Yorkshire and North East Dealmakers Guide 2016 - 34

34 GROWING YOUR BUSINESS Date Deal 5 May 2016 £68.53m flotation of Morses Club on London Main Market Vendor: Perpignon £32.5m flotation of Shield Therapeutics on London AIM 26 Feb 2016 16 Nov 2015 19 Oct 2015 xxxx Advisers A - Deloitte - Morses Club, B - Numis Securities - Morses Club, Panmure Gordon - Morses Club, FA - Deloitte - Morses Club, Numis Securities - Morses Club, L - Dentons - Morses Club, Eversheds A - KPMG - Shield Therapeutics, B - Liberum Capital - Shield Therapeutics, FA - EY - Shield Therapeutics, Liberum Capital - Shield Therapeutics, L - Stephenson Harwood - Shield Therapeu tics, Travers Smith, Waller Lansden Dortch & Davis - Shield Therapeutics £4.5m share issue and listing transfer to London AIM from Main Market B - Panmure Gordon - Filtronic, FA - Panmure Gordon Corporate Finance - Filtronic, L - Travers Smith, Travers Smith Listing transfer from London AIM to London Main Market A - PwC - Bonmarche, B - Investec Bank - Bonmarche, FA - Investec Bank - Bonmarche, L - DLA Piper - Bonmarche, Simmons & Simmons Gateshead-based speciality pharmaceutical company Shield Therapeutics was admitted to trading on the AIM in February 2016. Square One Law, which provided legal advice to the business in restructuring ahead of the IPO and worked closely alongside the company's other advisers in the IPO process, tells the story The deal included a successful fundraising of £32.5 million (gross proceeds) through the placing and subscription of 21,666,662 new Ordinary Shares. On admission, Shield had a market capitalisation of approximately £162m and warrants were issued that could generate further proceeds of £17.5m. Trading since has been robust and its share price has held up well in challenging markets. In addition, Shield undertook a significant internal reorganisation and also announced it has approved marketing authorisation from the European Commission across all member states for its lead drug, Feraccru. This transaction was the only successful AIM IPO of a North East -based business to be completed in the past 12 months, during a challenging period for flotations. It followed months of work by the ©shutterstock.com TOP IPOs YORKSHIRE AND NORTH EAST IPO CASE STUDY: Shield Therapeutics committed and entrepreneurial Shield management team (led by Carl Sterritt, Richard Jones and Angela Hildreth), supported by a range of advisers based in the North East, London and Europe. Raising significant funds on public markets is a clear endorsement of Shield's strategy and the work carried out to date to bring Feraccru to market. Founded in 2008, the IPO is a significant milestone for what is an ambitious growth strategy and secures the future of the business, providing the platform to create jobs and attract inward investment into the region. This transaction further enhances the North East's reputation as a place to grow businesses and to make an impact on international markets, particularly in the pharmaceutical sector, where the North East is developing a world-class reputation for the development and manufacture of products. In the longer term, it is very positive for the region to have another listed company headquartered here, which will bring jobs and investment. http://www.shutterstock.com

Table of Contents for the Digital Edition of Yorkshire and North East Dealmakers Guide 2016