CorporateTrowers scoops Coal International as client with £20m AIM offering
Trowers & Hamlins has landed its first instruction from Coal International after advising the company on its £20m AIM debut.
The City firm won the mandate to list Coal International because the company's directors also sit on the board of Trowers client Cambrian Mining. Trowers acted for the latter company on its AIM listing in 2003 and on an additional share placement earlier this year.
Trowers partner Richard Hildebrand led the deal with senior assistant Paul Airley. "This deal further strengthens our reputation in the AIM market, having completed 10 IPOs in the past year, particularly in natural resources," said Hildebrand.
Coal International was established as an investment company to invest in coal opportunities in the US and Russia.
Company secretary Alwyn Davey said: "Richard Hildebrand and Paul Airley had a good knowledge of the listing requirements and were very efficient. We closed [the listing] well within the timetable."
Coal International's IPO is understood to be the biggest fund raising to be completed by an investment company since the AIM rules changed on 1 April 2005. The changes specify that investment companies or cash shells - companies which are established to acquire a business - must have an investing strategy set out in their admission documents.
