We are pleased to announce that Liberum acted as Joint Bookrunner on a Placing, Open Offer, Offer for Subscription and Intermediaries Offer to raise £302m for The Renewable Infrastructure Group (“TRIG”) through the issue of 265m shares at 114p. The issue was 3x oversubscribed relative to the target raise of £171m. Canaccord Genuity acted as Joint Bookrunner alongside Liberum.
The net proceeds of the issue will be applied torepay amounts drawn under TRIG’s revolving acquisition facility and applied towards its pipeline of investment opportunities.
TRIG is a FTSE 250 listed leading renewable energy infrastructure investment company with a market cap of £1.7bn. The company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.
TRIG is invested in a portfolio of 64 wind, solar and battery storage projects in the UK, France, the Republic of Ireland and Sweden, with an aggregate net generating capacity in excess of 1,363MW.
Liberum was appointed as Joint Corporate Broker to TRIG in December 2015 and has helped raise over £700m since appointment.
Liberum is pleased to announce its appointment as UK Corporate Broker to Praxis.
The PraxisIFM Group Limited (“Praxis”) is a multijurisdictional specialist provider of administration and reporting services to the Trust and Corporate, Fund and Pension sector.
Praxis listed on The International Stock Exchange in April 2017.The Company raised £27m via a placing on admission and raised a further £10m in March 2018 through the issue of new shares.
The Company has an experienced management team and strong momentum in industry experiencing structural growth. In addition, it has strong equity ownership culture, with 60% of the shares held by management and staff.
Growth in the company’s core markets and jurisdictions, as well as selective M&A, has seen the delivery of very strong revenue and EBITDA growth in recent years. Core revenues have grown at 18% p.a. over the 2013-18 period. This has been supplemented by selective acquisitions which have resulted in total revenue growth of 33% p.a. over the same period. EBITDA has grown at 44% p.a. over the past four years.
Board: Shane Le Prevost
Investment Banking: Bidhi Bhoma, Euan Brown and Louis Davies
Research: Rahim Karim
Sales: Steve Keeling
Corporate Access: Natalie Clarke
We are pleased to announce that Liberum has been appointed as Joint Corporate Broker to Harworth Group Plc, alongside Peel Hunt.
Harworth Group plc (“Harworth” or the “Company”) is a leading regenerator of brownfield land. It owns, develops and manages a c.£530m portfolio of approximately 21,000 acres of land on sites located throughout the Midlands, Yorkshire and the North of England. The Company is focused on purchasing large, complex and often dirty redevelopment sites and using its in-house technical skills to obtain planning consent and then to remediate and engineer the land for its sale and/or development, predominantly for residential and commercial uses.
The Company was spun out of Coalfield Resources plc (formerly UK Coal) in 2015. Harworth transferred its standard listing to a premium listing in August 2018.
Liberum has been appointed as Joint Corporate Broker with immediate effect.
Investment Banking – Jamie Richards, Jonathan Wilkes-Green, Laura Hamilton
Sales – John Mozley
Research – David Brockton, James Ashley
Corporate Access – Lynsey Cox, Natalie Clarke
Liberum is pleased to announce that it acted as Joint Bookrunner in relation to a placing by SigmaRoc plc, raising £12.4 million. The placing part funded the acquisition of CCP Building Products Ltd for a total consideration of £15.2 million.
SigmaRoc is a buy-and-build construction materials company that aims to create value by purchasing assets in fragmented construction materials markets and extracting efficiencies through active management and forming the assets into larger groups.
CCP is one of the largest vertically integrated manufacturer and supplier of pre-cast concrete products and aggregates in the North West of England and North Wales. CCP comes with a very attractive asset footprint with high barriers to entry, including secured internal raw material supply.
CCP represents a strategic fit within SigmaRoc, putting the Company in a strong position in the UK market place going forward and allowing it to continue its growth story. The transaction will provide consistent organic EBITDA growth and cash flow generation, with the retained senior management team incentivised to achieve ambitious EBITDA milestones over the three years.
Board – Shane Le Prevost
Research – Charlie Campbell, Marcus Cole
Sales – Oliver Baxendale, Alistair Smallwood
Investment Banking – Neil Patel, Jamie Richards, Jonathan Wilkes-Green, William Hall, Ant Schia
Corporate Access – Natalie Clarke
Liberum is pleased to announce its appointment as Joint Corporate Broker to XPS Pensions Group Plc.
XPS is a pensions actuarial, consulting and administration business which provides a wide range of services to over 1,200 pension scheme clients and undertakes administration for over 585,000 scheme members.
In December 2017, Liberum acted as joint bookrunner and sole underwriter to the Company in connection with the acquisition of Punter Southall’s actuarial, administration and investment consulting businesses and the associated £70 million Capital Raising.
Liberum has been appointed as Joint Corporate Broker alongside RBC with immediate effect.
Investment Banking – Richard Crawley, Robert Morton, Cameron Duncan, Jonathan Wilkes-Green, Will Hall
Research – Rahim Karim
Sales – Julian Collett, Steve Keeling
Corporate Access – Lynsey Cox
Liberum is pleased to announce that it acted as Joint Bookrunner in relation to a 5% placing of Genus Plc’s issued share capital, raising £68 million.
Genus, a FTSE 250 company, is a world-leading animal genetics company headquartered in the UK. The Company continuously develops higher quality pigs and cows for farmers, by selecting animals with desirable characteristics that help them to produce higher quality meat and milk more sustainably.
Net proceeds will be applied to reduce the Company’s net debt position (£108.5m at 30 June 2018), following a series of acquisitions and capex investments in recent years, and to provide balance sheet flexibility to continue to capture growth opportunities.
Management see continued opportunities to strengthen and grow the Genus business further through acquisition and business development transactions. Following the placing, the
net debt/EBITDA is expected to be in the
region of 1.0x.
Investment Banking – Clayton Bush, Josh Hughes, Trystan Cullen, Laura Hamilton
Sales – David Parsons, Julian Collett
Research – Sophie Jourdier
Corporate Access – Lynsey Cox, Natalie Clarke