The AIM of the game

AIM is making a comeback, and Addleshaws, BLP, Hammonds and Memery Crystal are flying high. Helen Power and Joanne O’Connor report

AIM is back in vogue. The Northumbrian Water float this May propelled the junior list into the public spotlight, justifiably highlighting AIM’s claims to be a mature market far removed from its old dodgy dotcom image.

But that is the glamorous side. The reality for most of the law firms in The Lawyer AIM survey 2002-03 is demonstrated by the following statistics: in the 18 months covered by the 2001 survey, there were 185 floats; for the 21-month period covered by this survey, there were just 133 floats – and this time we included reverse takeovers by AIM companies and moves across from the full list or OFEX. That is a pretty major deficit. Also, in our last survey, the top performer Memery Crystal got away a whopping 32 floats. This year the most prolific AIM firms, Memery Crystal and Hammonds, secured just 18 apiece.

Inevitably, the firms and brokers we surveyed have suffered from considerable pressure on fees. Adam Heart, a corporate financier at Peel Hunt, says: “Fees at the law firms have fallen. We’ve certainly seen a lot of people low-balling to keep busy.”

This is no great surprise given that brokers have had to adjust their own fee structures to cope with a lighter deal flow. Whereas previously commission might have been charged at 3 per cent, the average is now 5 per cent.

Nicholson Graham & Jones partner Kevin McGuinness sums up the trend, saying candidly: “By April 2002, it was obvious the market was knackered, and rather than being choosy we thought we’d do what we could to keep our guys busy. Having said that, we definitely didn’t take a desperate leap downmarket.”

Several other firms in the survey admit off the record that their own fees have fallen, but a large majority of those interviewed say they have seen low-balling, suggesting that it is pretty prevalent in the market.

While brokers are increasingly tight on fees, quality is still the crucial factor for a risk-averse group of professionals. Heart says: “We’re hearing of law firms asking £50K to do an AIM float [for a company]. You just can’t put in the hours when you do that. When we come across a law firm we’ve been bitten by, we put a stronger firm on our side to police them. It’s our client who picks up the bill.”

At the top end of the market, average rates are now between £75,000 and £150,000 for a float for the company and between £40,000 and £50,000 when acting for the broker. At the cheaper end, from non-City law firms, the rates are closer to £60,000 for a vanilla IPO for the company and between £15,000 and £25,000 for a nominated adviser (nomad).

However, McGuinness seems convinced that the market has turned the corner. “We’ve had two years of desperate times, but for the right business there’s money around now,” he says. “Fees for lawyers are just starting to firm up. We’re now north of 75 per cent of capacity, so there’s no point doing deals at low rates.”

McGuinness is not alone is his view that things are picking up. Berwin Leighton Paisner partner David Collins tentatively agrees, saying: “It’s too early to discern a trend in terms of things bottoming out, but since May we’ve definitely seen more activity.”

Hammonds partner Martin Thomas is more enthusiastic. “Things are really flying again now,” he says. “Everyone perceives that a window’s opened up and there’s a rush to get to market.”

One of the key trends lawyers talk about openly is the move from straight to contingency fees. Norton Rose partner Richard Sheen says: “There’s more pressure on in this market than historically. If people want quality and a fully-staffed transaction, they accept that Norton Rose can’t do it at a knockout rate. We’re prepared to be flexible in how we structure fees – we’re commercial and pragmatic.”

Pinsents partner Gareth Edwards is even more open. “We’d do a part contingency fee structure for a float – a lot of firms would do that,” he explains. “If you think about it, from the company’s point of view, they’re going out to raise money, and if they go all the way to the wire a lot them would be bust. Sensible people are not going to enter into that kind of commitment without some fallback.”

Another change has been the degree to which the referral flow between law firms and brokers is monitored. McGuinness says: “[Monitoring] used to be much more informal. Five years ago, you didn’t need to ask; now we monitor very closely what work we give out and what comes in.”

McGuinness’s claim is backed up by other lawyers interviewed and the system is one which smaller firms could use to their advantage. “Will the bigger law firms continue to refer work to the smaller corporate finance houses when things pick up? I think not,” quips one non-City lawyer.

So, it is clear that pretty much everyone has been playing the fees game to some degree, but some firms have made a better fist of the tough times. Hammonds’ performance, coming on top of its excellent showing in last year’s survey, puts the firm ahead of its competition.

