Walker Morris advises on Firm Placing and Placing and Open Offer by FireAngelPrint news article
Specialist equity capital markets lawyers at Walker Morris have advised Shore Capital and N+1 Singer as joint bookrunners on a firm placing and placing and open offer by FireAngel Safety Technology Group plc (AIM: FA.) to raise up to approximately £9.8 million (before expenses).
FireAngel is a leading developer and supplier of home safety products. It is proposing to raise up to approximately £6.9 million by way of an open offer, and has conditionally raised a further £2.9 million by way of a firm placing and £6.9 million by way of a condition placing which is subject to clawback under the open offer.
The net proceeds of the fundraising will be used to fund research and development to accelerate new products and to implement efficiency improvements and cost savings, and to strengthen FireAngel’s balance sheet.
The Walker Morris team was led by corporate partner Richard Naish and included Edward Ainscoe and Marianne McKeown.
John Conoley, Executive Chairman of FireAngel, commented:
“FireAngel has a compelling proposition to protect and save lives with innovative, cutting-edge home safety technology. The funds we are raising will provide working capital for the next stage of our development, allowing us to execute our strategy, accelerate growth in sales and margin and ultimately enhance shareholder value. I would like to thank our existing shareholders for their support and welcome new investors to our business. The Company has made a good start to 2021 and I believe that there is real momentum in the business.”