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Fieldfisher Equity Capital Markets Wrap 2018

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Fieldfisher Equity Capital Markets Wrap 2018 Fieldfisher Equity Wrap Capital Markets 2018 Fieldfisher Venture Capital Wrap 2018 Fieldfisher Equity Capital Markets Wrap 2018 Advised on £1.5 BILLION of ECM deals in 2018 3 5 8 ACQUISITIONS RTOs IPOs of total deal value Valued at Raising Worth £44.2 MILLION £206.5 MILLION £108 MILLION £280.8 £882.4 £198.7 MILLION MILLION MILLION OF BUSINESS SERVICES OF MINING & ENERGY OF TECHNOLOGY TRANSACTIONS TRANSACTIONS TRANSACTIONS LONDON PARIS £1.29 €223.5 BILLION OF DEAL VALUE MILLION OF DEAL VALUE ECM deals by sector Energy (£390.2m) 26% (£ value) Mining (£492.2m) 33% (LONDON & PARIS) Life Sciences (£61.1m) 4% Tech (£198.7m) 14% Business Services (£280.8m) 19% Industrials (£31.2m) 2% Other (£28.4m) 2% 2 Summary European law firm Fieldfisher advised on Commenting on the Fieldfisher’s ECM deal figures, close to £1.5 billion-worth of equity capital Neil Matthews, head of the firm’s ECM group, said: markets (ECM) deals across the London “Fieldfisher’s robust ECM performance and Paris capital markets in 2018. was achieved despite tough fundraising conditions on capital markets. The majority of Fieldfisher’s ECM transactions were completed on AIM, the junior tier of the London Stock Exchange, for which “There was a noticeable slowdown in UK the firm is consistently ranked as one of the top advisers to listed companies. deal-making towards the end of 2018, as uncertainty over Brexit forced delays Fieldfisher advised on deals with a combined value £1.23 billion in investment decisions. on AIM last year, equal to around 21% of all funds raised on London’s junior market in 2018. “Natural resources, business services, Deal activity was led by natural resources transactions, with technology and life sciences nevertheless an aggregate deal value in excess of £882 million during the proved especially resilient to the wider year, across mining (£492 million) and both conventional and erosion of confidence in equities, renewable energy deals (£390 million). particularly on London’s AIM market, The total deal value was largely accrued from fundraisings as which continues to provide a vital well as a significant take private deal, bond mandates and other forms of financing. investment platform for early stage UK and international businesses. Business services was also a strong sector for the firm’s ECM practice, accounting for around £280 million of deal activity, “Our Paris team also had a very successful driven largely by M&A among AIM-listed clients and a number 2018, completing significant fundraisings of significant fundraisings. for companies across both the Regulated These sectors were followed by tech, with deals totalling £199 and Growth markets of the Euronext Paris. million, and life sciences at £61 million. “Regardless of the outcome of Brexit, we The firm was also well represented on both the Regulated expect to maintain our strong record in Market and the Growth Market of the Euronext Paris, particularly in the businesses services, tech and life sciences advising companies and their advisers on sectors, accounting for deal value of €223.5 million across all a range of pivotal ECM deals across the transactions in 2018. European capital markets in 2019.” ECM deals by market (LONDON & PARIS) 83% 3% 1% 7% 6% LON: AIM LON: Other Regulated Euronext (£1.23bn) Main (£6.5m) Market Growth Market Euronext Paris (£46m) Paris (£86.2mbn) (£109.9m) 3 Fieldfisher Venture Capital Wrap 2018 Energy and Natural Resources ECM deals by sector (LONDON) Energy (£390.2m) 30% Mining (£492.2m) 38% Life Sciences (£23.4m) 2% Tech (£143.1m) 11% Business Services (£186.8m) 15% Industrials (£22.4m) 2% Other (£28.4m) 2% Deal highlight: Diversified Gas & Oil RTO Fieldfisher advised nomadSmith & Energy and natural resources represented by far the largest Williamson and joint brokers Mirabaud share of deal value for Fieldfisher’s ECM team in 2018, totalling £882.4 million across mining and energy-related transactions. Securities and Stifel Nicolaus on the largest acquisition by an oil and Notable deals included the reverse takeover of Diversified Gas gas company completed to date on & Oil PLC in June, pursuant to a $575 million (£448 million) London’s AIM market in June 2018. acquisition of producing assets in the US in June and the C$537m (£307.7m) take private of Dalradian Resources (now Dalradian Gold) in September. US-based Diversified Gas & Oil PLC (DGO) acquired a network of assets The firm advised on a range of transaction types for mining in the Appalachian Basin, US, covering and energy clients and their advisers, successfully closing a around 2.5 million acres (10,117km2) series of placings, subscriptions, equity investments, bond mandates and loan facilities, often to demanding schedules for approximately $575 million amid unpredictable ECM conditions. (£448 million). Our mining team worked with several internationally-focused The acquisition, which constituted a clients, particularly those with assets in Africa, advancing reverse takeover (RTO) of DGO under projects in a number of key commodities including lithium, copper and tin. AIM Rules for Companies, made DGO one of the top gas and oil producers on On the energy side, the firm’s established presence in the the London Stock Exchange. conventional oil and gas market was boosted by a number of instructions on renewables deals – an area that is expected to deliver significant growth for the ECM practice in the near future. 