Nabarro advises on secondary fundraising
5 July 2007
Nabarro has advised Oriel Securities Limited on a secondary fundraising for Speedy Hire plc and related acquisition.
Speedy Hire plc is proposing to acquire the tool hire division of Hewden Stuart plc for a consideration of £115 million in cash. Speedy Hire has arranged new banking facilities of £325 million and is placing 4,359,800 ordinary shares of 5p each (representing approx. 9.5% of its issued share capital) to raise approximately £54.5 million.
The placing comprises two equal tranches – the first tranche is not conditional on the proposed acquisition and has been underwritten by Oriel Securities. The second tranche is conditional on the completion of the acquisition and the passing of certain resolutions at the forthcoming annual general meeting of Speedy Hire plc.
The Nabarro team was led by Russell Holden. Addleshaw Goddard LLP advised Speedy Hire plc.
Russell Holden, Nabarro corporate partner, commented:
"We have been working with Oriel Securities for a number of years now and we look forward to building on our relationship with them as they continue with their growth strategy."
For further information please contact:
Charlotte Tandy
Lansons Communications
020 7566 9706
charlottet@lansons.com
Or
Russell Holden
Partner
Nabarro
020 7524 6345
r.holden@nabarro.com
