Norton Rose LLP’s client wins “International IPO of the Year”
22 February 2008
International legal practice Norton Rose LLP’s client, Globus Maritime Limited, has won “International IPO of the Year” at the Quoted Company Awards for its £25.3 million placing and listing on AIM. The Quoted Company Awards recognised the achievements of quoted companies listed below the FTSE 350. The criteria for the award were the amount of money raised, the costs of float, the timing of the float as well as the type of company being floated, its size and its sector. Speed of execution was one of the factors contributing to the award with the deal being completed in 3 months.
Globus, is one of four shipping companies to have listed on AIM or the Official List in recent years, marking the re-emergence of London as a realistic alternative to New York, which has traditionally been preferred by international shipping companies seeking to raise equity. Norton Rose is at the forefront of this development having acted on both of the London shipping IPOs in 2007 (Globus Maritime and Hellenic Carriers).
The placing comprised 8,423,333 new ordinary shares, which represented in aggregate, approximately 29.5 per cent of the Company’s issued ordinary share capital and a total placing size of £25.3 million (approximately US$50.0 million). Norton Rose LLP received the instructions as a result of relationships developed through their long-standing client easyjet plc.
The Norton Rose LLP team was led by corporate partners Chris Randall in London and Dimitri Sofianopoulos in Athens assisted by Hannah Pellard and Irini Proukaki. Additional advice was provided by Monique Fry and Ian Brown (incentives) and Emma Sinclair and Nick Howard (employment). Jefferies acted as Nomad and bookrunner.
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