Advice on conditional placings to Arden Partners plc for Plant Health Care plc and to Shore Capital for Location Sciences Group.
City law firm Fox Williams LLP has advised on two secondary placings for AIM quoted companies.
Fox Williams advised Arden Partners plc as nominated adviser and broker to Plant Health Care plc (PHC) on a circa US$4 million conditional placing and subscription of shares. PHC is a leading provider of novel patent-protected biological products to global agricultural markets. PHC intends to use the funds to accelerate the final development of first products from the PREtec (Plant Response Elicitor Technology) platform including achieving product registrations in the United States and Brazil, prepare PHC279 (and potentially PHC949 and PHC414) for a successful launch in the United States, Brazil and other target markets, deliver growth of Harpin αβ, and support sales growth by increasing funds available for working capital.
Fox Williams also advised Shore Capital as nominated adviser and joint broker to Location Sciences Group plc on a circa £1 million conditional placing of shares (and associated share capital reorganisation). Location Sciences is the pre-eminent global location verification provider to the $190 billion digital advertising industry, working in partnership with brands, media agencies and suppliers to reduce ad wastage and improve the effectiveness of location-based advertising campaigns. Location Sciences intends to use the funds for US business development, product development and general working capital purposes.
The Fox Williams team was led by corporate partner Guy Morgan, who was supported by corporate associate Natasha Arora.
Commenting on the two fundraisings, Guy Morgan said: “We are delighted to have advised Arden and Shore Capital on these important share placings. Both transactions were announced prior to the worst of the coronavirus pandemic restrictions, and each transaction demonstrates that AIM companies are able to access a deep pool of institutional capital, even in difficult markets.”
