ownership at its Beutong copper porphyry project (from 40% to 80%) and accelerating drilling at the property including metallurgical programmes;
• US$2.5 million for regional exploration on the KSK Contract of Work Area;
• US$3.3 million to commence optimisation and early works in relation to the Company’s BKM copper project and completion of the Bankable Feasibility Study; and
• US$ 1.5 million for general working capital purposes including the costs of the Placing.
The Company has been listed on AIM since 2006 and now has a market capitalisation of c.£120m.

Liberum Team

Investment Banking - Neil Elliot, Clayton Bush and Kane Collings

Sales - Julian Collett and Oliver Baxendale

Research - Richard Knights

Corporate Access - Lynsey Cox

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Twitter: @LiberumToday

LinkedIn: Liberum