The firm has a practice that is well balanced between issuers and nomads and which can offer the advantage of non-City rates for work done outside London. It withstood the loss of one of its biggest stars, head of private equity and AIM partner Robert Hamill, who defected to Mayer Brown Rowe & Maw in February. Hammonds’ loss has been Mayer Brown’s gain and the US firm got a foothold in The Lawyer’s survey for the first time this year.

Although Memery Crystal also performed well in terms of outright numbers, the firm is still very reliant on Seymour Pierce, a broker which has been less active in the market since its own takeover. The firm has recognised that partner Lesley Gregory’s strong ties to Seymour Pierce are not enough and so it is trying to expand its horizons to other brokers and to corporates. However, in trying to expand its client base, the firm has obtained something of a reputation among its competitors for low-balling. Of the top City firms that dabble on AIM, Norton Rose is notable for its continued success. However, competitors might justifiably question whether the firm will be happy to do floats in the £10m-£15m range when the M&A market picks up.

All of the law firms surveyed are full of praise for the London Stock Exchange team’s ambassadorial efforts in promoting AIM worldwide. Consequently, the last two years have seen an influx of foreign companies, particularly resources businesses, on to the list.

Memery Crystal partner Greg Scott identifies a slimline procedure introduced in May 2002 as a key incentive to foreign companies. The procedure provides an expedited route for law firms already credited on other approved markets to list to AIM. Many lawyers also identify the collapse of the NeurMarkt as giving AIM an added advantage.

Those that work in the market defend its money-raising potential, albeit with some caveats. Heart says: “The AIM market has proven extremely robust. It’s very successful for raising up to £10m for companies valued at less than £200m. It’s proved less successful for raising larger funds.”

However, it is a large deal – the Northumbrian Water float, which is easily the biggest deal on AIM since 2002 – that has really put the list under the spotlight. The deal saw Linklaters‘ struggling client Northumbrian Water become a target for three rival bidders: a consortium of Collins Stewart, Eco- fin and Deutsche Bank; CVC Capital Partners; and Morgan Stanley Private Equity.

The option of a quick AIM listing allowed Deutsche to offer equity investment where the others could only offer highly leveraged financings – a big selling point with water regulator Ofwat. Simmons & Simmons partner Steve Bryan, who advised Deutsche on the deal, says: “[Ofwat] were supportive of our bid. They were happy to see we were offering to bring equity back into the water sector. AIM offered us a lot more flexibility during the auction.”

Northumbrian Water has now been moved up to the full list and Collins Stewart, with a little help from Simmons, looks set to repeat the success using a very similar deal structure on its bid for Center Parcs.

“Lots of banks are really interested to know how it was done and how it can be replicated,” says Bryan.

It seems that an AIM listing can be used to fox those crafty private equity boys who have been snapping up all the best bargains recently. Publicity like that can only be good news for AIM and the lawyers who rely on it.

AIM – a firm overview

=1 Hammonds
Key personnel: Martin Thomas
Key nomad contacts: Collins Stewart, KBC Peel Hunt, Evolution Beeson Gregory, Seymour Pierce
With a practice that is well balanced between corporates and nominated advisers (nomads), Hammonds is easily the best-performing law firm this year; and all this despite losing key partner Robert Hamill to Mayer Brown Rowe & Maw. Given the firm’s stellar performance in the last survey, this is all the more impressive. In the 2001 survey, the firm completed 19 floats, just one more than it managed in 2002-03, a much tougher market. The firm worked for a wide range of nomads, and some of the floats it was involved in were high value, particularly the CustomVis and Park Row Group work, where Hammonds acted for the companies.

=1 Memery Crystal
Key personnel: Lesley Gregory, Greg Scott, Andrew Titmuss
Key nomad contacts: Collins Stewart, Seymour Pierce
Although Memery Crystal is joint first in terms of number of floats done, it has not been a vintage couple of years for the AIM specialist. It did almost half the number of floats in 2002-03 (18) than it handled in The Lawyer’s 2001 survey (32), and its overreliance on Seymour Pierce has been exposed. Of the firm’s floats, 15 were for nomads, with just three for companies, and given that The Lawyer survey has found that brokers are cutting legal costs, the firm no doubt had a tough time financially. On the plus side, the firm is trying to broaden its contacts outside the traditional Seymour Pierce base and it did get one float apiece for City Financial, Collins Stewart, Daniel Stewart & Co and Noble & Co. There have also been marketing tours to Canada to cash in on the flood of foreign natural resources companies listing on AIM. On the downside, the firm was criticised by its competitors for low billing more often than any other firm. Scott refused to comment on any issue relating to the fees charged by Memery Crystal.

