Burges Salmon, one of the leading law firms in the UK, has advised specialist clay brick and tile manufacturer, Michelmersh Brick Holdings plc, an AIM quoted company, on its placing to raise approximately £10 million by way of a placing of 22,222,222 new ordinary shares at 45 pence per share which is conditional on shareholder approval at a general meeting to be held on 16 December 2013.
The placing was arranged by Cenkos Securities plc and is on a non pre-emptive basis to existing and new institutional investors, and admission is proposed to occur on 17 December 2013.
Commenting on the placing, Martin Warner, Michelmersh's Chief Executive, said: 'The success of the placing demonstrates the clear recognition and support by both existing and new shareholders of the potential of Michelmersh to deliver strong capital returns to our investors. Investment in Freshfield Lane will boost significantly our potential. The placing was significantly over subscribed further emphasising increased confidence in the improving brick market conditions and we would like to thank our existing investors for their support as well as welcoming new institutions to the shareholder register.'
Corporate team partner Dominic Davis and senior associate AJ Venter advised Michelmersh on the fundraising.