Ashurst and Macfarlanes called in on LXB's £100m AIM float
Ashurst and Macfarlanes have taken headline roles on a rare initial public offering (IPO) on London's Alternative Investment Market (AIM) worth £100m. The deal saw LXB Retail Properties float on the exchange, which has seen activity levels plummet during the downturn.
October 20, 2009 at 03:44 AM
2 minute read
Ashurst and Macfarlanes have taken headline roles on a rare initial public offering (IPO) on London's Alternative Investment Market (AIM) worth £100m.
The deal saw LXB Retail Properties float on the exchange, which has seen activity levels plummet during the downturn.
LXB turned to Macfarlanes for advice on the offering, with corporate partner Robert Boyle leading the team. The company said it planned to use the cash raised to take advantage of investment opportunities in the out-of-town retail sector.
Ashurst advised book-runners and brokers JP Morgan Cazenove and Oriel Securities. The top 10 City law firm fielded a team headed by equity capital markets partner Nicholas Holmes working alongside corporate partner Jeffrey Sultoon and US partner Daniel Bushner.
The deal is the second AIM listing Ashurst has acted on so far this year after advising the banks on Max Property Group's £150m admission in May. Overall, AIM itself saw only 18 admissions until the end of September, of which only five were IPOs. Last year there were 38 IPOs on AIM.
Holmes told Legal Week: "We have a more rigorous market with investors saying they will back the right people but will be very selective about it. I do not think there will be a vast number of these, but there will be some in sectors that are regarded as having upside potential."
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