3 Berwin Leighton Paisner
Key personnel: David Collins
Key nomad contacts: Brewin Dolphin, Canaccord
Berwin Leighton Paisner (BLP) was a strong performer in the survey. The firm hauled in a whopping nine AIM floats for issuers and an additional three for nomads. The highlight was probably last month’s Monsoon float. As was obvious from the 2001 AIM survey, the practice is focused heavily on corporates. However, nomad work is generally less remunerative and the City firm’s fee structure probably could not handle a bulk nomad practice. It is also notable that BLP’s floats were generally for companies with low market caps, three of them being valued at under £1.5m. However, the firm’s good mid-tier corporate client base serves it well and BLP is now firmly established as one of the major players on the AIM scene.

4 Addleshaw Goddard
Key personnel: Simon Griffiths, Ian Macintosh, John Hiscock
Key nomad contacts: Brewin Dolphin, Close Brothers, KBC Peel Hunt, Williams de Broe
Addleshaw Goddard’s two legacy firms, Addleshaw Booth & Co and Theodore Goddard, have performed well in the survey, although it is too early to say definitively how the merged firm will fare in the future. The two firms between them have racked up 10 deals in the 2002-03 period, compared with a combined total of 16 in the last survey. The bulk of the deals came from the Addleshaws side, with Simon Griffiths’ legacy Theodore Goddard London practice relatively quiet. However, the fit between the two firms looks promising and there are big plans to cross-sell broker contacts to London.

5 Norton Rose
Key personnel: Richard Sheen
Key nomad contacts: Charles Stanley, Collins Stewart
The firm closed a respectable nine AIM floats in 2002-03, down from 14 in The Lawyer’s last survey, and most of these were in the range of £10m-£15m. The AIM practice is run out of the firm’s corporate finance department, and partner Richard Sheen attributes the firm’s success to its relationships with key brokers, chiefly Collins Stewart and Charles Stanley. Indeed, this year six of the firm’s nine deals were for nomads. According to Sheen, nomads also refer the bulk of the firm’s issuer clients. In July, the firm celebrated a coup when it advised on the year’s first media company IPO, acting for Collins Stewart on the float of Milestone Group. Sheen says that, although rewarding, AIM work can also test the patience of any corporate lawyer, since “you’re often dealing face-to-face with management, and not with in-house counsel. It can be more work – sometimes I can get 80 emails a day, most of which don’t make sense.”

=6 Halliwell Landau
Key personnel: Mark Halliwell
Key nomad contacts: Altium Capital, Brewin Dolphin
In the 2001 survey, work for issuers accounted for two-thirds of Halliwell Landau’s AIM practice. By contrast, in 2002-03, the firm advised on eight floats, achieving an equal balance between issuer and nomad clients. Although AIM partner Mark Halliwell says of the firm “we’re a young outfit and we focus on advising the entrepreneur”, it is strong ties to key nomad clients Altium Capital and Brewin Dolphin that has kept the group busy in the last 18 months. Halliwell credits the “diabolical” slump in new issues to the shift in focus. The firm’s most successful float was the £8m float of Cardpoint. The cashpoint installation company came to the firm through partner connections and proved to be the ideal AIM client, having undertaken several acquisitions following its AIM listing. Halliwell says: “They’re the dream AIM client. They floated for the right reasons, used the market to raise capital and managed to maintain interest in their stock.”

=6 Lawrence Graham
Key personnel: Hugh Maule
Key nomad contacts: Charles Stanley, Collins Stewart, Seymour Pierce, Teather & Greenwood
In the 2001 survey, Lawrence Graham advised on just five AIM floats. This year, however, it bucked market trends and closed a respectable eight AIM deals. Last year the firm acted for the issuer on all but one of its AIM floats, but has worked hard at expanding its list of nomad clients. The efforts have paid dividends, and while AIM partner Hugh Maule still describes his client base as “typically entrepreneurial”, work for nomads accounted for half of the group’s instructions. Notably, it advised Collins Stewart as nomad on the £50m flotation of EPIC Brand Investments.

