Stephenson Harwood has advised three separate companies — the Parkmead Group, KSK Power Ventur and Frontera Resources Corporation — on their recent secondary fundraisings, raising more than £60m in aggregate.
The firm provided legal guidance to the companies throughout the entire process, from the decision to place the shares to the finalisation of the fundraisings.
Stephenson Harwood advised Parkmead, an AIM-quoted independent oil and gas company, on its oversubscribed placing of 15,686,275 new ordinary shares at 225p per share, raising £40m. The proceeds of the placing will be used to finance Parkmead’s capital commitments and to explore opportunities in the sector, including the funding of further M&A activity.
The firm also advised new client KSK, a power project company listed on the London Stock Exchange with interests in multiple power plants and businesses across India, on its placing of 15,930,000 ordinary shares, for new and existing institutional shareholders, at 130p per share, raising £20.7m. The placing comprised a firm element using existing shareholder permissions with the balance conditionally placed, subject to shareholder approval. The proceeds will be used by KSK to invest in its rail, water and mineral resources infrastructure activities related to the KSK Mahanadi (Chattisgarh) 3,600MW site, as well as its working capital requirements.
Finally, Stephenson Harwood advised another new client, Frontera, an international oil and gas company with interests in the Republic of Georgia, on a new subscription for approximately £1m. The new subscription shares represent approximately 4.8 per cent of the enlarged issue share capital of the company.
The Stephenson Harwood corporate finance team on each of these transactions was led by partner Tom Nicholls, with associates Luwisha Neskovic and Jennifer Tyson assisting.