DLA Piper has advised longstanding client and leading global professional services firm RPS Group plc (RPS) on the placing and subscription of 45,881,365 new ordinary shares raising GBP20.2 million.
The shares being issued by RPS represent approximately 19.99% of the issued ordinary share capital of the company prior to the transaction. Numis Securities Limited and Liberum Capital Limited acted as joint bookrunners to the placing.
The fundraising was carried out by way of an accelerated bookbuild and will, together with the proposed amendments to its banking facilities, allow RPS, amongst others, reduce leverage, support the working capital associated with organic growth and improve resilience to the impact of COVID-19.
The DLA Piper team was led by partners Alex Tamlyn and Rob Newman, assisted by associate Kirsty Underhill.
Commenting on the transaction, Rob Newman, said: “We are delighted to have advised RPS on this fundraising. The proceeds will not only improve resilience to the impact of COVID-19 but also enable the Group to invest selectively in the business for growth and take advantage of future opportunities as the markets emerge out of the pandemic.”
Travers Smith advised Numis and Liberum. Ogier acted for RPS in respect of the Jersey cash-box structure.