8 Taylor Wessing
Key personnel: Tim Stocks
Key nomad contacts: Brewin Dolphin, Collins Stewart, Evolution Beeson Gregory
Despite the downturn in the market and a disappointing past year for the firm, the AIM group has enjoyed a reasonable 18 months, advising on seven floats. It has a largely corporate client base and advised the broker on just one of the seven floats. It acted for Lornamead as co-investor on the admission to AIM of EPIC Brand Investments, and advised Chicago Climate Exchange on its £15m IPO. Reflecting a trend among companies dwelling in the ‘twilight zone’ of the main market, Taylor Wessing has advised two clients – Touchstone and Quadrant – moving down from the full list to AIM.

9 Wragge & Co
Key personnel: Keith Spedding, Ed Dawes, Julian Henwood
Key nomad contacts: Grant Thornton, Peel Hunt, WH Ireland
The Wragge & Co group managed six AIM floats in the 2001-02 survey, but this year advised on just one float and one transfer from the official list. Both transactions were under £6m in value, and in both cases the firm advised the issuer. AIM partner Keith Spedding was philosophical about the decline, explaining: “There’s not a whole lot of work, but in the current market conditions it’s to be expected. The cake has got smaller and we’ve got a smaller slice.” Wragges is unusual for its size in that it has a dedicated AIM team, headed up by Spedding and Ed Dawes. The team acknowledges its need to build a stable nomad practice and is homing in on six key nomads in Birmingham and London, although as Spedding says: “We’d work with anyone really.” In particular, Spedding and his team are targeting Peel Hunt, Brown Shipman, WH Ireland, Grant Thornton, Williams de Broe and Evolution Beeson Gregory.

=10 Ashurst Morris Crisp
Key personnel: Michael Robbins
Key nomad contacts: Brown Shipley & Co, Evolution Beeson Gregory, Investec
Despite the market slump, Ashurst Morris Crisp has reinforced its position in AIM. This year, the firm advised on five AIM deals, down from eight in the previous survey, but a respectable showing in this market. The firm still leans towards advising nomad clients, but its major deal was advising the issuer on the £35.4m float of pharmaceutical company NeuTec Pharma.

=10 Osborne Clarke
Key personnel: Adrian Bott, Simon Fielder
Key nomad contacts: Evolution Beeson Gregory
The firm acted on just four AIM floats in 2002-03, down from five in 2001. The most notable are the £34m admission of Regal Petroleum and the £30m float of waste management company Compact Power Holdings. Secondary issues, however, have kept the practice ticking over, and strong ties with Evolution Beeson Gregory have ensured Osborne Clarke’s place on issues for Inter-Alliance Group, Sterling Energy and Cardpoint.

=12 Eversheds
Key personnel: Neil Matthews
Key nomad contacts: Charles Stanley, Collins Stewart, Evolution Beeson Gregory, Peel Hunt, Teather & Greenwood
From 14 floats in 2001, the firm has slumped to close just four AIM deals in the past 18 months. Three of these were for issuers. However, AIM partner Neil Matthews says the group has maintained its links with small to medium-cap brokers.

=12 Howard Kennedy
Key personnel: Keith Lassman
Key nomad contacts: ARM Corporate Finance, Beaumont Cornish, Evolution Beeson Gregory
Howard Kennedy advised on four floats in the 2002-03 survey, down from five in 2001. The largest of these was the £9m float of Prezzo, on which the firm advised the issuer. Clients of the group are a combination of serial entrepreneurs and nomads. Indeed, AIM partner Keith Lassman says the firm’s issuer clients are now largely referred by nomads.

=12 Mayer Brown Rowe & Maw
Key Personnel: Stephanie Bates, Robert Hamill
Key nomad contacts: Collins Stewart, KBC Peel Hunt, Rothschilds
Mayer Brown Rowe & Maw is included in The Lawyer’s AIM survey for the first time this year. The Anglo-US firm did three floats for companies and one for a nomad, bringing it a well-earned place in the 2002-03 survey. It floated Centurion Energy this June, one of the biggest AIM deals of the year, and just this week completed the float of Chepstow Racecourse for Northern Racing, a company with a market cap of £60m. The firm’s profile has shot up partly thanks to the recruitment this February of Robert Hammil, who was previously the head of private equity at Hammonds. Hammil brought with him excellent broker contacts, particularly with KBC Peel Hunt and Teather & Greenwood. This firm is one to watch next year as the market picks up.

