December 2017: LGB Corporate Finance has arranged a £10 million secured loan note programme for SRT Marine Systems Plc, a leading developer and supplier of maritime identification and tracking technologies. The programme will be used as a treasury management tool and to support SRT's working capital and capex requirements. SRT supplies technologies, products and systems which provide maritime border awareness (MDA). Its systems are used across a broad range of applications including maritime border control and security, fishery management, infrastructure and environment monitoring and search and rescue.
December 2017: LGB Corporate Finance has advised Lethington Leisure Limited, which owns and operates Paradise Island Adventure Golf, on its sale to The Brighton Pier Group Plc for total consideration of £10.5 million. LGB explored different transaction options, prepared for engagement with strategic acquirers and financial sponsors, managed the execution process and provided strategic advice throughout. Brighton Pier Group's acquisition of Lethington Leisure is consistent with its strategy of developing its portfolio of experiential leisure and entertainment assets in the UK.
October 2017: LGB is acting as the European placement agent in the $7 million offering of secured convertible notes by Interrad Medical, Inc. (www.securacath.com). The company has developed a platform technology for the stabilisation of catheters using a sub-cutaneous anchor. The UK's NICE issued guidance in favour of the use of its lead product, SecurAcath, in June. More than $5 million of notes have been issued so far. A final closing of the issue is expected before the end of the year.
October 2017: In an article in Wealth Briefing, Simone Westerhuis considers the most effective way for established investment management firms to handle the challenge of robo advisers. These low cost online platforms threaten to control a significant portion of the wealth management sector. However, this progress has not been without its problems. Simone examines why co-operating with the robo advisers, rather than competing against them, could be the best way forward. Please click here to view.
September 2017: LGB Corporate Finance has advised Reward Finance Group Limited on a £40million wholesale financing transaction. Please click here to read the announcement of the transaction.
August 2017: LGB Corporate Finance is pleased to announce that it has entered into a formal arrangement with one of the leading accounting firms for a secondee to support LGB in its ongoing monitoring of secured loan note programme issuers. From August 2017, the relevant Structured Finance team, which specialises in financial due diligence, structured finance and loan facility monitoring, has agreed to send a secondee, under LGB's guidance, to assist LGB Corporate Finance in the completion of quarterly reports prepared in relation to each issuer of loan notes; ad hoc specialist due diligence initiatives when required are being sought from the accounting firm in question. We regard this arrangement with the leading accountancy firm as further improving the robustness and sophistication of LGB's secured loan note programmes.
August 2017: Simone Westerhuis, Head of Investment Management, has written an article for whatinvestment.co.uk on how the pursuit of yield remains the dominant theme for institutional and private investors. Please click here to view her feature.
July 2017: An article about private debt written by Simone Westerhuis, Head of Investment Management, has featured in Spear's Magazine. Spear's is a wealth management and luxury lifestyle media brand whose magazine has become a popular publication amongst ultra high net worth individuals. Please click here to view the article.
June 2017: LGB Corporate Finance has advised Virtalis Ltd, the world-leading Virtual Reality (VR), simulation technology and advanced visualisation company, on the sale of a significant stake to Alpina Partners, the independent London and Munich based European tech growth investment firm. The deal underlines LGB Corporate Finance's technology enabled business services sector focus, access to international buyer network and strong execution capability. Alpina's acquisition of Virtalis will bolster Virtalis' ability to capitalise on the industry's growth potential and roll out its existing products to a broader client base.
May 2017: Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer, has conducted a secondary placing of shares to raise £5.0 million. The proceeds will be used to support the company's clinical development pipeline, in particular to initiate clinical development of the first product from the Moditope(R) platform, Modi-1, and to continue to support the pipeline arising from the ImmunoBody(R) platform. LGB worked closely with the company's broker, Panmure Gordon, to introduce investors to the transaction.
March 2017: MaxCyte (LSE: MXCT), a US-based company dedicated to driving commercialisation of next-generation, cell-based medicines, announced an equity placing that raised gross proceeds of £20 million. The funding will be used to further the company's programme for Ovarian Cancer and Acute Myeloid Leukemia through its IND application and into clinical studies; and to expand into new indications by financing pre-clinical and IND enabling studies in advance of possible clinical studies. LGB worked with the company's broker, Panmure Gordon, to expand distribution of the issue.
March 2017: 1pm plc (AIM: OPM), a specialist provider of finance facilities to the SME sector, has announced the acquisition of Intelligent Financing Limited, a loans and mortgage brokerage business. In conjunction with the acquisition 1pm mandated LGB to establish a £7.5m secured loan note programme. A first issue of £1.1m 7.00% 3 year monthly amortising notes has been completed. The company will conduct further issues to finance the development of its business. Commenting on the programme, Ian Smith, CEO, said "1pm has successfully utilised funding from high net worth lenders in the past. This programme creates a more structured funding mechanism that can also be utilised by family offices and institutional investors. We increasingly see opportunities to provide asset-backed loans to SMEs and this form of finance is expected to provide the flexibility and resources to capitalise on these opportunities."
January 2017: LGB has been mandated by Rivers Leasing on the limit increase and restatement of its £6 million secured loan note programme. The programme limit will be increased to £12 million and will permit the financing of hire purchase agreements and operating leases, subject to certain restrictions. Rivers Leasing is an independent niche leasing and asset financing company based in London. It finances many types of equipment including IT hardware, photocopiers, drink machines, plant & machinery, salon equipment and medical equipment.
