Addleshaw Goddard advises 2ergo on £3.1m placing of shares
Addleshaw Goddard’s corporate finance team in Manchester has advised 2ergo Group plc, an international mobile solutions company, on its £3.1m placing of shares. The deal will also see major changes to 2ergo’s board of directors.
The placing, to new and existing shareholders, is of 310 million new ordinary shares at a price of 1p per share. The net proceeds of the placing are expected to be approximately £2.9m and will provide additional working capital and the resources required to implement a revised strategy, with a view to improving the performance of the business and generating increased value for shareholders.
The Addleshaw Goddard team was led by corporate partner Roger Hart, and included Duncan Wilson, Chris Hardman, Michael Carter, Kate McGough and Dilpa Raichura.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.