Nabarro advises on a succession of AIM fundraisings

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro's Corporate team has started 2017 acting on various successful secondary fundraisings for AIM-listed companies.

Randall & Quilter Investment Holdings Limited

Nabarro is advising Numis Securities, as nominated adviser and broker, on the £17.9m placing, including a broker option, for AIM-listed Randall & Quilter Investment Holdings Limited.

Randall & Quilter is a specialist non-life insurance investor, underwriting manager, captive manager and service provider.

The net proceeds of the placing are intended to be used to help grow the company's legacy acquisition activity and fronting fee generation by capitalising on opportunities driven by regulatory changes impacting large underwriters globally, macroeconomic effects and separation of distribution from underwriting capital.

Driver Group plc

The Nabarro team is advising N+1 Singer, as nominated adviser and broker, on the £8.5m placing and open offer for AIM-listed Driver Group plc.

Driver Group is a multi-disciplinary consultancy which provides specialist commercial management, planning, programming and scheduling, project management and dispute resolution services. It is using the net proceeds of the fundraising, which is subject to shareholder approval, to pay down existing debt to help accelerate the next phase of its strategic plan. Driver Group intends to scale down its non-core project management services through the sale of its trading subsidiaries, Initiate and Driver Project Services.

IMImobile

The Nabarro team also advised Investec and Whitman Howard on a £5.4m placing and £12.6m share exchange for AIM-listed IMImobile plc.

Founded in Hyderabad, India, IMImobile is a cloud communications software and solutions provider that enables companies to use mobile and digital technologies to communicate and engage with their customers.

IMImobile is headquartered in London with offices in Hyderabad, Atlanta, Dubai and Johannesburg and has over 800 employees worldwide.

Corporate partner, Alasdair Steele, led the Nabarro teams, with assistance from partner, Iain Newman, senior associate, Jack Shepherd and associates Charlotte Williams, Pauline Howcroft and Emmanuelle Ronez.

Commenting on these successful transactions, Alasdair Steele said:

"It is very encouraging to see the strength of investor appetite supporting existing listed companies in the secondary market, despite the uncertainty created by wider political events. While the political uncertainties look set to continue, public market investors have adapted to the situation and we continue to see a healthy flow of new instructions for ECM fundraisings."