Liberum is acting as Financial Adviser, Rule 3 Adviser, NOMAD and Sole Broker on a recommended all-share offer for Forward Partners Group plc by Molten Ventures plc
We are pleased to announce that Liberum is acting as Financial Adviser, Rule 3 Adviser, NOMAD and Sole Corporate Broker on the recommended all-share offer (the "Offer") for Forward Partners Group plc (“Forward Partners” or the “Company”) by Molten Ventures plc (“Molten”) announced today.
The Offer, which will be by way of a scheme of arrangement, will mean that for each 9 scheme shares held scheme shareholders will be entitled to receive 1 new Molten share, valuing Forward Partners at c. £41m.
Forward Partners is a London-based venture capital firm, specialising in supporting high-growth, early stage technology businesses in the UK. The Company holds a ten-year track record of making seed and pre-seed venture capital investments and as at 30 June 2023, it reported a portfolio fair value of £76.9m.
Molten is one of Europe’s leading venture capital investors with a gross portfolio value of £1.3bn as at 30 September 2023. Like Forward Partners, it invests across the UK (and Europe) in private high-growth technology companies, with a principal focus on enterprise software, consumer technology, hardware and deeptech, focused on Series A and beyond. Molten’s shares are admitted to the premium segment of the Main Market as well as a secondary listing on the Euronext Dublin Market
The Offer allows Forward Partners the opportunity to be a part of a highly compatible but significantly larger, more diversified and well-capitalised platform. The Offer will further improve the potential for value enhancement for Forward Partner’s portfolio through a longer investment horizon and an increased ability for follow-on investments, as well as providing scheme shareholders the access to greater liquidity in Molten’s shares.
In addition to the Offer, Molten has today announced a proposed equity raise of c.£50m through a placing and subscription at an issue price of 270p, which is expected to significantly improve the funding position of the enlarged group. Forward Partners’ largest shareholder, BlackRock, has irrevocably undertaken to subscribe for up to £25m.
The transaction is subject to shareholder approval and anticipated to close in Q1 2024.
Corporate Broking – Chris Clarke, Lauren Kettle, Miquela Bezuidenhoudt, Anake Singh
M&A – Mark Harrison