Home / News / CMS advises on six Capital Markets transactions in...

CMS advises on six Capital Markets transactions in first two weeks since combination

18 May 2017

CMS’ Equity Capital Markets team has advised on six capital markets transactions in its first two weeks, each in one of the newly merged firm’s core sectors. Commenting on the transactions, new co-head of Corporate, Iain Newman said: “These transactions demonstrate CMS' stand out expertise and increased bench strength in equity capital markets. We look forward to further cementing our reputation as a first class legal provider for equity capital markets deals”.

Eve Sleep plc

CMS advised Peel Hunt as nominated adviser and broker on the AIM IPO of eve Sleep plc, an e-commerce focused, direct to consumer European sleep brand. eve designs and sells mattresses and other sleep products, and has grown quickly since incorporation, with revenue increasing from GBP 2.6m in 2015 to GBP 12m in 2016. eve’s vision is to become the leading pan-European sleep brand.

eve has raised GBP 35m by way of a placing with institutional investors and will have a market capitalisation of GBP 140m on admission. The net proceeds of the placing will be used to support and implement eve's growth strategy. This includes penetrating existing territories further, expanding into new markets, extending its product range and developing its retail partnerships.

Joint head of Corporate, Iain Newman led the team with assistance from corporate partner, Jack Shepherd and associate, Nick Wardle. Norton Rose Fulbright LLP advised eve.

Scancell Holding plc

CMS advised Panmure Gordon as nominated adviser and sole bookrunner on the GBP 5m placing by AIM-traded Scancell Holdings plc. Scancell is developing novel immunotherapies for the treatment of cancer based on its two technology platforms, ImmunoBody® and Moditope®, with three products in five cancer indications. The net proceeds of the placing will be used to support its clinical development pipeline of novel cancer immunotherapies, in particular to initiate clinical development of the first product from the Moditope® platform, Modi-1, and to continue to support the pipeline arising from the ImmunoBody® platform.

Corporate partner, Jack Shepherd led the team on Scancell’s placing, with assistance from associate, Emmanuelle Ronez. Cooley (UK) LLP advised Scancell.

Sequoia Economic Infrastructure Debt Fund

CMS advised Stifel Nicolaus Europe as sole sponsor, financial adviser and bookrunner on a placing, open offer and offer for subscription to raise up to GBP 160m, with a target of GBP 125m (before expenses) and potential placing programme which could raise up to a further GBP 210m (before expenses and based on the placing price) for listed infrastructure fund, Sequoia Economic Infrastructure Debt Fund.

Sequoia is raising further funds to take advantage of opportunities which its investment adviser continues to see in the infrastructure debt market. Sequoia’s board believes that the current opportunities available to its investment adviser will enable it to further diversify its existing portfolio and spread the fixed costs of running the company across a wider base, as well as increasing secondary market liquidity for investors.

Corporate partner, Alasdair Steele led the team, assisted by senior associate Philippa Chatterton and associate Pauline Howcroft.

Telit Communications plc

CMS advised a global leader in Internet of Things enablement, Telit Communications plc on a GBP 39m placing by way of an accelerated bookbuild. The proceeds from the placing will be used to fund several identified acquisition opportunities, mainly in the Internet of Things services sector. Joh. Berenberg, Gossler & Co KG and Canaccord Genuity Limited acted as joint bookrunners in relation to the Placing.

The team comprised corporate partners, Anthony Waller and Katie Nagy de Nagybaczon, assisted by associate Nick Wardle. Charles Russell Speechley advised Joh. Berenberg, Gossler & Co KG and Canaccord Genuity Limited.

AEW Long Lease REIT plc

CMS is advising Fidante Capital as sponsor, financial adviser and sole bookrunner on the up to GBP 150m IPO of AEW Long Lease REIT. The new REIT intends to offer a secure, diversified and inflation-linked income return, whilst at least maintaining capital values in real terms, through exposure to alternative and specialist real estate sectors in the UK.

Corporate partner, Simon Morgan led the team, assisted by senior associate Nicole Gyring-Nielsen.

Mid Wynd International Investment Trust plc

CMS advised J. P. Morgan Cazenove as placing agent on the initial placing of up to GBP 100m together with a share issuance programme of Mid Wynd International Investment Trust plc.

Corporate partner Cathy Pitt led the team, assisted by associate Ruth Jones