Future Internet Technologies looks to MoFo for £50m AIM placement

Morrison & Foerster

(MoFo) has been appointed as Future Internet Technologies’ (FIT) key legal adviser after advising the AIM cash shell on its £50m placement and the first two acquisitions of an expected spending spree.

At the same time, FIT named Robert Bonnier as chief executive. Bonnier is best known as the former chief executive of failed internet company Scoot.com and for the subsequent market abuse fine from the Financial Services Authority (FSA), which related to his involvement with managed offices group Regus.

Despite reports that the FSA has reawakened its interest in Bonnier, MoFo partner Ed Lukins, who is advising FIT, said: “There are no grounds for any regulator to investigate anything.”

Morgan Lewis & Bockius partner Keith Black advised Bonnier on FIT’s first acquisition, the $95m (£54.3m), 45 per cent stake in US voiceover IP (VoIP) company Advance Global Communications, which was advised by DLA Piper Rudnick Gray Cary corporate partner Rob Hutchings.

Morgan Lewis has a longstanding relationship with Bonnier and his investment vehicle Cold Investments. While MoFo has won the right to advise FIT, Morgan Lewis expects to continue advising Bonnier on his other businesses.

MoFo’s relationship with FIT stems from its work with founders Richard Armstrong, who stepped down as chairman upon Bonnier’s appointment, and Peter Redmond, who stepped down as director.

FIT’s second acquisition was a 49 per cent, $7.5m (£4.3m) cash stake in Belgian VoIP company Artilium, which was advised by Bruges-based sole practitioner Jan Cant.