December 2016: LGB has arranged a £1 million loan facility for the provision of working capital to Eldapoint Limited. The company's services include shipping container storage, repair and conversions at depots located in the ports of Felixstowe, Southampton, Grangemouth, Tilbury and Liverpool. Funding under the facility will be provided by The LGB SME Fund. In December 2013 LGB's corporate finance team advised Growth Capital Partners on the sale of Eldapoint to a2e Industries. At that time, LGB arranged the placement of vendor loan notes with its clients at a discount that provided a 15% p.a. yield. In the last three years the company's business has developed strongly. The loan notes have been repaid at par in conjunction with the establishment of the new facility.
November 2016: SCISYS PLC (AIM: SSY), the supplier of bespoke software systems, IT based solutions and support services to the media, broadcast, space, government, defence and commercial sectors, has announced the conditional acquisition of ANNOVA Systems GmbH, a leading provider of media software solutions, based in Munich, Germany. SCISYS has engaged LGB to establish a £5 million listed secured loan note programme with the intention to use the programme to finance the earn-out element of the acquisition consideration.
November 2016: LGB has sponsored a conference entitled the Efficient Transfer of Wealth held in association with the VCT and EIS Investor Forum. The conference was attended by IFAs with a particular interest in inter-generational wealth management. The conference marked the introduction of Business Property Relief 40 years ago this year. The conference was relevant to LGB's corporate finance team, which helps to create wealth by funding companies and arranging exits. It was also relevant to LGB's discretionary investment management team, which manages wealth in a tax efficient manner.
November 2016: Hayward Tyler Group plc (AIM: HAYT) has announced an increase the size of its secured loan note programme from £3 million to £10 million. The company will use the programme to repay short term bank borrowing and match further investment in its Luton Centre of Excellence with medium term fixed rate borrowing. LGB established the programme in 2015 and acts as the arranger of new issues. Hayward Tyler designs, manufactures and services fluid-filled electric motors and pumps for high-pressure, high-temperature applications and environments across the global energy sector.
November 2016: LGB has been mandated by CLS Finance Limited to arrange a £5 million secured loan note programme. CLS provides finance for the purchase of cars to consumers in the form of HP contracts. The programme will expand the company’s access to funding and will represent an alternative to existing bank and P2P facilities. It is expected that issuance under the programme will be quarterly with the company also responding to ad hoc interest from investors.
October 2016: LGB has arranged for a number of its investing clients to participate in the secondary placing of shares by Midatech Pharma plc (AIM: MTPH). The company raised net proceeds of £15.7 million in the transaction. LGB's corporate finance team worked closely with the company's broker, Panmure Gordon, to extend distribution of the issue. Midatech is an international specialty pharmaceutical company focused on developing and commercialising products in oncology and other therapeutic areas.
October 2016: LGB has been mandated by Acamar Films Limited to arrange a £7.5 million secured loan note programme. Acamar is a production and character licensing company based in Camden, London. Following the broadcast of a 78 episode television series featuring the children’s animation character Bing Bunny on the BBC and in 25 countries around the world, Acamar is developing Bing as a global brand with its licensing partners including Fisher-Price and HarperCollins (documents signed 11 November 2016).
August 2016: In 2015 LGB arranged a £3 million loan note programme for AIM-quoted Hayward Tyler Group plc, which designs and manufactures performance-critical electric motors and pumps. The funds contributed to the financing of the company's Centre of Excellence in Luton, which is the most advanced facility for specialist motor manufacture in the world. On 24th August the Duke and Duchess of Cambridge officially opened the Centre and presented the company with The Queen's Award for Enterprise (International Trade). The event highlighted the recent development of Hayward Tyler, which in October 2015 acquired Peterborough-based Peter Brotherhood from Dresser-Rand, part of the Siemens group.
August 2016: Daniel Lawson has joined LGB as a Senior Analyst in our Corporate Finance team. He will focus on debt financing transactions and the management of loan note programmes that we have established for our corporate clients. He will also work closely with colleagues advising the LGB SME Fund. Daniel completed an Accounting and Finance degree at London School of Economics and then joined the debt capital markets business of Royal Bank of Scotland.
June 2016: LGB has established a £3 million loan note programme to help finance its capital investment and working capital requirements. The loan note programme provides common documentation for ongoing issuance of notes with maturity dates and interest rates that match our financing requirements and investor demand.
June 2016: LGB has been appointed as Investment Advisor of the LGB SME Fund. The Fund aims to provide steadily compounding returns by investing mostly in secured loan notes yielding 6-10% p.a. and by making an allocation to quoted shares. It has been established on the Heritage Investment Fund Platform in Guernsey. Subscriptions are made though an investment account at Heritage Capital Management (HCML) London. The Fund is one aspect of a broader collaboration between Heritage and LGB. Our clients are now able to open discretionary or advisory accounts at HCML that can accommodate portfolios of direct investments in addition to the LGB SME Fund.
May 2016: Will Rafter has joined LGB's Corporate Finance team as a Senior Analyst focusing on M&A advisory transactions. He was previously a Manager in the M&A team at Crowe Horwath in Sydney where he focused on mid-market transactions. Prior to Crowe Horwath, he worked in Ernst & Young's Transaction Advisory Services team providing due diligence services to corporate clients. Will graduated from the University of Queensland with a Bachelor of Commerce majoring in Accounting and Finance and is a qualified Chartered Accountant.