Osborne Clarke advises Canaccord and Shore Capital on £22 million equity raise

International legal practice Osborne Clarke has advised Canaccord Genuity Limited and Shore Capital Stockbrokers Limited on the successful £22 million equity fundraising for Begbies Traynor Group plc, the AIM-quoted business recovery, financial advisory and property services consultancy.

Begbies Traynor has conditionally raised £22 million (before expenses) to satisfy the initial cash consideration in connection with the acquisition of David Rubin & Partners Limited, a long-established insolvency practice with offices in London and Guernsey, and to fund pipeline opportunities and for general corporate purposes.

The equity fundraising, which was significantly oversubscribed, consisted of a £10 million vendor placing, £10 million cash placing and £2 million PrimaryBid offer.

The acquisition by Begbies Traynor represents the largest acquisition the group has undertaken to date and delivers a significant increase in scale of the business recovery and financial advisory business, with a material increase in the Group’s size in the key London market.
Canaccord Genuity acted as nominated adviser, joint broker and joint bookrunner and Shore Capital acted as joint broker and joint bookrunner in connection with the fundraising.

The Osborne Clarke team that advised Cenkos and Investec on the transaction was led by Partner Jonathan King who was assisted by Senior Associate Stuart Miller.

Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.