Burges Salmon Completes Trio of AIM Transactions

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21 April 2011

Burges Salmon has this month successfully advised on a £60.5m deal for Helius Energy, marking the latest in a trio of significant deals for AIM-quoted clients so far this year.

Through a joint venture with the Combination of Rothes Distilleries (CoRD) and Rabo Project Equity B.V, Helius Energy will develop, build and operate a major biomass combined heat and power facility on Speyside, northern Scotland. The venture - called Helius CoRDe - will see a combination of distillery co-products and wood chip being used to generate 7.2 megawatts of electricity, enough for 9,000 homes.

Helius will hold a majority of just over 50 per cent of the shares in Helius CoRDe.  A project finance facility has been provided by Lloyds TSB Bank plc and the Royal Bank of Scotland.

Burges Salmon fielded a team of lawyers representing expertise in energy and environment, real estate, banking, construction and corporate transactions, led by partner Will Gard.

Elsewhere, Burges Salmon’s team led by corporate partner Rupert Weston has advised digital and multi-channel marketing software specialist smartFOCUS Group plc on the terms of a recommended cash acquisition by Emailvision Holdings. The acquisition will be effected by way of a scheme of arrangement and the transaction values smartFOCUS at approximately £25 million.

The third AIM transaction involves optoelectronic components manufacturer Gooch & Housego Plc which raised approximately £10 million via a secondary placing on AIM which completed in January this year. The placing was carried out on a non pre-emptive basis to institutional and other professional investors and was arranged and fully underwritten by Investec.

The net proceeds of the placing were used, in part, to fund the acquisition of EM4 (a US manufacturer of fibre optics, based near Boston, Massachusetts) from management shareholders and a consortium of venture capital funds. The Burges Salmon team advising on the placing was led by corporate partner Richard Spink.

Burges Salmon’s corporate finance group advises clients on all aspects of company law, the Listing Rules, the AIM Rules for Companies and the City Code on Takeovers and Mergers.

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