Capital Markets

Accessing the capital markets is a defining moment for many businesses and, even for those that do so frequently, the stakes and potential consequences mean that expert advice and flawless execution are essential.

At Fladgate we are experts in assisting companies in raising new equity, either through admission to the London Stock Exchange’s (LSE) Main Market, the AIM Market (AIM) or through a dual quotation if the company is already listed overseas.

With a significant proportion of our clients being fast-growing and entrepreneurial businesses, we have developed wide-ranging experience of AIM and are regularly ranked by the independent legal directories as one of the leading law firms for AIM-related matters. We act for both domestic and overseas companies, as well as for nominated advisers and brokers on a range of flotations, reverse takeovers and secondary fundraisings across multiple sectors.

The Standard segment of the LSE’s Main Market offers the attraction of a Main Market listing at a considerably lower cost than an AIM admission and we are actively working on listings of this kind for our clients.

We have also developed extensive overseas networks of lawyers, accountants and other advisers to enable us to provide a proactive and efficient service for clients operating internationally and have advised clients on the listing of specialist debt and equity securities on capital markets worldwide.

If you have any questions or queries please call David on +44 (0)20 3036 7358 or email

Fladgate LLP’s ‘approach is pragmatic and constructive’, with its ‘very knowledgeable lawyers providing excellent service’.

Legal 500
View by: Grid

Fladgate LLP’s practice handles a range of cross-border work; consultant Neil Vickers acts for clients such as KazakhGold, Sinochem and Aurora Russia. In addition, Avram Kelman specialises in Anglo-Israeli capital markets transactions, while Paul Airley and Nigel Gordon are particularly experienced in Anglo-Canadian matters.

Legal 500

David Robinson has been instrumental in increasing the firm’s links with Asia-based clients. On the domestic front, in 2016, Airley was the lead adviser to Angus Energy on its AIM admission and £3.5m placing. In a separate matter, Vickers acted for Shore Capital (as NOMAD and broker) on the AIM admission and placing of Yü Group. Grant Gordon leads the team.

Legal 500

Fladgate LLP bolstered its practice with the arrivals of Nigel Gordon and life sciences and natural resources expert Chris Chrysanthou from Fasken Martineau LLP.  Grant Gordon heads the team, which includes Avram Kelman, who represents numerous tech sector related Israeli companies.

Legal 500

“Excellent lawyer” Avram Kelman of Fladgate LLP focuses his practice on assisting Israeli companies with capital markets concerns.  He is based in London and stands out for his knowledge of UK-related capital markets transactions.  He also assists clients with compliance matters regarding TASE.

Chambers Global

‘Safe pair of hands’ David Robinson acted on a number of TMT deals including, alongside associate Jamie Hamilton, Gfinity’s £3.5m placing. The ‘practical’ Paul Airley is another name to note.

Legal 500

Fladgate is increasingly regarded as a draw for AIM flotations and related transactions…with a wealth of experience to offer domestic and international clients.

Chambers UK

Fladgate LLP “always provides good service on competitive terms”. The “diligent, tenacious and practical” David Robinson has “a very deep understanding of commercial and legal issues”, and recently advised BidTimes on its re-admission to AIM as Powerhouse Energy Group.

Legal 500

Fladgate LLP provides “fully considered solutions”. David Robinson is “highly knowledgeable and proactive”, and Avram Kelman is a “superior lawyer”.

Legal 500

London Stock Exchange – main market

  • CTI Engineering Co. Limited – recommended cash offer for Waterman Group Plc (a company listed on the Premium Segment of the LSE’s main market), which valued Waterman at approximately £43m.
  • WideCells Group PLC – successful placing and entry to the LSE’s main market by way of a standard listing on the Official List of the UKLA.
  • Opera Investments plc – successful placing and admission to trading on the LSE’s main market by way of a standard listing on the Official List of the UKLA.
  • Associated British Engineering plc – underwritten open offer, reorganisation and capital reduction for this company which is listed on the main market of the LSE.
  • Cadogan Petroleum plc – a global offer and listing on the main market of the LSE.
  • BATM Advanced Communications Limited – dual listing on the Tel Aviv Stock exchange, the acquisition of Telco Systems for US$326m, the successful admission of BATM’s shares to trading on the main market of the LSE, a share placement to raise £122m to underpin expansion (placed in the UK as well as in the US via a 144A placing), the raising of US$80m by way of a placing of new ordinary shares for cash with institutional investors and the memorandum of understanding BATM entered into with Sun Microsystems Inc.

