Fox Williams acted for Water Hall Group Plc (AIM: WTH) on its recent successful placing and open offer of new ordinary shares. The fundraising included a placing to raise £550,000 and the issue of a £200,000 convertible loan note to key investors, in order to provide additional resources to further the Company’s investing policy. FW had also advised Water Hall on its fundamental disposal and adoption of its investing policy as required by the AIM Rules earlier in 2012.
Raschid Abdullah, Chairman of Water Hall, commented:
“We are pleased with the successful completion of the Placing and that so many smaller shareholders took advantage of the Open Offer.”
The Fox Williams team comprised Head of Capital Markets Richie Clark and Senior Associate Tom Rowley. Beaumont Cornish Limited acted as Nominated Adviser and Broker to the Company.
Richie Clark commented:
“We very much enjoyed working with the Water Hall and Beaumont Cornish teams on this fundraising, which was noteworthy as the Company’s shareholders were given the opportunity to participate by way of open offer as a result of a prospectus not being required due to recent changes to FSMA. This is a positive example of how such regulatory developments can assist smaller quoted companies to raise growth capital from existing investors in a cost-effective manner.”