McGrigors stocks up on flotations

The corporate team at McGrigors tucked away 11, primarily AIM, flotations in six months, despite a turbulent year which saw the exit of three legacy KLegal partners.

The eleventh deal came on 5 August with the introduction to AIM of the Toronto-based technology company Azure Dynamics Corporation. McGrigors advised stockbrokers Bridgewell on the deal, with Canadian firm Fasken Martineau Dumoulin acting for the company.

Corporate partner David Mandell, who heads the Scottish firm’s London AIM/initial public offering team with Ian Binnie, said that a “concerted strategy to establish McGrigors as a mid-cap adviser of choice” had begun to pay off. He said: “We have one or two good relationships in particular and we’ve been working on maximising those.”

Last month, McGrigors advised on two deals in one week, with the £55m float of Betonsports and the £47m float of the PFI Infrastructure Company. McGrigors advised Evolution Beeson Gregory on the former and the PFI Infrastructure Company on the latter.

Beeson Gregory has been a particularly fruitful source of instructions for McGrigors and has featured in four of the 11 deals (see table). McGrigors’ assistant Hilary Owens is currently on secondment at the broker, a client of Mandell’s for more than 10 years.

Earlier this year, McGrigors restructured its London corporate team with the exit of Murray MacPherson, Philip Rogers and Peter Bradley, all former KLegal partners.

McGrigors’ floats
Company Deal McGrigors’ clients Other advisers
Betonsports £55m AIM float Evolution Beeson Gregory Mischon de Reya advised Betonsports
The PFI Infrastructure Company £47m AIM float The PFI Infrastructure Company (on Scottish Partnerships) McDermott Will & Emery advised the company and Collins Stewart (Nomad). Denton Wilde Sapte advised the company on the acquisition
CNG Travel Group £22m AIM float CNG Travel Group (English solicitors) Reed Smith advised Evolution Beeson Gregory (nomad and underwriter)
RAB Capital £8m AIM placing RAB Capital Hammonds advised KBC Peel Hunt (nomad)
Hambledon Mining £2.5m AIM float Seymour Pierce as nominated adviser and underwriter Finers Stephen Innocent advised Hambledon Mining
Energy Technique Transfer from official list to AIM with £3m placing Evolution Beeson Gregory Shoosmiths (Reading office) advised Energy Technique
CanArgo Energy Corporation American Stock Exhange, owned by Nasdaq Principal UK adviser to CanArgo Satterlee Stephens Burke & Burke advised CanArgo on US securities
Ark Therapeutics £55m placing on London Stock Exchange Merlin Biosciences Limited (principal shareholder) on certain shareholder issues Ashurst advised Ark. Jones Day advised CSFB and Nomura (sponsors and manager)
Vectura £25m AIM float Merlin Biosciences Limited (principal shareholder) on certain shareholder issues Olswang advised Vectura. Jones Day advised Nomura (nomad)
Advance Capital Invest (ACI) £3m reverse takeover of AIM-listed ACI Evolution Beeson Gregory Norton Rose and DLA were joint counsel to Advance Capital Invest
 
Source: The Lawyer