Shoosmiths has advised the founders of SecurEnvoy Limited on the sale and reverse takeover into AIM listed Shearwater Group.
As the initial acquisition under Shearwater Group’s transformation strategy, the £20m consideration was satisfied by the payment of £10m in cash and £10m through the issuance of 200 million Ordinary Shares of the Company at a price of 5 pence per share.
The acquisition constituted a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies.
The Shoosmiths team was led by corporate partner Rachel Turner with solicitor Michael Patterson and trainee solicitor Simon Chapman assisting. Tax partner Kate Featherstone and solicitor Rebecca Hawkins advised on tax and commercial solicitor Esther Wilkins on employment.