=12 Nabarro Nathanson
Key personnel: Iain Newman
Key nomad contacts: Collins Stewart, KBC Peel Hunt
In the 2001 AIM survey, Nabarro Nathanson managed 13 floats, but did just four this time round. The work was split 50-50 between corporates and nomads, with Nabarros handling floats for Collins Stewart, one of the most prolific brokers in our survey. However, neither of the two issuer floats were particularly large or notable. The market for technology issues only really stirred last month with plans for an IPO of search engine Google. Only if interest in tech stocks really picks up is Nabarros, with its traditionally tech-focused practice, likely to become a force again on AIM.

=12 Nicholson Graham & Jones
Key personnel: Kevin McGuiness, Richard Herbert
Key nomad contacts: Corporate Synergy, KBC Peel Hunt, WH Ireland
In the 2001 survey, Nicholson Graham & Jones racked up five deals in 12 months. For 2002-03, the firm closed just four deals, but given the market that is not at all bad. In fact the firm now has far more lawyers doing AIM work than when the last survey was compiled – three other partners now help McGuiness out. Crucially, Nicholson Graham decided to move into nomad work recently and has been retained by WH Ireland, a broker which is itself trying to break the City. The firm’s broad corporate client base continues to feed the vital and considerably more lucrative issuer side.

=12 Pinsents
Key personnel: Gareth Edwards
Key nomad contacts: Brewin Dolphin, Evolution Beeson Gregory
The market has taken its toll on Pinsents over the past 18 months. While the firm’s AIM group completed 11 floats in 2001, in this year’s survey it only managed four, mostly for the issuer. Longstanding issuer clients have also been quiet, and this year the firm advised on just a handful of secondary listings. But according to AIM partner Gareth Edwards, Pinsents will continue to nurture “active, entrepreneurial companies”. “The IPO is the entry point and you hope to build a lasting relationship from there on,” he adds. The firm’s sole nomad deal was advising Evolution Beeson Gregory on the transfer of Osmotech from the official list to AIM, but Edwards hopes to grow the firm’s still zygotic relationships with nomad clients such as Brewin Dolphin and Evolution Beeson Gregory.

18 Jones Day Gouldens
Key personnel: Hilary Winter, John Pillips
Key nomad contacts: Charles Stanley, Investec, Teather & Greenwood
A poor 18 months for Jones Day Gouldens, during which it advised on just two AIM floats. Both were under £10m in value and on both occasions the firm advised the issuer.

19 DLA
Key personnel: Mark Taylor, Charles Severs, Alex Tamlin
Key nomad contacts: Evolution Beeson Gregory, Nabarro Wells, Collins Stewart, Investec
What a difference a year makes. In the 2001 survey, DLA advised on 12 AIM deals in 12 months, while for 2002-03, it acted on just one. Sure, the Excel Airways float, with a market cap of £150m, was among the larger AIM floats, but it is clear that the firm’s AIM practice has suffered in the downturn. AIM partner Alex Tamlin told The Lawyer that the firm has reallocated resources from AIM work to M&A and private equity. “We’ve developed the sort of private equity practice that SJ Berwin has,” he said. “That’s enabled us to allocate people away from corporate finance.” It is hoped that extra bodies in the financial regulatory department will pay dividends when the market improves and more of the group’s clients look to go public.

