Lewis Silkin keeps alive auctioneer website

Lewis Silkin's corporate team is advising on a placing and open offer proposal to save internet auctioneers iCollector from liquidation.
iCollector, a directory of art, antiques and collectables for auction houses, dealers and galleries, has given 40 per cent acceptance to a bid from AbleAuctions.
AbleAuctions, which operates and broadcasts liquidation auctions on the internet, made a placing and open offer of 98 million new equity shares for iCollector, raising the target company's value by more than £2m to £9.8m.
Lewis Silkin corporate partner Philip Lamb led the group, with corporate partner Keith Provins and assistant Elaine Pratt.
“For the first time, the team worked on a transaction where the target company asked the acquirer for 90 per cent shareholder approval before the deal,” said Lamb.
Dorsey & Whitney corporate partner John Byrne advised AbleAuctions.