4 Business services ECM deals by client type (£ value) (LONDON & PARIS) Company Clients (1bn) Adviser Clients (£481m) £0M £200M £400M £600M £800M £1BN Deal highlight: €107 Business services was a particularly strong area for ECM transactions in 2018, with Fieldfisher advising on £280.8 million share capital million across the London and Paris exchanges. increase for GL Events Deals were driven largely by M&A activity among AIM-listed Fieldfisher’s Paris ECM team advised clients as well as several significant fundraisings via subscriptions banks CM-CIC Market Solutions and and placings. Natixis in their capacity as global Fieldfisher acted on deals concerning a range of business service coordinators, joint lead managers providers last year, including document management centres, and bookrunners on the €107 million events companies, outsourcing specialists and law firms. (£94 million) share capital increase The firm is also one of the leading legal advisers to brokers, on Euronext Paris-listed GL Events in nomads and accountants to AIM-listed companies, advising October 2018. these clients on close to half a billion pounds-worth of deal activity last year. The firm’s Manchester office was a significant contributor to the overall deal tally, representing clients Restore PLC and Marlowe PLC on over £90 million-worth of transactions in 2018. ECM deals by transaction type (volume) (LONDON & PARIS) Placings (14 deals) 24% Subscription + placing (7 deals) 12% IPO (5 deals) 9% RTO (3 deals) 5% Aquisition (8 deals) 14% Loan (4 deals) 7% Rights Issue (3 deals) 5% Take Private (1 deal) 2% Other 22% 5 Fieldfisher Venture Capital Wrap 2018 Tech ECM deals by sector (volume) (LONDON & PARIS) Energy (9 deals) 15% Mining (9 deals) 16% Life Sciences (9 deals) 16% Tech (11 deals) 19% Business Services (13 deals) 22% Industrials (3 deals) 5% Other (4 deals) 7% Deal highlight: Argo Fieldfisher’s ECM team advised on tech deals valued at £198.7 Blockchain IPO million in 2018, including three IPOs across the London and Paris markets. Fieldfisher advisedMirabaud Securities in their capacity as sole bookrunner Individual deal values ranged from under £3 million to and corporate broker to crypto-mining over £50 million, raising funds for a variety of innovative technologies in the fintech, clean tech, software as a service company Argo Blockchain PLC, (SaaS) and audience engagement solutions spaces. which listed on the London Stock Exchange’s Main Market on 3 August. Two of the tech IPOs the firm advised on were floatations on the Euronext Growth market in Paris, overseen by our Paris The IPO was the first standard listing ECM team. This is an area where we expect to see significant further fundraisings this year, as Paris continues to promote of a cryptocurrency service provider itself as a European tech hub. completed in the UK. The company raised £25 million at IPO, valuing In London, one of the most remarked upon tech deals it at a market capitalisation of £47 concluded in 2018 was the £25 million Main Market listing of cryptocurrency mining service, Argo Blockchain – a company million – although its subsequent stock whose share price performance has proved an interesting test performance has highlighted market case for investor appetite for cryptocurrency services. uncertainty about this type of business. Fieldfisher is anticipating strong growth in the wider UK fintech sector in 2019 as a number of start-up and scale-up businesses mature with the assistance of venture capital funding and begin to consider ECMs as offering potential routes to their next stage of growth. 6 Life sciences Paris ECM deals by sector (volume) Industrials (1 deal) 10% Business Services (1 deal) 10% Life Sciences (5 deals) 50% Tech (3 deals) 30% Deal highlight: Deinove acquisition and Fieldfisher advised on over £61 million-worth of life sciences capital increase transactions on London and Paris exchanges in 2018. Fieldfisher advised Euronext Paris Half of the ECM deal volume advised on by Fieldfisher’s Paris Growth market-listed cleantech and life offices were life sciences transactions, raising a total of €29.1 million (£25.5 million). sciences company Deinove SAS on its €15.3 million (£13.4 million) acquisition Like tech, life sciences is a key focus sector for the Paris of German pharmaceutical business exchanges, which offer companies access to a liquid pan- Biovertis AG in April 2018 and on an European market and various other business incentives that are encoraging deal activity.
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