LG, Sullivan advise on Goldman AIM first
LG and Sullivan & Cromwell have advised on a E500m (£337m) Alternative Investment Market (AIM) share placing for Dolphin Capital Investors in a deal that marks Goldman Sachs' first foray as an underwriter on the exchange.
June 27, 2007 at 09:59 PM
2 minute read
LG and Sullivan & Cromwell have advised on a E500m (£337m) Alternative Investment Market (AIM) share placing for Dolphin Capital Investors in a deal that marks Goldman Sachs' first foray as an underwriter on the exchange.
The deal is the third instruction LG has secured for Dolphin Capital since it advised on the resort developer's E100m (£67m) float on AIM in 2005. LG also advised Dolphin Capital on a £202m AIM placing in October 2006.
LG head of investment funds Nick Heather and corporate associate John Reed advised the company, which has become one of the largest property groups on London's junior exchange.
The deal is significant as it is the first time that bulge-bracket investment bank Goldman Sachs has acted as the underwriter on an AIM placing, although it has had several other roles, including acting as financial adviser to listing companies.
Sullivan advised Goldman Sachs and Morgan Stanley as underwriter and lead managers. Former Allen & Overy corporate partner Vanessa Blackmore, together with London managing partner Bill Plapinger and commercial real estate partner Robert Schlein, led the Sullivan team.
Heather said: "The interesting thing is that banks of Goldman and Morgan Stanley's size and power are getting involved in the AIM market. They decided on the merits of this company with a view to it doing a full listing in the future."
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