London Stock Exchange –AIM market – advising the issuer

  • 7digital Group PLC – acquisition of significant European competitor 24-7 Entertainment for £2.2m from MediaMarktSaturn.
  • Angus Energy plc – admission to AIM and £3.5m placing; listing of £3.5m bond on the NEX market; £2m placing and acquisition of a 12.5% economic interest in UK onshore oil licence PEDL143 located within the Weald Basin in southern England, and the sale of its remaining interests in Weald Basin licences PEDL137 and PEDL246 to AIM-listed UK Oil & Gas Investments PLC.
  • Satellite Solutions Worldwide Group PLC – £12.1m placing by way of accelerated bookbuild of new ordinary shares; £12m investment from Business Growth Fund plc; £2m funding for further acquisitions supporting the group’s growth strategy; acquisition by Cleeve Capital plc (by way of a reverse takeover); and the admission of the combined group to trading on AIM under the name of Satellite Solutions Worldwide Group plc.
  • Gfinity PLC – admission to trading on AIM and £3.5m placing, £6.25m placing, £3.7m placing and £7m placing.
  • TSX-V listed Bacanora Minerals Ltd – £8.8m equity placing, together with a placing, its successful AIM listing and £4.75m financing.
  • Oxford Pharmascience – secondary placing raising £20m.
  • TSX-V listed Eco (Atlantic) Oil & Gas Ltd – admission to AIM and £5.09m placing.
  • Roxi Petroleum PLC (now known as Caspian Sunrise PLC) – £62m merger transaction relating to its key assets; and a US$40m equity financing to provide funding to develop its key oil and gas assets in Kazakhstan.

London Stock Exchange – AIM market – advising the nomad and/or broker

  • RFC Ambrian (nominated adviser and joint broker) and Beaufort Securities (joint broker) – £50m placing and subscription for Hummingbird Resources plc.
  • Cenkos Securities (broker and nominated adviser) –  placing for ASX and AIM listed 88 Energy, raising AU$25m.
  • Cantor Fitzgerald Europe (nominated adviser and joint broker) and FirstEnergy Capital (joint broker) – US$11m placing for TSX-V listed SDX Energy Inc.
  • Shore Capital – placing and admission to trading on the AIM Market of Yü Group PLC, raising £10m.
  • Shore Capital and GMP Securities (nominated adviser and brokers) – capital raising on AIM for Fastnet Oil & Gas plc.
  • Strand Hanson Limited (nominated adviser) and Mirabaud Securities LLP (broker) – Asian Plantations Limited’s admission to AIM.

International markets

  • KazakhGold Group Limited – GDR issue and IPO on the London Stock Exchange’s main market.
  • Sea Oil Tankers Limited – issue of up to US$200m of corporate bonds and admission to trading of those bonds on the Gibraltar Stock Exchange.
  • Celsus Therapeutics Plc – public offering of 1.53m American Depositary Shares on the NASDAQ Capital Market at a price of US$6 per ADS.
  • AIM and HKSE listed Asian Citrus Holdings Limited – English law aspects of dual listing on the HKSE; a placing with Huge Market Investments Limited, a substantial shareholder, and CLSA and BofA Merrill Lynch, the joint placing agents, to place an aggregate of 95m existing shares held by Huge Market, representing 12.11% of the existing issued share capital of the Group.
  • Gujarat NRE Coke Ltd  – raising of US$20m through the listing of convertible bonds on the Singapore Stock Exchange.