Advisers to issuers
Law firm Company Market cap (£m) Date
Addleshaw Goddard Densitron Technologies 9.0 Jul 2003
Addleshaw Goddard Parkdean Holidays 35.0 May 2002
Addleshaw Goddard Property Fund Management 5.0 May 2002
Addleshaw Goddard Cyprotex 26.2 Feb 2002
Ashurst Morris Crisp Osmetech 5.4 Oct 2002
Ashurst Morris Crisp NeuTec Pharma 35.4 Jan 2002
Berwin Leighton Paisner Monsoon Oct 2003
Berwin Leighton Paisner Orad Hi-Tec Systems 10.6 Jun 2003
Berwin Leighton Paisner Innobox 0.9 Jun 2003
Berwin Leighton Paisner Bradstock 1.2 Mar 2003
Berwin Leighton Paisner PNC Telecom Dec 2002
Berwin Leighton Paisner Tornado Virtue 11.3 Jun 2002
Berwin Leighton Paisner Bid Times 0.5 Jun 2002
Berwin Leighton Paisner Chorion 29.1 May 2002
Berwin Leighton Paisner Urbium May 2002
Charles Russell Bema Gold Corporation Sep 2003
DLA Excel Aviation 150.0 Dec 2002
DLA Excel Aviation 150.0 Nov 2002
Eversheds 2 Travel Group 3.6 Jan 2003
Eversheds Debt Free Direct Group 9.0 Dec 2002
Eversheds Intrum Justitia 140.0 Jul 2002
Eversheds Glisten 6.8 Jun 2002
Fox Brooks Marshall Highland Gold Mining Dec 2002
Fox Brooks Marshall St Barbara Mines Jul 2002
Halliwell Landau Cardpoint 8.0 Jun 2002
Halliwell Landau 1st Dental Laboratories 2.9 Apr 2002
Halliwell Landau Leisure Ventures 1.1 Apr 2002
Halliwell Landau Galileo Innovation 15.0 Jan 2002
Hammonds CustomVis 31.0 Jul 2003
Hammonds Volvere 3.6 Dec 2002
Hammonds ZipCom 5.0 Oct 2002
Hammonds Surface Transforms 8.3 Sep 2002
Hammonds Dream Direct 7.6 May 2002
Hammonds Park Row Group (readmission) 26.3 May 2002
Hammonds PM Group 12.5 May 2002
Hammonds Reefton Mining May 2002
Hammonds Leicester City FC Feb 2002
Hammonds World Sports Solutions 11.5 Jan 2002
Howard Kennedy Prezzo 9.0 Mar 2002
Howard Kennedy Wigmore Group 1.1 Jul 2003
Howard Kennedy Wigmore Group 4.0 Jan 2002
Jones Day Gouldens Smart Approach 2.5 Oct 2002
Jones Day Gouldens Smart Approach 9.9 Feb 2002
Lawrence Graham Vietnam Opportunity Fund Sep 2003
Lawrence Graham Archipelago Resources 8.2 Aug 2003
Lawrence Graham Milestone Group 21.6 Jul 2003
Lawrence Graham HPD Exploration 2.1 Feb 2003
Mayer Brown Rowe & Maw GW Pharmaceuticals 19.0 Jul 2003
Mayer Brown Rowe & Maw Trading Sports 12.0 May 2003
Mayer Brown Rowe & Maw Vantis May 2002
Memery Crystal Futura Medical 1.7 Sep 2003
Memery Crystal Centurion Energy 80.0 Jun 2003
Memery Crystal Cobra Biomanufacturing 7.0 Jun 2002
Nabarro Nathanson Medal Entertainment & Media Aug 2002
Nabarro Nathanson SectorGuard 3.0 Mar 2002
Nicholson Graham & Jones Galahad Capital 18.8 Oct 2003
Nicholson Graham & Jones Sky Capital 31.0 Jul 2002
Nicholson Graham & Jones Sports Network 10.0 Mar 2002
Norton Rose Peter Hambro Mining Apr 2002
Norton Rose DDD Group Jan 2002
Osborne Clarke Regal Petroleum 34.0 Sep 2002
Osborne Clarke Kuju 8.0 May 2002
Osborne Clarke Compact Power Holdings 20.0 Apr 2002
Pinsents Acquisitor Jul 2003
Pinsents West Bromwich Albion 3.9 May 2003
Pinsents Acquisitor Holdings 4.2 Oct 2002
Simmons & Simmons Northumbrian Water May 2003
Taylor Wessing Chicago Climate Exchange 15.0 2002
Taylor Wessing Touchstone 2002
Wragge & Co Advanced Medical Solutions 4.0 May 2002
Wragge & Co Advanced Medical Solutions 4.0 May 2002
Wragge & Co Campus Media 5.3 Feb 2002
Source: The Lawyer AIM Survey 2003

Advisers to nomads
Law firm Nomad Company Market cap (£m) Date
Addleshaw Goddard KBC Peel Hunt Sunbeach Communications 8.0 Aug 2002
Addleshaw Goddard Williams de Broe PM Group 12.5 May 2002
Addleshaw Goddard KBC Peel Hunt Marshall Edwards 140.0 May 2002
Addleshaw Goddard Insinger English Trust Xecutive Research