Hayward Tyler Group Plc designs, manufactures, and services fluid-filled electric motors and pumps for high-pressure, high-temperature applications and environments across the global energy sector.
About the transaction:
Akur acted as Rule 3 adviser and joint financial adviser to Hayward Tyler on the all-share sale to Avingtrans plc. This transaction, between two AIM companies under the Takeover Code, was the culmination of Akur’s advisory work for Hayward Tyler over a period of almost ten years. During this period Akur has led a wide variety of transactions for HTG including:
• Reverse takeover and admission to AIM
• £12m equity block placing
• £15m refinancing package
• $15m strategic acquisition
Ewan Lloyd-Baker, Chief Executive of Hayward Tyler Group plc said: “I am pleased that in Avingtrans we have found a company that understands the long-term nature of our business and the significant opportunities for growth within Hayward Tyler and Peter Brotherhood on the back of our record order book and the improving market fundamentals. On behalf of the Board, I would like to put on record my thanks to the Akur team for the sound advice and assured execution that Akur have provided to the company through a wide variety of transactions over almost a decade of service to HTG.”
New REIT and IPO raising £200m on the London Stock Exchange
About the client:
Triple Point Social housing REIT plc invests in UK social housing assets, and is focused on supported housing.
About the transaction:
Akur led the project from initial concept through development and to the successful, oversubscribed IPO.
This work included, the full structuring of the new REIT, development of the investment rationale and policies, the agreements to acquire the initial portfolio of seed assets, and the sourcing of key cornerstone investors. This process was a true “idea to IPO” process, requiring a full development of a functioning REIT with an investment rationale attractive to institutional investors.
Following the IPO, Ben Beaton, Joint Managing Partner of Triple Point, commented: “…simply put, without Akur, this project would not have happened. Thank you for the incredible effort…”
£110m equity fundraising on the London Stock Exchange
About the client:
Empiric Student Property plc is an internally managed real estate investment trust (“REIT”) investing in modern, direct-let, premium student accommodation, both standing and development assets, with assets in prime central locations in top university cities and towns in the UK.
About the transaction:
This fundraise was conducted for a specific portfolio of assets in London, which will add in excess of 1,000 beds to the wider Empiric portfolio.
The fundraise was a single Prospectus issue comprising a Placing, an Open Offer, Offer for Subscription, and Intermediaries Offer
Initial £2.4 million investment by Cherry AB at a £10 million valuation
About the client:
Highlight Games creates unique virtual sports content from major European football matches under multi-year rights packages
About the transaction:
Cherry AB, the Nasdaq-listed online gaming operator, acquired 25 per cent of Highlight Games Limited, together with an option to acquire a further 26 percent.
Cherry’s investment is the third round of funding secured from three separate investors by Akur for Highlight Games during 2016 and 2017.
Tim Green, Chief Executive of Highlight Games said: “We are delighted to welcome Cherry as a significant strategic investor in Highlight Games. I would like to thank Akur for working alongside us in introducing Cherry and structuring this transaction, as well as bringing our earlier investors on board. We have seen real benefits from our long-term partnership with Akur and look forward to growing the business together in the coming years.”
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