Burges ties up double float
Legal Week reports
June 16, 2004 at 08:03 PM
2 minute read
Bristol-based Burges Salmon has advised on two alternative investment market (AIM) floats for two new clients in just two days with the same partner advising on both instructions.
The firm advised on the flotation of ITM Power on 18 May and the flotation of Michelmersh Brick Holdings the day after.
ITM Power is the UK's first public dedicated fuel cell technology company. The company raised £10m through the placing, giving it a total value of £46m. Michelmersh is the largest producer of handmade bricks in Britain. The company raised around £5m on AIM giving it a total market capitalisation of £21.3m. Both deals were led by head of corporate Chris Godfrey.
Both companies were new clients for the firm, although Burges Salmon has had a longstanding relationship with one of ITM's non-executive directors and Michelmersh's chairman and majority shareholder, Eric Gadsden.
The firm went head-to-head in a competitive tender with a City firm on the ITM instruction and with a leading national firm on the Michelmersh IPO.
Godfrey said the firm had a strong AIM practice for the region, having worked on four floats in the past six months.
"We have a strong AIM practice in relation to the size of our practice and the region, although both instructions came out of the area. ITM is based in Lincolnshire and Michelmersh is based in Telford," he said.
Manches advised Durlacher, the nominated broker and financial adviser on the ITM deal, with corporate partner Chris Martin taking the lead. Norton Rose head of corporate Barbara Stephenson advised Charles Stanley & Co, the broker and adviser on the Michelmersh float.
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