Hobson Audley takes client to AIM

London-based corporate and technology firm Hobson Audley has won a new client and cemented the relationship by taking it to AIM

BioProjects International, an investment company specialising in development capital and advice for early-stage biotechnology companies, floated on 21 May with a market capitalisation of £15.12m. Investor interest was such that the funds were raised from £4m to £4.5m. Seymour Pierce acted as the nominated adviser on the deal, which instructed its faithful law firm Memery Crystal.
Hobson Audley was invited to pitch for the transaction by BioProjects’ current chairman Jim Slater. The firm would not comment on rival firms for the work, but The Lawyer understands that it was up against some second-tier City and national firms.
Head of corporate Max Audley and corporate partner Anthony Gordon acted on the transaction. Audley said that his firm will be the corporate adviser going forward.
Hobson Audley had a bouyant year on AIM in 2001, acting on nine flotations, including the listing of Portman, an Australian mining company that went to the list with a market capitalisation of £84m. Hobson Audley acted for the nominated adviser, Nabarro Wells & Co.
The firm’s dedication to AIM has led it to carry out research in conjunction with accountants Baker Tilly to ascertain the impact of AIM. The results show that the average cost of a listing where funds were raised was £58,000, although 31 per cent expected fees to be below £200,000. Two-thirds of AIM companies also said that they were considering upgrading to the Official List.
Confidence in the market continues to be strong, with 96 per cent of companies considering AIM for a second round of funding. However, advisers still need to educate clients, as 36 per cent of companies questioned had never even heard of AIM.