Ashurst advised Jefferies and N+1 Singer on the £42.3 million placing by Hargreaves Services plc, a leading AIM-listed owner and operator of surface mines in the UK. Jefferies International and N+1 Singer Advisory acted as joint bookrunners in connection with the placing, which was conducted through an accelerated book-building process.
Hargreaves issued 5,460,080 new ordinary shares at a price of 775 pence per share to new and existing institutional investors, raising gross proceeds of £42.3 million, in order to capitalise on the potential opportunities to expand its portfolio of surface mining assets. The placing shares being issued represent approximately 16.6 per cent of the expected enlarged issued share capital of the company.
The placing is split into two equal tranches, each in respect of 2,730,040 placing shares. Both tranches are not inter-conditional. The first tranche of 2,730,040 placing shares is issued pursuant to existing shareholder authorities and the second tranche of 2,730,040 placing shares will be issued conditional on, amongst other things, the approval by shareholders of a special resolution seeking to disapply pre-emption rights in respect thereof at a general meeting of the company to be held on 7 May 2013. A circular containing details of the placing and the notice of the general meeting has been sent to shareholders.
Applications will be made to the London Stock Exchange for the placing shares comprising both tranches to be admitted to trading on AIM. It is expected that admission to trading on AIM, in respect of the first tranche of the placing shares will become effective on or around 22 April 2013 and in respect of the second tranche of the placing shares will become effective on or around 8 May 2013 (subject to shareholder approval being obtained).
The Ashurst team was led by corporate partner Jonathan Parry and assisted by senior associate Padmini Singla, associate Marianna Kennedy and trainee Harry Thimont
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