International legal practice Osborne Clarke has advised Cavendish Capital Markets Limited on the conditional £20 million placing and up to £1 million retail offer for AIM-quoted Facilities by ADF plc, the leading provider of premium serviced production facilities to the UK film and high-end television industry.
The fundraise, which was announced yesterday (22 August 2024), was heavily oversubscribed and includes a secondary placing which will raise £10 million for the founders of Facilities by ADF. The fundraise is conditional on approval of shareholders at a general meeting on 9 September 2024.
The net proceeds of the fundraise received by Facilities by ADF will be applied by towards the cash component of the initial consideration payable in relation to its acquisition of Autotrak Portable Roadways Limited, one of the market-leading suppliers of portable roadway and one of the largest privately owned suppliers of panels to the film and TV sector in the UK. Completion of the acquisition is conditional upon the fundraise, is expected to occur coterminously with admission of the fundraising shares to AIM on 10 September 2024.
Cavendish is acting as Facilities by ADF's nominated adviser, broker and sole bookrunner in connection with the fundraise. Cavendish is also acting as retail offer co-ordinator in connection with the retail offer.
The Osborne Clarke team that advised on this transaction was led by Partner Jonathan King who was assisted by Associate Director Ed Nisbet, Senior Associate Stuart Miller and Trainee George Elliston. Osborne Clarke also advised Cavendish (then Cenkos Securities) in relation to Facilities by ADF's £37.75 million AIM IPO in January 2022.
Osborne Clarke's Corporate team, which is ranked in the top tiers by both Chambers and Partners and the Legal 500 for AIM, is considered a go-to practice for many companies in the tech, media and comms sector. Its clients range from 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 strategic M&A, IPOs and JVs.
