Immedia Broadcasting initial public offering
McDermott Will & Emery has scooped its first instruction for Teather & Greenwood (T&G) as the City broker gears up for the flotation of former Radio 1 DJ Bruno Brook-es’ company Immedia Broadcasting.
The Chicago firm’s London office won the deal after acting for corporate finance boutique Bridge-well earlier this year. Bridgewell underwrote a rights issue by T&G that raised around £2.5m.
William Charnley, head of McDermott’s London corporate group, with assistance from Charlotte Gros, is leading the deal for T&G, which is both broker and corporate adviser to Immedia.
Dealing in Immedia is expected to commence on 8 December, when the company hopes to raise £5m, valuing the business at £15m.
Immedia, which recently changed its name from Storm Digital Broadcasting, has retained long-time counsel Charles Russell, where partner Sue Cozens is heading up the transaction.
The Immedia initial public offering (IPO) will be the tenth AIM float Charles Russell has acted on since January 2002.
While the firm is representing for the issuer on this deal, 70 per cent of its equity capital markets transactions during the period have been for brokers and advisers, with the European arm of Canadian finance house Canaccord emerging as one of the firm’s main clients.
Simon Gilbert, head of corporate finance at Charles Russell, said: “Canaccord is a fantastic client and we’ve been very fortunate that it’s been so busy over here.”
He added that the firm has gained lucrative instructions from the likes of Williams de Broe, JM Finn & Co and Nabarro Wells & Co.
Canaccord recently retained the firm as its adviser for the IPO of Bema Gold, a Toronto and US-listed natural resources group, which recently scored the second-largest listing on AIM to date, with a market capitalisation of £500m.
Commenting on the speculation of an upturn in economic activity, Gilbert said he was seeing evidence of movement: the firm is currently hoping between five and six deals for issuers will come to fruition.
He added, though, that Charles Russell’s share of AIM work has been spread evenly since January last year, thereby avoiding the troughs of work that have affected other law firms.
