Dream team could sell themselves

Dec 9 2009 by Peter McCusker, The Journal

LAW firm Ward Hadaway's specialist capital markets group has defied the challenging corporate climate to clock up more than £30m worth of transactions during the past year.

The five-strong capital markets group – Richard Butts, David Crone, Emma Sewell, Victoria Gleason and Joanne Briggs – has advised on some of the high profile and technically complex stock market transactions, including the innovative delisting of recruitment group NRG and the £16m sale of China Goldmines’ mining operations.

Its knowledge of equity market related work has seen it advise prominent North East plcs, including Tanfield Group and Immunodiagnostics Systems Holdings.

The group has also been successful in winning work outside the region, most recently advising North West bus maker Optare on an £8.6m share placing to boost production of low-carbon buses.

Richard Butts, corporate finance partner and head of the capital markets group at Ward Hadaway, said: “During a period of falling markets last year and returning confidence this year, the team has been kept busy, whether advising on significant transactions or advising our listed clients on market-related regulatory and compliance issues. This speaks volumes for the depth of experience and expertise of the capital markets group.

“With a combined experience of over 30 years of advising on market-related issues, the lead members of the group all have experience of working for national practices.”

The largest transaction which the capital markets group advised on in 2009 was the £16m sale of China Goldmines’ operational business.

The group worked under huge pressure to conclude the conditional disposal in just five days, dealing with legal counterparts in Australia and Hong Kong to tie up the transaction.

The transaction saw nine goldmines in the Hunan Province in southern central China and two exploration licences sold to investment holding company Cosmos Castle Management.

In September, Ward Hadaway’s capital markets group carried out its first piece of work for a new client, AIM-listed bus maker Optare.