Birmingham lawyers step in to advise on final USM flotation

Birmingham firms Wragge & Co and Edge & Ellison have advised on the last flotation on the Unlisted Securities Market (USM).

Innovative Technologies Group was formed in 1991 to produce high-performance polymers for the health care, "intelligent dressings" biomaterials market.

A total of 4,446,310 shares at 120 pence were placed on the market, raising u4.5 million and achieving a market capitalisation of u25 million.

Wragge & Co acted for the company, while Edge & Ellison advised sponsors Allied Provincial Corporate Services.

Wragge partner Ian Metcalfe, head of the firm's companies group in Birmingham, says: "The Innovative flotation reflects the reputation Birmingham's financial and professional community has earned across the UK. It also reflects on how well the Birmingham professions can work together to build on that reputation."

Edge & Ellison partner David Hull says: "This is another sign of the growing strength of the Birmingham-based community."

Innovative was restricted to the USM because its trading record was six months short of the three-year requirement of the full list. The company is expected to move to a full listing.

* The Alternative Investment Market (AIM) is due to replace the USM soon. No date has been set but the Stock Exchange says it will publish information in the next few weeks. The AIM is intended to improve on the USM, which has begun to fall into disuse.