Nabarro's Equity Capital Markets activity continues

Media > Nabarro news > Nabarro Equity Capital Markets activity continues

26 May 2010

Nabarro LLP has continued its active start to 2010, advising on:

RSM Tenon Group PLC's £137 million move from AIM to the Official List
Faroe Petroleum plc's £70 million rights issue

RSM Tenon

Nabarro is acting for existing client, Numis Securities Limited ("Numis Securities") as sponsor on the move by RSM Tenon Group PLC ("RSM Tenon") from AIM to the premium segment of the Official List of the UK Listing Authority (“Official List”) and to trading on the London Stock Exchange's main market for listed securities ("Admission"). Admission is expected to become effective on 27 May 2010. RSM Tenon's market capitalisation is approximately £137 million.

RSM Tenon’s turnover has grown significantly since its admission to AIM in March 2000 and as such its directors believe that a listing on the premium segment of the Official List is the most appropriate platform for the continued growth of the company and will further raise RSM Tenon's profile.

Nabarro corporate partner Alasdair Steele and associate Ali Marsh are advising Numis Securities. RSM Tenon is being advised by Macfarlanes LLP.

Faroe Petroleum

Nabarro also acted for existing clients Oriel Securities Limited ("Oriel") and Panmure Gordon (UK) Limited ("Panmure Gordon") as joint underwriters on a £70 million rights issue by AIM-listed Faroe Petroleum plc ("Faroe Petroleum"). The fully underwritten rights issue was the largest on AIM since 2007 and one of the largest in AIM's history.

Faroe Petroleum intends to use the proceeds of the rights issue for the drilling of additional wells and applications for additional exploration licences in Norway, Greenland and the UK.

Nabarro head of corporate Iain Newman and corporate partner Gareth Jones led the team advising Oriel and Panmure Gordon. Hunton & Williams LLP advised Faroe Petroleum.

Commenting on the RSM Tenon transaction, corporate partner Alasdair Steele said:

"RSM Tenon's move to the Official List follows its acquisition of RSM Bentley Jennison at the end of 2009. It follows the likes of KSK Power Ventur and Sportingbet, on which we also advised, and demonstrates the ability of growing companies to use AIM as a platform for growth before graduating to the Main Market."

Nabarro head of corporate Iain Newman added:

"These transactions are the latest is a string of ECM transactions during 2010, which include the moves from AIM to the Official List of Sportingbet (£340 million) and KSK Power Ventur (£810 million), listings of Bellzone Mining (£184 million) and PXP Vietnam ($60 million) and fundraisings by JKX oil & Gas (£50 million) and Brightside (£12.5 million)."

If you would like any further information or have any queries please contact

Charlotte Collins-White
charlottet@lansons.com
T +44 (0)20 7566 9706